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Four Top Ongoing Challenges for Financial Advisers


Four Top Ongoing Challenges for Financial Advisers

Being a Financial Adviser is, as you know, an incredibly rewarding job. However, it comes with its challenges too because you are dealing with people. I was talking to an adviser the other day who said that he’d just finished a meeting with a couple, and he felt more like a marriage counselor than a financial adviser at that meeting! Have you ever felt like that? Some financial advisers can do an excellent job at wearing the multitude of hats that you need to nowadays, from compliance to portfolio manager to relationship builder. Below are some of the most common challenges I see for Financial Advisers – from a marketing perspective.

1. Client communication

Years ago it was pretty simple keeping in contact with clients because there were only a handful of ways you could. Now there are so many ways that for some, it’s become too overwhelming, but it can’t be because remaining in close contact and sharing relevant information is one of the most efficient ways to manage your client relationships not to mention, grow your business. With some great communication tools available to you it’s easy to pick the ones that suit your business, style, and client. If you’re not communicating to your client on a consistent basis, what’s stopping another business from?

2. Customer experience/engagement

Many financial advisers have spent the time writing out the steps that a client goes through when they deal with their business, however, the part that is getting missed is the emotional part. Remember, the emotional journey that a client experiences when working with you can be very rocky. While that might not be your fault; you deliver great advice, the way in which they are feeling will have an effect on them. When was the last time you got to know how your client feels at every step of your process? To maintain a high level of emotional engagement think about how your advice may impact a client and create some strategies to help them feel good about the outcomes. Many clients feel ashamed, unsure, nervous, confused before and in some cases after they meet you.

3. Social

Do I? Don’t I? How do I? How often? Typical questions that get asked about the topic of becoming social. As I’ve always said, being social can be a very effective way to engage, grow and position your financial advice business. However, I would strongly encourage you to spend the time working out which social platform would be right for your business, what relevant information would clients want to see and what resources do you have in place to make this strategy work for you and your clients. If nothing else, get your digital footprint figured out first!

4. Positioning value now and ongoing

Not knowing what your value is to clients and being unsure of how to communicate it have to be the most common of challenges facing both new and mature financial advice businesses. It can be fixed. One of the easiest ways is to ask your existing clients. Decide which clients you enjoy working with and ask them a series of questions to uncover what they value about your relationship and advice. Ask your team, your business partners. Creating your value proposition is 101 when it comes to marketing and positioning a business. It’s not something that is created and left on the shelf to collect dust. Write it, share it, run some training to help articulate it and use it as the basis of your business.

As a marketing professional, I know what works and what doesn’t when it comes to financial advice, it’s what I spend my time doing so I am aware that the above are just some of the challenges you may be facing. While I’d like to say that none of them are necessary; they are, in fact, I’d say they are all equal in importance. If I can help you understand them more or help you in any way, please feel free to contact me directly and we can have a confidential chat. 

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