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How People Pick a Financial Advisor

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How People Pick a Financial Advisor

When people choose a financial advisor, they’re looking for someone who’s not only qualified but someone they can trust. Without these attributes you won’t get hired. But in this crowded industry – one that’s projected to grow 15% more by 2026 – it will help if you understand other factors people may consider important in a prospective advisor.

Here are a few things to remember as important to people who pick a financial advisor.

People are looking for someone just like them

If you share a similar life situation with potential clients, this can help you initiate a business relationship with them.

For example, if you, like them, are married with kids, have the same hobby, live in the same neighborhood or attend the same church, you’ll have plenty to talk about. If you have similar values and are active in the same social circles, you can establish a natural rapport and build on it.

If you had a previous career before becoming an advisor, you can also use that to your advantage. A shared background in engineering or teaching can help you bond with potential prospects – and when they learn you advise people in this sector, their interest will be piqued.

Similarly, by becoming involved in the local community or volunteering for a cause close to your heart, you’ll connect with like-minded individuals. And they may well turn into clients one day. This can be a particularly good way to gather new clients for those new to the industry.

People want a trained specialist in their area

If you want people to pick you as their Financial Advisor, you have to have the right resources to meet prospective clients’ needs.

For example, a prospect may be looking for an advisor who specializes in tax strategies or estate planning. Or an advisor who’s primarily focused on helping clients save for retirement. If you specialize in a specific field, this will resonate with particular prospects and give you a far better chance of being selected.

Prospective clients are looking online

More and more people are looking online for information about investing and on potential financial advisors. So, you need a strong online presence to help you stand out when people are searching.

For starters, build your LinkedIn profile right. Make sure you get found in relevant searches by keeping your profile up to date – especially details about your geographic area, specialties and interests. Also post valuable content on a regular basis and join groups that reflect the interests or life situations of your target market.

It’s also critical to get your website in order so that it’s clear what you do and how investors can get in touch with you. Your site is also a reflection of your professionalism and the more professional you look, the more likely it is that prospects will decide take things further.

Prospects want someone who plans for the long term

Before someone trusts you with their money, they need to know that you have a plan in place that will protect their investments, even if you are no longer around.  They need to know you have a succession plan. Introduce the fact that you are a long-term planner and will always put their interests first, even in your absence. If you intend a family member or junior partner to take over the business, let people know so they’re reassured their money will be safe.

Prospects prefer someone who comes highly recommended

Personal recommendations carry a lot of weight in this industry, especially for wealthier people, so make it your point to gather referrals. Ideally you will be able to present prospects with referrals from clients in similar life situations so they can easily see how you can help them too.

The primary reasons people will choose you over another advisor are that they like you and that they trust you. If you have not only great soft skills, but can meet any or all of the above demands, there’s no doubt your hire rate will increase significantly.

Related: Why You Need a ‘Why I Am Here’ Story

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