With years of experience in product marketing and content generation in the financial services industry, Sean is committed to providing informative and impactful content to financial professionals and the clients they serve.
The proliferation of technology has meant that devices, software platforms, and lightning-fast modes of communication have seeped into every facet of our lives. In addition to our personal lives revolving around technology, this has also impacted how businesses, including financial professionals, interact with their client base.
When discussing a specific financial situation with your clients, the communication does not, nor should not, end when you wrap up talking points, shake hands, and go about your days separately. The ability to maintain consistent contact with clients and provide them with pertinent information about their financial future is paramount in preserving, and growing, client relationships.
Collaborative fact finding
With collaborative fact finding, you start your relationship with a client in a positive and efficient way. From the onset, you work with your clients to take note of their income, investments, and other pertinent financial information. Instead of depersonalized communication when first gathering this information, advisors can work with clients and show their value to their clients immediately. Tangibly, advisors can point to strategies that will help enable clients to achieve their goals and positively impact their financial future.
Exceeding client expectations
After these first steps, continuing this momentum is incredibly important in the ongoing effort to foster healthy client relationships. With personal finance management tools like Mint ®, Acorns®, and Betterment™ dominating the phone application market, it is clear that the average client wants access to helpful, relevant resources in the palm of his or her hand.
Clients want information pertaining to their financial situation so they can stay informed and adjust their lifestyle accordingly. As an advisor, you have the ability to offer clients something they cannot get anywhere else: personalized advice and information that is centered both on their current financial picture and their unique goals.
Proactively sending material to clients, not exclusively upon request, can differentiate you from your competitors. Going above and beyond your clients’ expectations and demands is vital in satisfying your clients and growing your business.
Tracking your clients’ needs
Sending material to clients proactively sounds great in theory, but may be more difficult in execution. Deciphering which information is relevant to which client and at what time is a daunting task. However, through collaborative financial planning, you can have all of your clients’ financial information in a centralized location.
With this, you can check your clients’ situation and gauge what information might be important to them in the near future. Are your clients about to turn 70 ½? Send them information regarding RMDs from their retirement plan. Do your clients have a child nearing college age? Send them information on college costs and withdrawing from qualified education accounts.
By fostering communication, you can effectively open an ongoing dialogue with your clients. In turn, your clients will feel more comfortable reaching out to you for advice or information that may be directly correlated to their financial plan.
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