This year has been challenging for the financial planning industry, which relies on human interaction and personal relationships to thrive. When the Movement Control Order (MCO) was imposed in mid-March, financial planners were forced to think of new ways to reach out to their clients and secure new clients. In a post-Covid-19 world, a new generation of financial planners may emerge.
With increased digital demand and presence, it is no secret that the financial planning industry will have to go through a digital overhaul. Covid-19 has also become a catalyst for all financial planners to rethink their online presence. Besides maintaining the connection with their clients offline, financial planners also need to make their presence feel online to counter non-licensed financial gurus that have popped up during the pandemic. Hence, adding more skills to your existing skillset will allow you to stand out from the sea of financial advisers.
The financial services industry has seen continuous and promising growth this year. This is mainly because more and more people and organisations are starting to plan their long-term financial and healthcare needs better. In fact, Singapore’s life insurance industry has seen a 29% growth from last year.
How to stand out as a Financial Adviser
1) Personalise your services
Learn and get to know your clients personally. Although having a professional touch can be crucial for the business, having a personal relationship with the clients will definitely go a long way. You will be able to get referrals and recommendations too. After all, it is not about just money; it is about connecting with people to manage their future expenses better. It’s important to let your clients know that you always put them first. When meeting the client, don’t make it all about you, your company, or your investment approaches. You can build trust and relationships with your client by personalising your service to fit their preference.
2) Be clear of your service commitment
When you have a written agreement between you and your client on the services, support, and responsibilities you provide, you give them a clearer view of your service and show accountability. Consequently, you and your client will know what to expect from each other.
3) Send a recap for every meeting
Sending a recap is a crucial step for every Financial Adviser. After the client meeting, be sure to list down the meeting agenda and send them to both the client and your team. This list can be used as a follow-up or as a guide for the next meeting. As mentioned earlier, creating a personal and professional bond with your client ensures your success. When you do this, your client will see you as a self-starter and will trust your service.
4) Follow a consultative process
The consultative process requires you to see the business relationship from the client’s viewpoints. What are the solutions that they will agree or disagree with and what can you do to engage with them? This process opens up a problem-solving strategy that involves consultation between you and the clients. From there, you can streamline the workflow and make the necessary adjustments.
Remember always to have a giving approach to clients. Empathy and understanding their point of view is your starter steps. Truly engage and find solutions for their needs and wants in order to connect with them. These actions serve as a foundation for their trust!
How does mastering will-writing help you to stand out?
Most people are not prepared to write their own will as they develop finances, and wills are considered sensitive matters. Therefore, if you have the knowledge and credibility to help others plan their will, you can:
- Offer will-writing as an extension of your financial services to increase your income.
- Offer clients peace of mind, knowing that a Financial Adviser manages their will.
- Help clients make better decisions for their wills.
- Assist clients in preparing an adequately structured will.
- Ensure that the clients will contain an adequate financial provision for their dependents by understanding the client’s financial background.
Clients find it essential to recognise who is involved in their estate planning, besides those who draft their legal documents. While financial advisers won’t give legal advice, they are probably one of the best people to help ensure estate planning actions directly support clients’ estate planning wishes. Hence, mastering will-writing is not just a writing skill; it requires intuition, empathy, and the ability to bring together the knowledge of finances and understanding of clients, both on a personal and professional level.
InIn other words, Financial Advisers who are well versed in both financial planning and will-writing will stand out among the rest as mastering will-writing will benefit not only their clients but also their career growth.
To learn more about will writing and get the ideal probate solutions, get in touch with us now.