Clients are often overwhelmed with busy lives and little spare time to scour news on macro trends occurring in global markets. By keeping up with macro trends and passing on this knowledge, Hirani says clients have increased trust in their advisors.
“Clients don’t have the time of day to look at the geopolitical climate; what’s happening with Russia and Ukraine and the tensions between China and the US. They don’t have the time to really dig deep into the macroeconomic conditions or the tariffs,” he said. “It’s a step of connecting all the dots. And when you can do that … It’s always met with a lot of gratitude from clients.”
Advisors who exude confidence and initiative are more likely to impress and retain clients, according to Hirani. He says advisors often employ a homogenous, formulaic approach which comes from the banking world, but does not translate well to advising. By encouraging autonomy for advisors at his firm, he says he is able to resonate with high-net worth clients whose own entrepreneurship spurred their financial success. The key difference between average clients and the most affluent is humility, according to Hirani, who finds these clients are generally less stubborn.
“You need to have the right psychology, which is such an understatement I can’t even express it. We’ve tried to differentiate ourselves as an autonomous, self-employed practice, where you build your own clientele,” he said. “Nobody is conditioning you what to say, and so that helps you give feedback that might resonate with a more entrepreneurial person.”
When clients feel heard, they are more likely to stay, according to Hirani. Disagreements over strategy are inevitable, though Hirani says empathetic and clear communication allows advisors to find an agreeable solution. He says clients are always aware when an advisor is not putting their full attention into a conversation, and when they are not being heard. Communication is not all about speaking according to Hirani, who says being able to listen to clients is as important as being able to talk with them.
