For a long time, the focus of financial advisors have been clients who have been well established in their careers. Slowly, a large part of our segment of clients is seen moving into retirement. On the other hand, the average age of a new investor is also seen as falling. For financial advisors, this is a challenge as they now have to shift their focus to this segment of younger clients.

A lot of young clients are already well within your reach as your old clients near retirement. The younger generation of the families you serve is an ideal place to focus on to begin with. However, as one can easily realise, there is often a generation gap felt between the advisor and the younger generation. As advisors, we may need to revisit our traditional approach in advising and servicing such clients. Here are a few things which we believe would be helpful while dealing with such clients...

1. Develop financial literacy: While the young generation is likely to be way smarter, they need not be much educated in personal finance matters. The source of any knowledge would mostly be friends and internet. Thus, a big role of financial advisors will go into developing financial literacy of such clients. They would need to be given clear understanding and logic behind your opinions. Remember that the client has many sources of getting the right information and one is not dependent on you for same. Hence always present the right version of facts and opinions which can stand the test of evaluation.

2. Be open to questions: Don't ever judge that you have been successful in communicating your ideas simply because there are no questions being asked. Lack of any questions may mean that the concerned person is either not serious about the subject or that you are not been taken seriously. It is important to make the client feel comfortable and welcome to ask any questions, however stupid or difficult they may feel it to be. Likewise, it is also important that you take all questions seriously and with respect and answer them in a proper manner.

3. Start Communicating: As advisors, communication has to be streamlined and made more relevant, interesting and brief for the clients. Communication need not only be regarding transactions and promotions. A lot of communication has to be about educating clients. The mode of communication should suit the young clients who are more more comfortable with smart phones and the communication channels available there.

4. Be Transparent: There is a certain level of transparency expected by client today. Advisors should be open to disclosing all relevant information, processes, etc. that affect the clients. It is also fair that you be open about your qualifications, experience, business setup, etc. to help the client get confidence and clarity about your services. However, not all information is essential for the client, especially the ones which are not relevant/related to your services to him/her.

5. Be respectful: The young generation that we may need to deal with is unlike any generation before us. They are more confident, independent, smart and informed. While they may not be yet successful or experience, they often make up with enthusiasm and dedication. As financial advisors, we need to give appropriate respect to young clients keeping in mind what future possibilities they hold. One way of giving respect would be to sit with the clients and discuss things independently in absence of their parents /guardians. Giving respect is also a great way to get respect from clients.

6. Adopt Technology: The young generation today is literally hands on with technology and would any day prefer something that is backed with automation and technology as opposed to paper or physical driven processes. As financial advisors we would need to have and pitch solutions that are technology driven. In absence of this, the clients are likely to easily get enrolled/acquired by others who are visible on the internet. Financial advisors must also have their presence online with the help of a proper website.

7. Be Patient. Listen.: In spite of doing all the above, it is most likely that the young prospects do not readily follow your advice or even reject them. It is important that you do not have your ego bruised and have patience with the clients. Advisors will need to listen more to the needs, reasonings and problems that the clients have. Listening becomes important when the client is younger, naive and less informed than you. You will need to suppress the urge to give lectures /guidance every now and then and learn to listen.

8. Focus on outcomes: Focusing on outcomes and actions is a good way to work with the young generation. Ask closed ended questions, set clear deadlines and dates for actions /meetings, etc. Be clear and honest on your service standards and what results can one expect from you. At the same time it would be also important for you to underline his/her part in the engagement and your expectations. You should clear the areas of your expertise and services offered. It is always better that you under promise and over-deliver on your services.

What is a Digital Advisor?
A Digital Advisor is the evolution of a traditional financial Advisor. A Digital advisor offers the speed and convenience of technology to his clients and at the same time maintains a virtual personal touch through e-media such as video calls, chats, multimedia, etc. A digital advisor is an amalgamation of a traditional hard copy financial advisor and the next Gen Robo advisor.

Going Digital is the need of the hour, people are become aware and looking forward to quick and simple solutions. An advisor should remain at par with the latest developments, exploit the benefits provided by technology and optimize his business process. Advisory business is not easy, but the complications involved can be minimized with the help of technology.

How can you become a Digital Advisor?
A Digital Advisor advises his clients with optimum use of technology. A financial advisor can become a Digital Advisor by embracing technology and incorporating digital tools while executing his business activities. You can become a Digital Advisor by adopting the following techniques.

• New client acquisition through Digital Marketing. Technology can help you acquire a large number of new clients. The Digital Platform has a far wider reach than the traditional methods of marketing. Further, it is convenient, effective and is economical. If you want to propagate a new product, all you have to do is simply make a nice banner on your computer and forward it to your whatsapp contacts or put it on your facebook page, done. It is that easy and it is practically impossible to match the magnitude of online audience with any other means of marketing.
• Getting a client on board is so easy. Your client just needs an Aadhar card and KYC and the account opening exercise is just a matter of an hour. You do not have to ask the client to fill multiple forms or meet him repeatedly or go to an office to submit his papers, and then go back again because there was a mismatch in the signature, etc. Technology has eliminated the redundancy. The advisor must adapt technology and make the investment process completely paperless, quick and simple for the client and for himself.
• Send all communications and updates through electronic media. Information on a new product in the industry, a communication on the client's portfolio, a birthday card to be sent the client; can now be done electronically. You don't have to personally meet your client for every petty thing or send a hard copy of a birthday card to your clients. You can simply send an email or a whatsapp message to communicate many things. This will help you save a lot of time and efforts.
• Meetings through e-media: You can expand your horizon with the help of Technology. If you had to meet 10 people today, and after toiling for almost 10 hours, you were able to meet 7 of them and were so exhausted at the end of the day, that could not even think of working on other things. Technology solves your problem, you can meet your 10 clients in one day virtually through skype or other video calling Apps plus you'll be left with some extra time, which can be utilized in business development and expanding your horizon.
• Get yourself organized with Information Technology: There are a number of softwares available to help you organize your business. You can create a simplified database of all your clients. You can view the exact position of your clients at any given point of time. You can also set alerts, which may remind you of your scheduled meetings, meetings which got cancelled and need to be rescheduled, etc. You can also send alerts to your clients if their investment installments are due and the like.

Our clients are on Facebook, Twitter, LinkedIn, PinInterest, Youtube, etc so why are we still looking for them outside the office buildings. Our clients are online, so why shouldn't we be. Transform yourself into a Digital Advisor, and see your business grow because sky is your only limit.

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You go to a reputed store for your routine requirements because of the trustworthiness of the store-owner, you are sure you'll get quality products and won't be ripped off. A company would never ditch an employee who is committed to his work, who doesn't take surprise sick leaves on Mondays or on tough days when workload is high, who is always there when needed. Your wife would never let go off a maid who shows up even when you have guests coming over. You appreciate when your flight or train is on time, thus ensuring you won't be late for your important commitments.

We seek people who stand true to their commitment in various facets of our lives. The same logic extends to our business, and the degree of influence is higher since we are a service industry, where attributes of the service provider form a vital element of the Equation. Our clients are looking for reliable advisors. Just type in dependable financial advisors in your internet search bar, it will fetch a number of forums and articles talking about how to find a reliable and trustworthy financial advisor. Or just search for qualities of a Financial Advisor, Dependability will occupy a pivotal position on the list. This means, just as we seek trust and reliability at various stages in our lives, as also seen in the examples above, our clients are seeking the same virtues in their financial advisors also.

So let's focus on how can you gain the client's trust by being a Dependable Financial Advisor. It's Simple, Work in the interest of your client and always stand true to your words.

Clients look for advisors whose primary concern is not just selling the product, rather serving their needs. They want someone whose intentions are making money for the client than themselves. Remember when you keep the client's good at the top, your good will follow.

The latter part, being faithful at times transmits various challenges. There are are changes in policies and rules from time to time, things may not go as desired, there can be dead ends, meaning you can not always fulfill your commitments. So, how do you keep your word? How do you manage your clients' expectations?

Show the probable Flip Side: It's easy to share the good part, bragging the past success of the product being offered. However, many advisors fail to communicate the flip side of the coin, which many times leads to breach of trust and hampers their dependability score. So, communicate the odds to help the client take an informed decision, it demonstrates your genuine intent, plus it leaves the client prepared for the risks, and helps you face the client with greater confidence during hard times.

Responsiveness: Another factor which often alleviates the trust in a client-partner relationship is lack of receptivity. Delay in response or No response from the Partner's end often leaves the client frustrated and he/she feels that the advisor cannot be depended upon. Hence it's vital that you always give a heads up as soon as you can and consistently stand up to your commitment of superior service.

Be Accountable: The road is not Vanilla always. Hence when things aren't going in the right direction, be responsible enough to communicate the same to the client in time. Sit down and look for a solution rather than going underground or putting the blame on someone else's shoulders. When you are there with the client during difficult times, it means you have stood the test of time and emerged as a Dependable financial advisor.

So, the bottomline is keep your intentions right, be true to your clients, let not the grip become loose in rough times. Dependability is the basic and uncompromisable quality for success in our business, in fact the simplest and the most effective, and if you really want to survive the immense competition and be a successful advisor, you gotta be Dependable.

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Success has different meanings for different individuals. For a teacher, becoming a principal one day is success; For an amateur photographer owning a studio is success; For a class X student, scoring 90% is success, for one of his classmates 65% is success; for a mother of two raising kind and modest human beings is success.

Success is a subjective term, it can be quantity or quality, it can be financial or moral, it can be tangible or intangible, it is simply “our estimation” of “our capabilities”. It is us who define as well as conclude our success. For a financial advisor too, there may be parameters determining his/her success, and amongst them, one universal measure of success is “Assets under Management”. So, for the purpose of this passage, we'll take AUM, the strongest parameter in financial advisory practice, for defining Success.

So what's your definition of success?

Rs 10 Cr AUM?

Rs 100 Cr AUM?

Or Rs 1,000 Cr AUM?

The definition of success for any business comprises the following crucial elements:

1. The long term Vision of the business

2. The breakdown of the Vision into short term and medium term targets

And 3. The pace at which the business is heading towards the Vision, measured by the advancement made in respect of the short term and medium term targets.

So, how should a financial advisor go about defining his success and work towards achieving his success?

The first thing to do in this direction is identifying your Vision. How big do you want to become? Our success will depend upon the horizon of our thoughts and the perimeter of our strength to engineer the thoughts into reality.

So, what is Vision?

Vision is the picture of your business that you would want to see over the years. Vision is a very long term goal, and the short and medium term targets are set based on the Vision. Your vision will give you a clear view of the ultimate destination, so that you do not lose direction midway.

Based on your vision, devise a broad strategy for your business and then a step by step action plan to fulfill the vision. It is important that your vision is communicated throughout your organization, it runs in the blood of your employees and the words and actions of everyone in your organization are in sync with the vision. To effectuate this, it's important that you pen down your vision statement and communicate it extensively among your people, so that everybody is clear about what you are aspiring for.

Revisit the vision: Vision is not something that you set and forget. As your business grows, your vision must also evolve so that it does not lose relevance over time. So, when you start your advisory practice, your vision could be becoming the biggest financial distributor of your city, if you tread at a good pace in the direction of the vision, after ten years, may be your vision should be amended to becoming the biggest financial distributor of your state, or country.

Set Bigger, Realistic targets: The key ingredient in the recipe to success is not doing what is convenient, rather it depends on how much you can stretch yourself. So, if you want to become big, you must dream big, and then break your big dream into small targets and strive to achieve those targets.

Always set your sales targets a certain percentage above your existing capacity. However, do not go too overboard, do not set targets which are unachievable, it will only work to demoralize you and your team.

Monitor your progress towards the targets: Once you set your targets and start working in that direction, it's extremely important to check your progress. The review should be done regularly, like weekly or monthly, and then devise a necessary action plan to get back on track. On your Partner Desk, there is a tool, Partner Planning Utility, which can aid you in monitoring your progress. When you regularly meet your targets, you are gradually moving towards your Vision, towards your Success.

So, for every financial advisor, however big or small he/she may be, the advisors should know at all times that how far they are from their Success Point. It's essential to have a vision in mind, and then leaving no stone unturned in the Mission to achieve the Vision, is the open secret to Success.

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