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Maintaining long-term client relationships as a financial advisor in India
Maintaining long-term client relationships as a financial advisor in India

Jan 25 2024

Maintaining long-term client relationships as a financial advisor in India

Prashant Awasthi from India shares his insights on building and maintaining long-term client relationships in the ever-evolving Indian financial landscape. 

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In the dynamic world of finance in India, building and sustaining enduring client relationships are the cornerstones of a successful financial advisor’s journey, as we guide individuals and businesses through the intricate terrain of investments, savings, and financial planning.  

Prashant Awasthi, a two-year MDRT member from Kanpur, India, believes that to build strong, enduring relationships in India, trust is absolutely crucial. He says, “Clients must have faith in your honesty and believe you genuinely care about their needs. Maintaining openness and ethical conduct in your work goes a long way in earning this trust. Achieving special qualifications and having happy clients who recommend your services further solidifies this trust. It's a clear sign that you excel in what you do and that others have confidence in you.” 

In today's rapidly evolving financial landscape, staying connected with clients is also vital. Awasthi achieves this by having regular conversations with them, sending out informative newsletters, and conducting educational workshops. These efforts allow him to stay informed about the changes in their financial situations. He adds, “I maintain an open line of dialogue, keeping clients informed about the progress of their investments and any market developments that could impact their financial journey. This proactive approach ensures that their strategy remains aligned with their evolving aspirations.”  

He recounts a story illustrating the same proactive approach. “My strategy significantly benefited my client Mr. Verma amid a market shift. Predicting potential impacts on his investments, I promptly informed him, enabling strategic adjustments in his portfolio. This move shielded him from losses and positioned him to capitalize on emerging opportunities, resulting in tangible gains. This underscores the practical value of staying informed about financial developments, directly contributing to my clients’ success,” says Awasthi. 

He shares, “By continuously adapting and optimizing their portfolio, I aim to help clients achieve their unique financial dreams and build a long-lasting, trusted relationship along the way. If the financial world undergoes transformations, I'm always prepared to assist my clients in adapting to these changes,” he shares. 

From his experience in this profession, Awasthi has learned that every client is unique, and their financial needs are as diverse as their life journeys. When it comes to maintaining long-term client relationships, he feels the power of listening cannot be overstated. “I firmly believe that genuine listening goes beyond mere hearing words; it involves understanding unspoken nuances. I advise fellow financial advisors to meticulously attend not only to clients’ words but also to the emotions and motivations beneath them. By observing non-verbal cues, recognizing shifts in tone, and empathetically acknowledging concerns, we gain deeper insights. This comprehensive listening approach allows us to tailor strategies precisely to each client’s individual financial goals and concerns, fostering stronger, more meaningful relationships. It’s in these details that we find the keys to truly understanding and supporting our clients on their financial journeys,” he says. It's not just hearing the words, but really grasping what your clients are trying to convey: “Pay close attention to your clients; it might sound obvious, but as an advisor, genuinely listening to what your clients say is crucial. Understand the value you bring as an advisor.” 

Awasthi points out once you have grasped the client’s unique situation, you need to tailor investment strategies to match their objectives. “I firmly believe that genuine listening goes beyond mere hearing words; it involves understanding unspoken nuances. I advise fellow financial advisors to meticulously attend not only to clients’ words but also to the emotions and motivations beneath them. By observing non-verbal cues, recognizing shifts in tone, and empathetically acknowledging concerns, we gain deeper insights. This comprehensive listening approach allows us to tailor strategies precisely to each client’s individual financial goals and concerns, fostering stronger, more meaningful relationships. It’s in these details that we find the keys to truly understanding and supporting our clients on their financial journeys,” he says.  

 

Awasthi, in tailoring investment strategies to match his client's objectives, exhibited a keen understanding of the client's unique financial situation. One notable detail he observed was the client's impending retirement. Recognizing the significance of this life transition, Awasthi crafted a comprehensive plan to ensure the client could retire comfortably and pursue his post-retirement dreams. The strategy involved a balance between long-term wealth accumulation and stability to provide a reliable income stream during retirement. This approach shielded the client from potential risks associated with market shifts, emphasizing a personalized strategy aligned with the client's specific goals. Awasthi's ability to identify and address the client's individual needs showcases the depth of his tailored solutions and highlights the practical application of his client-centric approach. 

Some clients may be seeking long-term wealth accumulation, while others prioritize stability and income. He believes in providing a range of investment options and explaining the pros and cons of each so they can make informed decisions that reflect their goals. 

Awasthi narrates an anecdote where he successfully nurtured a long-term relationship with his client and outlines the strategies he used to sustain it. He shares, “I had a client who was getting ready for retirement. We planned to ensure he could retire comfortably and follow his dreams. He was really happy with the results, so he told his colleagues about me. He stressed how important it is to have a professional financial advisor. Thanks to these referrals, my client list grew, showing how important it is to build strong, long-lasting relationships.”  

In a nutshell, referrals aren’t just about numbers; they’re about the powerful impact of good client relationships, which lead to trust and more recommendations. “That's what success as a financial advisor in India is all about,” Awasthi says.  


Contact: MDRTEditorial@teamlewis.com