In our world that is evolving daily and becoming challenging for many, the financial advisory profession has a wonderful opportunity to
establish a reputation as a beacon of trust for consumers. It can do this by helping them navigate through difficult life, family, employment and financial decisions.
The advice market has an opportunity to rehabilitate a reputation damaged in past financial crises, by
becoming a valuable resource for clients and potential clients facing so many of today’s increased challenges.
The Covid pandemic has caused many people of all ages and demographics to step back and re-evaluate their
priorities in life. People talk of the great resignation, but this is not a piece of interesting fake news, but a concrete example of how Covid has changed our world.
Forbes magazine reported recently that more people quit their jobs in April 2021 than in any single month in
nearly a century. After a challenging and disorienting period, many people are looking for new careers, to relocate, leave the
corporate life altogether or opt for early retirement.
These critical life changes, when combined with the increased uncertainty in everyday life and the volatile
nature of the economic environment, have created a renewed desire for financial advice. I’d ask you how prepared are you to deliver this?
I’d like to share with you five simple things every firm can do now.
Become a Life Adviser
Whatever your proposition the advice profession is no longer just about finances, it is
now increasingly centred around helping clients make sound life decisions. In many ways, advisors need to function as life coaches, guiding clients through critical decisions in life as they navigate
an overly complex world.
We are increasingly seeing advisors considering establishing business relationships with
psychologists and life coaches to help guide clients through these difficult life choices.
By being able to talk about more than just markets and products, advisors not only enhance
their value, but also demonstrate that they genuinely care about clients.
Become a generational adviser
To retain business for the long-term, advisors should broaden their relationships beyond
the main client. Consider planning and engaging in family meetings to help achieve even greater success with the entire family, particularly the next generation of investors and potential clients. By
focusing on the ongoing dynamics of all members of a client’s family circle, advisors can create actionable and effective roadmaps for wealth management. Building these relationships is all the more
possible now that many young adults are back living at home with their parents.
Become the great communicator
Now is not the time to step back from engaging with clients. Volatility and uncertainty
provide opportunities for you to highlight your experience, empathy and expertise. It is now critically important to be visible to clients and prospects with the right message at the right time.
Successful advisers will be those that develop a focused strategy of ongoing communication.
Speaking to clients in the way they want is vital. Regular contact emails and occasional
texts with useful information, as well as ongoing but targeted and appropriate social media engagement are all effective ways in delivering a more targeted and more meaningful advice model and
Become a long-term relationship
Advisers need to reflect on the suitability of their own proposition for the future. Does
it provide solutions and services to meet client needs at every stage of life?
Do you help early-stage investors who are starting off careers or have recently changed
career paths? Do you provide digital tools, free budgeting and benchmarking solutions so you can build long-term relationships and be there with them all along the wealth journey?
For wealthy clients, why not consider offering solutions to help them protect and transfer
wealth through the generations and prepare for the next stage of their life journey. You can also provide access to other business professionals who are part of your proposition.
Become a client champion
The advisory profession should take the opportunity to become more active advocates of
clients. Get to really know your clients, what motivates them, what do they value, what do they fear and what do they really care about in life? Once you understand their concerns about life, family
and careers, you can become a champion for them throughout their life journey.
Change is a natural and constant part of life, especially in such a
fast-paced world that we live in today. Not only everything around you changes, but you change as well. The problem is many of us will resist and reject it.
I’d urge you to all embrace this change we are going through and take
advantage of the opportunities it offers.
John Joe McGinley Glassagh Consulting October