“People don’t care how much you know until they know how much you care.”
— Theodore Roosevelt
In a profession that requires you to understand often-complex financial products, market trends, and industry rules and regulations, what matters most to many clients is trust – and it’s often based on service.
According to the Financial Planning Standards Council, client loyalty and trust, based on service – not necessarily fee disclosure or products – will help financial advisors demonstrate the value Canadians say they’re searching for in financial services.
Among the trust-building service tips you may want to consider are:
- developing a value proposition that clearly communicates how you can help clients and what they can expect from you.
- upfront discussions about your fee structure.
- clarity around the services you provide (and the related terms and conditions).
- prompt responses to all client inquiries.
- regularly scheduled reviews of a client’s plan.
- face-to-face meetings versus only phone or email communications.
- using plain language as much as possible (i.e. avoiding industry jargon and taking time to explain complex financial concepts).
- providing an easy-to-navigate website that’s always up-to-date.
- offering industry-related or other helpful information, without seeking anything in return (i.e. a profit motive).
You may also want to consider things from a client’s perspective. At Ouradvisor.ca (an Advocis resource), consumers can find plenty of information to help them find the “right” advisor. This includes questions to ask potential advisors, such as:
- Will you be providing comprehensive, integrated financial advice? If not, what advice will you be providing?
- How often will I hear from you?
- When I call, how long will it be before I’ll hear back?
- Who besides you will have access to my information?
- Will I be dealing with you or one of your associates?
- How do I pay you?
- Would it be possible for me to speak with some of your clients?
The better prepared you are to answer these and other client questions, the more apt you’ll be to earn their trust.
Did you know?
Findings from Ernst & Young’s 2016 Consumer Banking Survey confirm that while 96% of customers trust their bank to keep their money safe, that level of trust isn’t reflected in all facets of their business. 19% of Canadians have little or no trust that banks will provide unbiased advice.
How else can you build client confidence?
86% of Canadians pay more attention to the companies they trust.Products from trusted companies can help. Sun Life Financial, for example, has been chosen as the Most Trusted BrandTM in the Life Insurance Company category for 8 years in a row in the annual Reader’s Digest Trusted Brand™ survey. This survey also revealed that:
- 77% of Canadians are more likely to remember advertising from trusted companies or brands.
- 86% of Canadians tend to be ambassadors for the brands they trust by recommending trusted products and services to friends and families.
For more information about Sun Life Financial, our products and other tips on how to be your clients’ trusted advisor, contact a member of your Sun Life insurance or wealth sales support team.
A prime opportunity
79% of Canadians say they don’t have strong confidence in achieving their financial goals and only 18% agree that they are knowledgeable about financial matters.2
These Canadians may welcome the help of a trusted advisor.
Click here to contact your Sun Life sales director.
You might also like…
- Professional, expert advice isn’t free — make it a key differentiator
- How to answer clients’ top 10 questions about CRM2
- The art of retirement income planning
1 EY 2016 Global Consumer Banking Survey gathered insight from 55,000 consumers from 32 countries worldwide, including 2,021 in Canada. The survey was conducted online, between January and April 2016.
2 Source: The Insurance and Investment Journal, Trust is biggest issue for Canadians when seeking financial advice, February 10, 2016
™ Trusted Brand is a registered trademark of Reader’s Digest.