As a financial advisor, it’s critical that you have a strategy for overcoming the competition. Without this, you’re likely to get lost in the crowd. And when that happens, growing your business becomes very difficult.
There’s no shortage of ways for financial advisors to stand out. Your goal is to find what works for you and your business so that you can double down on it in the future. With that approach, growth is much more likely.
Here are five changes you should consider making.
1. Better customer service
Many people shy away from working with a financial advisor over concerns about customer service. They’re worried that they’ll hand over control of their investments to someone who doesn’t truly care about them.
Rather than take this risk, make it a point to provide the best customer service in the industry. At first, it may not appear to pay off. However, you’ll soon realize that nothing could be further from the truth. Every customer wants top-of-the-line customer service.
2. Regular check ins
This goes along with better customer service. Regular check-ins help your clients feel that you truly care about them. Reach out when you have nothing to say. Reach out just to talk about how things are going and if your customer has any immediate wants or needs.
There’s no shortage of ways to check in with customers, ranging from phone calls to text messages and emails. You don’t have to go overboard. Set a schedule, such as checking in every other month, and stick to it. Not only does this strengthen your relationship, but it can also help with lead generation for financial advisors. Clients who feel wanted are more likely to share your contact information with others.
3. Improved online experience
More so today than ever before, people want to manage their accounts online. This is particularly true when it comes to their money. If you want to impress your clients, provide the best possible online experience.
Make it simple for them to review their balance and services. Provide a way for them to quickly get in touch. Share a library of resources for them to review when seeking knowledge.
4. No pressure approach
Financial advisors who employ a high pressure approach often find it difficult to stand out from the crowd in a good way. Instead, they gain the reputation of being someone who continually pushes — even when the client would rather be left alone.
A no pressure approach is the way to go. If you provide a high level of service and quality results, you never have to pressure your clients into anything. They’ll want to work with you because you’re helping them reach all of their goals.
5. Proactive advice
It’s hard to draw the line between providing proactive advice and avoiding high pressure sales tactics. However, once you know where this line is, you can stay on the right side of it.
Search for ways to proactively assist your clients and prospects. For example, you could start a newsletter where you share industry updates and tips with your client base. Don’t do this with the idea of upselling your clients. Do this to simply provide additional information that they’ll find helpful.
The more advice that you share, the easier it becomes to understand what resonates with your audience. You can then use this to tweak your approach in the future. The longer you provide proactive advice, the more traction you’ll gain. Don’t give up before you realize the fruits of your labour.
Final thoughts
Some of these will work for you. Some of them may need to be put on the back burner for the time being. It’s okay if you don’t take immediate action on all five of the tips above. It’s better to find a strategy that works than it is to rush and hope for the best.
Once you understand the finer details of lead generation for financial advisors, you can be confident in your ability to regularly land new business.
How do you stand out from the crowd? What steps have you taken to build your business as a financial advisor?
