5 Ways Financial Advisors Can Connect With Clients—Without Breaking the Bank

Connecting with clients is essential, regardless of industry. Yet, as a financial advisor, you want to go a step further and nurture relationships that stand the test of time, support people when they need help and celebrate with them when they win. Relationships lead to trust, loyalty and mutual understanding, making business easier and more productive. 

Even though most financial advisors recognize the importance of building relationships with clients, knowing how to practice this in real life is another matter.

Why Is Forming Relationships With Clients So Difficult These Days?

Several challenges stand in the way of good financial advisor-client communication. 

One of these challenges is evergreen; financial advisors often focus on their technical skills and may not be the best relationship builders. They may not spend enough time learning about client relationship best practices, consequently feeling out of their depth when trying to communicate.

Financial advisors may also find they don’t know how to manage communication at scale. Good financial advisor-client communication requires elements of personalized attention, and it is difficult to balance the need to personalize with the need to serve a broad, diverse client base.

Additionally, clients have a changing relationship with financial advising in the 21st century. Technologies are reshaping the industry, and younger generations are finding their own ways of thinking about wealth management. As the concept of an AI advisor gathers steam, today’s human advisors must evolve along with client expectations in order to remain competitive and successful. 

How to Connect With Clients in a Changing World

To build relationships and retain clients in a rapidly changing world, you must abide by a list of client relationship best practices, such as the following:

1. Find ways to personalize.

Financial services personalization may initially appear unscalable, but you might be looking at outdated methods. Many personalized communication tools exist today to help people like you make connections. Embrace affordable relationship-building strategies, like personalized greeting cards and message starters. These can be used to celebrate client milestones, such as retirement or paying off a mortgage, in a thoughtful yet cost-effective way.

2. Leverage social media in your own unique way. 

Not every financial advisor will be a social media whizz. That’s okay. Find a platform and style that makes sense for you and your brand. A platform like LinkedIn, for example, can offer a way to stay connected with clients in a professional context; share relevant, educational content; engage with clients’ personal posts; and gain insight into their needs. 

3. Host a virtual client event.

You might dream of hosting a holiday bash for all your clients, with goodie bags and ice sculptures, but times are tough, and your budget may not stretch that far this year. Instead of expensive in-person events, consider virtual gatherings such as webinars or online Q&A sessions. These events can be tailored to clients’ interests and offer a platform for interaction without the high costs of physical hosting.

4. Schedule regular, meaningful check-ins.

So much of relationship building is regularity. Showing up regularly for your clients sends a message of care and reliability that will return to you through loyalty and trust. Regular phone calls or emails can be effective, especially beyond financial updates. Use these interactions to genuinely inquire about clients’ well-being and life events, showing that you care about more than just their financial status.

5. Offer people value-adding resources.

Showcase your knowledge of your clients’ pain points by offering specific, helpful advice. Provide clients with useful resources like financial planning guides, newsletters or educational materials. These resources can be distributed digitally to save costs, and they keep clients engaged and informed.

The importance of building relationships with clients cannot be refuted. Yet, something is always getting in your way, whether it’s your budget or your fear of new technology. Take a breath, recognize that good relationships take time to build and take the first steps today by contacting our team of experts for additional client relationship-building resources.