For financial professionals, business success often ties directly to client communication and approach. Building strong, long-lasting relationships with your clients is crucial for their success. And it's more critical than ever in a rapidly changing world that has changed how people communicate and think about their finances.
That's why it never hurts to take the time to review how you approach client relationships. As times change, clients' needs shift. Revisiting your communication styles and clients' preferences can help you find areas of opportunity to serve them better.
A significant part of every financial professional's role focuses on client experience and customer service. A client-first approach can help deliver results, but there's always room for change — especially if it leads to growth.
People have undergone many changes since 2020, which has left them looking for more guidance. According to some research Opens in a new tab, many sought out financial representatives to help provide more certainty around financial decisions and long-term planning due to the COVID-19 pandemic.
Here are a few more reasons why you may want to revisit your current approach:
The pandemic helped usher in a world of video meetings and calls. And in some instances, it has increased the level of communication between some advisors and clients via phone, email and video calls. These new communication methods present another opportunity to learn about clients' preferred styles and help find ways to meet them where they are versus more traditional approaches.
It's assumed younger clients are often more digital natives. However, many older clients have spent the last few years online. That means many are very comfortable using online tools and digital banking services. Research shows a huge growth Opens in a new tab in people over 70 who frequently use online banking services and like the experience. So don't assume you know the technical understanding and skillsets of your clients based on age alone.
Over half of Americans over 40 Opens in a new tab feel the strain of raising young kids and helping their aging parents. That's putting unique financial stress on this cohort as they want to plan to help ensure their kids can make sound financial decisions, they have time to spend helping their parents, and the money to retire comfortably. Listening to their particular needs can help serve them better.
The oldest millennials are in their early 40s, with millions more in their 30s and entering a prime earning period of their careers. In addition, many millennials are also dealing with student loan debt Opens in a new tab and navigating marriage, kids and buying a home. They're increasingly open to help for managing all the new financial challenges they're juggling while preparing for the future.
Gen Z is entering the workforce and watching their wealth grow. These digital natives tend to want financial advisors who provide digital-first services that are hyper-personalized and data-driven. As you look to expand your client base and attract more Gen Z clients, you may need to revisit if you have the tools in place and approach to connect with their needs and interests.
Even if you're confident business is going well and you have a great relationship with clients, it never hurts to review your approach regularly. That way, you can get a sense of what's working and what may need some tweaks.
In general, however, there are a few areas of opportunity to explore that may stand out. These include:
Digital adoption — For many of your clients, being online is a way of life. You can take that approach to how you meet with them, communicate and map out their financial journey through interactive tools that allow you to collaborate.
Communication style — If you've switched to primarily one communication approach, put some feelers out to your clients to see which methods can help them feel more comfortable in your relationship.
Communication frequency — Some clients are content with an annual meeting, while others may want more regular updates. Monthly or quarterly updates can ensure everyone is on the same page.
Listening more — Becoming a better listener can do wonders for your business and improve client relations. Work on taking an empathetic approach to conversations and keep an open mind. It helps your clients feel heard and understood.
Niching — With so many specialties, you can niche into a target audience that excites you — such as small business owners or legacy planning — and design a more tailored business around these experiences.
Personalizing service — Younger generations are especially focused on more bespoke services from financial advisors. Creating a more interactive onboarding process can help you learn about your clients' needs and preferences while setting the stage for more tailored service.
Ask for feedback — Conduct periodic surveys to understand client satisfaction, gather feedback and identify areas of improvement. You can gain valuable insights into client needs, and the input may highlight areas where you stand out or could improve some of your soft skills like listening or empathy.
The post-pandemic world has shifted how people communicate and approach their finances. More than ever, financial professionals need to adjust their strategies and consider changing generational demands and preferences.
Keeping client relationships at the forefront and consistently adapting to changing needs can ensure long-term success.
Growth opportunities are always out there — for both you and your business approach. Learning more about consumer trends and listening to your clients' needs can help you find the best strategies to help you shine.
Consistently review how you communicate with your clients and see if changes are necessary to better suit their needs.
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