Fulfilling your Promise: The Most Important Need Advisors Must Address
"The single most significant driver of client loyalty is an advisor’s ability to proactively identify new ideas, challenges, issues and opportunities.”
Elevating the Role of the Advisor
In the wealth management industry, the term "advisor" is commonly used to define our role with clients. This designation is fitting, as it underscores our primary responsibility—providing guidance that helps clients achieve what matters most to them, both financially and personally, as it pertains to their wealth.
However, through our work with wealth management firms, teams, and advisors, we’ve identified a crucial yet often overlooked element that can significantly impact sales success and client loyalty. When addressed effectively, this factor elevates an advisor from simply offering solutions to becoming an indispensable partner in a client’s financial journey.
Understanding Client Motivations
Prospective clients typically seek a financial advisor in response to a significant life event—one that prompts them to recognize the need for professional guidance. These events vary widely, including receiving a substantial inheritance, struggling with financial management, experiencing investment losses, or navigating life changes such as marriage, divorce, or the passing of a loved one.
When these prospects engage with an advisor, they usually present a specific concern or goal. Unfortunately, many advisors focus exclusively on these stated needs, viewing them as a direct path to securing new business. While addressing these initial concerns is important, a truly valuable advisor looks beyond what is explicitly stated and uncovers the full scope of a client’s financial landscape.
The Three Layers of Client Needs
To deliver exceptional value, advisors must recognize that clients have three distinct layers of needs:
These are the concerns or objectives that clients openly communicate. They are the most apparent and serve as the starting point for discussions.
These are needs clients may be aware of but are not yet ready to disclose or discuss. Skilled advisors uncover these through thoughtful discovery and deeper conversation.
Perhaps the most critical, these are issues that clients have not yet identified due to a lack of financial expertise or awareness. Addressing these needs is where advisors can deliver transformative value.
The Power of Uncovering Unrecognized Needs
Through our work with advisory teams, we have seen that the most compelling way to capture a prospect’s interest—and create urgency around forming a relationship—is by proactively identifying critical financial issues they have not yet considered.
Case Study: Identifying the Bigger Picture
We recently assisted a wealth management team in preparing for a meeting with a prospective client. The couple was seeking an advisor to manage their investment accounts, as they felt they lacked the time and expertise to do so themselves. They owned a thriving business valued between $40 million and $50 million.
Initially, the advisory team planned to highlight their portfolio management expertise. However, when we prompted them with a key question—“Based on what you know about this couple, what are the most important financial issues they should be addressing?”—the conversation shifted.
After deeper discussion, the team recognized that while investment management was a priority for the couple, far more pressing concerns related to business ownership, succession planning, and estate planning needed to be addressed. Armed with this insight, the team adjusted their approach, focusing on these critical but previously unrecognized needs.
The result? They won the business and with that, consolidated all their investment assets with their firm. The decisive factor? Upon formalizing the new relationship, the couple said that the most important factor in their decision was not the firm’s investment capabilies, but their ability to identify risks and opportunities they hadn’t yet considered—issues that, if left unaddressed, could have had serious consequences for their family.
Strengthening Relationships with Existing Clients
While this concept is powerful for prospecting, it is equally, if not more, essential for existing clients. Given the ever-changing nature of a client’s financial situation, wealth advisors must conduct regular, comprehensive reviews to ensure their strategies remain aligned with their evolving needs.
Client relationship reviews should go beyond performance metrics; they should serve as a structured opportunity to reassess all aspects of a client’s financial landscape. By proactively identifying new challenges, opportunities, and unrecognized needs, advisors reinforce their value and strengthen long-term loyalty.
Implementing a Scalable Framework for Success
Recognizing the critical role of uncovering unrecognized needs, we at Greene Consulting have developed a structured process that enables advisors to conduct a thorough analysis of a client’s financial situation. Our framework benchmarks a client’s current wealth strategy against a range of essential financial considerations, creating a repeatable and efficient approach to issue-spotting.
By implementing this framework, advisors can:
Strengthen their role as a comprehensive wealth advisor
Differentiate themselves from competitors
Deliver tangible value through their expertise
Deepen client loyalty
Identify new opportunities for relationship expansion
Call to Action
If you’re interested in learning more about this framework and how we are helping our clients drive growth and enhance client relationships, we’d love to help. Contact me at davidgreene@greeneconsults.com to explore how you and your firm can develop a scalable, consistent approach to identifying and addressing unrecognized client needs.
By shifting your focus from merely fulfilling stated needs to proactively addressing the full spectrum of client concerns, you elevate your value, enhance client trust, and position yourself for long-term success in the wealth management industry.
