The toughest part about any business is finding clients. This is even more difficult if you are just starting out. Learning what clients are looking for will help you help them better, plus build stronger, longer-lasting relationships.

1. Why do people need a financial advisor?

People are looking for help and sound advice. The best way you can provide this is by listening to the client’s needs. Sometimes clients are not clear about what they want or need, so it is up to you to read between the lines in order to provide the best solution for their situation.

2. Why would someone consider switching advisors?

A “hot lead” is a person that already uses the services of a financial advisor. But, how can you convince this client to use your services instead? By providing a better service. Many people shop around for a new advisor for any number of reasons. They feel the current advisor either is not working hard enough or is not giving them the advice they need. To prevent yourself from becoming the “dumped advisor” you have to build trust. Never steer a client in the wrong direction and always work towards a solution that is in the client’s best interest. And above all, make sure the client understands what you are advising him to do and why.

3. What do clients want from an advisor?

Studies show that people turn to a financial advisor when they are either in financial distress or have expendable assets they want to invest. Whether you are helping a client out of financial difficulties or helping him to grow a portfolio, the more you can help the stronger your relationship will be.

4. Is personal contact a factor? 

Yes, in many cases it is. You may find some clients that are happy with phone conversations and email correspondence, but when dealing with money, the majority of clients will want to look you in the eye. Face-to-face contact goes a long way in building trust. Trust is the key to your success.

5. Building trust through frequent contact.  

You will find some people that like to know exactly what you are doing with their money at all times, while others will trust you to make the right decision and only need periodic updates. The key is to know your clients. How much contact one client wants will differ greatly from another. You are not an employee, but you are providing a service. A happy client is not just a repeat client, but an excellent referral system as well.

6. To be successful you have to build trust.

Successful advisors build strong relationships with their clients and serve each client in a personal way. There is no “one size fits all” when it comes to handling someone’s finances. You have to understand that each situation is unique and must be treated as such.

7. Does the compensation method matter?

There are various ways you can collect your payment. You can work on a commission base, asset base or straight fee. The method you choose doesn’t matter. What matters is that the client understands your fees and how they are calculated. Strong relationships are not built on hidden fees and unexpected costs.

8. What designations do I need to attract more clients?

People have different needs. Your designation could cover various areas, but the more specialized you are, the better you will be able to help your clients. Clients will look for an advisor that handles the type of help they need, and they will generally stay away from someone who claims to have solutions for every problem imaginable.

9. Be honest.

In every relationship honesty is always the best policy. Do not promise unrealistic goals. Explain what is and what is not possible. In some cases they might not like what they hear, but strong relationships are not built on false hopes.

10. Be reliable.

To build a strong relationship, your clients have to know they can count on you. When you say you will have results or an answer by a certain time, make sure you do. If you don’t have the results or the answer, make contact explaining where the situation stands so that they aren’t left in the dark. Never put off contacting a client because you don’t have an answer or because the answer you do have is something they don’t want to hear.

Building strong relationships is all about common sense. If you build trust, are reliable and help clients with their problems, you will be successful.