Question

Client Engagement Skills As a financial planner, identify the critical client engagement skills (do's and don'ts)...

Client Engagement Skills

As a financial planner, identify the critical client engagement skills (do's and don'ts) illustrated and other points of interests to you.

Homework Answers

Answer #1

Client engagement is an ongoing exercise for financial planners. Crazy though it may be, not everyone likes to think about financial planning all year long. And with summer right around the corner, customer engagement is only going to get harder. To help you keep your clients engaged even during the slowest months,following are the do's and don'ts of critical engagement skills :

Do's :-

  • Understand your clients’ contact expectations- Some clients only want to hear from their financial planner once a year while others welcome quarterly or even monthly contact. The key is understanding from day one how to manage this expectation. “From there we can design our database to have each person in the right category for the level of touch they want,” . Then the work begins on moving them up the customer engagement tier.
  • Make it personal- If you know your client has a birthday or event coming up, reach out to them to let them know you’re thinking of them. “It’s personalizing yourself to that person that makes them go, 'Wow, you remember everything,'” Client says. “I say I remember important things for important people.” Keeping a strong database is key in this regard. Planners can’t expect to remember the birthdays of their hundreds of clients, but your database can. Fill it with little nuggets you can use to make your clients feel special to keep clients engaged.
  • Host a client appreciation event- To keep clients engaged, you may host quarterly client appreciation events. “Nobody likes to feel like they’re being sold,”. So try to find softer ways of inviting them in. Maybe it’s a wine and cheese event or dinner. During the summer months it can be a barbeque, complete with games for the kids. She schedules so clients can come and go as they please. She always follows up these events with a phone call on Monday to thank clients for coming by and to say, “Our next meeting is not scheduled until this date. Should we be working on anything for you in the meantime?”
  • Meet them online- When it gets hard to lure your clients into the office – such as when summer weather has them longing for anywhere but an office –we can have a contact using WebEx or Skype to set up virtual meetings. “That way, they don’t need to take time away from the beautiful weather, their travels or family,You can still stay in touch and they can still share with you any updates or changes to their situation.Further, you can get in touch through Emails and other social media options to make them aware about certain events and happenings.

  • Reiterate your value proposition- Values go two ways: There’s what your clients value and the value you provide as their financial planner. When business is slow, this can be a great time for FPs to reiterate their value proposition. “Remind clients that even when they are out traveling and spending time with family, you are overseeing their portfolio and financial plan. “Reassure them that they can take the time to focus on the things they love because even when they don’t hear from you, you and your team are proactively managing their situation.”

Don'ts-

  • Don’t take a spray and pray approach- Earlier we referenced the tools like skype and email for communicating with an audience in mass. That power is constantly abused by chains that bombard their customers with messages without considering the person on the other end. Research from 2017 indicates that 26% of consumers unsubscribe from company emails due to high volumes of sends, while 21% blame the lack of relevance. Send too many emails that aren’t relevant and the only engagement you’ll achieve is an unsubscribe or unfollow.
  • Don’t rely on one method of communication- One of the more crucial tips for building engagement is to ensure that each client is receiving the right kind of communications, and that’s not limited to client preference or demographic information alone. You might think that social media covers all your bases, but some communications are better suited for emails, app notifications, or text messages. The key to sending effective campaigns is to choose the right communication method or platform for each one.

  • Don’t make assumptions about customers- Your engagement with client should be based on an understanding of their interests, which should be backed by data. Data history gives you a great idea of what clients’ preferences are and why they buy from you. Use this information during every interaction with clients to build lasting relationships with them.The more careful you are about maintaining the relationship, the more natural the conversation will come.
  • Don't let lapsed clients go- Remember acquiring a new customer is almost 7 times expensive than to keep the client. So, never take it for granted the existing client. You never know, when they will get this sign that you are not paying attention to them and they can switch to another. Hence, pay attention and respect their time also.
  • Don't fly blind- Trying to make decisions with client past data can end up costing you more in the end.So, capture client data, the more relevant data you have about your client, more easier it will be for you to manage relationship with them according to their requirements and provide them personalized targeted services,messages and offers.
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