I recall our first team meeting post-RDR when there was genuine fear amongst the advisers about going into detail regarding charges.
How we countered this was by maximising the opportunity provided to build trust with a client by talking through the need to be more qualified to provide advice and the protection this afforded (credibility), providing more information on the solutions being presented and the associated cost (intent) and delving deep to really understand clients so that you were in possession of all the facts before making recommendations (commonality).
I remember getting ticked off by one of my managers for talking about football, soap operas and current affairs with every client.
It may have seemed fairly low-level chat but it helped me remember every client when I met them annually or in the street, but more importantly, they remembered me and appreciated that I was interested in them as an individual and not just how much they had to invest.
Soft skills
I’m often asked about best practices when it comes to development and an absolute must is completion of both a company and individual training needs analysis.
This will help you align the needs of both parties so that your training and coaching is meaningful, providing tangible benefits to you and your clients.
The traditional response from an adviser would have been that they want support in passing more exams or understanding more complex investment and retirement planning solutions, but now the training and coaching support I get asked for on a daily basis is around soft skills.
Do not get me wrong. I am delighted that chartered status is the benchmark for the majority of firms that I work with, which has been a real cultural shift over the past decade.
However, regardless of how qualified you are, it is academic (pun intended) if you cannot connect with a client, particularly one who is maybe three times your age with completely different life experiences.
I was speaking to a client last week with a bancassurace background who spoke about their experience with a lifetime planner they used back in the day.
I was responsible for coaching with the same tool for 300+ advisers – a one-pager split into 12 boxes where you ask a client their past, present and future views/experiences on career, property, family and hobbies/pastimes.
This is your fact-find; it will provide you with all the soft facts you need to really understand your clients and their objectives and will validate the recommendations you make and the service you provide.
