Networking for Financial Advisors: 7 Ways To Connect with Your Audience

Subscribe to Articles

Networking is the key for any small business entrepreneur to build win-win relationships. For financial advisors, it can be even more challenging to create a relationship strategy because their financial means are at stake. If you are unsure how you can expedite this stakeholder relationship management, we can help. In this article, we will show you the ways you can optimize your networking for the best business development.

How to Develop Your Business Through Networking

Transparency is Key To Build Trust

Any small business entrepreneur must be completely honest with their clients at all times. Let your client know exactly what you have to offer them as a financial advisor, plus full disclosure regarding your specific services and any fees incurred. If any issues occur, tell your client why the issue occurred. For example, if you made a mistake, tell the client about it right away and offer a solution. Your new clients will appreciate your account management even more over time if they feel you are trustworthy.

Lead in with Your Core Values

Your new clients need to feel at ease with their financial advisor. Although your education, credentials, and qualifications will be taken into consideration for the decision, one thing that will influence them the most is shared core values. After all, you will be handling a large undertaking with their finances. Think about your core values and use them in creating your relationship strategy.   Make a list of your core values, and make sure every decision you make reflects those values.

Your clients will want to think of you as someone who they can trust with not only their financial well-being, but the financial well-being of their families. This trust is something that takes time to earn. This is how networking helps with business development. Once you have that strong financial advisor-client relationship established, that trust can last a lifetime.

Lend An Ear

Another great relationship strategy for your clients is to just listen to their concerns. Do not seem dismissive of their questions or concerns. Keep in mind they may be new to financial planning. Plus, they may have come to you because they want to open an account for something or someone special.

When you let your client tell you about their needs and wants, you may discover something about them that you previously were not aware of. This will also help you even more with planning their financial strategy. You can then tailor your financial planning strategy to fit their specific needs. For instance, you would handle a retirement account differently than you would a client who is establishing a college trust fund.

Use Layman’s Terms and Skip Industry Jargon

When reaching out to your audience, you must remember that many of them may not be knowledgeable about many of the industry terms in financial planning. Besides, you need to keep in mind that some financial industry jargon can be intimidating to laypeople.

You do not want this terminology to be confusing to the client. However, there is no need to dumb down the financial terms and concepts. You can just go through each term slowly and thoroughly. Take the time to define the terms. Make sure you offer the client the opportunity to ask questions. You can then determine what exactly the client needs for further clarification.

Be Consistent with Communication

This is how the power of relationships can help grow your business. It builds trust with the client. When you simply check in with your client regularly, it brings a sense of familiarity where the client will feel more comfortable. Plus, it shows them that you care about them and are concerned for them instead of just worrying about your own bottom line.

Never Leave Them Hanging

The last thing any client wants is to wait indefinitely for their financial advisor to respond to their questions or concerns. One way to build profitable relationships is to respond to your clients as soon as you possibly can.

Most of the time, you will be able to respond to your client quickly. It only takes a few seconds to send a quick text, such as “In a meeting, get back to you ASAP.” Therefore, this quick response will let them know that you are important to them.

In today’s world of business, it is paramount for a financial advisor to put themselves ahead of the competition. Once you establish trust with your new clients, it can evolve into a long-lasting, mutually beneficial relationship.

Promotora Systems Inc. has many coaching programs that can show you how to build profitable relationships through networking to empower your success. Contact us today to get started on your journey.