4 Traits That Make Financial Advisers Invaluable

Financial Advisers are numerous in their marketplace. To avoid being viewed as replaceable, you need to prove competency and instill trust in both your firm and your clients. Stand out from your competition by employing some of the following tips.

1.Effectively translating ‘financial speak’ into layman’s terms


Being able to cite complex financial stocks and strategies will show your client you went to school, but it won’t show them you understand your client’s needs. Your client may be financially savvy and fully comprehend financial terms, but by being able to effectively describe and explain the same things in a more colloquial way will show them you know what you’re doing and your knowledge extends past the textbook answer. For those clients who are seeking a financial adviser because they don’t know the first thing about finance, being able to have them fully comprehend in their own terms what is going on with their finances is the most important way to build trust and relationships. They don’t want just to know that you are taking care of their money, they want to understand how you are doing so, which will promote client retention.

2.Work Schedule Flexibility


Having a flexible schedule to adjust to your clients’ needs is one of the best ways to instill trust. Many people need to be in a certain mindset or time of day to discuss their finances, and being available when they are ready reassures them that you have their best interests at heart. It’s also an upside of the job, not being confined to a 9-5, and being able to construct your work-life balance according to your client’s needs and your own.

3.Continuous Prospecting


One of the most challenging requirements of being a financial adviser is building and retaining your client base. Continuously prospecting and bringing in new business will make you invaluable to your firm. Aim to generate five new customer leads per day. This can be done through networking and social events, or even through reaching out to people on LinkedIn. One of the best practices is to have a set minimum number of people to network with each day. Once you have done this, narrow down the people who could be real leads and focus your attention on them.

4.Providing Deliverables


Being able to produce deliverables for both your firm and your clients will ensure trust and competency in your work. Being able to review tangible updates and graphs will help both parties recognize the work you’ve been doing, and will build a case for your retention and promotion. Using Solo Expenses will help you efficiently and paperlessly keep track of your clients’ costs and receipts, and digitally create pie charts to help them visualize and better understand their finances and where their money is going.

To be viewed as invaluable, your employer and clients need to be reassured and that you will go above and beyond what the average consultant can do for them. Having a flexible work schedule and being able to speak colloquially in a way that resonates with your client will allow them to connect with and trust you. Continuously bringing in clients, as well as showing your clients exactly where their money is going and going beyond your firm’s requirements will prove to your firm that you are truly passionate about your work and the wellbeing of your clients.