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Client Engagement Series #1

Engaging prospective clients requires earning their trust and respect in order to win their business.

You must recognize that different clients are concerned about different things. This means developing a deep understanding of their objectives and expectations as well as getting clients to appreciate how you can help them accomplish their financial goals.

Doing this involves a lot of two-way dialogue, hand-holding, regular communication and updates. It also involves educating them about what you have to offer. Typically this involves  having as many one-on-one meetings with them as possible, in order to persuade clients to work with you.

Here are some steps to consider when engaging with prospective clients:  

1. Sharing Insights

Once you’ve connected with clients, discuss the products and services you offer and how you will work with them to meet their expectations. It is recommended that you share insights about your strategies and how they fit with the client’s objectives. It is also suggested that you discuss various investment themes and topical issues that might be interest. Provide them with specific tools that make it easy and efficient for them to achieve their objectives.

2. Find Synergies

Find out as much as possible about clients’ objectives and how they are currently striving to achieve them. Try to determine their “hot buttons,” time constraints and risk tolerance. You should then try to find points that mesh your capabilities with their objectives. It’s important to recognize differences in clients’ objectives: for example, some might be concerned about volatility while others are more focused on income streams or insurance protection.

3. Nurture the Relationship

It might be necessary to have several meetings with clients. Use education as a tool in follow-up meetings. For instance, provide clients with relevant research, information on the merits of different strategies and proprietary reports.   Your goal is to impress upon clients that you are at the “top of your game” and that you are driven to achieve positive results.

nurture client relationships

4. Maintain On-Going Communication

Communicate with clients on an on-going basis. You should be honest and transparent and be prepared to discuss any issues that might have arisen since you made your initial presentation to them. For example, market conditions might have changed and you may need to address underperformance of specific strategies. Provide clients with options in terms of the meeting format:  for instance, do they prefer in person, telephone or online meetings?

5. Make the Engagement Mutually Beneficial

Your client engagement strategy should be mutually beneficial. It should feel less like a sales initiative and more like establishing a partnership. The feedback you receive from the client will allow you to listen to what they are saying, while giving you an opportunity to make them comfortable that you understand what they are saying. This can boost their confidence and create a ‘win-win’ situation for both you and the client.

6. Leverage the Power of Technology

Find a good CRM tool that will manage the administrative tasks and free up time for you to devote to meaningful relationships and have real conversations.  One such CRM tool that is revolutionizing the way advisors do business is BlueMind.  It uses the power of Artificial Intelligence to create a digital office for you.  It clears the clutter by managing most of the administrative tasks that usually bog you down, giving advisors you more time to spend with clients.

deal screen shot of bluemind app

Start adopting these tactics and wait for the second part with some advanced tips to keeping your client engaged. If you already have some success adopting these tactics, then feel free to share your experience below.

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