Relationship Building For Financial Planning

Relationships are very important in every area of life- both professional and personal. Even in the financial planning arena, it is important for the financial advisor and expert to build long lasting relationships with clients. According to one of the USA’s top financial planners and advisors- David Barcomb, relationship building in the world of financial planning does not only involve communication skills. Its goes one step further- interpersonal skills.

Interpersonal skills tend to give the clients a personal touch to wealth building in the financial planning and investment market. It is important for the financial expert to understand the unique and individual needs of his or her clients before the wide array of investment options are opened up to them. One important point that David Barcomb emphasizes on is the need to understand the client well.

Every client is not the same. They come with their own notions and knowledge of the financial market. They may have subtle knowledge of investments or often may blindly follow a friend or a relative when it comes to financially planning for the future. In short, in the words of David Barcomb- no two clients are the same!

He says in order to establish long lasting and healthy relationships, it is very important for you to listen deeply and with attention when you are meeting the client for the first time. Today, he stands out in the market for the sole reason is that he never imposes his opinions and thoughts on his clients when he meets them for the first time. He says it is important for him to listen attentively to them and find out how much they know about the investment or the financial market.

 Clients may have the right or the wrong knowledge of the market. As a financial professional in charge of wealth building and investments, clients should never be reprimanded primarily because they lack the skills and knowledge of the financial market. They need to be educated. This is the foremost duty of the financial advisor.

Once the education is shared and discussed, the next step for the financial advisor is to understand what the person needs. Like individual notions, the clients also come to him with different financial goals and investment objectives. Coupled with them, the fears of risks are there as well. It is the primary responsibility of the professional to give clients information about these risk factors. David Barcomb says that there is no investment without risks but yes safe investments like bank deposits are always there for people who are scared about the risk factors in the financial market.

Terms and conditions of the financial plan and investment should also never be ignored. No document should be signed blindly. It is important for you to be educated and aware. Again here communication and interpersonal skills do the trick. The client also gets the information he or she needs in the financial market and this goes a very long way in the future to establish a strong financial rock of security for the future!

Exit mobile version