How to participate in decision-making process of your clients

How to participate in decision-making process of your clients

Finance & Accounting

Suraj Rengan

Suraj Rengan

202 week ago — 3 min read

To get new business and earn loyalty, you need to focus on what your prospects and clients are thinking. If financial advisors want to grow their business, ensure client retention and obtain referrals, they have to concentrate on what is going on in the minds of their clients and prospects. They go through many psychological phases before deciding if they want to hire someone as their advisor. Given below are some mental stages and tips to influence clients at every step.


Identify the need to take financial guidance

Any person has to be convinced first that he or she requires financial advice. Financial experts can influence at this first stage of the decision-making process by asking their existing clients if they are happy with the services offered. If yes, you can ask them if they would want their friends or relatives to gain from similar guidance. This can start new conversations and help you get referrals.


Also read: 4 things financial advisors must do to grow and maintain their business


Evaluating choices

At this stage, prospects will gauge the kind of financial advice which is best for them with regards to meeting their specific goals. They will try to determine their risk appetite and if they actually require a professional. Make certain that you communicate the benefits of selecting a financial expert and also tell them how you have helped other clients achieve their monetary objectives.


The selection decision

This is the most important part of the process where advisors have to display confidence and excellent communication skills. They should appear friendly and reliable to prospects to win their trust and convert them into long-term clients.


Clients will assess your service

Simply obtaining a new client is not enough. Financial experts have to offer world-class service. Clients will evaluate if you have met their expectations and their goals are achieved. This will ascertain if they are likely to refer you to others. This is another crucial stage where advisors have to succeed by providing extraordinary service.


By identifying these mental stages to influence your clients. Take out this time to understand how your clients think and it will pay you, by influencing their decisions and turning them into brand advocates.


Also read: 3 common client biases and how financial advisors can handle them


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Suraj M Rengan

Suraj Rengan, originally from Trivandrum, Kerala, India. Our company is in the overseas education consultancy industry named, ( Viza International UK Ltd...