Exceptional client service requires a combination of skills and qualities that enable advisors to understand and meet diverse clients' needs. The ability to connect with clients on a personal level and deliver tailored experiences is paramount. Financial advisors with a deep understanding of these key client servicing skills are better equipped to provide the highest level of service that exceeds expectations and builds long-lasting relationships.   

 MDRT members from Singapore share their valuable insights on the essential skills needed to successfully serve clients from diverse backgrounds and with unique financial needs. 

• Active listening and empathy 

One of the fundamental pillars of exceptional client service is active listening. Financial advisors who listen actively and demonstrate empathy can effectively uncover their clients’ goals, concerns and aspirations. By creating a safe and comfortable space for clients, you can gain a better understanding of your clients’ financial circumstances and emotional drivers. This helps you tailor advice and recommendations to align more closely with your clients’ values and objectives.  

Michelle Ngiam, a seven-year MDRT member with one Court of the Table and one Top of the Table qualification, notes that while advisors often feel compelled to share their excitement or passion when sharing about financial plans, it is crucial to prioritize listening attentively to one’s clients. “By adopting an active listening ear, we should strive to understand what our clients are really trying to tell us so that we can engage with them in a manner that validates what they are saying. Having an active listening ear will also help you to uncover things that you may have missed if you were not focused on what your clients are saying. Sometimes we will have to read between the lines to figure out the whole picture. Being a fan of crime shows, I like to put together different clues (given by clients) and piece the mystery together! This skill is crucial in fully understanding your clients, their circumstances and their motivations so that we can be their trusted financial advisor and provide a truly personalized experience!” she shares.   

When servicing diverse clients, it is important to consider their varying financial situations and preferences. Hence, active listening is vital in gathering the necessary information to create customized solutions and provide recommendations that align with each of your client's specific needs.  

 

• Recommending customized financial plans 

Another integral skill is being able to provide customized financial plans that are tailored to each client’s individual needs. Every client has unique financial goals, risk tolerance and aspirations. By conducting thorough needs analysis and considering factors such as income, expenses, family obligations and future aspirations, advisors can craft personalized financial plans. These plans should consider aspects such as investment strategies, risk management, retirement planning and estate planning depending on what is best to ensure that your clients' financial goals are realized. Taking a holistic and individualized approach will help to reinforce your client's confidence in your ability to deliver results. 

To ensure his clients’ needs are adequately protected, Andy Hang, a three-year MDRT member, shares that he categorizes their portfolio based on wealth protection, wealth accumulation and investments. “Through an Excel spreadsheet, I will create a holistic view of my clients' finances. This allows them to gain a clear understanding of their overall financial situation. By summarizing their portfolio, covering aspects such as Critical Illness (CI), Early-stage CI, Total Permanent Disability, Life, Accident and Medical Reimbursement plans, this ensures that my clients have a complete overview of their coverage,” he shares. From there, he will then identify any shortfalls, enabling clients to recognize the necessary steps to address their coverage gaps and take proactive measures to secure their financial well-being. 

 

• Effective communication

Advisors must also be prepared to navigate the nuances of different communication styles, ensuring that their message is clear, concise and culturally sensitive. Being mindful of such differences can help you build rapport, establish trust and avoid misunderstandings that may hinder the advisor-client relationship. 

Effective communication also encompasses adeptly navigating diverse client personalities to foster a deeper understanding and encourage them to openly share important aspects of their lives. For instance, more outgoing individuals may prefer a more dynamic and interactive approach while more reserved clients may appreciate a patient and attentive listening style. By recognizing and adapting to these individual preferences, advisors can foster a deeper understanding, build trust and encourage clients to openly share important aspects of their lives, enabling you to provide more personalized and effective guidance. 

When Daniel Lim, a four-year MDRT member, encounters a prospect that might be more reserved or guarded, he employs this technique, “I find opportunities within the conversation to share about my story, such as, how I landed in my current role, the pride I have in the work that I do and the satisfaction I get from this profession. I try to do so with some enthusiasm — and my clients will tend to reciprocate. Usually when we share about a certain topic, our audience will do the same. When we inject enough energy, they will also return the same energy.” Once he gets the ball rolling, Lim strategically asks his clients questions to shift the focus from "thinking" to "doing". In turn, empowering them to feel more in control of their own goals and plans. 

Exceptional client service in the financial industry demands a multi-faceted skill set that goes beyond financial expertise. By mastering these essential client servicing skills, financial advisors can elevate their service to new heights, exceed expectations, and forge long-lasting client relationships in today's diverse landscape. 

 

Contact: MDRTeditorial@teamlewis.com