Clients have become selective about financial advisors they want to entrust their hard-earned money with. In each city and location, they have scores of advisors, banks and NDs to choose from. Cafemutual spoke to a few top advisors to know the 5 mantras for success.
Qualification – Many clients now prefer hiring advisors who are certified financial planners or otherwise similarly qualified. Besides acquiring the professional degree, the advisor should constantly update himself by attending training programs and opt for some short-term course related to financial planning.
“Advisors need to constantly update their knowledge to provide the right product to the consumers. There are numerous product available in the market but a knowledgeable advisor will offer correct product according to the risk profile of the client. Therefore knowledge is very important to be a good advisor,” said Pranav Mazumdar, a leading Mumbai based IFA.
Professional development - Besides qualification, the advisor should also concentrate on sharpening of his professional skill-set – soft skills on building client rapport, making effective presentations etc. Just as a successful doctor has excellent bedside manners, a successful advisor generates confidence among his clients.
Adapting to the changing environment – The advisor should be open to change his business model according to the changing situation. If an advisor keeps on crying over the impact of changes on his business, he would never be able to think of new strategies to grow in his profession.
Defining the terms properly to clients– In the first meeting itself, brief your client about your work style, like fee for advisory, not making any investment without alerting. Also highlight the after sales services that you will be providing – reports, investor education seminars, personal meeting every quarter for reviewing the investments.
Continuous involvement with the client – Try to maintain a friendly relation with each client and develop it over the years. Without continuous involvement with the client, it is difficult to survive in the industry.Clients should feel that they are a part of your family and you would always take steps that are beneficial for them financially.
