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What are great clients really paying for?

A while back I read a long article in the financial press about choosing a financial adviser.

From what was written it seemed that much of the industry continues to see advice as a commodity and undervalues the potential impact of the human element. 

To quote directly from the article:

“Aside from cost, your choice of financial adviser comes down to how much confidence, expertise and time you have to manage your own investments.”

Really?

Of course, advisers do have hard won investment expertise that is extremely valuable.

But what about other aspects of advice that are more difficult to quantify? For example:

  • The ability to uncover what matters most to your clients?
  • Helping a client make wise choices and decisions?
  • Talking through significant life (not just investment) decisions?
  • Helping your clients stay on track with their goals?
  • Challenging a client’s false beliefs or assumptions so they avoid mistakes or even catastrophes?
  • Being there for a client when it really matters?

What is the biggest factor in the client’s success?

One of the UK’s most experienced and successful financial planners is Andy Jervis, co-founder of Chesterton House Financial Planning.

Andy very kindly wrote a chapter in ‘The client-centred financial adviser’ book. What he makes abundantly clear is that the greatest factor in a client success is their own behaviour. And I quote:

“There are countless examples of behaviour as a crucial element in financial success. Repeatedly I’ve seen that’s it’s not the return on the investment that’s important so much as whether the investment was ever made in the first place. It’s not how you invest for your children that’s by far the greatest factor in their future financial success so much as the example you set for them today. And it’s not the interest charged on that loan that will keep you from wealth as much as whether you decide to take out the loan in the first place.”

What are great clients really paying for?

A potential client may initially contact an adviser with a product enquiry or to help manage their money. This is one element of what an adviser can do.

But isn’t the transactional element something that the client could get from any number of advisers?

I use the term ‘great client’ to mean something more than a transactional client. To me, a great client is someone who is financially responsible, wants to live a successful life, and enjoys having a relationship with a financial planner. They are open, trustworthy, and willing to listen to you and follow your advice.

They see you as a ‘Trusted Adviser’, know that their quality of life is better because of the relationship they have with you, and see your fees as a sound investment in themselves.

Ultimately, what great clients are really paying for is the relationship they have with you.

PS. The quality of your listening is a key factor in building higher quality relationships. Click here to discover 5 steps you can take to become a better listener.

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John Dashfield spent 14 years as a self-employed adviser. Since 2006 he has been a coach, mentor and author helping advisers create transformations in their business and personal lives.

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John Dashfield spent 14 years as a self-employed adviser. Since 2006 he has been a coach, mentor and author helping advisers create transformations in their business and personal lives.

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