Evan Beach, of Campbell Wealth Management, has made available for download his article, What Clients (Actually) Value Most In A Financial Advisor, published in Kitces.com. The abstract is as follows:
For many financial advisors, ‘proving’ their worth to prospects prior to engaging them as clients (by delving deep into the details of the prospect’s situation, and then coming up with potential strategies of how the advisor believes they can help the prospective client to ‘fix’ their financial life) is an irresistible means of marketing themselves to cultivate new client relationships. However, the reality is that financial advisors don’t always prioritize the same issues that are actually most important to prospective clients and can often invest time and energy analyzing details that do little to actually bring in new clients. This isn’t to say that the important issues viewed by the advisor should not be addressed – rather, selling to a prospect by emphasizing what’s most important to them (i.e., reaching their goals), and then servicing them once they become clients by addressing all of the points the advisor knows is most important for the client’s holistic plan to be successful, is not only a more efficient use of the advisor’s time but also a more effective way to convert prospects to clients and to fully service them with their financial planning needs.
Posted by David Brito, Managing Associate Editor, Wealth Strategies Journal.