4 tips to make better client recommendations

By Staff | October 15, 2013 | Last updated on October 15, 2013
2 min read

Today’s consumers don’t want a sales pitch; they’re looking for a consultative experience.

Read: Unleash the power of bonds for your clients

Remember, when small business owners are selecting an advisor to work with, 86% of them say the individual advisor is more important than the company they work for, and 85% say they need to develop a relationship before doing any business, finds Manulife Financial’s Small Business Research Report.

Read: How to turn friends into clients

Given the myriad of benefits, retirement and banking solutions available, advisors build a close relationship with their prospective and existing clients when they are able to explain why a specific solution is the right fit.

Read: 5 ways to avoid the wrong clients

So how does an advisor offer such a consultative experience? Neil Menzies, financial advisor with Arbutus Financial Services Ltd. in Vancouver, offers this simple, four-step approach:

1. Listen. Take time to listen to your clients as they talk to you about their needs.

2. Ask questions. This will help you uncover the opportunities and challenges they face. Try: How are sales? Will you grow this year? What’s your biggest roadblock? What’s your biggest opportunity?

Read: Budgeting tips for Gen Y clients

3. Fact find. Explore all of the relevant options from providers and go the extra step to find out if changes that could tailor the plan to your client’s needs are available.

4. Prescribe. Instead of presenting a list of three options, make a qualified and informed recommendation. Clients are looking to advisors for their counsel and conviction.

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.