Plato said,” Human behavior flows from three main sources: desire, emotion and knowledge.” Since these three areas greatly impact the choices our clients make, we will examine them closely today.
When was the last time you closed your door, got your mind off of the day-to-day running of your business and sat down with a clean sheet of paper to write down your thoughts and ideas about how you have interacted with your clients?
As your client’s advisor, educating them about the strategies and investments that may benefit them the most is essential. It’s the desire and emotion that often times gets a little tricky. So let”s take a close look at how your clients behave and how you can address some of their biggest concerns. Here are six areas you need to be familiar with:
1) Clients want to be listened to
The successful advisors we work with take the time upfront to hear what their client’s wants, needs and desires are for the future. They regularly ask a lot of good questions and then they listen.
2) Clients respond to warmth and gratitude
If you want the heart to prompt the mind to do what the logic points to, a warm caring attitude is vital. Abraham Maslow recognized this when he said, ” The fact is that people are good. Give people affection and security, and they will give affection and be secure in their feelings and their behavior.”
3) Clients reside in their own comfort zones
Initially, clients resist change or an implied threat to their current state of security. To facilitate change, position your presentation in terms of the benefits that are in it for them and their families.
4) Clients work with advisors they trust and have confidence in
This confidence may be earned either through the initial stages of your engagement or possibly through a strong referral or testimonial of someone they trust.
5) Clients respond to deadlines
Sometimes the most difficult part of your job as an advisor is to communicate the sense of urgency that exists. I’ve always found that breaking the goal or problem that you are trying to solve into small manageable pieces prompts action prior to a deadline.
6) Clients love to think big
The bigger the goal, the more clients are inspired to reach for it. Think little goals, little achievement. Big goals, big achievement.
Ultimately, how well a client does in achieving their goals is a matter of how much they really want to achieve them. Hurdles and obstacles will inevitably present themselves along the way. Their willingness to solve their own financial challenges is tremendously impacted by the care and simplicity by which you communicate their plan of accomplishment.
Mike Sciortino has more than 30 years experience in the investment management business. Mike speaks at Conferences and writes often about how advisors can differentiate themselves, grow their practice, and improve their lives through time-tested processes. See all of Mike’s stories for CMG Advisor Central. Connect with Mike on LinkedIn.