It is crucial for financial professionals to continually strive to improve and expand their skills and knowledge in order to remain competitive and better serve their clients. One of the best ways to do this is by expanding the range of services and products you provide. This way, you become a more well-rounded professional who can address various financial needs.
Of course, this is much easier said than done, and bridging that gap requires no small amount of research and planning. With that in mind, let’s explore some practical strategies that financial professionals can use to expand their offerings and become a more valuable resource for their clients:
Financial professionals already have to wear many hats, so it’s understandable if expanding your offerings sounds overwhelming. That’s why it’s vitally important to maximize efficiency and streamline your existing workflow so that you’re able to devote more of your time and resources to more productive tasks.
In practice, this can look like leveraging automation tools to offload the menial, repetitive tasks that tend to suck your time away. You can also use a client relationship management system (CRM) to simplify lead generation and client communication. Finally, consider delegating work that cannot be automated so that you can focus on delivering your best work.
Client segmentation divides a client base into smaller subgroups based on shared characteristics or needs to understand their preferences better and tailor your products and services to them.
There are many different ways that financial professionals can segment clients, ranging from financial goals and risk tolerance to revenue and assets under management (AUM). Suppose you’re looking to expand your client offerings. In that case, segmentation can make it easier and more efficient to allocate resources, improve delivery, and serve diverse client needs — all of which are key when branching out.
Before you take the leap into expanding your offerings, it would be wise to touch base with your existing clients. You could guess what your clients want to see from you, but it’s smarter to go to the source and ask them yourself. They’ll be able to help you identify potential pain points that you can address with new products or services.
Checking in during annual reviews isn’t enough — use your CRM to help manage communications and conduct follow-ups if you’re strapped for time.
Using a financial advisor client survey is another great way to identify any gaps in your offerings that could help set you apart. It’s also useful for spotting emerging trends among new or prospective client bases, like the fact that younger Gen Z clients are overwhelmingly looking for more tailored, personalized experiences and strong brand messaging.
Offering comprehensive financial services can be an unrealistic task for a single person. To better serve your clients and give them the attention they need as you expand your offerings, consider partnering with other experts in the field.
There are several reasons why teaming up can prove beneficial. First of all, leveraging partnership and delegation can reduce the risk of overextending and spreading your resources thin by casting too broad a net. Moving too far too quickly will only diminish the client experience. It can also cause reputational damage and even potentially expose you to liability.
On the other hand, having one or more partners with diverse skills and particular niches can be a valuable asset. It also opens up the opportunity for financial professionals to pursue their own niches. You can combine this approach with the aforementioned segmentation strategy to develop a system where each partner is responsible for a subset of clients.
Expanding your client offerings is important for financial professionals who want to take on new goals and develop a more well-rounded skill set. By offering a wider range of products and services and streamlining the processes associated with your current offerings, it’s possible to meet your clients’ needs better and stand apart from competitors in the market.
While developing a working strategy may take some time and effort, the potential benefits of expanding your client offerings make it a more than worthwhile pursuit.