January 3, 2018
Tips For Better Financial Communication From Yorkville Advisors
There are dozens of ways one can improve communications conceptually – and it was interesting to get strong points in a recent discussion with Mark Angelo of Yorkville Advisors.
Stick With What You Know is Right
Yorkville Advisors CEO told me that he tells clients “When you know it is imperative that they begin putting money into retirement investments while they are young, to not insist that they use lump-sum payouts, their portion of retirement benefits after a death or divorce, or other opportunities, is working against the clients best interests.”
Learn Everything About the Client’s Finances
Ask the hard questions. Find out what they may feel discomfort about regarding their financial situation. Without this information, you cannot serve your client fully. Talk about all the possibilities. Sometimes they may not think of assets or possibilities. But it’s your job to educate them. It may take several meetings to get all the details since finances tend to be a trust issue for many but keep at it.
If it is a Constant Battle – Recommend Another Expert
Face up to the fact that you will not be the perfect fit for every potential client. Even if you’ve started with them in good faith on both sides, you may discover there are too many problems to work together beneficially. Then it’s time to help them find a better fit for their needs and expectations.
When clients are hard to come by, that can be a difficult decision, but it will free up your energy and time to find clients that fit you and your approach better. If you doubt that, do a bit of analysis to see how much that client contributes to your annual revenue as opposed to how much of your time they take in dealing with their issues. Usually, it’s an easy decision after that. And, when you recommend others, they’ll probably do the same for you with clients that don’t fit them.
Don’t Be Afraid to Pat a Client on Their Back
When clients are following your advice and starting to see the rewards, take the time to show them what good work they are doing – it will also translate to them seeing that you are doing good work too. But even when you are interviewing a prospective client, before you start telling them all the things that need to change, go over what doesn’t need it. Show them their progress and how they have improved their prospects for the future. Only after you’ve taken the time to commend them, will it be time to look for ways to improve and change their plan for even more positive results.
Through all of these steps, keep asking questions and then listen like your life and your client’s financial livelihood depend on it. Take notes and review everything with your client on a regular basis to see what has changed or needs to be changed.