A new study has shed light on the wants and needs of clients who are either currently accessing, or looking to access, financial advice.
Moneyhub research, published by Professional Adviser, revealed that:
- 44% of people wanted simplified advice about certain areas of their finances
- 44% wanted advice about their overall financial situation
- 47% are looking for more personalised advice.
As an IFA, this research reveals that you have the opportunity to fulfil, and even exceed, the expectations of clients by personalising your service. There’s so much to cover in this area, from utilising technology to free up more time for client-facing work, to making the most of the marketing tools available to you.
So, let’s take a look at how you could offer clients a bespoke service and establish yourself as a trustworthy professional who provides real value.
Remember that small, cost-effective actions can go a long way
We understand that with so many clients to keep happy, you might feel pressured to perform huge, expensive gestures in order to win their trust and offer a personalised service. But this couldn’t be further from the truth – sometimes, it’s the little things that make your clients feel at home with you.
For instance, remembering the names of family members that your clients mention is a small yet mighty act. If they talk about their children, write their names down and ensure you refresh your memory when you next see your client. Remembering family members’ names and details about them could show your client that you truly care.
Similarly, delivering handwritten Christmas cards to clients, or “thank you” notes if they have referred a friend, might have the desired effect.
Ultimately, making the time to get to know your client as a person could add real value in the years to come. They’ll feel safe and trust your decision-making, allowing you to develop a strong working relationship that’ll be extremely important when difficult circumstances arise in their lives.
Use technology to free up valuable time
One of the greatest barriers to impeccable client service is time. With so much administrative work going on behind the scenes, financial planners often find it impossible to spend enough time with clients.
That’s where using tech comes in handy. Our bespoke adviser tool, for instance, allows you to log CPD, create client profiles, put together cashflow forecasts, and access paraplanning and compliance documents all in one place.
This means that our advisers spend less time on paperwork and more time having a coffee with clients, discussing their goals, and forming long-term relationships.
Of course, the administrative work for advisers will never truly disappear – it’s a hugely important part of what we do. But freeing up even one hour a week – that’s 52 hours a year – offers a window of opportunity to invest more time into client relationships.
In addition, you could look into offering online meetings instead of insisting on in-person conversations with clients. While some clients prefer face-to-face interaction, understandably some are busy professionals like you, and would find the ability to jump on Zoom or Teams just as beneficial. Others may experience mobility or travel restrictions that make online conversations more suitable.
The simple employment of easily accessible technology could give your clients a better suite of options as well as freeing up your valuable time.
Make the most of marketing
You might think that marketing is designed to entice new clients in, and that its usefulness runs dry once they sign their name on the dotted line. But in fact, marketing can actually improve the service you offer on an ongoing basis, especially if you’re looking to personalise your service.
Here are a few tips for making the most of ongoing marketing, particularly for existing clients:
- Market yourself on LinkedIn and attract more engagement. By offering your views and opinions on current financial events, talking about what’s important to you, and even sharing personal anecdotes and images, you make yourself visible to clients who follow your page. They could even get into the habit of liking and commenting on your posts, connecting you even further.
- Send a monthly newsletter covering topics your clients ask about. You could engage with a marketing agency to do so, or write it yourself – just make sure you engage with subjects that your clients are interested in.
- Encourage your clients to market your business through word of mouth. Writing a Google review, penning a few positive words on VouchedFor, or even just referring friends and family, are all forms of marketing. And, if you’ve followed our tips and created a personal relationship with your clients, their words may encourage others to reach out – others who expect a fully personalised service.
It’s likely that you only see your clients face to face once or twice a year. Creating an online presence could be a game-changer for those few-and-far-between conversations, giving you plenty to discuss and nurturing the rapport you have with clients.
Working with Corbel Partners could help you exceed your clients’ expectations
The true value of advice can only be demonstrated when IFAs have the time, resources, and knowledge to deliver an exceptional service. At Corbel Partners, our mission is to help likeminded IFAs to train and qualify, use tech to their advantage, market their business, and ultimately serve clients in a highly bespoke manner.
Email hello@corbelpartners.co.uk or call 01925 637891 to learn more about working with us.
Please note
This article is for general information only and does not constitute advice.
The Financial Conduct Authority does not regulate cashflow planning.
The content in this article was correct on 17/12/2024.
