Unlimited: Best Practice Guidelines for Enquiries

As part of our Unlimited membership, in addition to our standard code of conduct, we ask that you aim to follow the best practice guidelines below for dealing with prospective clients. 

1. Discuss their motivations and be clear on how you can help 

Most people are looking for an adviser who goes beyond what goals they want to achieve (such as comfortable retirement or funding their children’s education) to really understand why they want to achieve them.Where in-depth discussions of prospects’ motivations take place, the average conversion rate is an impressive 90%. This falls to just 36% where the conversation about the prospects’ motivations doesn’t happen at all.

When choosing an adviser, prospective clients want to hear genuine solutions. They need a clear sense of how you will help achieve their goals. The conversion rate is a robust 85% in cases where the prospect fully understands how the adviser can help them achieve their goals. This drops to just 23% where the opposite is true.

Further reading on how to improve this

2. Be clear and open about your fees.

Discussing fees can make some advisers uncomfortable, but it’s a vital part of any prospect meeting. Prospective clients are looking for clear communication about your fee structure. If you’re not forthcoming with this information then you risk confusion and your conversion rate will suffer. 

Further reading on how to improve this

3. Ensure the client feels they’ve gained value from the first meeting 

Almost all advisers offer a free first meeting to prospective clients, but it’s important to ensure some value is really delivered to the prospect in that meeting, for free. 

As Sian MacInnes of Philip James Financial Advisers, says “Sometimes advisers say it is a free meeting, but then sit there and take everything for themselves – the meeting is one long, linear fact find,” 

“My aim is that, when I’ve left, I’ve been able to give the client something.” Even if Sian discovers that the contact doesn’t need a financial adviser, she says there’s always something helpful she can do.

Further reading on how to improve this

4. Be conscious of the consumer’s level of understanding

In many cases, potential clients are scared about money, which makes it all the more important to keep it focused but simple. 

Avoid using technical jargon; use terms and language that are easy and accessible to all kinds of people. 

Bear in mind many consumers have not engaged with advice before and may be early on in their journey of deciding to work with an adviser.

5. Follow up effectively 

Ensuring that you follow up effectively after initial meetings can help create a good first impression. 

A prompt and simple email just recapping their goals and how you can help at a high level, as well as some clear next steps, can work well.

Further reading on how to improve this

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