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Five things to do, to become a better financial adviser – Part 1

01 June 2024 Myra Knoesen

To be a better financial adviser, you need to do more than manage money, according to Erin Myers, a Contributor on OutboundEngine. You need to be great at managing relationships. While the money part is important, it’s the people part that matters most. Relationships are the lifeblood of an effective investment advisory practice.

“Being good with people is what converts prospects to clients and makes clients feel comfortable enough to refer their friends, family, and colleagues to you,” said Myers.

A list of five things

Below is a list of five things, Myers mentions, that you can start doing to become a better financial adviser.

  1. Get to know your clients, prospects and referral partners

As an adviser, you should be familiar with the “Know Your Customer” rule, designed to protect against money laundering and to ensure the suitability of investments. While this rule only requires you to verify and maintain some pretty basic client information, it can be seen as a call to action. Ask yourself:

  • How well do you know your clients?
  • How about your prospects and referral partners?

Lucky for you, it’s easier than ever to develop deep relationships with large numbers of people. If you haven’t done so already, connect with your clients and referral partners on social networks. When you connect on social media, you’ll have a window into their lives and be invited to their daily conversations. The more you know people, the better you’ll be able to serve them. This may seem very obvious. But sometimes that’s the first place to start! Be a better financial adviser by going the extra mile with your network.

  1. Stay top of mind

Having your clients and prospects in your address book or on your friends’ list is just the start. For your clients, it’s important that they hear from you regularly. They want to know that you’re constantly working behind the scenes and on top of things. They also want to know that you care about what’s going on in their lives. 

As for your prospects, make sure you stay at the top of their consideration set. Not everyone is in the market for your services right now, but eventually, many of them will be. When that moment happens, you want them to think of you first. 

Having a process for regularly scheduled professional emails and social media posts is one of the most efficient ways to stay top of mind with your network. Automated marketing services, make it easy for financial advisers to stay in touch with their networks without requiring hours a day on social media marketing.

In part two of the article, we take a look at the last three things that you can start doing to become a better financial adviser. 

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