Handling client management at your small financial services business


The stock market has taken a dip over the last year or so. The crypto market has been ravaged with people losing millions from legitimate investing. Others lost from investing in crypto firms where the founders took the money and ran. Managing money can be difficult for those without the knowledge to do so. Advisors can help create financial security along with helping create a budget that should be followed.

Starting a financial advisor or consultant business out of college can be risky. Traditional investors are suffering now so a change in advisor or trading platform might be in order. An individual might want to work with a smaller company as they trust the advice. Other firms might be vested in certain areas and push investments in these areas. Although this is unethical, it happens more than most realize.

Retention of clients can allow a company to grow consistently which is important. Driving customer retention combines so many components related to the client experience. Below will highlight areas to manage to help handle client management to increase customer retention.

Making Each Client Feel Valued

Clients work with small businesses as they feel like their business will be more valued. The personal touch that small businesses can offer versus corporate companies makes a difference. Financial advisor custom client newsletters are a perfect example. You want clients to see that their account is so important you customized a newsletter for them. Small things matter like holiday cards that are signed by hand or gifts according to what an advisor has learned about a client.

Staying Organized In All Areas

Client relationship management platforms can be so important. You do not want to lose a client due to losing an advisor to another company or retirement. Transitioning is so important and this can be done smoothly with the right notes. The ability to see the full communication log of an advisor and client can help maintain the relationship on the same terms. Clients do not like change so minimizing the amount of change where possible is essential.

Advisors Should Build Rapport With Clients

Advisors are going to differ in how communication that they have with clients. There are some that advise their clients and when clients are happy, you do not hear from them very much. Most investors that have lost quite a bit of money in the past will be more than happy with conservative strategies. Dividend stocks can provide money to live on a quarterly basis for those that need it or it can be reinvested. Performance matters but so does personality when it comes to dealing with clients depending on what services your business provides.

Account Size Could Mean Annual Client Entertainment

Working with large companies as an accounting firm or financial firm is possible even if your company is not huge. The corporate world is full of client entertainment that changes forms depending on the client’s personality. The traditional client dinner can be a time during the visit to a client’s city that rapport is built. Meeting at a conference can be a time to entertain if attending an industry event of those you do contract work for.

Staying professional while truly having fun is possible and this could retain a client for years. Certain employees might be better off handling client entertainment but this should be sorted on a case-by-case basis. Avoid drinking too much as this can lead to decisions that ruin a client relationship.

Seeing Large Clients Physically At Least Once A Year

Clients differ in importance by how profitable they are to the business. You want to bring out all of the stops for certain clients that keep the business running with massive amounts of annual revenue. Visiting a client’s city is not unusual although travel restrictions since the pandemic have lifted a bit. Touching base regularly online is important as well as not all clients want to be visited or meet physically. Zoom changed the way that work was done in terms of meetings on important business deals. Take the time to touch base with each client periodically to ensure they know you have not forgotten about them.

Client management is going to be important regardless of the niche of business you operate in. The importance increases when you are managing money for an individual or handling the loan process for them. People do not joke about their money so keeping them informed is imperative. A combination of personal rapport along with great investment/lending strategies can help keep clients year after year.