As many seasoned financial advisors will agree, communication can be key in building a relationship with the clients and more importantly, maintaining it over the years. A good communicator can easily set the proper expectations from the beginning of the relationship, convey the value of the services provided to the client, successfully defusing potential future conflicts.
In fact, according to research, 85% of success of any career comes from the ability to communicate.
Here are the communication tips that can help financial advisors build a better relationship with their clients.
It is very important to give the client an opportunity to voice all his or her opinions, concerns or even grievances. Paying attention, nodding, actively listening will show the clients that they have a compassionate professional on their side.
Forbes points out that non-verbal behavior during the conversation, like keeping eye contact, not crossing arms, sitting or standing straight, will show the clients that the advisor is genuinely interested in their issues.
Calling the clients by name is another powerful mechanism to convey friendliness and build trust.
Projecting an image of the person in charge who doesn’t fold under pressure is crucial for putting the clients’ minds at ease. When the advisor remains calm in the most volatile market situation it helps the clients ease their anxiety as well.
Once the clients describe their objectives and concerns, asking the clarifying questions is an effective method of getting to the specifics of the clients’ expectations. Whatever the bottom line is, letting the clients know that their concerns are not brushed off and are taken seriously will help them feel more relaxed and confident in their choice of the advisor.
Clients often will ask this question, “Why do I need an advisor if there are so many automated solutions that I can use myself?” That’s why it is very important to remind the clients how complicated and overwhelming the market can be as well as how critical specific industry knowledge can be as it relates to investing successfully. The client’s goal should not be just to place the money somewhere, but to do it profitably and securely. That task clearly requires a professional with the necessary knowledge and training. Reiterating that message to the clients solidifies it in their head that they have made a smart choice hiring an advisor.
AVOID SOUNDING WEAK
Phrases like “To be honest with you,” “To tell you the truth,” “I think” should be avoided in conversations. The reason for this is they tend to portray the advisor as weak and doubtful. Using power words and phrases like “I am sure,” “I am confident,” “In my experience,” will create the image of professionalism and reliability.
COME UP WITH A SOLUTION
Finding solutions for complicated issues is the main reason clients hire a financial advisor in the first place. Although certain situations like market fluctuations are likely to create client concern and agitation, offering a rational explanation and several different options available to them will assist in calming their fears should they occur.
KEEP THE LINE OF COMMUNICATION OPEN
Keeping an open line of communication with your clients can be crucial in maintaining an ongoing successful relationship with your clients. In fact, most clients state that their primary reasons for firing their advisors was due to lack of communication. Stating reasons like not hearing enough from them, not returning their calls or emails and being hard to reach, it is easy to see how keeping the lines of communication open and being easy to reach are paramount to maintaining a long-term client relationship.
Want to learn more about how we can assist you in communicating more efficiently with your clients and put them more at ease? You can read more about it here.
At Resource Solutions, we can guide you on your path to a successful client relationship. Call us today.