Transitioning as a financial advisor can be a fun experience; you’re about to join a new firm or maybe start your own RIA, and you feel thrilled. But there’s this one lingering concern in the back of your mind: “How will my clients respond?” Communicating a big change to your clients can feel like a daunting experience but this article will help you overcome this concern and equip you with all the tools you need to make this conversation go as smoothly as possible. In fact, your clients would be happy for you to make this move and completely support you in the journey if you communicate it to them effectively.
Examine The Foundation of Your Connection
The only clients who would be happy to migrate with you to your new firm are the ones who trust you. Taking a look at the kind of relationship you have with your clients can already help you project how many of them will tag along with you. If your connection with them throughout has been mostly transactional, only about the work and nothing more, then there’s less likelihood of them jumping off the wagon and leaving the firm behind like you are. This is why it is ideal to build the kind of relationship with your clients that is like a bond. When they trust you on a personal level, they have a higher chance of supporting your transition through continued business. So, developing a more personal and trust-based relationship with your clients can set you up for winning from the get-go.
Think About Their Best Interests
The only way you can sell the move to your client is by considering their best interests. Ask yourself, what’s in it for your client? Because that’s likely the first thing that will go through their mind as well. That means, you help them understand how your transition not only benefits you, it benefits them as well. This conversation needs a strong base of trust, as explained already. If you’re unsure how your move can help your clients, enlist the help of professional financial advisor transition services. They can take a look at your client’s profiles and help you identify potential leverage points that can convince your client to tag along with you. You need to frame the conversation according to their lens, clearly explain to them how the process improves their lives first, and see how they respond.
The 5C Framework
The best way of communicating this change is by using the 5C framework. First of all, list out the client benefit. What’s in it for them? How does the move help their money? Follow it up with confidence. Show them that the decision was not made lightly, you did your research and concluded that it is the best way forward for you and your clients. Then comes in connection, check in with them regarding how they feel about this proposition. Acknowledge their feelings and let them express their concerns before you say anything else. Follow it up with clarity; this step requires you to determine the possible concerns of your clients preemptively, so when they raise those concerns, you can respond to them and provide clarity. The last step is contact; give them a way to contact you at your new firm and remain in touch with them through the process.
Prepare For the Conversation
That’s right, winging the conversations would not be a great idea, you need to prepare for these conversations using data, and techniques like 5C, and then practice them. Practice your opening statements in front of a mirror if you need to, because the most important asset you can have during this conversation is your total confidence in what you’re saying. Make sure you have all the numbers right and you are positive that the solutions you’re providing your client will work and the transition will end in success for them as well.
Refine A Comms Strategy
After you have your material for conversation prepared, chalk up a communication strategy. Figure out which clients you would be reaching out to, and what mode of communication you would use for each of them. Some might prefer a call, for others, you may have to show up in person or meet for a coffee. This is where the numbers come in: round up all the clients’ information, designate time slots for the communication, and figure out an ETA for the entire process. Start by working with clients who are easiest to convince and slowly build your way up as your confidence grows.
Conclusion
While talking to your clients may seem like a daunting aspect of the transition, if you plan right, once you get started, it will be a fun process and it will give you a ton of confidence to bring those clients with you to your new firm.