You've been on a few "dates," and you talk on the phone every couple weeks, but how well do your prospects and existing clients know you and understand your core personal investing philosophy? Small talk breaks down barriers and common interests keep the conversation moving, but taking the advisor-client relationship to the next level takes some work—and a lot of research.
A recent Fidelity Investments survey gives us a head start by elucidating the communication divide that holds many advisors back from taking the big plunge with their prospects.
"This report highlights the importance of brokers and advisors creating robust public profiles that tell their stories, including their personal investing philosophies and how they—and others—value their services," said Sanjiv Mirchandani, president of National Financial, a Fidelity Investments company.
Does your value proposition align with your prospects' values?
Your ability to provide them with comprehensive financial planning is what will bring them to you in the first place. But once you capture their business, they tend to value the superior investment performance (60%), wealth protection (47%), and access to investments (36%) that you offer them. In other words, the basics are still key to a successful advisor/client relationship.
But don't sell innovation short. One of the areas where advisors and high-net worth clients and prospects diverge the most is in their use of technology. Face time with HNW clients is a precious commodity, but don't make the mistake of assuming prospects and clients prefer communication via traditional media like snail mail and telephone calls.
