Have a new client? We recently blogged about being ready for some top questions your new client might ask. Of course, in reality, any new client (and some established ones as well) is sure to ask you more than just three questions. And you’d better be prepared with stellar answers.
If you want to secure a new client, you need solid answers to questions around your fees, way of work, preferred products, and suitability to deal with their unique portfolio. And, while every client is an individual, there are certain questions that are most likely to come up and that will have an impact on your ability to close the deal.
Here are three such questions
1. How do you go about choosing investments for my money?
Being able to explain your investment strategy and how you access information about these investments is important to building a trust relationship with your clients. Whether it’s insurance, financial services, or investment strategies, they need to know that you understand what you are doing and why. It is equally important that you are able to explain this to a client in terms that they can easily and clearly understand – the ability to educate a client while respecting their position is essential to a steadfast adviser/client relationship.
2. How often will you review my portfolio?
This question goes to your approach to client service and care. Too many clients have been burned by advisers that are eager to sign them up but then do not keep in contact beyond an annual courtesy call or, on a related note, do not pay their clients’ portfolios the attention they deserve. Your clients need to know that you are committed to consistent but respectful contact that speaks directly to the need to systematically manage and grow their wealth. Set up a review and communications strategy that will ensure you regularly review and update your clients’ portfolios to ensure optimal performance and that you will report back in a timely manner. This will allow your clients to feel you are invested in their success as much as they are.
3. What is your succession plan?
i.e. What happens to my money if something happens to you? This is a particularly challenging question for an independent financial adviser working on their own. However, you need to have a succession plan in place should the worst happen – of course, this applies both to your own and your clients’ portfolios. Your clients should feel that there is a safety net in place – an affiliation with a well-respected firm, for example, where they will continue to enjoy the same high level of service and expertise they are used to receiving from you can go a long way to securing their business.
A great adviser can reassure their clients that they represent a value worthy of their time and money. Need a helping hand looking after your clients or growing your client base? Chat to us – as independent financial advisers with experience and expertise on our side, we are on the lookout for independent advisers that share our strong work ethic and drive for success to join our team.