The Client-centred Blog

Financial planning relationships – how to add massive long-term value

No matter how long you have known your client what is the secret to continuing to add massive value to your financial planning relationships?

Imagine when you first meet a new financial planning client and the early period of your relationship.

In the beginning it can be quite intense. You are getting to know your client, they are getting to know you, and often there can be a significant amount of work to be done.

But what about after this period?

Often, financial planners only see their long-term clients once a year and the meetings are no more than an update – hardly inspiring!

I have listened to many financial planners express concern that they are not adding enough value to their long-term financial planning relationships – the client is paying (sometimes a considerable amount) but the practitioner is not sure how to add value.

As a financial planner what is your primary purpose in your client’s life…

*Arranging products and investments?

*Solving their financial problems?

*Helping them plan for and live the life they want?

One of the reasons that financial planning relationships go stale is because of a loss of interest by one or both parties.

This is far more likely to happen with the first two because if financial arrangements are now in place and the financial problems solved, then what is there to talk about? Click here to read the post, ‘When is my client ready for deeper conversations?’

In fact, this is how relationships end up becoming reactive – you only end up having meaningful contact with your clients after something has occurred.

Proactive financial planning

One of the things I work on with my adviser clients is how you can consistently delight, surprise, and powerfully engage with existing clients.

The approach I have found highly effective is understanding the value of the ‘don’t know mind’.

As I mentioned, financial planning relationships get stale because of a lack of interest.

But why would this happen in the first place?

Because the adviser is making too many assumptions. Assuming you know all about someone is the easiest way to lose interest in them.

Instead, when you realise you know very little about that person it allows you to get deeply curious.

What if you spent most of a client review meeting?

*Listening to your client

*Finding out more about what matters to them

*Discovering what their fears and concerns are or where they feel in a rut

*Finding out what changes they would like to make in their life

*Teaching them something valuable

This will often create huge value even if you do nothing else. How often do you think your client has someone be deeply curious, willing to listen to them, and work with them like that?

P.S. Do you want to stay ahead of your client rather than being reactive? 

If so, you can download my ‘How to stay ahead of your clients’ form as a way to generate ideas for adding value to your client relationships. Click here to download.

Share on facebook
Share on twitter
Share on linkedin

Leave a Comment

Related articles

What does it really take to 10x grow your financial planning business?

There is a critical factor in growing your financial planning business that is often misunderstood.

Can coaching for financial planners really help your career?

Why are an increasing number of financial planners choosing to work with a coach? Is it something that could help you accomplish your most important goals and realise more of your potential as a financial planner? Read on to discover why coaching works...

Financial planning – how to have clients sell it to themselves

You should never need to or try to sell financial planning to a client. When conversations are conducted in the right way the client will sell it to themselves and you will have no need to convince them of anything. In fact, trying to convince people is a mistake.

Why challenging your clients is great for business

The key difference between an adviser who focuses upon doing purely transactional business and a 'Trusted adviser' is how the adviser is positioned in the mind of the client. A 'Trusted Adviser' is someone a client turns to for their advice, opinion, viewpoint, and even coaching on important aspects of their...

How to have bigger impact with clients

How much impact am I having? This is a great question to reflect upon when it comes to your client relationships. Whether you have just met someone new or have been working with someone for a decade or longer the amount of impact we are having in that person’s life seems really important to me...

Telling clients your truth

Building a thriving practice, based on making a bigger difference to clients has many aspects to it. One of the most fundamental is that client relationships are based on truth. It can feel uncomfortable (at first) to share your truth with clients and allow them to do the same with you. Yet what is the alternative?

Solve your financial planning lead generation problem forever!

If I had a penny for every time I’ve been asked how to get more clients as a financial adviser, how to grow a client base, and the best lead generation tips, well, I’d be very rich. Getting your first financial planning clients is actually rather straightforward...

The three roles of a financial adviser

As a financial adviser, you must be sure that you are treating your own role as important so you optimise your time. Isn't your time best spent in your area of expertise?

How to move from hating selling to loving selling

How many professional people hate selling their services or feel uncomfortable with it in some way? My experience is quite a lot. Many advisers have shared with me the fact that they love working with their existing clients but do not particularly enjoy the process of client acquisition...

Growing your business in the quickest, most efficient way possible – Here’s how

Something extremely valuable I learned from my coach is that every system is perfect for the result it creates. For instance, … If you are only getting half of the business that you want, then your current system is perfect for that result. If you are working fifteen hours a week more than...