3 ways financial professionals can deepen client relationships and support financial well-being

If you are a financial professional, chances are you’re getting questions from clients about navigating this period of uncertainty.

While every financial professional will answer these questions differently—accounting for individual client goals and strategies—this influx of questions marks a universal, but rare, opportunity: the chance to deepen relationships and bolster client financial well-being.

How so? Consider that while joint research from Guardian and Park Avenue Securities found that only one-third of individuals self-reported good financial well-being, those who worked with financial professionals fared better. Specifically, of all individuals who self-reported good financial wellness, more than 50% worked directly with a financial professional.

When clients work with a financial professional, there is clarity and purpose to their financial decision making—in turn enhancing financial well-being. Coupled with the report showing that having enough retirement savings and a guaranteed income in retirement are among the top financial stressors for individuals, this is financial professionals’ time to shine.

The next time the phone rings or an email arrives in your inbox, here are three tips for making the most of that opportunity.

Get the access you need

When working with a financial professional, most clients want a “financial quarterback” that can think holistically about their wealth—beyond just their investment strategy.

Often unknown to clients, this is easier said than done for financial professionals. Most only have insights into their assets under management. Many clients don’t realize financial professionals don’t have the visibility into their broader financial portfolio and day-to-day financial decisions to serve as true financial quarterbacks.

That’s why raising the topic of setting up a cash management account as part of an upcoming client conversation can be so impactful.

When discussing with clients, financial professionals should focus on how these accounts can help facilitate a holistic review, gain a better understanding of what risks exist, identify how clients can build liquidity with assets, discover whether they are practicing good savings habits, and flag if they are appropriately dealing with debt. It can also be beneficial to highlight how such an account can track how much money comes in, how much was allocated to wealth building versus savings, and what went to expenses. This enables financial professionals to give real-time recommendations on how clients are tracking against goals and if they need to adjust.

While the need for a holistic view of finances might seem straightforward to financial professionals, it isn’t always for clients. Starting the conversation is the first step to deliver on their quarterback potential—building stickier relationships that empower clients with greater financial confidence.

Partner for enhanced value

Just because financial professionals want to provide holistic support to clients, that doesn’t mean they need to (or should) do it alone.

Many financial professionals intuitively understand this, especially when it comes to the technical and time-consuming nature of selecting and managing individual securities. Often, outsourcing those responsibilities to experts means financial professionals can reallocate time to client relationship development. In this example, having access to co-managed model portfolios is therefore essential.

More broadly, however, financial professionals should feel comfortable turning to a network of partners to round out their holistic wealth strategies. Whether referring clients to mortgage brokers or estate planning attorneys, it should only be to professionals you absolutely trust. When based on mutual trust, partnerships are more likely to be collaborative.

Whether outsourcing technical responsibilities or expanding a network, partnering with experts doesn’t take away from financial professionals. It allows financial professionals to play to their strengths, driving better results for clients and enhancing their financial confidence.

Elevate the experience

In choosing to work with a financial professional, clients clearly understand the benefits they provide. However, Guardian and Park Avenue Securities’ data shows that, despite this, money and financial planning remain a source of stress for individuals.

For many clients, figuring out how to involve their families in financial planning conversations is a primary driver of this stress. While most clients understand the benefits of including their spouse, children, or other beneficiaries in the process, it can be easier said than done. For financial professionals, this presents a simple, but highly impactful opportunity to provide value: helping to start these conversations. Whether sharing starter questions for clients to use at home or moderating more contentious conversations at their office, this is an easy way for financial professionals to alleviate client concerns.

As a bonus, these facilitated conversations can also help financial professionals build relationships beyond the primary client. However, it is important not to limit these family interactions to just financial planning conversations. Many times, the most lasting relationships are built outside the office, including hosting or getting involved in local philanthropic or community events. Additionally, if a financial professional’s firm has relationships with vendors that enable them to offer preferred pricing on goods and experiences like hotels and travel, this can be a valuable relationship building tool.

Ultimately, an elevated experience will look and feel different for each client. However, what matters is that financial professionals take the steps to engage families in the financial planning process.

Answering the call

With clients searching for guidance during uncertain times, the opportunity to deepen relationships and support financial wellness will happen sooner rather than later. By thinking holistically, tapping their network, and engaging families, financial professionals will be well positioned to capitalize on the opportunity and deliver for clients.

All guarantees are backed exclusively by the strength and claims paying ability of the issuing insurance company. Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation.