Confidence and Client Engagement: Keys to Advisor Success

This week I attended the Financial Behavior in Retirement Summit in Chicago and presented “Really Knowing Who Your Clients Are”. The presentation guides advisors to understand the importance of knowing the natural behavior of clients and uncovering their life and financial motivations in order to tailor services to them.

By customizing their services, advisors will gain confidence and engage clients. In the planning process, helping clients understand who they really are can improve their financial results.

Financial Planning Magazine has published an article highlighting the?presentation. To read the article on the Financial Planning Magazine website, click here: “Confidence and Client Engagement: Keys to Advisor Success“.

Visit the DNA Behavior for Financial Services website to learn more about our solutions for emotionally engaging your clients.

Email us for additional information.

Practicing Performance

In many cases the difference between success and failure is small. One action or one decision or one more attempt can be the difference in the outcome. Usually, we are in the way of our own performance and so it is critical to keep out of our own way.

Have you noticed some people find success easily but fail to keep the results up? Then have you seen that others have the talent but need guidance to get on the right track? There is really no such thing as an overnight success even though that is what we may think. When you get into the story of how the great performers in any field have done it there will always be highs and lows, leaps forward and set backs or challenges. The reality is whether or not you are a natural at something, sustainable performance does not just happen. It takes a desire to succeed and consistent practice of the right behaviors. So, listed below is a list of some performance practices which I hope will motivate and guide you to sustaining performance in your life and whatever endeavors you pursue.

1. Take responsibility for your performance.

2. Competence starts with being confident but realistic about your abilities.

3. Do not sacrifice your goals by being average or allowing others around you to be average.

4. Recognize different personalities are assets to your productivity.

5. Write down your plans and goals so that you keep the right direction.

6. Gaining experience will help you prepare.

7. Have the confidence to never give up negotiating what you are worth.

8. Build high self esteem starting with self respect.

9. Have unquestioned self belief to ride through events.

10. Learn from your losses and do not make the same mistake twice.

11. Regularly exercise and eat right.

12. Be clear about your role in the outcome so you know why the result happened.

13. Actively listen to what others have to say to learn.

14. Do not think negatively as you will attract what you are afraid of.

15. Act and think like who you ought to be.

16. You must find a way for your work and home lives to fit together.

17. Look for positives in set backs and do not respond in fear.

18. Set realistic but challenging goals and be prepared to re-evaluate them.

19. Limit making costly decisions by emotionally reacting to events.

20. A healthy family life is crucial to a productive business life.

21. Greater fulfillment and results will come from showing you care about others.

22. Maintain your persistence by knowing yourself and what you want can be done.

23. Make your team feel wanted so they want to work harder.

24. Use a decision-making matrix to see how a decision fits in with your overall life and values.

25. Create a living and working environment that keeps your confidence high.

26. Be prepared to embrace innovation to stay on top.

27. Recognize there may be more risk in doing nothing .

28. Do not be afraid to take conflicts head on so disagreements can be addressed.

29. If you get a gut feeling about something then follow it.

30. Seek out wise people to talk with about your ideas and plans.

The Key Ingredients for Relationship Performance

Research is showing that many advisory firms talk about the importance of building relationships with clients. However, the clients do not believe there is a quality relationship. So what is the key ingredient to build your relationship performance?

In our work, we talk about the need for advisors to build relationships which emotionally engage the client. Gallup Research has shown the significant impact this can have on financial performance of an advisor’s business. Emotionally engaging the client requires the advisor to demonstrate empathy for the client. The clients motivations and needs need to be understood, they need to feel listened to, they need to believe the advisor and the firm cares about them not their money, the advisor needs to be approachable and friendly and the advisor needs to openly communicate on the clients terms.

The next issue to address is whether the culture of financial services allows for an empathetic service to be delivered. Recent SEI research in the UK is showing that the clients believe that financial services is “too me” first from the advisor perspective. The advisors and their firms have made success about what is earned and not how clients are helped. Therefore, significant cultural and financial re-alignment is needed not only by advisors but also by the firms and the industry as a whole before there can be true relationship performance based on empathy. The firms and industry need to show that they stand for client care.

In many cases the advisor is left alone by their firm to build the relationships. However, in the future the organization will have to equip the advisors to build client centered relationships. This will include providing them with the right tools, including client profiling.

So what are you doing for high quality client engagement?