They say you only get one shot at a first impression. While you may have spent some time getting to know your prospects during a discovery call, the real test comes once they transition into a full-fledged client. The first challenge? Executing a flawless onboarding process.
The onboarding process is your first real opportunity to build trust with your new client—trust that you’ll want to continue growing throughout the advisor-client relationship. Simply put, you need to nail it.
But what, exactly, goes into an effective onboarding process? And more importantly, how can you leverage those practices into building long-lasting client relationships? We asked a few advisory firm founders and WiserAdvisor users for their advice, which we’ve collected into four key strategies below.
Strategy #1: Establish Transparent Expectations from Day One
Advisors (especially those who generate leads online) often come face-to-face with new clients who are still concerned about finding the right fit for their needs. Your best tool for combating concerns like this? Transparency and consistent communication.
In fact, growth-focused advisors don’t wait until something goes wrong to ramp up communications with their clients. They set clear, honest expectations from the start that pertain to all aspects of the advisor-client relationship (communication preferences, planning timeline, investment philosophy, etc.).
Our client, Anthony Errico, financial advisor at Port Capital Management, says: “My hope is that our proactive communication and transparent approach help make new clients, who may have just met us two or three weeks ago, feel a little more comfortable having our firm handle some of their most precious assets.” He continued, “I have a lot of pride in just how many individuals trust us, and I want to reciprocate that trust as best as I can.”
During the onboarding process, help ease client anxiety and build more confidence by painting a clear picture of what the full client experience will look like.
Touch concerns that are likely top of mind for your client, including:
- What they can expect in the coming weeks
- How often you’ll be in touch
- How decisions, both big and small, will be handled
If your new client has previous experience working with an advisor who was more transactional by nature, having this information upfront can be comforting. Not to mention, it’s a simple and effective way to ensure your firm stands apart from what they’re used to working with.
Strategy #2: Implement a Structured Communication Framework
The way you communicate during the onboarding process will set the bar for the client experience moving forward. It’s your responsibility to ensure it’s both enjoyable and efficient for your prospects-turned-clients.
Grant Smith, a financial advisor at Vintage Wealth Advisors, puts it simply: “I don’t think there’s necessarily a ‘secret sauce’ to building successful long-term client relationships. More so, it requires an ongoing practice of actually listening to what people are saying.”
It’s true, learning the art of active listening can be a powerful differentiator for your firm. Your ability to listen and communicate effectively is especially important as new clients consider whether you’re the right long-term partner for them.
There’s no universal “right way” to communicate with your clients. Rather, growth-focused advisors tend to develop and stick to a structured communication strategy that can be personalized and adapted as needed. Some clients prefer short, informal check-ins, while others appreciate more detailed, quarterly deep dives. The key is consistency and clarity.
Financial advisor Zachary Naert from Oppenheimer shares his approach: “I find it important to check in with your clients more regularly in a more informal setting—just a couple of minutes—and find out what’s going on with their life.” Naert explains that these quick conversations help build trust with clients more naturally, demonstrating how much you’re paying attention to your clients beyond portfolio performance.
Strategy #3: Demonstrate Value Beyond Investment Management
During onboarding, help your clients feel assured and confident that they made the right choice in working with you.
To do so, try showcasing your full value, beyond market commentary or portfolio rebalancing. Consider how you can effectively demonstrate the additional value you bring to the table through comprehensive planning support, ongoing financial education, and sound guidance.
You or your clients may feel pressure to get everything perfect from the start, but as Smith reminds us, “The actual practice of financial planning is something that is meant to evolve through different iterations of the plan.”
If you’re able to deliver some actionable insights or resources early in the onboarding process, however, you may be able to further emphasize your value beyond investment management. Whether you offer estate planning tips or proactive tax planning strategies, addressing other areas of their financial life during this time can be critical to building long-term trust.
Strategy #4: Build Systems to Prevent Client Neglect
“The biggest problem in this industry is that people get forgotten about over time,” warns Naert.
While you’ll need to give your newest clients (and soon-to-be clients) extra attention during the onboarding phase, you can’t afford to let your existing clients’ needs go unchecked.
Advisors who scale successfully, especially those using digital lead platforms, rely on intentional processes to ensure no client falls through the cracks. To help ensure you’re offering a standardized, yet customizable, client experience, leverage tools like CRM workflows, milestone tracking, and automated check-ins or emails. While these don’t entirely replace the need to communicate one-on-one with clients, they can help your clients feel connected and cared for.
Create repeatable onboarding checklists that ensure every new client gets the same thoughtful experience, regardless of how they found you. This kind of operational consistency is especially important for clients who come in cold, say through an online search or referral platform. These types of clients don’t have the familiarity of a referral or personal recommendation to fall back on. The good news is, establishing consistent communication will help you build a stronger foundation of trust over time—no matter how familiar your clients may be with your work when they first approach you.
Start Building Lifelong Relationships with Your Clients Today
When you communicate clearly and deliver on your planning promises, you can more effectively turn a prospect’s initial interest into lasting loyalty. While it takes more initial time and effort, the energy you put into establishing a strong foundation of trust can help carry your advisor-client relationship through decades of economic ups and downs.
If your firm leverages digital lead generation strategies (as most growth-focused firms do today), a strong onboarding process and consistently clear communication become even more valuable. The most successful advisors invest the time needed to make their client onboarding experience an enjoyable and efficient precedent for the rest of the advisor-client relationship. Start out strong and deliver a consistent experience moving forward—those are the keys to keeping clients satisfied long-term.
Want to learn how WiserAdvisor Growth can help? Contact our team today for a personalized consultation.