Advisors looking to grow their businesses may be shooting themselves in the foot because they lack a well-reasoned strategy to meet their goals. That’s according to an article published by Advicent Solutions™,* a provider of technology solutions for the financial services industry. The article, titled “How to Be Your Client’s Top Pick,”* says clients judge advisors on key metrics including:
- Client service
- Past performance
- How well you educate clients
- How you treat clients when they’re outside your office
The article challenges advisors to ask clients for honest feedback on strengths and especially weaknesses related to client service. How you ask for this feedback can improve your odds of receiving a valuable response. Your clients should perceive that your request is sincere and reflects your desire to improve as an advisor.
The article also urges advisors to honestly assess how they may differ from the competition. Is it technology, knowledge, accessibility or some other characteristic? The article says by identifying what makes you different, you can begin to develop an effective marketing plan.
Asking the right question in the right way is a skill that can help you stand out, according to a Morningstar white paper available on the InvestmentNews website. The white paper is titled “Morningstar’s Guide to Holistic Financial Planning: Part 2 of 3: What Skills are Vital to Providing Holistic Advice?” It identifies pointed questions that can help you identify your clients’ resources and liabilities and can lead to recommendations clients might appreciate. You can find a link to the white paper on the InvestmentNews website** in the white papers section. (Please note you will be leaving Scottrade® property, entering a third-party website and will be subject to their terms and conditions. You may be required to provide personal information in order to access the material.)
Tools from Advicent Solutions™
Advicent Solutions™ offers:
- An exclusive discount on the NaviPlan® financial planning application, the Profiles™ financial planning tool and the Advisor Briefcase® marketing communications tool
- Free CFP CE credit opportunities from exclusive Advicent™ webinars
- Financial planning strategy sessions
Scottrade and Advicent Solutions™ are not affiliated. Advicent Solutions’ website contains information that may be of interest or use to the reader. Third-party websites, research and tools are from sources deemed reliable; however, Scottrade does not guarantee accuracy, completeness or timeliness of the information, is not responsible for statements, offers or products issued and makes no assurances with respect to the results to be obtained from their use. No information presented constitutes a recommendation by Scottrade or its affiliates to purchase any product or instrument discussed therein or engage in any specific strategy. Please research any product or service carefully.
**Scottrade and InvestmentNews are not affiliated. This third-party website and any related research and tools are from sources deemed reliable; however, Scottrade does not guarantee accuracy or completeness of the information and makes no assurances with respect to results to be obtained from their use. The choice to use a specific investment tool or strategy should be based solely on your evaluation of risks involved, your financial circumstances and investment objectives. Please research any product or service carefully.