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More and more activities that previously took place in person are happening online these days. But is it possible to be an effective financial advisor and build strong relationships with clients online? Today’s guest believes that it is, and he has the experience to back that up. David Dyck is a Certified Financial Planner and a Chartered Investment Manager. He joins the podcast today to share what he’s learned while working at the Canadian robo-advisor service WealthBar.

David is a Financial Advisor, Portfolio Manager and Head of Client Services at WealthBar. David began his career in financial services with CIBC where he held a number of positions. He was awarded an Unsung Hero Award for his work helping clients and colleagues improve. In his current position at WealthBar, he works with clients all over the country and helps to develop technologies that will transform the financial advice industry.

Topics Discussed in This Episode:

  • What brought David to WealthBar
  • Why planning is an important focus at WealthBar
  • How to help people understand the value of financial planning
  • How to get clients engaged in the planning process
  • How to make planning more accessible to clients
  • How working with clients online increases trust
  • Improving communication with clients, including the importance of timing and placement
  • How advisors can work with WealthBar
  • Combating the biggest risk to client success

Links and Resources:

David on LinkedIn

Meet David Dyck

WealthBar

Email David at [email protected]

Quotes from David:

“I wanted to be somewhere where I felt my philosophy really aligned with the company’s.”

“We offer financial planning services to people who aren’t even clients yet.”

“I believe that working online and having phone calls with clients makes it easier to build trust than in person.”

Some financial advisors see robo-advisors as the enemy, but they don’t have to be. In today’s show, David shares what he’s learned as a Head of Client Services at WealthBar that can help you better run your financial advisory practice. Here, we’re sharing three highlights from the episode:

  • Combating the biggest risk to client success
  • The 2 main concerns clients have… and how to help overcome them
  • Enhancing communication with your clients

For the rest of the episode, click the link above or find the podcast on iTunes or Stitcher.

Combating the biggest risk to client success

Despite what many people think, the greatest risk to any investor achieving their goals isn’t market volatility.

It’s their own behaviour.

Therefore, David thinks the best thing a financial planner can do for their clients is to help them sustainably change their behaviour. But in order to do that, David suggests you need to do these two things:

First, show them the future. Too many advisors jump right to the financial plan. At WealthBar, they start by assessing where the client is at and showing them what will happen if they keep doing what they’re doing today. Often, this is very eye-opening and a little scary. But that frank, open conversation makes it real for clients, gets them to buy into your plan, and makes them a lot more likely to stick to that plan over the long term.

The other piece is to build a great relationship. If clients know and trust you, they’ll listen to you and you’ll be a lot more likely to be able to influence their behaviour.

The 2 main concerns clients have… and how to help overcome them

Building a great relationship with clients takes time, and you need the right approach for each individual. In the financial planning process, David typically sees two kinds of people, each having very different questions and needing different approaches:

1.Those who believe financial planning isn’t for them: There’s still a persistent myth out there that only wealthy people can afford to save and invest their money. For these folks, it’s important to stress that financial planning is for everyone.

Hint: Visualization is key. Show these clients what it could mean for them to invest just a small amount every month ‒ they’ll probably be surprised by how much they can save if they start investing today.

2.Those who don’t know what to do with their money: Even if someone believes that financial planning is important, they often have no clue what to do next. How can they achieve their goals and make the most with what they have? These clients need a plan that hones in on their top goals and includes a reasonable timeline and strategies they can use to get what they want.

Enhancing communication with your clients

One of the major ways technology is changing the financial services industry is in how we communicate. Here are David’s top tips for leveling up the way you connect with clients:

  • Meet them where they’re at

You’re probably used to working with clients in person, over email, and on the phone, but David encourages you to be even more open when it comes to the medium of communication. For example, if someone reaches out to you via Twitter or Facebook, don’t immediately send them to your website or ask them to call or email you. Instead, engage with them where they reached out to you ‒ where they’re most comfortable.

  • Stay top of mind

There are plenty of opportunities to regularly reach out to clients in a way that adds value and keeps you on their mind. David suggests a monthly newsletter that includes curated content from around the web about whatever might be relevant to your clients that month. For example, in January you can send information out about TFSAs to coincide with the annual limit increase. In March or April, you can send out tips to help your clients file their taxes. September is a great opportunity to share financial education content they can teach their kids… you get the idea. Show clients you’re thinking about them and let them benefit a bit more from your knowledge and experience.

Hint: Don’t be surprised if clients respond by asking about something completely unrelated to the content of your newsletter. Your email might remind them about something they meant to ask you, and by reaching out first, you’ve just given them the reminder they needed to get in touch. The consistency matters just as much as the content itself.

Want to hear more from David? Catch the full episode here, or on iTunes or Stitcher where you can also subscribe to the show. You’ll hear about how to help people see the value of financial planning, how you can make planning more accessible to clients, how you can work with WealthBar, and more. And to ensure you never miss an episode, sign up below to get new episode notifications directly to your inbox.