How to Avoid Client-Advisor Heartbreak

How you relate and interact with your clients plays a large role in client loyalty and retentions. Your clients want an advisor that cares about their wants and needs, as well as someone they can trust. (I mean you are managing their money) The moment your clients don’t feel the love, they’ll leave to find someone else who they feel is a better match. While you can’t always stop a client from departing, there are things you can do to prevent it.

Here are four tips to help you avoid client-advisor heartbreak.

Keep in Touch

In any service-oriented businesses, the client comes first. Forgetting to follow up or follow through can leave clients feeling left out in the cold. Implementing a CRM system that fits your needs and helps you service your clients will help keep clients coming back. Your contact doesn’t always have to be business related, when first engaging with them learn when their birthdays, anniversaries, important events, are and note them in your calendar. Sending them an email recognizing these days will show them that you care for them outside of business, and will leave a positive impression.

Fill Your Fiduciary Duties

Listen. Take notes. Be transparent. Keep a level head. These are aspects of your fiduciary responsibilities, but they are also necessary characteristics to maintain positive relationships with your clients. As an advisor, you provide a human element to the money management experience and this experience should be both memorable and engaging. Be sure to tailor all conversations and presentations around the concerns and goals of every individual client. We encourage our users to do this through our Proposal Generation System, which allows you to create a custom proposals that best suits your client’s needs.

 Manage Expectations

In an ideal world, all financial advisors could bring their clients billions in wealth and everyone would have a happy ending. But, the reality is life happens and your goal is to ensure clients their holdings are aligned with their goals and can withstand unpredictable markets and economic events. Nothing is wrong with supporting their wishful thinking in obtaining billions, but be sure to be transparent about what they can actually expect to occur to their investments, in both good and bad times.

Learn how to abate client fears with HiddenLevers interactive Stress Testing 

Educate Your Clients

I know, you are not a teacher, but building trust with your clients entails being open to sharing your knowledge in an comprehensive manner. Throwing around financial jargon leaves most clients feeling overwhelmed, and these feelings are amplified because you are dealing with their nest egg. The ability to relate and communicate effectively are indispensable skills that will be appreciated. You are more likely to be perceived as an expert when the client walks away with a legitimate understanding of your decisions and recommendations.

These four tips alone can easily help you gain a vote of confidence from your client, creating a more loyal, longer lasting relationship for years to come.




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