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
1. Use of Social Media Platforms
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
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
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
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
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
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
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!
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.