Relationships with clients define the success of a business, and it’s no different for those into financial services. Building a strong relationship with investors is even more critical, as it involves advising on financial matters.
Here are five ways to build a solid and meaningful relationship with your clients.
- Carry a Client-First Attitude
Financial goals vary for each of us. One of the building blocks of a sound relationship is to ‘be relevant’. Start by profiling your client or prospect in terms of income, demography, and lifestyle. Identify the actual need of your investor and advise accordingly.
There are enough and more stories of miss-selling that clients are exposed to. Recommending inappropriate products can ruin your relationship and jeopardise your client’s financial goals. Carry a client-first approach (over a product-first approach).
- Map Important Life Events
Mapping important life events of your client is a way to build deeper and engaging relationship. Taking genuine interest in their life events will help you identify their needs and allow you to dutifully suggest solutions to meet them.
From your CRM, find out dates of key life events such as birthdays, anniversaries, etc. Greetings on these days help you stay in contention. A marriage, a birth of a child, a promotion, or a bonus are all events that present opportunities to revisit the financial plan. For example, after the birth of a child, you can advise your client to start a new SIP in an equity mutual fund, to build wealth for the child’s future needs.
- Educate, Don’t Sell
Often, in the enthusiasm to impress, financial advisors end up pitching specific products. Instead, adopt an academic approach. Your aim should be to educate your investor about various financial products. When you do this, clients take a genuine interest in your suggestions.
Try to substantiate your suggestions with research, reports, real-life examples, and anecdotes. This helps build credibility. Remember, nobody likes to be sold to, they like to buy!
- Be Their Eyes and Ears
Clients are constantly exposed to external views and opinions. But it is not possible for them separate the news from the noise.
Be proactive and notify them about important regulatory and market changes that matter to them. Offer specific opinions about the impact of these developments on their portfolio. This helps you establish yourself as a thoughtful and caring expert.
- Go Beyond Finances
Sometimes it’s essential to go beyond finances to have a more meaningful relationship with your client. A patient ear to stories related to hobbies and interests of your client, goes a long way in fostering a strong and trusted relationship.