It goes without saying that clients are hoping for good returns on their investments and looking to pay as little as possible in fees.
But it’s not always about just the percentage return or ‘the ticket price’.
A client stays with an adviser because of the overall relationship – because they ‘know, like and trust’ them. Of course, this last one is crucial, because it’s about their finances.
So how can you add value to that client relationship? What can you do to make the bond tighter?
Communication, communication, communication! This remains one of the absolute fundamentals when it comes to building a strong relationship. Any married couple will tell you that!
And in some ways, the client-adviser relationship is no different.
But gone are the days when a client would just drop in for a chat over a cup of coffee. You probably don’t particularly encourage it either when everything is measured now by timesheets, strict client/adviser ratios and a limited number of reviews in the name of productivity.
So if face-to-face communication has reduced, how you can you ensure you still stay front of mind when a client is considering financial matters?
Well, one type of communication that is not reducing is online. We spend our time glued to our phones, tablets or laptops, positively devouring information.
You need to break through the noise so it’s important to have regular touchpoints with your clients by sending them a regular e-newsletter, video conferencing, interacting on social media or communicating with them on key events such as the Budget or Autumn/now Spring statement. These are ideal opportunities to position your credibility and authority, in turn building trust.
In these current times of uncertainty and volatility, anything you can do to offer reassurance or peace of mind will help enhance the value of your relationship with your clients. Clients don’t require the detail but they do need to know that you’re still around, continually working in their best interests.
Seek out those ‘moments of truth,’ create the regular touch points that cut through the media noise and provide a voice of reason and reassurance. We all know the media are quick to prepare negative economic and market headlines, often ignoring the positive stories. What may seem like a piece of routine investment commentary to you could be just the reassurance your clients need as they read the headlines of doom and gloom.
Adding value is all about building up an understanding of your clients’ needs over time. Human interaction and regular communication is worth a lot to clients, so when you’re looking for ways to enhance your proposition make sure these are top of the list.
And something you will never hear a client say? ‘I hear from you too often.’