Your credentials matter, but they aren’t the whole story. We surveyed consumers and peel back the layers. Here are the criteria consumers use to select a financial advisor. Read on.
People are picky, and rightfully so, especially when it comes to choosing who manages their finances. If you’re serious about attracting clients in a cluttered market like Singapore, you need to understand how consumers make that choice. Here's the inside scoop on how potential clients evaluate financial advisors, and why your personal brand is paramount in their decision-making process.
People aren't just trusting you with their money; they are trusting you with their dreams and security. Every prospective client will ensure you have the correct certifications and licensing. Holding a Financial Adviser’s License from the Monetary Authority of Singapore (MAS) isn’t just a regulatory requirement, it’s a badge of honor. Showcase it.
Prospects want proof on a platter that you are qualified and regulated. It’s non-negotiable.
Don’t just have that Financial Adviser’s License from the MAS, parade it. Add it to your email signature, website header, and business cards. Make it as visible as your name, asserting your authority and credibility effortlessly.
Prospects lean on recommendations. They're reaching out to their networks, asking friends, family, and colleagues about their experiences with financial advisors.
Recommendations are the consumer’s compass. They're asking around and prizing personal experiences with FAs above all.
Provide service that’s worth sharing. Exceed expectations so clients can’t help but sing your praises. It’s the oldest marketing trick in the book, and it works – be remarkable, be referred.
Potential clients are playing detective. They're looking into your history, the companies you’ve worked for, and your clientele. They want assurance that you’ve got the experience and knowledge to manage their finances effectively.
Clients are turning every stone, scouring for your track record, and the kind of clientele you handle.
Create a robust ‘About’ section on your website and social profiles. List out your professional milestones, significant clients, and showcase client testimonials. Let your experience whisper tales of your competency and success.
Clients have diverse needs. Some may need assistance with life insurance while others might be seeking investment advice. Consumers are looking for advisors who not only meet their specific needs but excel in those areas.
Different strokes for different folks. Clients are after advisors with services that align precisely with their financial puzzles.
Tailor and clearly define your offerings. Emphasize your niche and expertise in your communication. If you’re a maestro in investment management, let that shine. If estate planning is your game, highlight that.
Consumers are savvy. They know that some advisors might be tied to specific companies and products. Some are seeking independent advisors to get a broad array of options.
Clients crave transparency. They wish to know your affiliations and modus operandi, down to the nitty-gritty.
Be upfront about your operational style. Are you independent or affiliated with specific companies? Spell it out boldly. Authenticity builds an unshakeable foundation of trust.
Beyond the qualifications and experience, clients are looking for someone they can genuinely trust. They want transparency, honesty, and a clear indication that you understand their needs individually.
Beyond the paperwork and numbers, your character is under the spotlight. Can they trust you with their financial future?
Interact genuinely and personally with prospects. Exhibit transparency in your compensation structures and acknowledge your limitations. Show that you listen, understand, and prioritize their unique needs.
Consumers do their research, and platforms like MoneySmart and LinkedIn in Singapore are where they turn for insights.
Potential clients are tapping into platforms and community to glean insights and gauge their options.
Be visible and active on platforms and communities your prospects frequent. Answer queries, share valuable insights, and showcase your industry engagement.
In the hustle to stand out, remember your personal brand is your silent ambassador. It's not just about flashy logos or a catchy tagline. It's the essence, the experience, and the expectation you set. Here's the action plan laid out:
Your prospective clients are out there, analyzing and comparing. Stand tall and unwavering in their scrutiny by aligning your strategies with their expectations and bolstering your personal brand authentically and effectively. There’s no shortcut to success, in the world of finance, your brand and actions do the talking. Your exemplary presence, especially on platforms like LinkedIn, should echo your expertise and reliability.