How Can Financial Advisors Improve Client Engagement

The financial advisory business has undergone a sea-change in the last few years. Financial advisors today find themselves dealing with more sophisticated and informed investors.


Professional knowledge and positive returns, though critical, aren’t the only deciding factors when clients have to make a choice of one advisor for their financial planning.


Personal connect, trustworthiness and reliability often influence the choice of an investor along with technical know how.


Financial advisory, like any relationship-based business


It is based on interacting with like-minded people. In order to build long and healthy client relationship, financial advisors must understand this and hone their soft skills to build a strong bond with their clients.


As the competition is getting tougher, more and more advisors today realise that client engagement is extremely important. You can have a look at the Best Marketing Strategies for Financial Advisor that will help you to be at top in the competition.


As they are consistently looking at improving here are a few simple ways which may help independent financial advisors can improve their client engagement :



7 Ways Through Which Financial Advisor Improve Client Engagement

7 ways through which financial advisor can improve client engagement


1. Use of Social Media Platforms


use of social media as to improve client engagement by financial advisor


Social media is another medium which can help you reach out your clients. Platforms such as LinkedIn and Twitter can be used to share insights and showcase your expertise.


It can also provide you information on interests and opinions of your clients which can be helpful in your future interactions.


2. Host An Event For Your Clients


host events for clients a way to improve client engagement by financial advisor


Hosting an event for your client is another way to help you in client engagement. Events should be done keeping in mind their interests and hobbies, so as to make the client feel special.


This will not only help in bringing the client to the event but also ensure that he stays at the event and let him know that you appreciate them.


3. Use Technology To Your Advantage


use of technology is a way to improve client engagement by financial advisor


Technology has changed the way we do business. It all boils down to have effectively and successfully one has embraced this in their business.


Financial advisors should use technology to their advantage to increase their productivity and improve customer relations.


4. Get To Know Your Client


past track record plays important role while improving clients engagement


Though as a financial advisor your connection with a client is a professional one, but it is important that you get to know your client at a personal level.


As an advisor you are meant to keep a track of financial records of your clients but keeping a track of personal records of the client like birthdays, anniversaries, children, and other such information can help you build your relationship.


5. Leverage On CRM To Improve Client Relationship


leverage on crm to improve client Relationship by financial advisor


CRM is an excellent tool which can help advisors to improve their productivity. If used well it can help you in many ways effortlessly to keep you at the top of your client’s mind all the time.


Simple things like recording each and every personal and professional detail of your client, details of your meeting and scheduling next appointment help you engender client’s trust which will ultimate help build deeper relationships.


6. Do Entire Financial Planning For Your Client


do entire financial planning for your client to get engaged by financial advisor


Instead of focusing on making a one-time connect with your client by offering them a product, advisors should focus on the big picture and do financial planning based on his individual needs and goals and then suggest products for investment.


It may look like a time consuming exercise initially but in the long run it can be extremely fruitful.


7. Focus On Events Which Are Life Changing


focus on events which are life changing for client by financial advisor


Regularly interacting with your clients not only helps you stay connected with them but also provides you the opportunity to be around them in events which require them to re-look their financial situation.


Birth of a child, higher education, marriage, discovery of an ailment are some of the events when they need the right advice from you and if they receive it from you they are likely to value the relationship more.



Client Engagement For Financial Advisors!


client engagement for financial advisors


At the end, client engagement for financial advisors could result in creating business and build on profitability. Existing satisfied clients create value not just by giving business but can also help you widen your client base by way of referrals.


If clients are happy with you and your services they are likely to refer you to their friends and family. Thus, financial advisors at all times must focus on building a base of loyal and engaged clients.

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Investwell July 9, 2019 0 Comments

Financial Advisor/Self Advisor – Whom You Pick To Manage Your Investments

All of us have some dreams and objectives in our lives that include plans for our kids, owning a house, investing in a business or going on vacations. The goals and dreams change over time.


However, in order to fulfill these wishes without any hitches, you need to plan and manage your finances diligently with the help of a proper financial plan.


Financial Planning is a process of planning one’s own financial future.


Although a financial plan can be done on your own, but it is best to hire the services of a professional. It is similar to visiting a doctor or a lawyer for advice. You can surely opt for self-medication if you have a headache. But would you be doing the same for a more serious ailment ? Will you opt for self-medication or visit a specialist ?


So, it depends on how serious the situation is or how serious you are with your financial future.


financial advisor is perfect answer to your financial needs


Financial Planning is a plan for your sound financial future. If the same is not executed properly — penned down and followed up diligently, the purpose is completely lost! This is where an expert is needed.


A financial planner or an independent financial advisor, IFA can be the perfect answer to your financial needs. However, if still the following questions pop-up in your mind;


  • Do I really need a financial advisor
  • Is it worth paying a financial advisor
  • Can I be my own financial advisor
  • How to decide which one is best choice for me
  • Should I use a financial advisor or do it by myself


It is normal to have such kind of questions in your mind because it’s all about your hard earned money which you hand over to someone to make the effective use of it and gives you a better result.



5 Factors To Decide Which One Is Best

Financial Advisor or Self Advisor



1. Knowledge and Expertise


knowledge expertise as factor financial advisor & self advisor


Financial Planning is a 6-step process which needs to be written down and then followed to the tee.


A financial advisor studies for about 2 years, acquires in-depth knowledge and gets certified, using which he can actively help to plan our finances so that we don’t have to face any troubles at the time of financial needs.


So, why waste your time on something that is not your forte and risk your hard earned savings?


If your advisor is able to make even a 3% difference to your portfolio in one year, it makes a huge difference to your portfolio in the long run when compounded annually! That is where the knowledge, wisdom and expertise of your financial advisor can play a pivotal role.


2. Changing Market Conditions


market condition changing as factor - financial & self advisor


You can read a lot of the market news on financial websites and newspapers but what you can understand and relate to your daily investment needs is a big question.


If you are fully conversant with the market scenarios, the changing trends, the conditions and can correlate the same with your investment patterns, then you might as well do the same on your own.


But more often than not, a layman would hardly be able to understand where you should invest your surplus for the maximum yield as per your risk tolerance. Thus, a financial advisor is the best person to update you with the continually changing market conditions and advise you accordingly.


He keeps himself abreast with the ongoing changes in market and possesses the required proficiency that can help you make decisions on your investment portfolio.


3. Wider Choice of Financial Products


financial products choices as factor - financial & self advisor


Since a financial advisor is aware of the entire bouquet of financial products, he would be the best person to advise you with the perfect solution to your needs. A financial product needs to be solution driven and not product oriented.


Hence a financial advisor will weigh the pros and cons of the product and then advise you according to your needs, goals, tenure, risk appetite and requirement. All the factors need to be considered before a solution is provided and a solution can be a mix or a combination of one or two products as well instead of a single product.


This is where the role of a financial advisor comes into play with a huge variety of financial products at his disposal!


4. Benefit of Advised Over Non-Advised Investment


advised over non advised investment benefit by financial advisor


Like I mentioned, if you have a headache, you might as well buy an over-the-counter paracetamol or aspirin and have it but if you have a serious ailment or a prolonged headache, you have to visit a doctor.


A doctor will never advise medicines without finding out the real reason for the headache. It could be because of multiple reasons and the same can be treated in numerous ways. Similarly,


a financial advisor will check the financial health of your existing portfolio, diagnose your real investment needs and goals and then customize your solutions accordingly.


A doctor has a huge responsibility of saving a person’s life and can also be sued for wrong treatment. Similarly, a financial advisor carries the responsibility of saving a person’s portfolio and making him financially sound. You can take him to task for mis-selling if the product was not well explained and does not meet your financial needs.


Though, it should be noted here that taking the advice of a financial advisor can’t protect you against making losses arising from movements in the market.


5. Cost Factor


cost factor a difference between financial advisor or self advisor


Do you hesitate even once before paying your doctor his fees for every visit? No, right? Then why hesitate to pay your financial advisor who vows to take care of your financial health for the rest of your life and release you of a huge amount of stress and time for other engagements?


You need to realize that a professional will behave professionally only if you pay him his fees. There is no free lunch. If he is not changing you anything upfront, there is a hidden cost in the product or somewhere which will fund his advice. Otherwise, why will he spend his time to advise you?


Mutual funds have an inbuilt fee of approximately 1% of the entire Asset Under Management or AUM which is paid out to your advisor. The remaining amount is invested in your portfolio. So, with mutual funds, you get all the above mentioned benefits and advises of the IFA just at the cost of 1% fee.


As Jim Rogers, a well-known financial commentator and author had said,


jim rogers, a well-known financial commentator and author


Acknowledge the complexity of the world and resist the impression that you easily understand it. People are too quick to accept conventional wisdom, because it sounds basically true and it tends to be reinforced by both their peers and opinion leaders, many of whom have never looked at whether the facts support the received wisdom. It’s a basic fact of life that many things ‘everybody knows’ turn out to be wrong.


Thus, it always makes much more sense to opt for the services of a financial advisor instead of regretting it later. For that you as well as other investors need to change the way you perceive financial planning and take it more seriously instead of taking it for granted.


Then why postpone your long awaited holiday plans or your dream house? Happy investing!

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Investwell June 28, 2019 0 Comments

Top 5 Marketing Strategies For Financial Advisors & Financial Planner

With the passage of time people are becoming more aware and well informed about the investments they have to make of their hard earned money. There are numerous sources from where they gather all this information.


Furthermore there are numerous advisors out in the market giving financial advisory services to the public. This has made it of greater importance for an advisor to stand out from the others.


think outside the box - marketing strategy for financial advisor


Advisors need to think out of the box and promote themselves by going a step ahead from others. Professional know-how and positive returns are two common things offered by all financial advisors.


In today’s era of neck to neck competition, it is also necessary to develop a personal relationship based on trust with the investors so that they can rely on us for their finances.


Independent financial advisors should work on improving their soft skills as well in order to have a strong and long lasting relationship with their clients. Below are a few strategies, which if followed, would result in a perked up client engagement:


Marketing Strategies For Financial Advisors


1. Knowing Your Client


know your client marketing strategies for financial advisor


Breaking the barrier of professional relationship with the client and getting to know them personally would do no harm. It would rather help your business.


Sending them greetings on their birthdays, anniversaries or on festivals would help in developing a better relationship with your clients. Thus, knowing only the finances of your client is not enough; you should also keep a track of some of their personal life events.


2. Complete Financial Planning


complete financial planning - marketing strategies for financial advisor


Don’t just offer a product to your client and relieve yourself from the job, since, this would result into a one time connection with your client. Rather, it is advisable to do the entire financial planning for your client. Though it is a tedious job initially, but would yield great results later.


3. Regular Interaction


build trust with regular interaction with client - marketing strategy of financial advisor


In addition to making the personal relationship with your client healthier, regular interaction with them would also help you to keep yourselves updated of the events that are milestones of their life.


Getting married, birth of a child, marriage of the child; are few such events. At such points they seek financial advice, and getting it from you would make these clients appreciate the efforts made by you and value their relationship with you.


4. Say Hello To The Virtual World


connect clients over virtually platforms - marketing strategies for financial advisor


Social media is one of the easiest and cheapest ways to reach out to the public at large. Knowledge sharing through social medium like LinkedIn or Twitter can help you to show off the expert knowledge you possess.


In fact, it can also help you gather information about the interests of your clients and their opinions. Using this information, you can serve your clients better.


5. Get Hi-Tech


use of hi tech technology - marketing strategy for financial planner


Technology has evolved a lot over the years. And keeping oneself updated and well equipped with the new technologies and financial advisor’s software that has become need of the hour. You can also make use of some technology that helps you to increase your productivity & improved relations with your clients.


These are just a few ways that can help a financial advisor to strengthen their relationship with the clients.


A satisfied client is your best marketing agent !

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Investwell June 25, 2019 0 Comments

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