These last few months have tested us in almost every aspect of life and business. Markets continue to swing back and forth without warning. The workplace has moved from the office to our homes. Meanwhile, advisers try to calm clients' emotions as they face life-altering challenges of their own: job loss, shifting priorities, health scares, and the war against social and racial injustice. Face masks and social-distancing floor stickers crowd checkout lines and hallways. Protests demanding change have engulfed our cities. Tensions are high. Emotions are fragile. And trust is fading fast.
However, I’m not sure some advisers completely comprehend the road ahead. I’m not sure they realize a very real truth: that how they choose to emerge from this madness will forever influence how their clients see them.
Right now, we’re conflicted — eager to restart and rebuild while at the same time fighting back the uncertainty that comes with reopening in this changed world. How do we become more efficient at running our business and supporting our teams? What will our clients be looking for from us that they weren’t before? How will they define a “valuable experience” with their evolved expectations post-pandemic? And what will it take to maintain trust in a world full of misinformation?
The answer starts with reminding ourselves that our business is a relationship business, run for — and by— humans. Humans who crave tangible value, a memorable experience and a meaningful connection. Of course, to deliver on this, we must establish three dimensions of trust.
Our clients sometimes confess they’re more anxious about meeting with us, their adviser, than with their own physician! Why? Money remains an intimidating and sometimes taboo topic — especially now, as the world struggles to rebalance itself in the wake of recent events. Which means earning trust should be an adviser’s No. 1 priority. All projects, goals, initiatives and direction should be built on creating a safe, comfortable environment that leaves your clients fully confident as they walk out the door. Yes, clients have more access to information (and therefore influence) than ever, but just because there’s more information available doesn’t necessarily make our clients well-informed.
Use this summer as a time to reflect on your business. What will have to change in a post-pandemic world? Here are three potential client questions that can help you get started.
Believe it or not, every client asks themselves this question when first meeting with you. While it may sound ridiculous and an easy hurdle to overcome, many remain skeptical of financial services. The volatile market, the mainstream media’s news spin and countless other avenues have unfortunately fueled the fire for making our industry into an enemy. Do your best to answer this question by showing your proven process and reinforcing that your firm makes all the right moves to ensure the client’s assets are handled with care, such as digital processes, data privacy and procedures.
The American Association of Individual Investors reported a few years ago that some 65% of Americans don’t believe their adviser – or the firm they represent – are acting with their best interests in mind. My point? Once you have established that the firm is conscious of its professionalism and code of conduct, you must articulate your role as a fiduciary. Be straightforward about your fees, explain the benefits of having a clear financial plan, lay out the various communication methods you use to continually inform them of what’s happening, and remind them that your business is built around helping clients achieve their goals before anyone else’s.
This is where the great advisers separate themselves from the good ones, and where adviser CEOs part from the advisers. Levels one and two are table stakes if you want to grow a successful business today, but few advisers are doing what it takes to live in level three. This is all about having the technology, the people, the awareness and the processes in place to innovate your offering and anticipate client needs before they know they have them. It’s about delivering an experience over a product.
Begin with understanding your client’s perception of money, and what they associate with it. Have recent events changed the way they think about money? Is it a source of stress, frustration, intimidation, relief or something else? Uncovering that dynamic and taking steps to address it will serve as your map for building the services and platform you need to solve for the real challenges in your clients’ lives, the challenges that are often hidden from the average adviser.
As our Carson Wealth Omaha team returns to the office this month and resumes client and prospect meetings, we’re taking all of these questions into consideration. I highly encourage you do the same. It’s what we need to be thinking about in order to best serve a newly shaped client influenced by our new reality.
[More: The power of pivotal moments]
Ron Carson is CEO and founder of Carson Group, which serves advisers and investors through its businesses: Carson Group Coaching, Carson Group Partners and Carson Wealth. Follow him @RCHusker.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
