How To Build And Strengthen Client Relationships

21st Oct 2019

blocks and newspapers

Client relations is a critical part of a financial advisor’s practice, allowing them to connect with clients on a more personal level. Family members often view advisors as a trusted resource, who offer services beyond personal finance. Clients may seek guidance on taxes, estate planning, health, elder care and other special needs. While advisors are often trusted with private matters, many women lack trust of their advisors. And studies indicate that women are the most dissatisfied with the financial services industry. According to one study, 70% of married women will let go of their investment advisor within one year of their spouse’s death because of trust issues. Moreover, technology is redefining the client-advisor relationship. For instance, how to find an advisor and exchange information is evolving. Here are our top stories for the week.

Technology Is Redefining That Client-Financial Advisor Relationship

Technology provides more opportunity for touches between advisors and clients. The relationship between advisors and clients is rapidly evolving as technology provides more opportunity for touches between advisors and clients. Thanks to technology, there is a shift in how investors find advisors, how they interact with them and exchange information and how financial plans are drafted.


Many Women Didn’t Pick Their Financial Advisors. But They Can Fire Them When This Happens.

Women around the world identified the financial services industry as the one they are most dissatisfied with for both service and products. More than 70% of married women will fire their investment advisor within one year of their spouse’s death because they do not have a relationship with nor trust their advisor.  Here are three critical factors to consider when you think it is time to break up with your financial advisor.

Via USA Today

Why Advisors Need to Know About a New Kind of Dementia

Dementia is becoming a major concern for advisors as clients age. It is crucial for advisors to have accurate information about dementia so they can explain to their clients and their families. Families who view the advisor as a trusted resource in areas beyond just the numbers become committed and loyal clients. Here are some steps you can take with your clients.

Via Wealth Management

How Advisors Can Help Families With Special-Needs Children

Many special-needs children have disabilities that require lifelong care. A knowledgeable financial planner can provide tools and resources for meeting these families’ financial challenges Having a financial advisor who understands not only the importance of goals-based financial planning, but also how to secure resources, monitor relevant regulation changes and make referrals is paramount.

Via Think Advisor

How Advisors Can Help Clients Overcome Behavioral Biases

Being easily influenced by news stories is one of the most common behavioral biases that impact investing decisions, but helping clients overcome such bias remains a constant challenge for advisors.  In the whitepaper,“The Role of Behavioral Finance in Advising Clients,” financial firms advise that understanding the various ways behavioral tendencies can affect clietns is fundamental to building a successful wealth management practice.

For additional insights on the whitepaper, click here.

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