Customer centricity isn’t just last year’s buzz phrase. Putting your clients at the heart of your business is a no brainer, and essential for a sustainable advice business. So with regulatory reform settling down and some welcome changes on the horizon, 2014 is the year to get back to basics and focus on what’s important – your clients.
But are you your clients’ trusted adviser? Do you have strong strategic partnerships in place? And do you believe in the value of your advice?
You may be a little surprised by your answers. But don’t be alarmed, here’s how you can get back to the basics in 2014.
Think long-term
Consumers are increasingly turning to the internet to investigate and validate financial services products and companies – so an online presence is a must – but remember Google doesn’t build relationships, people do.
Developing real relationships with your clients takes time, but can provide lifetime value. This approach may mean a significant upfront time investment, where revenue may not be immediately forthcoming. And it may take more than one positive encounter to develop trust. But, if you can demonstrate the true value of your advice, value that is delivered based on emotional intelligence, you’ll not only create screaming advocates but you’ll build long-term relationships and sustainability into your business.
Partnerships are paramount
Consumers seek out financial advisers when they are looking for professional, trusted advice, but you may not be the only professional they turn to. A trusted adviser can come in many forms – the accountant, real estate agent, lawyer or mortgage broker. If these pillars and their networks are approached about protection needs, who do they refer to? Building solid partnerships with these professionals can be the key to setting you apart from competitors.
Know your strengths
Competition is heating up with a growing number of channels through which clients can seek financial products. To be successful, you need to clearly spell out the benefits of your advice, and believe in the value you provide.
Don’t fall into the trap of trying to offer too broad a variety of services. Technical expertise is a given, but knowing how to apply it to the individual needs and circumstances of your clients will differentiate you. Understand who your clients are and segment them accordingly – you’ll drive business efficiencies and have more time to focus on providing the right advice to the right client.
Claim time is key
When it comes to risk advice, a key opportunity to deepen the adviser-client relationship is often during the claims process. This is the time when the need for a great risk adviser is most appreciated, so highlight your track record and philosophy about supporting clients at claim time.
So ask yourself again…
Are you your clients’ trusted adviser? Do you have strategic partnerships in place? And do you believe in the value of your advice?
In 2014 it’s about doing the basics – and making sure you’re doing them better than anyone else.
