5 Things Clients Look for in a Financial Advisor

Published in Blog |

Choosing the right financial advisor is a big decision for investors looking for someone they can trust with their money. They want someone who will look out for their best interest and guide them to solutions that will yield high dividends.

As a financial advisor, you know you’re the best person for the job. But, in a competitive marketplace, it can be challenging to stand out. To win over more prospective clients, you’ll need to get to the root of what, exactly, they want in a financial advisor. Below, we laid out five things clients look for when hiring a financial advisor.

1. A Good Listener

Being a financial advisor is a lot like being a therapist. You’re helping clients plan their life and control their emotions from a financial point of view—whether it’s how to save for retirement in a volatile market or protect the financial future of their loved ones upon their passing. It may even take a few sessions to gain their trust and reach a breakthrough.

Listening to, empathizing with and learning more about your prospects and clients will help you get there faster in your relationship. Your clients want to feel heard. Take the time to understand what their needs are, and tailor your offerings accordingly.

2. An Educator

Educating prospects can be a bit of a balancing act. On one hand, you have a wealth of information that you can share, and you want to sound smart and knowledgeable. On the other hand, you don’t want prospects to leave your office confused or even intimidated.

The degree of financial savvy a person has will vary from client to client, but there’s a good chance they aren’t financial planning or investment pros like you are. As a general rule of thumb, keep it simple—very simple—with clients. Take the extra time to explain your concepts and processes to them and avoid using any jargon or complex language in your explanations. The greater your understanding of the subject matter, the simpler your explanation should be.

3. A Problem Solver

Prospects are interested in your services because they want a problem solved. They want to know how to save for retirement, whether something is a good investment, or how to organize their estate. What they don’t want is a sales pitch or a product push.

Remember, you’re an advisor, not a salesperson. While you do want to “sell” prospects on your philosophies and processes, you don’t want to over-promise or pressure them into a solution that might not be right for them.

This goes hand-in-hand with being a good listener. By listening to what your prospects are saying, you can better understand their needs, wants, and fears and address them with honesty and integrity.

4. A Good Communicator

How often do you keep in touch with your clients? Do you reach out to them quarterly or annually? Or, do you wait for them to reach out to you? Frequent communication is important, especially with clients who are near or at retirement, yet many advisors struggle to maintain close contact.

Granted, your younger clients may not care as much about stock market swings or interest rate fluctuations. However, those who are closing in on retirement will likely be paying close attention to risks that could affect their savings. They’ll want a financial advisor who is up to date on the latest trends and is proactive about relaying their insights to them.

Look for opportunities to engage with your clients throughout the year, and don’t be afraid to try a few different communication methods. Sending monthly email newsletters, birthday cards in the mail, setting quarterly in-person review meetings, and even calling every once in a while to get life updates are all great ways to keep in contact with your clients.

5. A Holistic View

Prospective clients may be searching for a financial advisor for retirement planning, but their needs likely go beyond just that. Regardless of what your prospects and clients need help with, the more problems you can solve for them, the more trusted and valuable you become.

Take a comprehensive approach when working with prospects and clients. Look at the big picture and provide advice that takes all areas—from investments and insurance to tax planning and estate planning—into consideration.

By creating a holistic plan for your clients, you can optimize all of their assets to work collectively toward their goals, while reducing any gaps in coverage, overlap in investments, missed savings opportunities, and more. You’ll be providing them a better service, and they will want to continue working with you in the long term.

These are just a few ways financial advisors can better meet the needs of prospective clients. For additional help converting more clients, book a no-obligation call with our Business Development team, and discover how other elite advisors are transforming their financial practice and reaching new heights of business success with our proven processes, training, coaching, and mentoring.