Effectively Handling First Meeting

For many financial advisors first client meetings can be overwhelming and exciting at the same time. We are faced with many questions as to how best to present ourselves and make a lasting impression on the client. After all, every client meeting is like be a surprise box, awaiting to be opened and who knows what lies inside – a long-lasting fruitful relationship or just a blooper.

Well there is no doubt that every advisor wants to do his/her best for every client meeting, especially the first ones. So in order to help you shine, we are herewith putting forward some tips for success. But before you begin, remember it mostly covers the things like preparation, organising, presentation, etc. which are all very important parts of our profession and hence worth mentioning every bit in detail. All these bits when come together can help make a powerful impact on any prospective client.

1. Client due diligence:

   There are essentially two parts to due-diligence. First, know who the client is and second, know what his problem /need is. If the client is a reference, then we should first inquire about him/her from the reference giver. In case if the client is an influential person /popular personality/ professional /corporate entity, a proper on-line search /network hunt can reveal a lot of details. Also have an habit of noting/recording your initial communication with the client and what he is looking from you. Remember, the impact of quality of due diligence is often disproportionately high to the efforts you may have to put in. The client will feel that you are well connected, professional and much experienced in the field and will be much more open to share and discuss with you.

2. Meeting Location:

   Choosing a right location is an important element and likewise you may also prepare for the meeting. Typically, advisors are often comfortable choosing one's own office but than necessarily should not be the case. Office can be avoided if – it is unlikely to make an impression, office has many distractions, office location is not comfortable to client, etc. In office, given the many distractions, other works, etc., the client may feel that he is not very important for you and you are not giving him full attention. For the first meeting given an option, choose a place which has a peaceful environment, less of distractions and there is no one to disturb you and your client. Meeting a conference room, either in your office or elsewhere, where you gadgets are absent shows you are courteous, focused on the client and committed to the meeting.

3. Pre-meeting preparation

   The preparation is where the half of the efforts is actually accomplished. Perhaps we should all spend much more time in preparation than for the estimated time of meeting itself. Remember that you are going to provide a solution to a problem, fulfill a need and hence you should be prepared with...

• Arranging the meeting: Coordinating and arranging the meeting is also a necessary part of preparation. We can start our correspondence pro-actively with the client and make an impression even before we hold the meeting. Before meeting, you can clarify the agenda, the participants, the expectations, the time available with client and so on. This is one way which you can show your organisation /professional approach in a mild way.

• Practicing the opening: Many advisors often practiced their introductions and opening lines depending on the situation and actually it is not a bad thing to do but we need to be flexible enough to change our lines.

• Packing the resources: Get the visiting cards, sales kit, presentations, case studies, calculators, etc. for the meeting. One can include the NJ Performance Report, Fundz Watch, E-Wealth Account presentation, KYC /MF application forms, etc. in the sales kit.

• Know the sales pitch: If you have an idea as to what solution you will or are required to pitch, then we must be very clear on those solutions. We should get the reports, forms needed thereof. And like the opening pitch, we can also practice our sales pitch and/or make a note of the key points which we need to ask and highlight.

• Last minute revision: Just before the meeting, say about 10 minutes, go through all the important notes /points you have prepared for the meeting including the agenda and the likely flow. Try to remember the full name /designation of the client and the pronunciation.

4. Arrive and start on time:

   Let us resolve and make it a habit to arrive for meeting and starting meetings on time. In many countries, people are so professional that even if you are couple of minutes late, the meeting is called off, no matter your reason for same. Even if you have arrived on time and the client is late to start, you should softly highlight that you were on time for the meeting. Again, this showcases your preparedness, professionalism and priority for the client. If for any reason, we will be late, even for few minutes, make it a point to inform the client about same. And if for any emergency, the meeting has to be postponed /cancelled, do inform earliest possible and apologise for the same. Most clients will give you a second opportunity. Remember that it is not only about your time, the client also set apart a specific time in their busy agenda to meet with you.

5. Making the first impression:

   The first impression is often made in the initial 10 seconds of meeting someone. And this impression then has to be overcome /changed with the remaining time that you have. Hence, it is most important the your first impressions count. There are a few things you need to do that will help you make this first impression very effective...

• Having a genuine greeting, proper handshake, confident body language and direct eye contact will showcase you as a confident person

• Maintaining a professional appearance (with proper formals - casuals on weekends may do, proper grooming, less of colours/jwellery /accessories, etc.) and demeanor sends a signals that you are serious, respectful to the client and focused on your job.

• Keep it genuine, simple and straight forward and do not try to do anything flamboyant or dramatic to make the first impression. There is no need for big words, phrases or colloquial terms to make an impression in the opening lines /introduction.

6. Progressing on right track:

   There are many important things that needs to be kept in mind while you are in meeting with the client.

• Turn off the distractions (mobile on silent, messenger /email off on laptop, etc.)

• Stick to the agenda and the client problems on hand

• Do not do into too much of details and technical stuff; all these can be managed later

• Appreciate the time constraints of the client and try to cover your important points and flow within the time

• Let the client speak without interrupting him/her but try to be in control

• Ask for any water /tea /refreshments that the client may need

• Listen very attentively and look for openings, needs, problems, etc.

• Ask the right questions which you need to

• Avoid repeating points already made

• Do not spend too much time on gossips or areas that are not your concern

• Keep making notes of the discussions and observations

7. Managing client's expectations:

   One most important part is about managing client expectations during the meeting. This is not easy but the following key points should be kept in mind for effectively handling these expectations.

   • Clarify what exact role you can play for the client and what you will not do/cover

   • Present proper solutions with possible outcomes, both positive and negative

   • Clarify things not in your control and which you may need to study further

   • Identify potential issues and problems that may arise

   Remember that the client may not truly expect a 100% easy solution to all this problems. And hence it is important that you remain genuine and to the point, not over or underestimating anything. The client will respect your opinion and will be also honest with you. Going forward, managing expectations, form a big role for all financial advisors and hence it is important that you start the relationship on the right note.

8. The closing of the meeting:

   Once the primary discussions are covered and there is not much time left, it is most important that you properly approach the closing of the meeting by doing the following things...

• Revising the decisions made and tasks identified during meeting along with deadlines for both you and the client

• Asking for any further clarifications needed and any points left to be discussed by the client

• Set the date and agenda for the next meeting, as felt required

• Thank the client for his/her time and the opportunity for meeting

• Even if the meeting may not seem to be be successful, always let the client know that you are available anytime if he/she needs.

• Accompany the client out of the conference hall /office /building. Ask if any arrangement is to be made for travel.

• Leave with a firm handshake and smile again and make them feel that their case is in right hands

9. Meeting Follow-up

   Post meeting activities are not to be ignored. Here are a few things that should be done after your meeting is over...

• Write an email or letter to the client summarising the minutes of the meeting with dates for tasks/decisions. Include the major points /cases for discussion and the main subjects/areas covered.

• Follow-up on the tasks and decisions for execution

• Keep the client up-to-date regarding any progress or issues you find along the way

10. Be Confident and Trust Yourself

    The most important thing you need to remember, not only for your first successful meeting with a client, but for any stage in your professional career and personal life, is to trust yourself. Confidence is something you need to practice; with practice you will get better.

    Remember, no matter who and where you are, you and only you are responsible for your future. It is your choice to prepare and practice even the small things in life. Slowly and steadily, these things will come naturally for you and you will grow /mature as a experienced professional. Till then, try to think of all these things as small challenges and remember to laugh out loud and say, “That was fun! Let’s do it again!

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