Tuesday 15 February 2011

Understanding the psychological needs of clients is one of the most important yet overlooked skills of the successful advisor. In general, there are six “psychological needs” an advisor must meet for clients if they are to build an affluent practice.

The first, and arguably most important need, is the need for security. This is especially true in today’s post-crisis world. Security is two-fold: emotional and economic. It comes down to how safe, or comfortable, a client feels with their advisor. Do they trust you with their finances?

Advisors need to actively create an atmosphere of absolute confidentiality. Make it known that protecting client privacy is central, and follow this tenet, don’t discuss other people’s matters or engage in even seemingly harmless gossip. Secondly, work to truly understand your clients and prospects. Ask questions that provide a clear view into their lifestyle and interests. What are their favorite charities? Vacation spots? The more information an advisor has about a client, the more confidence a client is likely to have in the advisor.

In addition, clients need to feel that their advisor’s recommendations are objective and tailored. Practice presenting to clients both the pros and cons of a potential financial decision. By simply illustrating that you have thought out the different sides of a decision and are willing to offer objective analysis, you show clients that you have their interests at heart. In the end, emotional security depends upon good questions and good chemistry. To achieve good chemistry, interestingly it most often depends on good questions. Use these questions to connect emotionally with your prospects and clients. LINK TO TRILOGY QUESTIONS


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