By Jeff Dorman
Some of our clients are among the biggest names on Wall Street, so it’s been something of a rollercoaster ride for them over the past year. Yet more than ever, especially considering the downturn in the economy, there is a need for top financial advisors (who are among the key populations we work with) to differentiate themselves from their competition.
We see three elements consistently in the top financial advisors (FAs):
a. Having the consultative mindset of a trusted advisor
b. Having a client meeting process
c. Being a highly skilled communicator
This post, I’ll focus on the mindset. We’ll cover the next two points in future posts.
a. Having the consultative mindset of a trusted advisor
Clients do not want someone selling to them. The days of “pitching” in a transactional way are gone.
The consultative mindset is about establishing a long-term relationship that focuses on understanding the needs and wants of the client. The client sees that the FA’s interests genuinely lie as much in them as in what the FA has to offer. They see the FA as a trusted advisor. Clients are making it very clear that first and foremost, TRUST is their number one criteria for working with and retaining their FA.
We see six (6) key differentiators to build trust. We call this the “client cry”. What clients are saying is:
1. “Listen and understand me”
2. “Be driven by my best interests – anticipate my needs”
3. “Build a personal relationship – build rapport; be honest”
4. “Convey expertise – leverage experts; challenge me; explain”
5. “Tailor the service to me – customize your services”
6. “Be there when I need you – be proactive; put me first; responsive; accessible; give me feedback”
In other words, while an FA may gain a client due to their expertise and the company they represent, the client also expects a trusted advisor who demonstrates that he/she understands the client, has the client’s long-term interests at heart, and is willing to tell the client what they need to hear in a way that they can hear it.
Next post we’ll take a look at the client meeting process – something that plays more of a critical role in an FA’s success than you might think.
Comments are welcome.
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