{"id":4520,"date":"2018-02-27T17:07:59","date_gmt":"2018-02-27T22:07:59","guid":{"rendered":"https:\/\/www.figmarketing.com\/blog\/?p=4520"},"modified":"2024-04-04T09:21:14","modified_gmt":"2024-04-04T14:21:14","slug":"what-do-clients-really-want-from-a-financial-advisor","status":"publish","type":"post","link":"https:\/\/www.figmarketing.com\/blog\/what-do-clients-really-want-from-a-financial-advisor\/","title":{"rendered":"What Do Clients Want From a Financial Advisor? [Infographic]"},"content":{"rendered":"

Updated April 4, 2024, at 10:32 AM<\/em><\/p>\n

What are your clients saying about your performance?<\/p>\n

What are they really<\/em> wanting from you as their advisor?<\/p>\n

Let\u2019s face it; dealing with people\u2019s hard-earned money involves a lot of work and responsibility. As a financial advisor, you must protect the best interest of your clients, every time. As well-intentioned as you may be, this \u201cpressure\u201d puts you under the spotlight with your clients.<\/p>\n

They want to know that you\u2019re the best person to handle their money, and they expect a certain level of satisfaction with your overall performance as a financial advisor. Which begs the question…\u00a0<\/p>\n

What Do Clients Really Want from a Financial Advisor?<\/strong><\/h1>\n

Turns out, they want a lot\u2014but that\u2019s not a bad thing. The deliverables needed to be an outstanding financial advisor aren\u2019t impossible, and if you can deliver on your client\u2019s needs and wants, you\u2019ll be a rock star in their eyes.<\/p>\n

Let\u2019s break down what people look for in their financial advisor.<\/p>\n

\"10<\/p>\n

1. Integrity<\/strong><\/h4>\n

This goes without saying, but an advisor should never lie (even by omission) or stretch truths for any reason. Stick to your fiduciary duty, and always put the client\u2019s needs ahead of your wants. Plain and simple.<\/p>\n

2. Accessibility and Punctuality<\/strong><\/h4>\n

Are you available to your clients when they need you most? Obviously, there are exceptions for being out of the office, in a meeting, or on a lunch break. That doesn\u2019t mean you should wait hours or days to reach back out, though. Call or email them back as soon as possible to portray your commitment to being open and available; it sets an impressive precedent for your business.<\/p>\n

3. Sympathy<\/strong><\/h4>\n

How much do you care about your client\u2019s pain points? Do you understand where they\u2019re coming from, can you relate to their struggles?<\/p>\n

Being able to appreciate and feel for your clients goes a long way in letting them know you truly care about their livelihood, wealth, and future. If you think you could improve at this, try creating ideal customer profiles<\/a><\/span><\/strong>. That way, you get to understand the different types of \u201cideal clients\u201d you prefer to work with\u2014making you more sympathetic towards them and their goals.<\/p>\n

4. Clarity<\/strong><\/h4>\n

There\u2019s a seemingly constant barrage of investment information hitting clients via the news media, email, direct mail, and other online publications. The problem? Sifting through it all and deciding on well-planned solutions. That\u2019s where you, the advisor, steps in to help alleviate any confusion and give clarity\u2014allowing your client to choose the plan that\u2019s right for them.<\/p>\n

5. A Deeper Relationship<\/strong><\/h4>\n

Granted, it isn\u2019t the easiest part of the job, but diving deeper into your client\u2019s lives and financial situations can pay huge dividends for your business. By taking your client relationships deeper, they\u2019ll gain a new respect for you by understanding what\u2019s important to them, is important to you. What\u2019s going on in their lives, do they have any new grandchildren? Are they trying to plan their dream vacation? What about their annual family reunion?<\/p>\n

Listening to and learning more about your clients is a key ingredient to a better, more understanding relationship. We talk more about this, and the useful \u201cFORD\u201d tool to help you remain conscious of your client engagement goals, in this blog post<\/a><\/span><\/strong>.<\/p>\n

6. Frequent Communication<\/strong><\/h4>\n

Many advisors fail to communicate regularly with their clients through email newsletters. Not to mention, a study from Nielsen Norman Group<\/a><\/span><\/strong> found that 90% of people want to receive updates via email from businesses. This communication gap shouldn\u2019t go unnoticed. Like any other human relationship, the key to making it stronger is through frequent communication.<\/p>\n

Don\u2019t be afraid to constantly be within reach of your clients. Sending email newsletters, birthday cards, setting review meetings, and even calling them to get life updates are all great ways to keep your business in mind. In the simplest terms, be proactive<\/em>, not reactive<\/em>.<\/p>\n

7. Safety, With Good Returns<\/strong><\/h4>\n

A 2017 Natixis survey of individual investors in the United States<\/span><\/strong><\/a> found that \u201cdespite high hopes for returns, [clients] say they want safety over investment performance\u201d. In the survey, investors said they still define risk as a loss of assets, instead of missing out on an opportunity.<\/p>\n

It\u2019s important to understand your client, and what their risk-taking behaviors are like. It\u2019s your duty to make sure your clients understand all risks and opportunities involved and help reconcile their conflicts, so they can work towards achieving their ultimate goals.<\/p>\n

8. Discuss Charitable and Philanthropic Goals<\/strong><\/h4>\n

More and more, clients look to include charitable and philanthropic goals in their overall retirement strategy. The Natixis survey also found that 71% of clients think it\u2019s important to make a positive social impact through their investments and donations.<\/p>\n

Along with doing well financially<\/strong>, clients today also want to do good with their finances<\/strong>. Strive for a more holistic view of your client portfolios, to help balance all their desires.<\/p>\n

9. Help with Tax Issues<\/strong><\/h4>\n

Are you seeing a pattern here? Your clients are pushing for a more holistic advisor, not just someone who can help with a life insurance policy or annuity product. They need holistic help, from holistic advisors.<\/p>\n

More than ever, clients are looking for help with taxes \u2013 whether it be tax-efficient investing strategies, or simply help and advice with filing returns.<\/p>\n

10. Solve Problems<\/strong><\/h4>\n

A no-brainer, right? But, it\u2019s the most important one of all. Regardless of what your clients need help with, the more problems you can solve for them, the more trusted your expertise becomes. It really comes down to providing exemplary customer service<\/a><\/span><\/strong> for your clientele.<\/p>\n

Remember, most people don\u2019t want a sales pitch or a product-push. What they do want is a holistic advisor that can assist them with honesty and integrity \u2013 someone who is there at the ready to make their dreams a reality, all while quashing their biggest fears.<\/p>\n\n\n

\n\n\n
\n
\"\"<\/a><\/figure><\/div>\n\n
\n
\"\"<\/a><\/figure><\/div>","protected":false},"excerpt":{"rendered":"

Updated April 4, 2024, at 10:32 AM What are your clients saying about your performance? What are they really wanting from you as their advisor? Let\u2019s face it; dealing with people\u2019s hard-earned…<\/p>\n","protected":false},"author":57,"featured_media":13723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[363],"tags":[369,250,308,68],"acf":[],"_links":{"self":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4520"}],"collection":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/comments?post=4520"}],"version-history":[{"count":12,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4520\/revisions"}],"predecessor-version":[{"id":13733,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/posts\/4520\/revisions\/13733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media\/13723"}],"wp:attachment":[{"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/media?parent=4520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/categories?post=4520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.figmarketing.com\/blog\/wp-json\/wp\/v2\/tags?post=4520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}