How to secure clients for life

By Ryan Smith on August 21, 2018

The success of your business revolves around the strength of your client relationships.

In the competitive financial services market, building and maintaining client relationships is key to a sustainable business. Each client potentially brings years of value and prized referrals. So, how can you ensure that you and your clients enjoy working together?

Start by opening your mind

Too often, it is tempting to settle into fixed routines and automated processes. These practices make life easier and allow for greater productivity. However, they can also stop you from building the unique, individual relationships that long-term clients desire.

When you believe that you know everything already, you close your mind and become resistant to change. Do not allow past successes and existing “good” relationships to stop you from building great ones.

Get to know your clients, not just their finances

Many clients will expect meetings with their financial advisers to be boring, full of jargon and all about the numbers. They may even be apprehensive about dealing with an expert, wary of exposing their personal financial situations or struggling to understand the information that they receive.

Surprise your clients by showing genuine interest in them and their stories. Try to understand their situations and themselves as individuals. Do not focus purely on trying to win their business – they may perceive you as untrustworthy and putting up barriers to the lasting personal relationship that you both want to build.

The best advisers counsel and listen

Naturally, you will want to show clients the value that you bring, your ability and what you have to offer. However, do not give in to the urge to control and dominate a meeting while proving your knowledge and experience and discussing your successes with other clients.

Remember to put your new clients first. Give them time and space to tell their stories and describe what they want from you. The more that they reveal, the easier that you can tailor an approach and service that leaves them feeling valued. Your clients will then look forward to your next conversation, not dread your next lecture.

Understand what is important to your client

For most clients, money is just a means to an end. As a financial expert, you may try to focus on the figures – after all, they are what you know best. Instead, you should take the time to find out what your clients want and help them set their goals. Do they want security so that they can relax or the highest return so that they can afford a particular dream? Focus on the clients and their successes, and they will want you to be part of their journey for years to come.

Offer more

Every financial adviser is going to offer a transactional service, and your clients can always take their business elsewhere. If you truly understand what they want out of life and can be a part of making that a reality, then they will not want to give up that deeper relationship. Help them create the change in their circumstances that they want. Listen, understand and reassure them that you are the safest pair of hands to make that change happen.

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