People In The Meeting

8 Ways to Keep Yourself Client-Relevant

Steps that can both help reinforce your value and help your clients. 

1.    Tune out

A lot of financial failure comes from reacting to the market. Tune out the noise! Don’t get caught up in current events.

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 are: integrity, empathy and passion. Communicating your understanding of them and their interests is essential to keeping them happy and loyal.

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 moved, or is behind, and whether the client will need to add more money to reach them. If the goals and plan haven’t changed, don’t change the portfolio.

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.


The views expressed are those of the author(s) and are subject to change at any time. These views are for informational purposes only and should not be relied upon as a recommendation to purchase any security or as a solicitation or investment advice from the Advisor.

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Issued in the United States by MFS Institutional Advisors, Inc. (“MFSI”) and MFS Investment Management. Issued in Canada by MFS Investment Management Canada Limited. No securities commission or similar regulatory authority in Canada has reviewed this communication. Issued in the United Kingdom by MFS International (U.K.) Limited (“MIL UK”), a private limited company registered in England and Wales with the company number 03062718, and authorized and regulated in the conduct of investment business by the U.K. Financial Conduct Authority. MIL UK, an indirect subsidiary of MFS, has its registered office at One Carter Lane, London, EC4V 5ER UK and provides products and investment services to institutional investors globally. This material shall not be circulated or distributed to any person other than to professional investors (as permitted by local regulations) and should not be relied upon or distributed to persons where such reliance or distribution would be contrary to local regulation. Issued in Hong Kong by MFS International (Hong Kong) Limited (“MIL HK”), a private limited company licensed and regulated by the Hong Kong Securities and Futures Commission (the “SFC”). MIL HK is a wholly-owned, indirect subsidiary of Massachusetts Financial Services Company, a U.S.-based investment advisor and fund sponsor registered with the U.S. Securities and Exchange Commission. MIL HK is approved to engage in dealing in securities and asset management-regulated activities and may provide certain investment services to “professional investors” as defined in the Securities and Futures Ordinance (“SFO”). Issued in Singapore by MFS International Singapore Pte. Ltd., a private limited company registered in Singapore with the company number 201228809M, and further licensed and regulated by the Monetary Authority of Singapore. Issued in Latin America by MFS International Ltd. For investors in Australia: MFSI and MIL UK are exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of the financial services they provide to Australian wholesale investors. MFS International Australia Pty Ltd (“MFS Australia”) holds an Australian financial services licence number 485343. In Australia and New Zealand: MFSI is regulated by the SEC under US laws and MIL UK is regulated by the UK Financial Conduct Authority under UK laws, which differ from Australian and New Zealand laws. MFS Australia is regulated by the Australian Securities and Investments Commission.


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