If a financial consultant wants to retain his clients, he has to work sincerely to maintain the trust and strengthen the relationship in the long term. Never commit any of these mistakes, or you could end up being replaced:
1. Not offering top-class service
The key factor that makes a financial consultant stand out from the rest is his service. Clients will stick to you if you give them brilliant customized service. Put some effort to suggest your clients whenever they need assistance even if it means investing some extra time. When clients notice that you care and have their best interests in mind, they won’t even consider replacing you.
2. Promising more than you can deliver
Have an honest discussion with your clients about the expectations they have from you. Many financial experts commit the error of supposing that their clients want unbelievable high earnings but the fact is that most investors will be happy to have a stable portfolio with decent returns. If you promise high returns and you are unable to deliver the same, clients might lose trust in your capabilities and think of seeking guidance from someone else.
3. Failing to ensure that clients follow the plan
It is the responsibility of the financial consultant to make sure that clients take correct decisions and adhere to the plan. When markets are volatile, clients may get carried away and decide to exit their investments. You have to act quickly at this point, calm their nerves and prevent them from taking a wrong decision. Explain to them that it is best to ignore this kind of incessant market instability and focus on achieving their goals.
4. Poor communication
This is perhaps the top reason financial experts lose their clients. Lack of communication or being complacent can seriously harm your practice. If clients realize they are not getting customized service or their concerns are not being taken care of, there is a good chance they might look elsewhere. Always give top priority to your clients. Be prompt in responding to their questions. Ask them if they are happy with the service or if there is any scope for improvement.