I’ve stated this before, and it is worth repeating it. You have the opportunity now to illustrate your value to your clients. In good times when returns are solid, many people start to question why they pay such a high management fee to their financial advisor. You have a different perspective of the value included in that fee which is not always evident to your clients.
But now, in these volatile and uncertain times, you have the opportunity to provide evidence of your value through excellent financial advisor-client communication. What are the best practices of top financial advisors to provide value right now?
- Proactively communicate with your clients. The last thing a client wants when they pay big money is to wonder if they are being paid attention to. When you call them first, it provides the value of them feeling like you are on top of things (including their account) – a great example of excellent financial advisor-client communication.
- Continue to help them see the big picture. Fear, worry, and uncertainty often make people run for the hills and seek shelter and security. Continue to remind them of their long view. This is likely an area you have much experience in.
- Be of value beyond their dollars. This is a relationship-based business. The more depth of value you provide, the more you solidify the relationship. The more you solidify the relationship, the higher the likelihood they will trust your judgements (and recommendations). Creative ideas – drop off pizza baking kits, homemade masks, etc.
- Ask about their community- their friends and family. Ask how they are feeling about the volatility. Emotions can be contagious. If their family members are worried and fearful, that can bleed onto them.
- Offer to be of service to their friends and family that are nervous, worried, or who haven’t heard from their advisors. It is your opportunity to be of service to others. This simple, humanitarian offer can open doors to new relationships that were relatively unavailable just two months ago. As sad as this pandemic is, this is a great opportunity regarding client acquisition for financial advisors.
- Finally, don’t forget to tune up your own shop. Once you get past the frantic phone calls, the barrage of incoming activity will slow just a bit (depending on the structure of your business of course).
Be sure to carve out time in your week to work on your own business – fine-tuning its systems and structures. This can also bring a sense of calm and a feeling of control.
Most importantly, you get paid what you do for the value you provide. You are a resource of knowledge and information that can help deliver guidance in a time when people need it most. Now, go out and serve and be grateful that you have the opportunity to do so.
