How to Give Sound Financial Advice to Your Clients
As a benefits broker, you should always strive to be a trusted authority when it comes to financial advice for your clients. This is especially the case in a business environment where benefits brokers are increasingly stepping into the role of benefits advisor to maintain relevance and maximize value for their clients, as highlighted by Dave Chase in his Forbes opinion piece.
In this blog post, we’ll provide some insight into how best to position yourself as a trusted financial advisor to your clients.
Ensure You Have The Necessary Education and Experience
Anyone can offer financial advice. But to give sound financial advice that actually guides your client down the path of fiscal wellness and long-term success, it’s important to have the necessary education and experience to back your claims. Furthermore, if a client organization’s HR manager knows you have a solid background to draw on, they will have far more confidence in your advice and, ultimately, your value.
If you feel that your educational background is lacking, consider supplementing your knowledge and experience through online learning platforms like Udemy or Coursera, which offer an array of specialized financial courses. That way, you can bolster your existing skills with the flexibility and convenience of studying at a pace that suits you, from the comfort of your own home.
Be Open And Honest About Your Compensation
Another way to ensure that you’re able to provide sound financial advice to your clients is to be upfront about your compensation from the start of your interactions. If they’re left in the dark about how you benefit from your interactions, they’ll inevitably take any advice you give with a pinch of salt. Do you really have their financial wellness in mind, or are you trying to sell them on an expensive benefits program for a bigger cut of your own?
With transparency in mind, one of the best pricing models for a benefits broker or advisor is a flat fixed fee. That way, your clients will have no reason to suspect that you have ulterior motives when giving advice or suggesting one plan over another, as you’re getting paid the same either way.
Create Genuine Value For Your Clients
Successful benefits brokers are able to create tangible value for their client organizations, though carefully tailored benefits offerings that address the real needs of their employees. If your client genuinely believes that you have their best interests in mind—backed up with a consistent track record of happy employees—then they will be far more likely to take your advice to heart and speak highly of your services.
TrueConnect is a voluntary employee benefits solution that you can trust to maximize value for your clients and their employees. If you would like to learn more about our services, please get in touch to book a consultation. You can also download our new Benefits Broker Survival Guide for useful tips on how to navigate a number of potentially challenging professional situations.