9th September 2021

Financial planning relationships - how to add massive long-term value

No matter how long you have known your client what is the secret to continuing to add massive value to your financial planning relationships?

Imagine when you first meet a new financial planning client and the early period of your relationship.

In the beginning it can be quite intense. You are getting to know your client, they are getting to know you, and often there can be a significant amount of work to be done.

But what about after this period?

Often, financial planners only see their long-term clients once a year and the meetings are no more than an update – hardly inspiring!

I have listened to many financial planners express concern that they are not adding enough value to their long-term financial planning relationships – the client is paying (sometimes a considerable amount) but the practitioner is not sure how to add value.

As a financial planner what is your primary purpose in your client’s life…

*Arranging products and investments?

*Solving their financial problems?

*Helping them plan for and live the life they want?

One of the reasons that financial planning relationships go stale is because of a loss of interest by one or both parties.

This is far more likely to happen with the first two because if financial arrangements are now in place and the financial problems solved, then what is there to talk about? 

In fact, this is how relationships end up becoming reactive – you only end up having meaningful contact with your clients after something has occurred.

Proactive financial planning

One of the things I work on with my adviser clients is how you can consistently delight, surprise, and powerfully engage with existing clients.

The approach I have found highly effective is understanding the value of the ‘don’t know mind’.

As I mentioned, financial planning relationships get stale because of a lack of interest.

But why would this happen in the first place?

Because the adviser is making too many assumptions. Assuming you know all about someone is the easiest way to lose interest in them.

Instead, when you realise you know very little about that person it allows you to get deeply curious.

What if you spent most of a client review meeting?

*Listening to your client

*Finding out more about what matters to them

*Discovering what their fears and concerns are or where they feel in a rut

*Finding out what changes they would like to make in their life

*Teaching them something valuable

This will often create huge value even if you do nothing else. How often do you think your client has someone be deeply curious, willing to listen to them, and work with them like that?

P.S. Did you enjoy this article? 

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John Dashfield, Dashfield Coaching & Development Ltd, Business Development