Financial advisors: Are you being left behind?

Advisors are increasingly learning that it is more important than ever to provide value from the client’s perspective. Value for them is something that they experience when you do your job in a way that resonates with them.

We spoke with a woman who runs her own successful business focused on Millennials and helping organizations that want to attract them. She’s a busy single mom with two rambunctious kids but she understands the importance of saving.

She told us that her advisor is her friend. He spends time listening to the challenges of her business, her issues with daycare, raising capital for her business, saving with an uneven source of income and the frustration of running a house by herself. Many of the conversations she concedes do revolve around her life and what’s happening, but they do have “more formal” meetings where he talks about her portfolio and how it’s doing.

She went on to say that recently when she mentioned to him that her ex-husband has been diagnosed with cancer, it lead to a discussion of how the kids would be affected if something did happen to either or both of them. The advisor didn’t just leave it at that – and this is where the real “above and beyond” type of service comes in – the kind clients rave about.

After some investigation he came back with an idea for protecting the kids financially and personally, should something happen. She liked it so he proceeded to put in place some safeguards to bring her the peace of mind she was looking for. The fact that it involved insurance and working with her lawyer wasn’t as important to her as the outcome she sought.

This advisor wasn’t interested in showing off his “smarts”; he was interested in taking the time to be there for her and help out when and wherever he could. It is not only the right thing to do, but the smart thing to do.

Take away: It takes time and an interest in the client’s life to nurture the type of relationship that makes a good advisor — a great advisor. Why bother? Clients who see value in your service don’t mind paying for it and become your greatest champions.


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