Running a business and maintaining profitability is not always a breeze. It is a process of learning as you go but sometimes, business leaders discover that they need help taking charge of their enterprise.
This is where the importance of financial planning kicks in. The FBSV Financial Planning Global Consumer Research report for 2023 revealed that the demand for financial planning advice is soaring. As common people and business leaders realize their needs, they are willing to invest in a trusted, financial advisor for a secure future.
This means you can expect an influx of clients in the upcoming years. However, the market is highly competitive and volatile, with over 300,000 advisors spanning the business space. One way to set yourself apart is to realize that financial advising at its core is H2H or human-to-human, even if you deal with B2B clients. This article will discuss all about this.
Financial Advising and the Trust of the B2B Client
When it comes to financial advising, the most important asset is trust between the advisor and the client. In most cases, complex choices are often involved that can make or break the client’s business.
Unless they believe that the financial advisor has their best interests at heart, it is unlikely that the relationship will continue long enough. Moreover, every financial advisor worth their salt will concur that building trust is not easy and so worth it.
It undoubtedly requires that special human element of integrity, transparency, and the ability to put the client’s needs first. The financial advisor must initiate uncomfortable conversations, act as the fiduciary, and admit to their human weaknesses when needed. The process or journey with each client often involves more listening and talking.
Robo advisors may have a lot more knowledge to impart but what matters to clients, even those in the B2B space, is a trusting relationship. This is precisely why financial advising is more about a human-to-human or H2H relationship. One can even call it a heart-to-heart relationship because the advisor must put themselves in each client’s shoes for concrete results.
3 Useful Tips to Gain and Retain a Client’s Trust
Let’s look at three ways financial advisors can maintain their H2H relationships at all times.
Be Genuinely Client-Focused
This may seem like a given, but shockingly, financial advisors still keep things purely professional. What we mean is that they treat their clients as a business or a project instead of a person. It does not matter whether you’re working with a B2C or B2B client.
The main point is that even a company is ultimately run by people who need the human-to-human connection. Your clients want to know that their interests are your topmost priority. This means you must identify cracks they have missed and suggest ways to fill them.
We are not asking you to do something flashy or ornate. Even something as seemingly trivial as suggesting insurance coverage for financial security would suffice. Comprehensive financial planning is only possible through insurance but your clients may skip it altogether.
As you bring this up, it will offer the assurance that nothing vital has missed the eye of your mind. Just learn more about the coverage options, including life, health, and liability insurance so that you know what matches your clients’ needs best.
You need to tread this road carefully because clients often assume that the advisor is selling them something instead of looking out for them. Asset-Map states that if you’ve been transparent in all dealings, it’s likely that your client will consider your insurance proposal. Deliver what you promise after considering client needs, analyzing current policies, and comparing premiums.
Encourage Quality Communication and Comprehension
Poor communication can destroy all kinds of relationships, including the one we share in business. If you’re finding it difficult to retain clients, check the pulse of your communication. Is it open, responsive, and involves more listening than talking?
Moreover, comprehension forms another half of the equation because unless you and your client understand each other’s viewpoints, it won’t work. Allow them time to explain themselves thoroughly before recommending a plan.
When necessary, break down complex financial concepts into simpler terms. Be 100% transparent about your fees and communicate all the potential risks without hiding anything. You can even try storytelling to forge a deeper and more authentic bond. Let your financial advising be marked by empathy at all times.
Demonstrate Your Expertise
As you continue with empathy and the human touch, do not let your business take the backburner. In other words, seek every opportunity to organically demonstrate your expertise. This is how your client will find you credible and have confidence in your future advice.
Closely tied to this would be the need to become a thought leader within your domain. Start by putting yourself out there through a well-furnished website and a strong social media presence. Work at gaining specialized knowledge in a niche area and address the unique challenges of your target market.
Create valuable content and resources in the form of blog posts, podcasts, Q&A, and more. This is the major work; do it well and your clients will require less verbal assurance of your services.
As we draw to a close, a final word of encouragement is the positive growth of the financial advisory market. Between 2023 and 2033, this business area is expected to expand at a rate of 5.6%. AI advancements are bolstering progress, including predictive analytics, personalized insights, and sophisticated financial planning.
Do you need these technologies to weather the current market? Yes, but only in tandem with the tips mentioned in this article. In any case, lose not the human touch as this is the leading school of thought.
