Study Defines Skill Set of the Top Advisors

Study Defines Skill Set of the Top Advisors

A new study is out and its title perhaps reveals the message.

The State of Client Understanding, conducted by FPA, Capital Preferences and T. Rowe Price, suggests that the most successful advisors are those who best know their clients. They enjoy better professional relationships, gain more referrals and sign up more new clients than advisors who are less in touch with customers.

Perhaps this information is a bit of a truism for industry professionals. Another nugget from the study is this: successful advisors are those who can identify mismatches in ‘say-do’. It’s rather common to find clients who say they want to accomplish certain goals, but then act in ways that block their fulfillment. Getting customers to understand when they need to say no and where they need to direct their assets, no matter how unwilling they may be, in the end builds trust between the parties and strengthens their relationship.

If you want to be successful with clients, you’ll need to know their families, too. This involves far more than asking after a spouse or children. Proper estate planning means in-depth conversations with all family members. Through regular conversations, you can determine their goals and plans, as well as strengths and shortcomings. Your educational role is paramount. Advisors who become skilled in these interactions outperform others in terms of new client acquisition and account growth.

According to the study, only one advisor in seven is successfully engaging the families of their clients. This points to a clear opportunity to differentiate your practice and make solid headway in your career.

For more information, please read:
These Advisor Skills Boost Referrals, Deepen Relationships: Study | ThinkAdvisor


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