5 Client Personas Every Financial Advisor Eventually Encounters

Practice Management 5 min • 30 Apr 2024

Financial advisors consistently cite client meetings as one of their favorite parts of what they do. It makes sense considering that many advisors got into this line of work to serve people.

That being said, every client is different and brings their own unique set of goals and challenges. By understanding where your clients are coming from, you can be better positioned to serve them.

In today’s blog, we’re sharing five types of client personas you may have run into (plus tips for how to best serve them).

5 Types of Clients Every Financial Advisor Eventually Meets

1. The Quiet Client

Profile: Some clients may be individuals of few words – and while you don’t necessarily mind the quiet, it’s could be hard to gauge their feelings. Are they confused? Unimpressed? Just going through the motions?

What to Do: As an industry, we often talk about the anxious clients – those who perhaps over-communicate. The Quiet Client may require more nuanced tactics to lure them from their shell and get down to real, meaningful conversations.

Start with open-ended questions. It may be that the Quiet Clients have a negative money script when discussing finances specifically. In fact, 62% of Americans consider it a taboo topic, and would rather opt for more “fun” discussions.

You can slowly build a rapport by asking questions about work, family, and hobbies instead, and build a client relationship up from there.

Consider even offering pre-meeting surveys with multiple-choice and free-response options, allowing them to share their thoughts at their own pace and in an environment where they feel comfortable.

2. The Anxious Client

Profile: You’ve most likely met an Anxious Client already, especially since 71% of clients report some level of financial anxiety. They need reassurance when things stray from the plan, and when the market takes a sudden dip, you are likely already expecting them to reach out.

What to Do: The best way to help out your Anxious Clients (and your email inbox) is to develop a clear communication plan. Let them know your “office hours,” so they know when they can expect to hear back from you.

You can also offer more resources for the anxiety-ridden folks, like blogs, brochures, or helpful videos that explain the inevitable tide of market volatility. Check out Nitrogen’s Resource Library and Nitrogen’s blogs for free resources you can share at any time.

In conversations with your Anxious Clients, remind them about your long-term strategy and the importance of staying calm, and try to steer them away from news sources that might stoke their stress.

3. The Busy Bee

Profile: This client materializes for the initial consultations, then can become hard to get ahold of. Emails bounce, calls go unanswered, and carrier pigeons return empty-beaked (okay, maybe not that last one).

The Busy Bee client shows up often enough to let you know they’re alive, and they even seem enthusiastic about financial planning, but getting them to commit to an annual meeting could be a tough challenge with their busy schedules.

What to Do: It can be frustrating to put in meeting prep and end up with wasted efforts due to scheduling conflicts. Thankfully, there are a few strategies you can use to gain a little more control over the situation and boost their engagement.

Your best bet is to offer a secure online portal for document exchange, so they can send you any necessary information or messages on their own time. You may also want to embrace a multi-channel approach, which opens communication to text, email, and phone calls.

When you do have a rare moment with your Busy Bee and are trying to schedule a follow-up, be sure to explain the why behind your next meeting – why are these moments necessary to their financial health? They might just need a little motivation to get on the ball!

4. The Hands-On Client

Profile: If you thought the SEC was looking over your shoulder, the Hands-On client brings a whole new tier to the game. Of course they appreciate your help, but they may be overwhelming for advisors as they like to get involved in every detail. And while an engaged, focused client is a good thing, you also need some level of trust for this relationship to work long-term.

What to Do: With a Hands-On client, the answer usually lies in education, which can help you to acknowledge their desire for involvement and embrace their willingness to learn. Sending resources their way can keep them independently involved but still part of the equation. For example, if they’ve shown interest in alternative investments, maybe you have a book (or list of books) they’d enjoy.

You can also embrace hyper-personalization, which shows them they aren’t just another number in your book of clients.

5. The Knowledgable Client

Profile: This client often comes well equipped with knowledge and financial wisdom gleaned from the vast, ever-shifting landscape of the internet, or from their circle of family and friends. This can be great, but it can also come with some concerning distractions.

What to Do: Keep in mind that a little questioning from your client shows they’re engaged, and it’s most likely well-intended. Use these opportunities to explain complex concepts in a clear, concise way, and bring your sources to help ease their read-to-learn minds. Remember, you are the financial expert, and your experience provides valuable context!

Financial planning has as much to do with personality and relationships as it does the numbers. As you delve deeper into meetings, keep in mind that each client has different needs as far as communication.

With these tailored tips (and Nitrogen’s suite of personalization tools) you can effectively serve each client in your book of business.

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Want to tackle every client meeting with confidence? Click here to schedule a free demo of Nitrogen’s comprehensive client engagement and growth platform today.

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