Building trust, enhancing experiences and growing communities

We’re constantly juggling a range of challenges in today’s environment – from adapting to virtual meetings to balancing marketing and prospecting. Let’s look at some practical solutions to common issues that can raise the bar for your practice, improve client experiences and create lasting value.

Your virtual meeting setup

Virtual meetings are here to stay, but unfortunately, many professionals still rely on the basic built-in cameras and microphones of their laptops. For large businesses, this is a missed opportunity to represent their brand with professionalism and polish. As independent advisers, investing in a quality setup doesn’t have to break the bank – excellent webcams, microphones and lighting solutions can all be achieved within a budget of around R5 000 to R10 000.

Consider the client’s perspective: clear video, crisp audio and a well-organised background immediately improve their experience. In a world where people expect quality in everything they see and hear online, a good virtual setup can set you apart, showing clients that you take every interaction seriously.

The power of titles: clarifying your role

The financial planning profession has a fascinating mix of titles – financial adviser, financial planner, wealth manager, broker and more. But do clients actually understand the differences between them? Titles matter because they shape client perception and trust. As an industry, we may know what differentiates a financial planner from a broker, yet clients often do not. And while designations like CERTIFIED FINANCIAL PLANNER® / CFP® are valuable, it’s essential to go beyond credentials and educate clients on what our role entails and how we can help them. This clarity not only strengthens trust but also empowers clients to choose the professional who best fits their needs.

Marketing vs prospecting

Marketing and prospecting are two distinct approaches, each essential to building a sustainable practice. Marketing is a long-term game; it’s about building brand awareness and credibility. This includes producing content, hosting webinars or even speaking at events – all designed to keep your name top of mind with your target audience. On the other hand, prospecting is a more immediate, hands-on approach. It involves identifying specific clients, reaching out, and creating opportunities for engagement. Where marketing might attract potential clients over time, prospecting is what keeps your revenue flowing in the short term.

Supporting the next generation of advisers

Bringing fresh talent into financial advice and planning isn’t just about hiring; it’s about nurturing, mentoring and sharing our hard-earned knowledge. It’s disheartening to see new advisers and planners drop out early in their careers. Many complete all their qualifications only to find the practical reality daunting, often due to a lack of support and mentorship.

If you’re considering hiring for succession or expanding your team, consider providing clients to newer advisers or involving them in client interactions gradually. Support them with regular feedback and training, helping them build confidence. Taking an active role in their development can lead to a more motivated, loyal team and ultimately ensure the long-term success of your practice.

Turning clients into community

A ground-breaking way to think about client relationships is to see them as part of a community rather than a collection of individuals. Community brings people together, creating connections among clients who share common values and goals. By building a sense of community within your practice, you can offer clients more than just advice – you provide a platform for them to connect, share insights and even collaborate.

One approach is to host client events, workshops, or webinars that allow clients to interact. This strengthens client loyalty and enriches their overall experience. In the long run, clients who feel part of a community are more likely to remain with you, trust your advice, and recommend your services to others.

Small changes make a big difference

As financial advisers and planners, we are in a unique position to shape not just financial outcomes but also our clients’ experiences and perceptions. Small changes, like upgrading your virtual setup or clarifying your role, can significantly impact client satisfaction and trust. Meanwhile, balancing marketing and prospecting, supporting new talent, and fostering community can all contribute to building a practice that’s resilient, engaging, and ready for the future.

Embrace these practical steps, and you’ll be well on your way to creating a practice that clients value, where team members thrive, and where the power of community strengthens every interaction.

Stay curious and raise the bar!