Strengthening Client Relationships

 In Professional Development

Lindsay Troxell, Director, Knowledge Labs™ Professional Development, shares four steps that can put you on the path to client nirvana.

You’re into numbers. Passionate about markets and money. Great at sales. Hard-working, hard-driving and you hardly ever slow down. All perfect qualities for a career as a financial planner. Yet all too often, these very traits are at odds with the communication chops you need to be good at client services.

If patience, quietude, active listening and intuition aren’t your strong suits, you’re not alone. These are learned skills that don’t come naturally to most. But the good news is, there are concrete steps that can put you on the path to client nirvana.

1. Understand Generational Differences

In general, baby boomers always prefer a friendly voice, via phone or in person, depending on the situation. But don’t expect the same from their Gen Y kids, who loathe voicemail but never, ever miss a text.1 Where and when each generation receives information is just as important as how they receive it. Some may feel more comfortable at your office during work hours. Others would rather you meet with them at home in the evening. Start to track your clients’ preferences so that the next time you meet, you anticipate instead of ask.

2. For Female Clients, Don’t Assume Anything

Women are gaining an increasing share of the world’s wealth — about 27%. Yet in a study on women’s attitudes about personal finances, nearly a quarter of respondents say that wealth managers could significantly improve how they serve women. Their dissatisfaction stems from wealth managers who make decisions based on uninformed assumptions, give them options that seem “dumbed down” and don’t take the time to tailor investments to their personal goals.2 Build trust with female clients by listening and learning.

3. Knowledge is Power

According to a recent survey, 42% of advisors describe their clients as “very knowledgeable” about investing. But when their clients are polled, only 12% give themselves the same ranking.3 This disconnect may suggest that taking the time to educate clients about investments and how you develop their portfolio strategies could go a long way towards building trust and value in the relationship.

4. Learn What Your Past Says About Your Future

Early in your career, you may have exclusively focused on closing and volume. But at a certain point, it’s OK to re-evaluate, to be selective in choosing clients. Start by taking an inventory – make a list of your favorite clients and why you like to work with them. Maybe you are drawn to doctors because you grew up in a family of medical professionals. Or you find kinship in clients who “speak the same language” because you share the same passions in life. Or you just know that every time you speak with each other, conversation flows easily and you leave feeling energized. Whatever the reason, try to identify patterns, and then actively seek out clients who meet those criteria. By aligning your clientele with your strengths and passions, you’ll be more fulfilled, and your clients will be happier and more loyal as well.

Cultivate extreme client loyalty and grow your business.

The opinions and views expressed are as of the date published and are subject to change without notice. They are for information purposes only and should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to buy, sell or hold any security, investment strategy or market sector. No forecasts can be guaranteed. Opinions and examples are meant as an illustration of broader themes and are not an indication of trading intent. It is not intended to indicate or imply that any illustration/example mentioned is now or was ever held in any portfolio. Janus Henderson Group plc through its subsidiaries may manage investment products with a financial interest in securities mentioned herein and any comments should not be construed as a reflection on the past or future profitability. There is no guarantee that the information supplied is accurate, complete, or timely, nor are there any warranties with regards to the results obtained from its use. Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

1Rachel Rood, “Please Do Not Leave A Message: Why Millennials Hate Voice Mail” NPR, October 23, 2014
2Peter Damisch, Monish Kumar, Anna Zakrzewski, and Natalia Zhiglinskaya “Leveling the Playing Field: Upgrading the Wealth Management Experience for Women” The Boston Consulting Group, July 2010
3Melissa Volin “Nearly Half of U.S. Financial Advisors Now Use Social Media Daily to Interact with Clients, According to Accenture Study” Accenture, March 26, 2013

Knowledge Labs™ programs are for information purposes only. There is no guarantee that the information supplied is accurate, complete or timely, nor is there any warranty with regards to the results obtained from its use.
Janus Henderson, Knowledge Labs and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

C-0419-23456 04-15-21

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