Navigating the summer slowdown: engagement strategies for financial advisers

What does a business get from improving client engagement?

Engaging clients is more than a nicety; it's a necessity for thriving in a competitive market, especially during quieter periods like the summer slowdown. Here are some of the benefits of implementing customer engagement strategies to keep your firm busy during the seasonal lull:

Increased loyalty: Engaged clients are more likely to stay with you long-term. They see the value in your services and trust your expertise, which reduces the likelihood of them switching to another adviser.

Referrals and recommendations: Satisfied clients are more inclined to refer friends and family, expanding your client base. Word-of-mouth referrals are powerful because they come from a trusted source.

Better understanding of client needs: Regular interaction helps you understand clients' evolving needs, allowing for better-tailored advice. This proactive approach means you can anticipate changes in their financial situation and adjust strategies accordingly.

Higher satisfaction rates: Clients who feel valued and understood are generally more satisfied with your services. High satisfaction often translates to positive reviews and testimonials, enhancing your reputation and attracting more business.

Stronger relationships: Engagement builds trust and rapport, leading to deeper, more meaningful client relationships. Strong relationships are the foundation of a successful advisory practice because they encourage loyalty and long-term collaboration.

1) Stay in touch

Staying in touch is one of the most important customer engagement strategies, especially during slower periods. Regular communication, such as scheduled meetings, newsletters, or even simple check-in calls, ensures your clients feel valued and informed. 

Maintaining regular contact also allows you to stay updated with clients' lives and identify any potential concerns or questions they may have before they become significant issues. Staying in touch during slow periods also keeps your services top-of-mind, making clients less likely to forget about your value and expertise.

2) Broaden your horizons

Expanding your range of services is an essential client engagement strategy to maintain existing customers and attract new ones. Offering diversified financial products or specialised advice in areas like retirement planning, tax optimisation, or estate planning demonstrates your commitment to meeting a broad spectrum of client needs. 

Introducing workshops or webinars on trending financial topics can draw interest from both your current and potential clients. These sessions can cover various subjects such as market outlooks, investment strategies, or financial planning tips. 

3) Make it more personal

Personalisation is vital to maintaining client engagement. Tailoring your communication style to each client's preferences—whether it's through detailed reports, simplified summaries, or face-to-face meetings—helps them feel understood and valued. By adjusting to their unique needs and speaking in terms they comprehend, you enhance their overall experience and satisfaction with your services.

Some clients might prefer regular email updates, while others might value in-depth quarterly reviews. Adjusting your client engagement strategy to meet these preferences shows you listen and care about their individual needs. 

4) Reward referrals

Encouraging referrals through rewards programmes can significantly boost client engagement. When clients know they can benefit from referring others, they become more proactive in promoting your business. 

A well-structured referral programme can include incentives like gift cards, exclusive events, or early access to new services. By recognising and rewarding clients for their referrals, you create a positive feedback loop that encourages ongoing engagement and loyalty. 

5) Educate your clients

Educating clients is one of the key financial adviser strategies to keep customers engaged and empowered to make informed decisions. By providing insights into your thought processes and the reasoning behind your advice, you build trust and transparency. 

Regularly updating your clients with market trends, financial strategies, and regulatory changes ensures they feel involved and confident in their financial journey. When clients understand the rationale behind your recommendations, they are more likely to appreciate the value of your services and stay engaged. 

What are some signs that my clients aren’t engaged?

Identifying disengaged clients early can help you re-engage them effectively. Look out for these signs:

• Lack of communication: If clients are not responding to emails or calls, it may indicate disengagement. Regular follow-ups and check-ins can help reignite their interest.
• Cancelled meetings: Frequent cancellations or rescheduling of appointments can be a red flag. Investigate the reasons behind these cancellations to address any underlying issues.
• Minimal interaction: Clients who only engage when absolutely necessary may not feel connected to your services. Encourage more frequent interactions through personalised touchpoints.
• Decreased referrals: A drop in client referrals could suggest dissatisfaction or lack of enthusiasm. Reviewing your referral programme and client satisfaction can help identify and resolve issues.
• Negative feedback: Direct complaints or subtle hints of dissatisfaction are clear indicators of disengagement. Actively seek feedback and take steps to improve your services based on client input.

If you proactively address these signs, you can take steps to re-engage clients and strengthen your professional relationships. Regularly assessing and adjusting your client engagement strategies ensures clients feel valued and understood, which is crucial for maintaining long-term loyalty and satisfaction.

Want to work with Unbiased?

By prioritising these customer engagement strategies, you can foster long-lasting relationships, increase satisfaction, and ensure loyalty even during quiet periods like the summer slowdown. Regular communication, personalised services, and educational initiatives are key to keeping clients engaged and valued. By staying proactive and attentive, you can identify signs of disengagement early and take corrective actions to maintain strong, trusting relationships with your clients.

If you want to grow your firm, Unbiased Pro will send customers who are looking for the type of services straight to your inbox.