Client Discusses Personal Challenges
Updated
Client Discusses Personal Challenges is a Driver of Elevation Goal 3: Safeguarding clients’ best interests, mitigating risk
Data based on responses to the following question, asked in the Verified Client review form
“What topics do you discuss in your sessions with [adviser]?”
Possible responses
- We only talk about finances
- We talk about developments in my life - but it wouldn’t feel right to talk about anything too personal other than finances
- Other than talking about my finances, I feel comfortable talking to them about personal challenges (e.g. bereavement, health issues, relationship difficulties…)
Client Discusses Personal Challenges Score
Proportion of respondents answering “Other than talking about my finances, I feel comfortable talking to them about personal challenges (e.g. bereavement, health issues, relationship difficulties…)”
Distribution of responses to Client Discusses Personal Challenges
Our qualitative research with advisers indicated that between annual suitability assessments, the best way to discover whether something significant has changed in a client’s life, is for the client to volunteer this information. If the client doesn’t feel comfortable doing this, there is a risk that circumstances change, advisers’ recommendations are no longer suitable, and this is not picked up.
How to improve your score:
The importance of change
Notifying you. Ensure your clients are clear on how to tell you about changes. Should they call your mobile, call the office, or just update their details on their client portal? Being clear on how your clients should contact you takes away a barrier by stopping them wondering how best to get in touch.
Starting your conversations
Beware starting your conversation with money. This can be an immediate turn off for your prospective clients and risks a superficial conversation preventing you from understanding your client’s real motivation.
Sincerity is key. Ask your client how they are and be genuinely interested in their response. Asking how someone is and then saying “great, so let’s get on with things” shows your question was insincere, killing rapport.
Make it personal
Events and milestones. Make a note of key events (ideally in your CRM system) and ask your client about them the next time you speak to them.
Touching base. Set a reminder/diary note for you to contact them around special events (retirement, child’s graduation, amazing holiday). Give them a call specifically to ask about the event – don’t talk about business at all in the call.
Active listening. Being conscious of your behaviour and body language when your client is talking. Active listening is a great way to show your client that you’re interested in what they have to say.
Be honest, be you
Own mistakes. Don’t try to cover them up. If you’ve forgotten to ask for something, it’s much better to be honest. People connect more with others who are able to show vulnerability so by being honest, you’re likely to build a deeper relationship with your client.
Be Open. Share some information about your life, including any challenges. We’re not talking about a full therapy session, however sharing shows you to be authentic. If your client feels that you’re being open about your life, they’ll feel more comfortable being open about theirs.
It is critical to reinforce the importance of having up to date information, and that any changes in circumstances, no matter how small, may need an adjustment in the plan. In order to fully mitigate the risk profile for your client, you need them to keep you up to date with their circumstances.
By establishing a strong relationship with your client, you can encourage an open dialogue, helping you build trust and together mitigate their risk profile.
