Your ability to demonstrate effectively what you have to offer can make a big difference in whether potential clients choose you as their financial advisor.
“People must be able to see what you bring to the table,” says Prem Malik, financial advisor with Queensbury Securities Inc. in Toronto.
You must present what you do differently in order for clients to choose you, adds Konrad Kopacz, investment advisor with Euro-Pacific Canada in Burlington, Ont. And it must be done without discussing products.
Here are five ways to demonstrate your value to potential clients:
1. Tell them about yourself
Tell clients who you are, including your qualifications and experience, how long you have been in business and how you have assisted clients in achieving their goals.
And you must do all this “without gloating,” Malik says.
2. Find out as much as possible about the client
Let potential clients know that the meeting is about them, not you, Malik says.
“Discuss their goals and objectives,” Kopacz says, “and show them that you have the training, knowledge and experience to help them.”
Clients are all different, Kopacz adds, so you must be prepared to listen attentively and suggest a few solutions based on what they have told you — again, without getting into products. At this point, you might not yet know whether you have gained the client.
“Bring to light something the client might not know or might have missed,” Kopacz says. “This can go a long way in establishing trust.”
Describe how you have helped clients in similar situations reach their goals, Malik adds.
3. Articulate what sets you apart from other advisors
Take stock of your own strengths and what you can deliver based on your experience, training and natural abilities.
“Show clients the process you will use to meet their expectations, including short-, medium- and long-term goals,” Malik says. “Clients want to know how you are going to help them meet their goals.”
Kopacz, for example, who has many engineers as clients, emphasizes process in dealing with his clients. He says his clients appreciate his use of a “structured process” — from the initial meeting to follow-up and ongoing communication.
4. Make clients aware that you will always be there
“Clients want to know you are always looking out for them,” Kopacz says.
Make your clients aware of periodic meetings and portfolio reviews that will be scheduled to ensure that they are on track with their goals, Kopacz says. And remind them that you are always accessible should they need to discuss any aspect of their finances.