In an article for GoBankingRates, Andrew Lisa shared some thoughts on the best way to onboard new clients. The first thing is to understand that a financial advisor needs to be an independent and trusted professional for the client, similar to a doctor or lawyer.
While each individual client has unique personalities and circumstances, there are still some universal principles and guidelines that you can introduce to your clients. This will help communicate your philosophy and value proposition, while creating momentum towards your clients’ goals from Day 1.
One suggestion is to start with understanding their cash flow. This means understanding every dollar that is coming in and going out. For every financial goal, this is the starting point. Additionally, you can get your clients started on tracking income and expenses to get a better understanding of cash flow.
Related to this, the next step would be to establish clear goals for the short-term and long-term. The nature of goals could differ based on a clients’ circumstances and age. Finally to increase the odds of success, the plan needs to be put into writing. This increases the chances that the plan is followed and daily decisions are aligned with long-term goals.
Finsum: Every client is unique, but there are still some common onboarding steps that advisors can take to introduce them to your practice and philosophy.