Once expectations are understood, objectives can be discussed. However, advisers need to help clients move the conversation on from product to advice.
A client may say they want to top up their pension, but it is an adviser’s job to probe this decision and find out the underlying drivers for this. For all the client knows a pension is not the most appropriate savings vehicle.
New advisers can often fall into the trap of talking about product as a way of showing off their technical expertise.
Clients can find out all that information without an adviser, so it is vital they look at the areas a client won’t have thought about such as using the most effective ownership structures, for example is it best to top up a Sipp or personal pension, or should an Isa be considered?
The way money is held is not easy for clients to work out themselves.
Another good way of sustaining a relationship is by understanding where the client has already got to in their savings habits.
As humans we are much more likely to finish something we have already started, rather than start something new.
Therefore, show how far a client has already come with their workplace pensions or Isas and what it is they want to achieve with this money.
Once the meeting ends you have a great opportunity to follow up and begin nurturing the relationship.
Send an email not only thanking them for their time but add on one of those ‘I saw this and thought of you’ articles to help show you are thinking about how to best help them.
Also use calendars to mark important points in the year to reach out to your clients, such as their company tax year end, UK Budget or new tax years.
Finally, after three months don’t be shy to ask for a testimonial, assuming they are the type of client that you would like to have more of.
While it might feel awkward at first, it can actually be very effective at reassuring a client that you are working in their best interests and that you want to be successful.
They will be happy to know that your success will also mean their success.
Working in the digital era
While ‘in person’ advice will still continue, it will be increasingly important that advisers develop the skills needed to build the same level of trust with new clients in a remote or hybrid environment. Effectively making it feel ‘face to face’, just 2D rather than 3D.
Meaningful rapport can also be built based on the digital medium alone.
