This allows clients to feel more comfortable, which is good news for when they have financial questions or investment concerns down the road. Second, it shows clients that you care. First, it creates a sense of familiarity. Reaching out to your clients on a regular basis - even if it’s just to see how they’re doing - offers two trust-building benefits.
When talking to a client, there’s no need to “dumb down” financial concepts or terms. But clarity engenders trust - and jargon often just confuses. Sure, it can be tempting to throw around financial terminology to impress clients. Then you’ll be armed with the right information to present a financial strategy that serves their best interests.
By listening actively and asking questions that probe deeper, you can uncover needs and wants that even the client might not be aware of. The foundation of the financial advisor-client relationship is listening. For example, a client may say something like: “I want to be financially comfortable when I retire.” But what they really mean is: “I want my mortgage to be paid off by the time I’m 65.” But sometimes clients aren’t clear on what those goals are. As a Wealth Management Advisor, your role is to help clients achieve their financial goals. Never underestimate the power of being a good listener. While these types of conversations can be difficult to have initially, honest discussions upfront act as the building blocks to a deeper client relationship down the road. From discussing fee structures and the services you offer to explaining a missed deadline or why you made a mistake, it’s imperative to tell the truth - always. One of the most important steps to advisor-client relationship building is to be 100% open and honest with clients. Here are the key strategies to establish trust and build a relationship with your clients. Trust isn’t given, it’s earned, and a strong advisor-client relationship takes time to develop. But the reason they stay with you comes down to trust. There are many reasons why a client initially comes to you - your credentials, your qualifications, or perhaps a referral. 7 Ways Financial Advisors Can Build Trust With Clients
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