How To Have A Better Understanding Of Your Clients As A Financial Advisor


Helping Financial Advisors Know Their Clients – Risk Profiling, Client Psychology, Behavioral Finance, Compliance

How To Have A Better Understanding Of Your Clients As A Financial Advisor

Finance is one domain that requires extremely cautious trotting. If you are a financial advisor, then you know the seriousness of money matters. The more careful you are with your advice, the better it is. One important thing for financial advisors is to know and understand their clients better.

That’s honestly a struggle that many deal with. However, this insight is crucial if you wish to succeed as an advisor. In this article, we shall discuss a few tips that will help you understand your clients better so that you can serve them in the best possible way:

Don’t hesitate to be a bit personal

See, money matters are personal. If you wish to sincerely help out your clients, then you need to know their personal details. As an advisor, you should try to probe into the relevant personal details so that you can formulate profitable strategies for your clients.

Even if the interaction is virtual, you should try and develop a friendly relation with your clients. The better you understand the client, the better you can advise them. Not all clients are the same, and everyone has a different tolerance for the risk.

You should always respect your client’s boundaries but never be afraid to ask questions that can help them make better financial decisions.

Survey their social media platforms

People love to share personal information on social media platforms. You can know a lot about them and their financial conditions by having a look at their profiles. Those platforms are open and public, and you’ll not be intruding on their privacy by visiting through their social media presence.

You can even know their interests by visiting their Facebook and LinkedIn profiles and tell them the relevant investment opportunities. Most people have their social profiles public, and it’ll make your task super easy in getting to know your clients better.

Know their financial goals

Everyone has different investment goals. Some people are open to riskier investments to get lucrative gains. Some are averse to risk and want to have safe investment opportunities. As a financial advisor, it is your duty to understand your client’s investment goals and then formulate commensurate strategies for them.

You can use effective tools like investment and risk questionnaires for your clients. If you need help in this domain, then contact Pocket Risk. We’ll help you create the best risk tolerance questionnaire so that you can understand their investment goals better.

The more you have insights about your client’s financial goals, the more advantageous position you obtain.

Ask for a feedback

You get to know your clients better by the feedback they provide. This is the way where clients themselves help you with understanding them better. Take regular feedback and then analyze them carefully. Extract out the necessary information that can help you give better performance.

Final Words

Knowing your clients the best is the primary element to your success as a financial advisor. As a financial advisor, you’ll need to give the best investment suggestions so that your clients can make profitable investments. If you need help in this domain, then feel free to contact us. At Pocket Risk, we are happy to assist you with the questionnaires that’ll be an immense help to you as a financial advisor.