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April 4, 2024

How to become a more trusted wealth advisor and grow your business

More and more advisors are answering the call to be a one-stop solution for all their clients’ wealth planning needs. Without a thoughtful approach, the transition to holistic wealth advice can misfire—leading to unintended consequences.

In this article, you’ll learn some best practices for presenting wealth advice to your clients that will help you foster trust and initiate meaningful conversations to guide them toward achieving their financial aspirations.

Establishing yourself as a wealth advisor

Remember this crucial truth in financial services marketing: clients aren’t merely interested in buying products; they’re actively seeking solutions to their financial challenges.

Initiating a conversation with a prospective client about the benefits and features of a particular product before understanding their problems is like placing the proverbial cart before the horse. This type of direct approach is more likely to put the client on the defensive and erode their trust.

It is, of course, vital to establish trust and credibility with your clients from the outset. You can achieve this by taking the time to understand their financial needs and goals. Clients will be more receptive if you also explain the wealth advice approach and its benefits.

Here is an example of a positioning statement you can use to articulate what you do and how you can assist your clients:

“My job is to help you realize your financial goals. I do this by helping you manage, grow and safeguard your assets and income. To achieve this, I employ certain financial vehicles, such as mutual funds, exchange-traded funds or other investment products. By overseeing and coordinating all these services, I am able to optimize your wealth and create a cohesive financial plan as unique as you are.”

If your background is in another area, such as insurance, and you have broadened your services to include wealth products, you may want to begin with a more transitional opening statement, like this one:

“As you know, my main goal has been to protect your wealth, but now I can also help you enhance wealth to fulfill all your financial goals. I would like to tell you more about how I do that.”

Progressing toward asking wealth questions

After you have delivered your positioning statement, you can move on to asking the client questions about their financial needs and goals. As a matter of respect, it’s important to obtain your client’s consent before asking questions. This will make them more open to sharing personal information.

For instance, you might say, “I’d like to ask you some questions to gain insight into your current financial situation and future goals. Based on that information, I can devise some recommendations to present to you for your consideration. However, I want you to know that you’re in the driver’s seat.”

Here are sample questions you can use to initiate an in-depth wealth discovery with your client. These questions serve as a starting point, and you can incorporate other pertinent questions as required to maintain the flow of the conversation and prompt the client to reveal more details.

Key wealth questions include:

  • How would you describe your current financial situation?
  • How do you feel about your current financial situation?
  • What are some of your short-term and long-term financial goals?
  • Do you have any concerns about achieving your financial goals?

Adopting a wealth advice approach will enable you to become a more trusted advisor and grow your business. Remember, it’s not just about numbers and investments—it’s about taking a holistic approach to transforming clients’ financial dreams into reality. The more time you spend understanding a prospective or existing client’s financial goals, the greater the likelihood they’ll follow your guidance as the stepping stones to their desired future. 

For more information on leading with wealth, please contact your CI sales team.

About the Author

Bruno De Pace

Bruno De Pace

Director, Practice Management
CI Global Asset Management

Bruno is responsible for supporting advisors within CI Global Asset Management’s key channel partner network in the areas of professional development and practice management. Bruno is a skilled coach, consultant, and presenter who has worked with thousands of advisors across the country, helping them build highly successful businesses and deliver more value to their clients.