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Money, money, money! In the words of ABBA “all the things I could do, if I had a little money”. We live in a world where money seems to rule all, but in business, it can only get you so far on the road to success. A Financial Service Provider’s business value is not based on their recurring income from clients, it is based on old school traditional business values that it seems many businesses have lost touch with.

The financial advice industry seems to be under the impression that a broker’s value comes from the trail income they receive, but it goes deeper than that! After all, you’re here to help clients, not to get paid then sit back and relax while they suffer. Being a quality finance broker is as much about building respectful relationships as it is for a doctor or a teacher. Negative money matters make life stressful meaning clients want to make sure they have someone to rely on. If we’re not personable and show that we truly care about their financial wellbeing, it’s against our duty of care and with ‘best interest’ duty legislated, the true value of a financial service provider lies in the more personal aspects of their business.

Let’s have a look at a few key points that your Financial Service business should have on lock down:

Integrity of customer data
Data integrity refers to the quality, reliability and consistency of your data.  In order to provide the right loan options or finance advice, you need to have quality, reliable and consistently organised data. When the information available to you is reliable and up to date positive choices are more likely to be made, contributing to the overall success of the business.

Your business relies on customer data so don't leave it unprotected! Set strong security practises in stone to ensure a smooth operation and customer loyalty - prove to them their personal information is safe with you. Ensuring data integrity and its security allows you to remain efficient and stay a step above the competition, ultimately improving the image of your business and brand.

Strong and timely communication
There are people who thrive off an empty inbox and then there are people who have a three-digit number next to their mail icon; the latter leads to a higher chance of missing something really important. People love to be kept in the loop especially if they don’t completely know what’s going on, this is especially the case when it comes to finances. This doesn’t mean consultants have to be on the phone to clients all day reassuring them, just fill them in when things progress and change. Having a strong follow-up process as part of an overall workflow and communication strategy will ensure you build trust with your clients; keeping them coming back while reiterating your professional reputation. Templates can really help deliver here without being time consuming.

Client engagement
How great is it when you feel like a business truly cares about you and what you need? This kind of care and attention to detail is essential when building trust and loyalty with your own customers. Your client engagement is a combination of customer service and communication so by constantly providing value by focusing on the experience of your customer you’ll build a loyal and appreciative client following. This is something that money cannot buy and pays off in the long run. Having a financial services provider with this focus lets clients know that you’re on their side.

Evidence of repeat business.

Show proof of how great you are! When potential clients are looking into you and your business, they’re going to want to see evidence that people are benefiting from your work and coming back as long term clients. Humans are curious people and most of the time this curiosity develops in the form of research, to make sure we’re in the right hands. Why not ask your customers to review you online? Not only will potential clients see proof of repeat business but the personal account from a real client will be highly influential. Furthermore, 92% of people trust recommendations from friends and family over any other type of advertising, making evidence of repeat, happy customers an essential value for growth.

A clear and concise business strategy
If you know what your purpose and goals are, you’ll be able to help others achieve theirs a lot easier. You'll also look more established and confident in your work. Having a brand and communication strategy in place is a key part of this. Make sure the communications you're presenting are based on authenticity; honing in on honesty, transparency and just being well … you! Finance is a personal experience so clients expect a genuine human element, someone who understands their situation and can guide them to success.

It’s not all about the money! All of these traditional business values are the building blocks that make up what is great about a finance broker’s business PLUS their recurring income. The true value is in the heart of the business which is then backed by the data and because of this, a client doesn’t actually care who their broker is in terms of a reputation. They care that they feel valued, supported and communicated with, that they received quality advice and service, and that they were remembered as people and not numbers. Helix Planning takes a holistic approach when providing advice that focuses on the people behind the company, incorporating these values into every aspect of business.



Get in touch to discuss your needs on: 0421 079 415 or via email info@helixplan.com.au

Helix Planning: Resolve to Evolve