Introduction
Financial consultancy is the business of advising companies or individual clients on how to manage and invest their money. Apex* Financial Consultancy firm advises existing and prospective clients on financial products and services to meet their financial goals. Financial consultants within the firm form relationships with clients with to enhance customer loyalty and retention. Financial consultants are also proactive in searching for new clients through their networks, events, referrals and other avenues.
A typical Day/ Week/ Quarter for a Financial Consultant
Financial consultants manage client finances; thus their days revolve around meeting with clients, advising them and looking for new clients. Financial consultants also engage in administrative tasks such as managing information and maintaining client files. The advancement in technology has increased flexibility for financial consultants; they can talk to clients or attend urgent client needs at the comfort of their homes even after the regular business hours.
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A typical day for a financial consultant involves the following activities: making calls, meeting with clients, and doing paperwork. A financial consultant plans for the next day at the end of the day by identifying clients to reach out to in the following day. At the beginning of the day, between 9:30 and 11:30 am, the consultant calls clients to follow up on renewals, retirement plans, investment plans and answer their concerns. After calling existing clients, the consultant also calls prospective clients to try to set appointments. Making calls to potential clients is the hardest part as some of them are not receptive; nonetheless, the financial consultant has to make these calls on a daily basis to acquire new clients.
A financial consultant has to schedule meeting with at least two clients in a day. Most meetings take place between 12:00 and 3:00 pm in the office. One on one meetings with clients are more effective than the phone and email communications. It is easy to get a lot done in one on one session. During the meetings, the financial consultant presents the clients with viable options to help them achieve their financial goals. When scheduling meetings, a consultant takes into consideration different factors such as inactivity among clients, large deposits or large withdrawals, or milestones in a client’s personal or professional life such as promotions or even birthdays.
The financial consultant also does paperwork. The paperwork entails the follow-ups with clients during the day, opening new client accounts, credit applications and other financial services based on the day’s activities. The financial consultant delegates the paperwork to the assistant.
A typical week for the financial consultant entails all the activities for a typical day done over and over. There are other activities such as financial reading, training, and networking. A financial consultant reads extensively on finance in financial articles, journals, and books. A financial consultant often uses his/her free time to catch up on financial planning literature that will be useful in the management and investment of the clients’ finances. The financial consultant also takes part in training, through traditional or online classes to improve skills and attain certifications. Lastly, the consultant engages in networking events to expand the circle of interaction, meet new people and build beneficial relationships.
Lastly, a typical quarter for a financial consultant entails the activities described above and other evaluation activities. By the end of the quarter, the financial consultant has to review all client financial plans to evaluate if they are working or not. The financial consultant can call the client in to make changes to the financial plan or make changes after informing the client. The financial consultant also has to measure activity by the end of the quarter to track progress regarding returns, new clients, conversion rate and profit. Key performance indicators include the number of retainer clients, number of one-time clients, conversion rate, number of meetings with professionals and the average revenue per client. Evaluating a quarter is crucial for the creation of new strategies for the next quarter.
A game plan for reaching out to Current and Prospective Clients
The long-term goals for the organization guide the financial consultant. Example of long-term goals includes increasing revenue, increasing the number of clients, expanding the business and customer retention. To achieve the goals, the consultant has to retain current clients and attract new clients. After identifying the kind of clients that the financial advisor wants to work with, he/she has to come up with the right strategies for attracting the clients. The consultant writes down the characteristics of an ideal client, reviews data and customer surveys to identify the right clientele and the priorities for the clientele (Giannakis & Haker, 2014).
A financial consultant engages in marketing on a daily basis by calling current and prospective clients. Phone calls are the simplest and most effective marketing channels for financial consultants. Through phone conversations, the consultant engages with the client and gets a definite answer. Another marketing strategy is by offering the best financial and customer service. Excellent customer service goes far in the financial sector. Clients expect the financial consultant to be knowledgeable, current and customer-friendly. While clients expect the financial consultant to help them achieve their goals, financial consultants should not neglect the importance of customer service.
Another effective marketing strategy is through networking. Financial consultants make connections with clients and other professionals in events at financial firms, athletic clubs, charitable events, community events among others. Financial consultants should take the time to attend events that will enable them to make lasting connections and network with people in the same field. Financial consultants should present themselves in a professional, courteous and considerate manner at events as they could be engaging with a potential client. After networking, the financial consultant should follow through and help potential clients with their issues.
Notably, the financial sector is extremely competitive. There are many small-scale, medium and large-scale financial consulting firms in the same market segment. A financial consultant should take time to understand the client or potential client and approach them at their comfort level. Different clients have different needs; some prefer to talk to the consultant over the phone, while some take time to make even the most straightforward decision. Financial advisors should learn what makes the client happy, and use different approaches to woo the client to maintain loyalty or gain new clients. The consultant should focus on keeping clients happy over long-term by helping them meet their goals and building a valuable professional relationship.
Lastly, in the age of social media and technology, a financial consultant should take advantage of technology in marketing and other operations. Having a social media page and a website can help the consultant keep in touch with clients and market financial services to new clients. Younger clients tend to communicate using technology and prefer reading online material. Technology is also an affordable solution to marketing, and it can reach many people at the same time.
In conclusion, a financial consultant has to identify a niche in the market and come up with services to meet the needs of the target market. The business goals and vision guide the daily and long-term operations of a financial consultant. Financial consultants communicate and advise clients on a daily basis, but they engage in quarterly performance evaluation to check their progress. Successful financial consultants incorporate marketing into their daily operations by adopting different strategies using various channels to meet the needs of clients.
References
Giannakis, D., & Harker, M. J. (2014). Strategic alignment between relationship marketing and human resource management in financial services organizations. Journal of Strategic Marketing , 22 (5), 396-419.
Morrison, S., Pitt, L., & Kietzmann, J. (2015). Technology and financial services: Marketing in times of U-commerce. Journal of Financial Services Marketing , 20 (4), 273-281.
