In this second of a three-part series, our practice management team shares strategies for demonstrating your value to clients. You’ve worked hard to develop a connection with your clients. What are some key tactics you can use to deepen client relationships over time?
Define Your Offering
Write down your answers to these questions to formalize your offering.
- What is my unique offering?
- How many services am I providing?
- Am I leveraging technology to enhance my clients’ experience?
Showcase Your Services
Research has shown that client retention rates increase over the long term as advisors’ use of different services increases. Along with this, an advisor selling against you is going to try to identify gaps in your clients’ plans. By proactively involving the firm’s advisory solutions teams, you can identify unmet needs and spot opportunities.
Expanded Services May Include:
- Providing proactive, year-round tax planning advice
- Reviewing a client’s estate plan to help ensure the documents reflect their current wishes for how and to whom assets will be distributed
- Evaluating life insurance policies to help ensure they reflect sufficient income replacement and protection of assets for loved ones
- Reviewing 401(k) plans to assess costs, liabilities and contributions
- Providing business valuations and other services to help protect entrepreneurs
Define Your Core Differentiators
Ask yourself these questions to further define your practice and what sets you apart.
- What is the real value of my service offering?
- What is the niche that I fill?
- How do I approach the wealth management process?
- If asked, could my clients accurately describe my differentiators?
Make Your Wealth Planning Meetings Personal
During client portfolio reviews, emphasize your relationship rather than market conditions. Frame portfolio performance in relation to your clients’ goals so that those goals become the true benchmark rather than market performance, which will fluctuate.
You can also find low-key ways to remind clients of how you have helped them in the past. Whether it is intangible ways such as coordinating and simplifying their financial lives or quantifiable ways in terms of taxes saved or returns, articulating achievements reinforces value that can otherwise be forgotten.
Conclusion
As advisors, you may experience challenges with your client relationships: investments underperform and service may lag on occasions. That’s why it’s so important to remind clients of your ongoing value.
This material is intended for informational and educational purposes only. No representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. Reliance upon information in this material is at the reader’s sole discretion.
Mariner Advisor Network is a brand utilized by Mariner Independent Advisor Network (“MIAN”) and Mariner Platform Solutions (“MPS”). Investment advisory services are offered through Investment Adviser Representatives registered with MIAN or MPS, each an SEC registered investment adviser. For additional information about MIAN or MPS, including fees and services, please contact MIAN /MPS or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).
For Investment Professional use only. Not for use with the public.