Fully delivering on your client value proposition to your existing client base can be a very fruitful exercise for both the adviser and client
While competition for good clients is on the increase, there is still plenty of scope for advisers to communicate and further reinforce the true product they are selling: the product of their advice. This concept still does not resonate with some clients, so it comes down to making sure your client value proposition is clear.
Once a client really understands what they’re buying, which is a relationship that can help them with specific financial strategies to meet certain lifestyle and other needs – whether it be buying a first house, paying off the mortgage, protecting assets with insurance or maximising superannuation installments – we need to do more to not only sell the benefits of advice, but also work out which products meet the sweeter services that underpin those strategies an adviser delivers.
Too often, advisers in the current market are all too focused on trying to attract high net worth clients because they are a good target market. But more often than not, many advice businesses started out by meeting a particular client need.
The client has a specific itch in that they want something solved, so they want to build a relationship with an adviser and trust them before they take up a full financial service offering from an adviser. It could be just making sure their general insurance is in place, or ensuring that their home loan is correct before moving into a full strategic plan around what strategies are available for their wealth maximisation.
So make sure your client value proposition is clear and that you are fully delivering on this your existing client base. This should be your first point of call in increasing the share of wallet from clients and is often a very fruitful exercise for both the adviser and client.
