How clients pick a Financial Advisor… and why AI will never substitute for the human Advisor

Your potential client sets an appointment for their initial consultation with a call. Nervous, they arrive at your office, sit down, and begin to explain their problem.

?Does our potential client understand financial planning, the laws, the taxes, and the options?

No.

So guess which of the following is not that important?

• Your academic credentials?
• The size of your office?
• If the free coffee was tasty?
• If the chairs were soft?
• The testimonials on your website?
• The pictures on your wall?
• If your suit appeared expensive?
• Your commanding voice?
• The courtesy of reception?
• The graphics of your ad?
• Your all-knowing nodding when they talk?
• Your description of your fees?
• The payment plan?

?... and the answer is:

None of the above affects the biggest factor in how our potential clients make a decision.

Oh.

Then what motivates our potential prospects to become our clients?

#1. Our potential clients are not experts in financial advise. It will be hard for them to know all the implications of each decision. So, they have to trust someone to help guide them through their retirement maze. They can't do it themselves.

#2. Potential clients won't know which Advisor qualifications are important, how well the Advisor did on the exams, etc. Since they can't confidently weigh the qualifications, they must choose on a different criteria.

And what is the criteria?

Trust and rapport.

Potential clients decide if they trust the Advisor, and if they feel that the Advisor understands them.

That's it.

Does AI build trust and rapport with potential clients?

No.

Few clients will know what questions to ask, or what options are available.

Plus, does AI sometimes make up inaccurate answers? Yes.

So, the score is...

Advisors: 1

AI: 0

Game over.

?

Then the question is, "What can I say early in the conversation to build trust and rapport with potential clients?

Here are some easy examples.

These are based on the rule that if the Advisor and potential client both see and agree on the same facts, the trust and rapport decision is easy.

• “Everybody knows that life insurance can be expensive.”
• “It is hard to save money for the future and still have enough to live on today.”
• “Nobody wants risky investments for their hard-earned savings.”
• “It is hard to become an expert on tax strategies for retirement.”
• “We all want to know more options before we set a strategy.”
• “Most people find financial advisors intimidating.”
• “Some people think they can’t afford financial advice.”
• “Most people have no relationship with their financial advisor.”
• “Smart people worry about their retirement.”
• “Most people think they aren’t rich enough to have a financial advisor.”

Our potential client realizes that we think the same and have the same viewpoints. Now the potential clients set aside their fears, scepticism, and stress. They feel great they found someone who will understand their problem and help them resolve it.

And what happens when our potential client doesn’t feel trust and rapport in their initial interview?

The answer is obvious. They say:

“I need to think it over.”

“I have to talk it over with my partner.”

“I will be making a decision soon …” and then finds a competing financial advisor that they can “connect” with and feel secure.

-????????? Bernie De Souza

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If you want deeper insights into mastering client relations and exactly what to say, visit?www.berniedesouza.com