1. Tune out
A lot of financial
2. Tune in
To create the right plan and build a relationship, you have to connect emotionally with your clients. You have to find out how they feel about money, what they dream of and what they fear.
3. Be empathetic
Put empathy before money. The most important three values in this business
4. Plan first
It all starts with a plan. Investors need good advice and a road map for meeting their personal goals. Making a plan is the only way to engage your clients and build the relationship.
5. Communicate value
Creating a solid plan and helping the client stick with it — that’s the core of your value proposition. Make sure every client knows and feels it.
6. Manage expectations
From the outset, it’s important to educate clients about the ordinariness of market declines — before a big drop occurs. Manage their expectations. Explain that all declines are temporary interruptions of the permanent uptrend.
7. Review annually
The annual review is your most important opportunity to get in front of all the stakeholders — including other advisors and family members — and make them realize how right they were to retain you. The only item on the agenda is the progress of the plan. The portfolio is merely a funding medium. The review is about how much further toward the goals the portfolio has
8. Stay client-focused
This is the critical attribute of a good advisor. It’s not about timing the market or picking the best stocks. It’s about empathy, understanding and the shared commitment to a long-term plan. Remember, a happy, productive client relationship is one in which the client believes your advice is worth significantly more than what you charge for it. Working toward the client’s goals and financial well being at all times is the best way to ensure that.
With volatility rising, regulations increasing and investment choices expanding, clients have never needed good advice more than now. Follow these eight time-honored guidelines to reinforce your value and help your clients stay on track to achieve their goals.
For additional tools and resources please visit mfs.com/hp.
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