Generally speaking, bank customers are a breed apart from those who invest through discount brokerages or other sources. They tend to be far more conservative investors, even timid when discussing their financial matters.
The important thing to remember about bank investment customers is that while they are in the bank environment, they expect to be protected by a certain level of professionalism. The job of the investment representative working in a bank environment is to live up to this image and to help make them feel comfortable about putting their trust in us.
The keys to developing a trusted relationship with bank investment customers lie in the following simple recommendations.
Be interested in the person, not just the sale. By asking probing questions and discussing their answers at length, you can uncover how an individual feels about investing, what their life-cycle needs are and how they view their ability to handle their financial future.
Keep explanations honest, simple and direct. Stick to the basic facts. Be genuine, forthcoming and open.
Help clients get to know you. People are more likely to trust someone they know. So get acquainted when you sit down for the first time with a potential client. I like to start out by talking about my company–its history and reputation. Then I like to talk a little about myself–my background and experience. These conversations help the customer understand your position and the strength of the company you represent.
Avoid promising anything you cant deliver. One of the surest ways to damage or destroy a client relationship is to make a promise or offer a guarantee that cant be fulfilled. One of the best ways to get clients to refer friends and family is to deliver on what you promise.
A good time to get referrals is during financial reviews, which I try to conduct with every one of my clients every six to 12 months. After that amount of time, you are likely to have proven yourself with the customer. And happy customers are the ones most likely to give you referrals.