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The Importance of People Centered Leadership in the Financial Industry

Our leaders are too involved in understanding/unraveling complex regulatory issues to spend time leading…

In many parts of the world financial regulators are placing more and more constraints on the industry. From improving record keeping in terms of recording advisor/client conversations to alerting the industry about the need to understand client behavior over and above tolerance to risk; and many other change requirements in between. Add to this a far savvier client base and leadership may well find itself with no time to support advisors or even navigate the business through these complicated seasons.

But – the financial landscape is shifting – it’s all about communication and understanding advisor and client behavior. Today’s leaders are crafting a new and innovative direction for the financial industry.

Jackson was looking for something different in the financial industry; something edgier, something to raise his passion for the business

At this current interview he was asked to complete a behavioral discovery process (profile) customized for financial services. When completed the interview panel openly shared the outcomes in their behavioral reports with Jackson and the interview process began.Leadership in the Financial Industry

No reference was made to his credentials, his previous experiences, his challenges. All of that information could be found in his resume. The questions the panelists asked were customized to his behavioral style and pointed to his hopes of his future, how he would expect the leadership to serve him in terms of fulfilling his expectations for his career path.

They clearly knew from his behavioral report that he was strategic, driven and would undoubtedly have plans for his career path.

Jackson found himself fully engaged in what was now a conversation focused on what they as a business could do for him rather than what he could do for them.

As the interview process drew to a close the panel asked Jackson to comment on the way they had conducted the discussion. He responded that it was very different and he found himself responding to their questions by opening up areas of his life, his future plans, his preferred style of communication and so much more than he had ever intended.

The panel concluded by telling Jackson that this approach mirrored the way the company provided financial advice to their clients.? This approach was all about understanding the clients hopes, dreams, plans for their future in terms of their finances and then lining up advice and support that worked in partnership with them to achieve these goals.?? This approach set a platform to ask revealing questions to uncover and deliver real insight into the advisor/client relationship.

The leadership of the company did not believe in containing creativity and initiative with their advisors; they believed in harnessing behaviors and talents and matching them with clients so that relationships could be formed that not only lasted but also provided well targeted advice that delivered outcomes, built trust and formed strong client/advisor partnerships.? They also saw this approach as one that would deliver the advisors vision for future and thus ensure they retain high quality staff.

Not surprisingly Jackson chose to work for this company.? The leadership had crafted a meaningful vision; one he knew lined up with his own personal passions.? Six months later and Jackson has fully embraced this style of working with clients. His clients see completing a profile as a useful “icebreaker” and feedback has demonstrated their support for the process and their belief that the advice they are being given genuinely focuses on their personal strategies for their future and how best to create wealth to deliver these plans.

Learn more about adopting a people centered leadership approach – click here.

3 Keys to Get You Ahead of Your Competitors

Do you feel as though you are always running to catch up?? Here are 3 Keys to get you ahead of your competitors.

financial advisor tools, financial advisor solutions, client engagement tips, financial behavior, behavioral finance, financial personality, client behaviorAdvisors want to deliver excellent advice, they want to see satisfied clients, and they work hard to inform themselves to be able to give this level of service.

Often they are running to catch up with the latest social media, latest gizmo, the latest must read book that remains sitting on the night stand unopened for months, the latest financial industry guru declaring how best advise clients? All very frustrating and unfulfilling but more importantly, unproductive.

So what is the answer to becoming a behaviorally smart advisor?

  • It is all about navigating human differences to match the advisor to the client and provide appropriate solutions for them.
  • It is all about uncovering all of who a person is
  • It is about knowing who your competitors are AND what they have to offer

Some simple thought provokers:

  • Have a conversation with your clients, forget about advising or selling for a short while – just converse
  • Share something of your story, it will be relaxing and itll encourage them to talk. As the advisor, you are the leader: leaders go first
  • Many people often won’t initiate sharing something personal, but are far more likely to do so in response to someone sharing some of their story first
  • Listen for clues, watch for reaction, understanding their needs and values
  • You are now building trust – you are now laying foundations upon which to match a product /advice

3 Keys:

  1. Uncover. Use conversation to build trust by identifying the human behaviors which lead to the differences in your style with the client and within family groups. This will remove the hidden obstacles, and build more confidence in the advice you give.
  2. Navigate. Understand the power of the written, spoken, visual word and make sure the client hears/understands the message.? If you understand your clients communication keys, thats brilliant, but if not focus on the cues provided to you, then you can navigate them through your message/s.
  3. Match. If you are part of a larger group, use this information to match advisor to clients to more easily gain? deeper levels of engagement. If you are in a small practice look for ways you can adapt your approach to match the clients needs.? Add an additional ingredient by ensuring you as the advisor and your client have shared values.? Non-aligned values produce poor results.

For more information on how you can Uncover, Navigate and Match to build sustainable business performance, visit the Financial DNA website.


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Do You Really Know What Lies Beneath the Surface of Your Clients?

7 to 17 seconds. According to many research studies that is how long it takes to form a first impression.

This first impression is based 55 percent on appearance, 7 percent on the words we use during course of our conversation and 38 percent on the tone of the voice.

So even before you get sufficient time to demonstrate your abilities, prospects and clients have formed their first impression and created labels (serious, fun, blunt, friendly, etc.) about your personality.

customer behavior discovery, who are your customers, understanding customer personalitiesThe same is true for you as you meet prospects and clients.

Why is it so important for you to prove (or disprove) these first impressions to understand who your customer really is deep beneath the surface?

Because it has major implications for three areas of your business:
1.?? ?Attracting new clients
2.?? ?Designing portfolios
3.?? ?Ongoing service

Attracting new clients is all about the ability for you to quickly build trust. This involves understanding not only your clients personality, but your own personality strengths and struggles.? Are you a natural listener?? Are you empathetic or more focused on outcomes?? If your style is matched with the prospects, you will build trust with less effort.

When designing a portfolio, many advisors neglect to plan for the financial personality risks. Some clients will envision themselves as bigger risk takers than what they project themselves to be with you.? Or, they may say they are a saver when their expense account proves the contrary.? Discussions on these subjects are very delicate because many clients do not want to admit (or even know) who they really are a deeper level.

Finally, how can you customize your client experience when you may not even know who your customer really is beneath the surface?? You have a lot of different personalities working with you in your office and each one may have to adjust their style to make the client feel truly cared for and understood.? Every marketing action should be tailored to the personality of your clients.? No need to send a long newsletter filled with market data and facts to your big picture clients.? Are you looking for more referrals?? Certain types of clients are much more likely to give them to you if you know their personality.

Is there a way you can know a customer within the first meeting, or even better beforehand?? Or, do you need to wait a year to observe whether their actions and words match to find out who they really are?

Dare to get beneath the surface with your clients. Discover practical and actionable behavioral solutions that you can use with your clients to uncover who they are to create unique customized experiences.

Learn more by visiting http://www.financialdna.com