Building deeper client relationships and engaging your clients requires a sustained effort, rather than providing one-off experiences, says Francis D’Andrade, vice president, private client, at Hahn Investment Stewards Inc. in Toronto. You must consistently strive to deepen client relationships in a way that is similar to the way friendships are built.
Deeper relationships lead to increased client loyalty. Or, as D’Andrade puts it, “You can’t fire your friends.”
You have to create the feeling in clients’ minds that somebody is always looking out for them, D’Andrade says.
Here are five ways to engage your clients and build deeper relationships.
1. Contact your clients frequently
Financial advisors do not pay enough attention to frequency of contact, D’Andrade says, which is necessary in keeping clients engaged.
Contact can take place through e-mail, social media, phone calls, in-person meetings or appreciation events, says Kevin Sullivan, portfolio manager and advisor with MacDougall MacDougall & MacTier Inc. in Toronto.
There are no set rules about how much or what type of client contact is necessary. For example, Sullivan says, 90% of his phone calls to clients are social – although business may be discussed if the opportunity comes up.
2. Offer engaging content
Providing information through various media is an effective way to engage your clients, Sullivan says. But that information must be relevant.
“Content must strike a chord with clients,” he says.
Have a goal in mind regarding what you want to accomplish through the material you send to clients. For example, your objective might be to get your clients to consider increasing their RRSP contributions or to revisit their estate plans.
To be more effective, your communication program should also contain “teasers,” which urge clients to seek more information from you.
Make sure the information you send and the mode of communication you use are appropriate for each client, Sullivan says. For example, some seniors might not be up to speed with social media and may prefer email, or even print.
3. Offer a complete experience
D’Andrade recommends becoming your clients’ “quarterback.” Strive to manage their household balance sheets, which will give you the opportunity to take charge of all of their financial affairs.
While you might be an expert in only one particular area, you can demonstrate that you have support — from team members and centres of influence — to manage every aspect of their financial lives. This complete experience can become a source of many conversations, D’Andrade says, and allows you engage your clients for the long term.
4. Become your clients’ trusted advisor
Try to become your clients’ “filter,” D’Andrade says, the person they turn to for a considered opinion on all matters – including personal issues. Ultimately, D’Andrade says, every decision is financial, and your goal is to be in a position to help them make those important decisions.
“You must show an interest in the lives of your clients,” Sullivan says, adding that it is important that you talk to them frequently. “There is nothing like the human voice to engage clients.”
5. Simplify the engagement process
Provide clients with the tools to make the engagement process simple. Your clients should be able to interact and communicate with you at their convenience, Sullivan says and through various methods.
Use web links, for example, to enable your clients to get more information or answers to their questions, Sullivan says.