Taking your client connection to the next level
|
Written by: |
The results from the latest Vanguard survey are out and once again the conclusion is:
“Human connection a ‘critical driver’ of strong adviser-client relationships.”
Connected clients:
- Refer more
- Pay more
- Don’t quibble about fees
- Consolidate assets
- Listen to your advice
- Follow the plan
So why is that 72% of clients feel they don’t receive a truly personalised advice experience?
Obviously, every client plan is unique and personalised, so if clients feel their experience is not personalised, then it can’t be about the plan. The solutions are fine – the experience is not.
At the Money Coaching Institute, we believe the issue is understanding the difference between a solution focussed approach and a connection focussed approach.
When it comes to money, it’s never just about the numbers.
For clients, as well as for each us, money is also about security, trust, power, freedom, self-worth and many other things that have deep emotional resonance.
Humans have a deep need to feel seen, heard and understood. And it’s the same when they are talking about their money.
If you want to build connection with clients, they need to feel that you understand what money means to them and how they feel about it. That’s the personalisation that they are looking for.
And it’s not just once and done.
Checking in with clients each time about how they are feeling tells them you are creating a personalised experience for them. This is even more critical when there is a significant life event going. Death, divorce, retirement, inheritance – these are deeply emotional experiences unique to each person.
So, how do you do this?
Money Coaching is a framework for understanding a person’s patterns, behaviours and emotions around money. You can use that framework to have open money conversations with your clients that will help you to support them as they navigate even the most challenging life events.
Money Coaching gives you the skillset to deliver a connection-first approach to client conversations.
By starting with connection, you create emotional safety, build trust and create the conditions for the client to adopt the advice.
With this approach you turn inheritance anxiety – or any other life event – into client loyalty.
And that keeps your clients out of the 72%.
To find out more, watch our two webinars:
This is Your Client’s Brain on Money
Understanding the Dynamics of Couples and Money
or contact us for further information. We run a number of CPD approved training programmes for advisers and planners that will elevate your client connection skills.