The last few months have been unprecedented in terms of our working lives and how we go about our daily routines. With many of us being forced to work from home, it has been a big adjustment as we all come to terms with this new way of working and the shift away from the patterns that we are all used to. Amongst those affected are financial advisers. This group of professionals have had to make big changes to the way they operate as the markets shift and evolve in the face of the Covid-19 pandemic.
As experts in the financial markets, advisers have a lot of work to do to ensure they still have the confidence and trust of their clients. Making decisions based on the facts is paramount at a difficult time like this, and anything you can do to reduce stress and instil trust will go a long way as we adjust to this so-called “new normal”. Here’s a few areas you can consider.
Building up effective communication
Financial advisers are likely to have been slightly ahead of the curve in this respect, as face to face meetings aren’t always possible. The last few months have seen a rise in the use of online video conferencing tools like Google Meet Ups and Zoom.
Face to face interactions are better for the wellbeing of your clients as you can communicate more effectively by having an actual conversation. Emails can be saved for further detail and numbers, where necessary. Any face time you can have now, however limited will go a long way.
Considering all concerns raised
As we mentioned, effective communication is vital at a time like this. For financial advisers, the street goes both ways. There is mothing more frustrating or stress inducing to a client than feeling like their voice isn’t being heard. While you are the professional with the experience in this situation, remember that your client’s views are valid. It is one of the cornerstones of building trust.
Allow them to air their concerns in the right forum and let them see the entire thinking process behind your investment strategy. This will help to build in a layer of accountability and trust in your relationship and help the overall wellbeing of your clients. If they have an understanding behind your decision making, it will build a better relationship for both of you.
Keeping yourself in the loop
When your clients approach you to invest on their behalf, they come to you for your expertise, experience, and trustworthiness. All of this is nurtured by building up your own internal knowledge and staying on the pulse with the wider marketplace and news from the markets that show the best opportunities for returns.
Utilising an online resources like insights and market updates, you can get the very latest news that you can absorb and condense for the benefit of your clients. This will allow you to roadmap your strategy and subsequently build trust as we mentioned earlier in the article. The more information you have to impart, the better the chances are that you can educate them and reduce stress levels overall.
As we stated at the top of this piece, it has been a challenging time for all of us. Creating that knowledge of the financial markets will help you to build better relationships with your clients and continue to grow in your career as a financial advisor.