The Client prepares to switch wealth new financial adviser with hesitancy prepares to switch control of their wealth over to a new financial adviser. He or she will have some concerns about how and what will happen to their future financial success.
Most importantly, the client now has to establish trust. The new planner is going to make the right decisions for their business. They’ll have to trust that he has their best interests at heart.
As the Financial Planner or Wealth Manager, it’s his role to evaluate and help plan for the future of their business.
He answers their questions and listens to their short and long-term goals. The objective is to prove he is trustworthy, motivated, and savvy enough to develop a comprehensive, unique financial plan. The plan will benefit their financial growth.
he anticipates a new client’s concerns and is prepared to answer a multitude of questions. Below are five important questions he should expect a new client to ask.
Client prepares to switch wealth :ARE YOU A FIDUCIARY?
This is one of the most important questions to ask before entrusting their financial wealth and business.
It is vitally important for potential clients to understand that the financial adviser has a legal and ethical obligation to make decisions in their best interest. He not simply working towards achieving an aggressive commission goal.
Telling a client he is a Fiduciary will likely be a significant step in securing their business. If he is not a Fiduciary, he may want to delegate Fiduciary responsibility to someone he knows, who is a Fiduciary in order not to keep clients that are looking for that added security.
CAN YOU TELL ME ABOUT YOUR PREVIOUS EXPERIENCE AND SUCCESS WITH OTHER CLIENTS?
The client will essentially be interviewing him to see if he is the best person for their personal wealth management decisions.
In order to build credibility and trust, he should be able and ready to talk about his personal investment philosophy. Give reasons why he thinks it works, and the positive results he achieved for previous clients.
According to an article written by Nellie Huang for Kiplinger, there are many key credentials to discuss when trying to win over new business. An informed client will be looking for a clean record.
This means that he has not had any dealings with regulators of the law or had any disciplinary action was taken against them or the firm.
A new client may also ask about certifications and licenses that, if he has acquired, he should mention to establish his expertise. A CEP, CFA, or CPA all define his different levels or years of experience, specific standardized testing you’ve passed. Ultimately this helps to prove that you’ve put in the time to be qualified as an expert in wealth management.
In addition to certifications, there is a good chance that a new client will want to speak with references from existing or previous clients. Ideally, he should provide them with references to clients who have had similar financial goals and portfolios.
A trusted advisor is the kind of advisor clients can trust. It is important to be prepared to discuss your philosophies, experience, and credentials. Putting time into securing reliable references will go a long way with building a new client’s confidence in his abilities to execute.
WHAT ARE ALL THE SERVICES YOU PROVIDE AND THE COST BREAKDOWN When Client prepares to switch wealth
The goal of hiring a Financial Planner or Wealth Manager is to enhance his existing and future financial situation. The adviser or your firm may offer several standard products and services, some at higher risk than others. It’s essential to understand the level of risk his client feels comfortable with.
The most commonly offered services will likely be personalized financial planning, retirement planning, lending solutions, among others.
The cost of any of these services will likely depend on the comprehensive plan he put together. It is in their best interest to be prepared to explain each service.
The logic behind the projected cost, prove the value and most importantly explain how the fees associated with each product are determined. The more detail and the more fluent He is in explaining services and their corresponding costs and fees, the more trustworthy the client be able to become.
WHAT TECH ARE YOU USING TO MANAGE MY MONEY/PORTFOLIO?
The Financial Planner or Wealth Manager must be able to not only prove that whatever technology he is using is safe. He must be able to also sell the value provided with a personalized, human relationship the client will have with him.
Chief Product and Strategy Officer, Jeff Marsden lays out the “Top Reads: Tech and the Future of Wealth Management”. As a Financial Planner, you should know the ins and outs of the technology platforms being used throughout your industry and that you use yourself, and be able to speak fluently about their capabilities.
WHY SHOULD I CHOOSE TO HIRE YOU?
Lastly, when winning a new business, it is crucial to show that he has been listening, taking notes, and have a solid understanding of clients’ short and long-term goals for the future of their wealth. He wants them to leave feeling like they’re going to be a top priority for him, so being specific when making informed, customized suggestions for their financial plan will be imperative.
He highlights his strengths, his previous successes, has certifications on display, and provides references. Emphasize the availability and willingness to engage in check-ins and direct back and forth communication.
Be confident, and most importantly, uses the time to prove that their money is safe with him and that this will be a collaborative partnership.