The key to success in serving and retaining clients is communication.
Too many financial advisors ask only the most cursory questions, embarking on little more than a fact-finding mission. Let’s state it plainly: clients hate this approach. If you want to earn and retain customers, you’ve got to get to know them, so you can properly tailor the investment experience to their needs.
Let’s examine some guidelines before getting more specific. First off, learn to ask open-ended questions. Don’t be satisfied with flat yes or no answers or the simple presentation of numbers. Get the customer to explain the motivations behind their answers.
It does little good to ask every client the same list of questions. Every of them is an individual and deserves to be treated as such. In fact, customers today demand this close attention. True, the relationship must start off with some basic information-gathering. But at the earliest opportunity, you must begin learning who your client is and the goals they’ve set for their financial wellbeing.
The best conversations run both ways. Be proactive in sharing your own life with clients. Tell them about your family, personal experiences and life interests. This kind of openness helps build the rapport that is fundamental for a long-term working relationship.
In terms of specific questions, start by asking why the customer decided to meet with you in the first place. Was a personal recommendation involved? This kind of opening allows you to introduce yourself professionally and should lead to further questions concerning the client’s motives for seeking professional advice, thereby illuminating their vision of their financial future.
For more information, please read:
Seven Questions Clients Wish Their Financial Advisors Would Ask | Wealth Management