Ryan Watson from Tribeca Financial speaks to why advisers must actively engage to attract and retain clients following the pandemic

Once the pandemic is over, I expect that for a number of weeks, months and potentially years after, Australians will continue to face significant financial pressures and require strong guidance and support to realise their goals. 

With these challenging economic conditions set to be around for a while, as financial advisers we need to consider how we can remind our current clients and potential future clients of the role we can play in helping them take control of their finances and navigate the challenges of 2020 and beyond. 

Embedding emotion and empathy into advice and providing bespoke personal services helps to create new opportunities with potential clients, and impress existing clients. It’s crucial that we are flexible and evolve to meet changing client demands, if we are to remain well placed to service client needs and stay competitive post COVID-19. 

Strong engagement will foster loyal client relationships 

People are ultimately loyal to the experiences they receive. The key to delivering a positive client experience is providing tailored services that meet specific needs, and exceed expectations. Ultimately, empowering clients to take control of their finances is a positive step in cultivating stronger and more meaningful relationships with them. 

Now more than ever, it’s important for advisers to continually demonstrate and add value to existing clients. Loyal client relationships are based on trust and transparency, putting yourself in your client’s shoes and responding with emotional intelligence and empathy. Being vulnerable and connecting with clients on an emotional level will play an increasingly large role in your success. 

For me personally, long-term trusted relationships with clients are critical for two reasons. Firstly, they’re an indicator of the ‘health’ of your business as you have engaged and satisfied clients. Secondly, long-term trusted relationships are a great source of referral for new clients. The transfer of trust from an existing to a prospective client is invaluable. 

Strong client relationships need continuous focus and refinement. From my own experiences, I have found that anonymous client surveys give a good understanding of client satisfaction and garner more honest results. We, as advisers, need to take the time out of our business to objectively review specific, current client feedback and then make any necessary changes to foster engagement. 

Emotional intelligence is key to attracting new clients 

Energy and effort go a long way when it comes to attracting new clients. As advisers, we have a responsibility and opportunity to continue demonstrating the qualitative and quantitative value that we provide to our clients. 

Taking time out of your everyday client work to work ‘on’ your business, revisiting and challenging yourself on what financial planning means to you and your ideal client, and taking into consideration specifically what type of clients you want to work with, are all key steps towards attracting new clients. 

Strong communication is vital and although it’s not always easy to have conversations on sensitive topics such as finances; creating deep emotional connections with people will build trust and allow them to feel heard and secure to reach their financial goals. New technologies afford us the opportunity to effectively engage and communicate with clients to better serve their needs. 

As advisers, showing emotional intelligence in our approach will go a long way towards attracting new clients who are still feeling overwhelmed by the idea of financial advice. When you are creating genuine connections with people and therefore adding value to their lives, you are invariably cultivating your influence. 

FINANCIAL ADVISER AND CEO OF TRIBECA FINANCIAL

Ryan Watson

Ryan Watson is the Chief Executive Officer at Tribeca Financial, a financial advice business that focuses on helping people live their good life. Connect with Ryan on LinkedIn to follow his commentary in the media and blog posts.