Why don’t my new clients realise how good I am?

I was working with a financial adviser recently (let’s call him Jim for the purpose of this article) who asked me that exact question. He was incredibly frustrated. While acknowledging that he’s not perfect (show me someone who is!), Jim articulated to me that he gives excellent advice to clients, that he works really hard on their behalf and that he is very competitive in his charging structures. And I fully believe that he was painting a realistic picture. The problem is that Jim’s new clients don’t seem to realise the value that he’s bringing to them. They appear a bit under-whelmed at the end of the initial advice process.

To help Jim, we worked through his sales process and I gave him a few pointers as to how I felt he could engage his new clients better. Jim was happy for me to share some of the points we discussed, which I’ve done below with a few more besides to help you better demonstrate and communicate your value to clients at the outset of your relationship with them. On another day, I’ll set out how you continue this going forward to really cement your relationship with your clients.

 

Have a well thought out process and explain it to the client.

Jim showed me his agenda for his first meeting with a new client. It all made a lot of sense. However when pushed by me to role play the meeting, we discovered that the agenda was actually just a bit of a crutch and the meeting bore very little resemblance to the agenda.

When we unpicked this, it became clear that Jim had been using the agenda for years, partly in the belief that it demonstrated professionalism. It definitely can do, if you follow it. If you don’t follow it or even worse if it doesn’t really make sense, then it will achieve very little.

As you may know from previous posts, I’m a firm believer in spending a lot of time developing out your sales process and then building an engaging presentation to communicate It to clients. This builds trust, it demonstrates professionalism and should set out a roadmap that you and the client will actually follow.

 

Two ears and one mouth

Yep, we all know this one but it is surprising how often it gets forgotten. Jim was dying to get “stuck in” on the client’s behalf. So he was diving into the factfind as quickly as possible to learn all he could so that he could then advise. I firmly believe that this is a mistake. Now is the time to get the client talking. Why are they in front of you? What do they want to achieve? I’m not talking about growing their assets by 6% p.a. or building up a fund of €x. Instead what are their life ambitions, their real goals? What do they want to be able to do in the future?

When they paint these pictures for you, then you can start putting numbers against them. And help them identify what they have to do to achieve them. It might seem a bit “touchy-feely” at the start but trust me, it will feel very real to the client, as these are the dreams they are thinking about every day.

So it’s time to sit back and listen. There’s plenty of time for the factfind after this!

 

Don’t forget the everyday stuff

No matter what you call yourself; a financial broker, a planner an adviser – at the end of the day you are trying to improve the financial future of your clients. Jim does this in a very thorough fashion. He completed a very rigorous factfind, he analyses his clients’ risk appetite and tolerance and puts a huge amount of effort and innovative thinking into his recommendations. He adds real value in the product solutions that he recommends. And puts no time into the more mundane area of everyday budgeting and cashflow management…

I work with a financial adviser myself on my own affairs. He provides me with excellent advice; identifying objectives, risk advice, financial planning, cashflow planning & product choice. Ask my wife Louise (that is her real name!) why is he so good, and she will talk of the attention he has paid to our everyday income and expenditure. In her eyes the real stuff, the factors that we can control.

This can get lost in the rush to “get to the money”, helping the client to grow their wealth through the big decisions of investment strategy and product choice.

Apart from the other valuable support we get, focusing on the small stuff results in Louise making sure we never miss our review meetings with our adviser. This is also a very important factor in being happy to pay his fee every year.

 

Cutting down trees

Jim then showed me his reports. Well written, no typos and good grammar throughout. The problem is no-one will ever read them. They are just too long. As a result the clients don’t realise the thought that went into them, they assume there’s just a load of padding.

Get the key points up front in the report for the client. Try to get it on one page, certainly a maximum of two. All the discretionary reading should sit behind this in appendices. Some clients will read them, some won’t. But at least now they’ll all read the important stuff. 

Twenty page documents do not justify higher fees.

Work out what’s important

Usually a financial plan will result in multiple recommendations. This is where the client can get in a spin. Help them out of it, show them what is important in the short, medium and long term. What are the “must do” items and what can wait? Help them to prioritise their spending, their time and their attention, as they will struggle to do this themselves. They will value your experience and help in this regard.

This is of course by no means an exhaustive list of how to demonstrate value, instead they are just a few thoughts on how you can connect better with your clients at the outset of your relationship with them. Any views are welcome below!

What can Google Analytics tell Financial Advisers?

Online marketing tools have changed the game in relation to marketing by financial advisers. These tools offer a number of benefits; immediacy, better targeting, cost effectiveness and fantastic insights through the analytics available.

 

Most advisers are pretty clear about these advantages, however many still run online marketing campaigns without really leveraging the power of the analytics available. Now there’s no doubt that Google Analytics is a bit of a monster, there’s a huge amount of data available, to the point of it being a bit overwhelming! So here are some of the most useful measures available to you, to help you really maximise the potential of your online campaigns.

 

Some basic trends

The following measures can give you a good sense overall as to whether recent marketing activities are working or not, when you look at the trends over the period of the campaign and compare them to previous periods.

 

  • Number of visits: This gives you a good sense of whether your activities are increasing traffic to the site or not. The number of page views is another measure of this.
  • Number of visitors: Are your activities driving lots of visitors, or are the same people tending to return on multiple occasions.
  • New v Returning Visitors: Are you attracting high numbers of new visitors to your site for the first time, or are you mainly only attracting existing users back? This might suggest your marketing efforts are not reaching new audiences and need to be reviewed.
  • Pages per visit: Once people are landing on your site, are they having a good poke around (as you want them to do), or are they leaving quickly?
  • Time spent on site: Similar to the last one – is your content actually engaging the user to spend time reading the content or are they leaving quickly?
  • Bounce Rate: The big baddie… are people leaving the site from the page they entered without bothering to check out any other content?
  • Number of views on devices: This is becoming more and more important. Where are people viewing your website and as the number of views increase on phones and tablets, how does you site appear on these devices?

 

Once you get a handle on these, you’ll start to get a sense of whether your efforts are moving in the right direction or not. And then you can start to get into some really useful analytics…

 

Where visitors are coming from

The acquisition section gives you great insights into the sources of your traffic. Are most people arriving directly by typing in your URL, is your website address memorable? Or are they searching for your site in Google and if so, what keywords are they searching for to end up on your site? Once you know the keywords that people are searching, you can make sure that they are included in your website content and in any blogs that you write.

 

If your traffic is coming from social media, you can drill down and see which channels are delivering traffic. Is it the post that you are sharing on LinkedIn or is it your Twitter feed that’s driving your traffic?

 

And then when they get there…

The Behaviour section in your analytics gives you great insights into what people are actually doing when they land on your site. Apart from some of the trends mentioned earlier, there are other really useful insights to be gained in this section.

 

You can identify which pages people are entering your site on. This will help you analyse the traction your blog posts are achieving (or not). You can also see which are the most frequently viewed pages; this will give you a sense of the areas of main interest to the readers. Of course when you then overlay the time spent on each page and from where people are exiting the site, you start to get a real sense of where content is strong and where it is weak. You can then ensure that you have crystal clear “Calls to Action” on these high performing pages, giving you the best chance of turning these readers into enquirers and hopefully customers!

 

You can then run the reports across multiple dimensions for some really useful insights – find out where your traffic is coming from and also where it is landing. This might demonstrate the success of your blog for example, and the channels through which people are finding your content.

 

You can also set goals for your site – for example how many people are signing up for your newsletter or are downloading your brochure, and keep track of your progress against these goals.

 

Check out the spikes

The spikes in activity, either in visitor numbers or page views can be very revealing. When you dig into these, you will usually find that a marketing activity or other event is behind these spikes. This can give you really useful direction for future marketing activities – a campaign that you are thinking of running, where to attract future traffic to the site or the type of content to be writing. At a minimum, it may well give you some confidence that your existing approach is the correct one!

 

These are just some of the insights that can be gained from Google Analytics. I’d suggest you go in and poke around; you’ll be amazed at the valuable information that can be gained!

 

Are there any other particular analytics that you find useful? If so, let us know through the comments below.