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Clients Enjoy Participating in the DNA Behavior Discovery

The question we are most often asked is “will my client want to participate in the Financial DNA Discovery Process?” Our Wealth Mentors have had very few clients resist participating. The reality is people do enjoy learning about themselves. It can even help in their business and personal lives. It is liberating for them to know what their strengths are and the struggle areas. The key point is that the client feels understood. Further, people love to talk about themselves. After all, that is their number one topic.

So, why not guide the discovery process and let them talk about themselves. If there is a barrier in an advisor’s mind about their client participating, it is usually just in their own mind.

The important point in getting the client to participate in the Financial DNA Discovery Process is to ensure it is introduced as a normal part of your service. Taking that further, connect it to your desire to provide them with a customized life-long service experience, set their goals and help them not make emotional decisions in reaction to events and markets. The process can start with Communication DNA Discovery; which only takes 2 -5 minutes and the rest of the steps can be progressively introduced over time.

We have many delighted clients. Click on this link to read about a recent successful client story.

If you are feeling any resistance yourself, then there is no harm in completing the process to find out and experience for yourself the power of the experience. You will feel liberated and want to ask questions!!

 

Learn more about DNA Discovery for increasing client engagement and customizing experiences .

What are your thoughts? For additional information please contact us

WHOS-IN-CHARGE-OF-MINDING-T

Who’s in Charge of Minding the Client?

Mind the Client Relationships

Advisors are expanding their practice and planning for their own eventual retirement.? The consensus is generally that younger team members can bring new skills to any practice. Theyre good with social media and they can, it is assumed, relate to younger clients and prospects.

In a recent webinar, the main presenter made an intriguing observation that millennials have spent so much time on social media that many have not developed the finer skills that advisors need to succeed?the ability to communicate face-to-face with a client or prospect.

In other words, the essential people skills.

Based on this observation, it would seem that the youngest advisors excel at social media, while the older ones are good at the more technical aspects of the job, thereby leaving few who are truly at their best with client management. ?However, the topic is not that black and white.

What really needs to happen is that advisors, young or old, must know themselves at a deeper level to uncover their natural strengths.? If an advisor is a people person with less affinity for details and research, then this advisor will be at their best with client management.

Perhaps it would be best for the relationship advisor to partner with a more research and detailed advisor who can prepare the financial plan and the retirement cash flow scenarios.? The relationship advisor can focus on the big picture, the clients emotions, and reactions while the more technical advisor can review the details of the plan.

Its best to remember that a successful advisor is not all relationship and no technical skills; just that everyone has more of one or two strengths than another. It makes sense to share your greatest talents with your clients. In order to do this, a productive practice is to combine the skills of your team and learn from one another to strengthen struggles and fine-tune natural talents.

So, who is to take ownership of minding the client relationship?? If you have structured your office to capitalize on each individual team members strength, you all are as a strong unit!

The Three Hidden Fears of Clients

USA Today recently reported that many people suffer from financial advisor anxiety?nervousness that makes them reluctant to share the intimate and important details of their finances with an advisor.

Whats behind this anxiety?? Fears that are so deep-rooted that it can take years before you get to fully know and understand your client. Since fears can keep your client from providing the right information to build a trusting relationship, another important question must be explored.

What makes a prospect or new client divulge the necessary information in a relatively short period of time? Trust.

So while you are building trust by asking all the right open-ended questions with the prospect, they are assessing you to see if your answers address their fears.

The Three Hidden Fears of Clients are:

  1. Does the advisor really care about me?
    Interestingly enough, this has a lot to do with both trust and instincts.? As an advisor, if you are not innately a trusting person, that will come across unless you are behaviorally aware and can modify your style. Overlay that with the clients innate level of trust and depending on the conversation, you could have an uphill battle to win over the trust of the prospect.
  2. Am I good enough? Will the advisor think I am a failure or not making the right decisions?
    Prospects that are very goal and task driven will be acutely sensitive to this. But on the surface, they can come across as very decisive and successful individuals. Vulnerability and giving away control will come very slowly with this type of person.
  3. Does the advisor have enough experience both technically and with people like me?
    They can ask you about degrees and designations but they might be looking to speak with current clients. Prospects that are much more outgoing and relationship driven can seem to be only interested in the people side of the business, but dont be fooled. They can have an even blend and quickly turn to your technical competency.

Dont forget that while you are choosing the prospect to be a client, they are choosing you as well. You need a quick, well-crafted system to capture a clients personality from the first time they meet with you.

Its only when a client can get past their fears and share all their financial details, goals and dreams that you can create a financial plan and relationship that your clients will be committed to for life. As an advisor, awareness of these client fears will lead to better, trusting, and long-term relationships with your clients.

Three Hidden Fears to Address

5 Ways to Leverage Customer Touchpoints to Build Business

Vital Customer Touchpoints

  • How many customer touchpoints are there in your business?
  • Are your customers experiencing excellence and a feeling of engagement at every point?
  • Are industry leaders keen to read your publications and talk to you about your visionary approach to customer centricity?

If you cannot equivocally say you are at such a level ? read on…

A touchpoint is a customer contact point: an interaction, a moment of truth in various mediums. The term describes the interface of a product, service or brand with customers/users, non-customers, employees, and other stakeholders, before, during, and after a transaction.(Credit: http://en.wikipedia.org/wiki/Touchpoint)

To locate your customer interactions it is necessary to experience your own brand, product, or service. By walking in your customers shoes and listing touchpoints before, during, and after they buy your product or engage your service, you map their journey and reveal hot spots of ?both good and bad experiences. This information provides critical content to feed into your customer centricity strategy.

Consider your own approach to buying products or services.

  • What keeps you loyal? In answering this important question, break down your response into your experience of touchpoints.
  • When have you traded up the service or product provided because the company you dealt with knew how to deliver a service to you?
  • Did they know how best to communicate and engage with you?
  • Were you able to differentiate their offering to engage your custom and loyalty?

The answer to these questions will reveal your own personal touchpoint road map and demonstrate the work steps needed to reveal the interactions in your business.

So far, youve discovered the what. Heres the how:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Identify the most critical touchpoints and determine how they are impacting your product or service: This could include your website, sales, purchase, on-boarding, using your product or service, customer service, delivery, repair, renewals, etc.
  2. Understand your customers viewpoint: Clearly define the customers expectation at each interaction. Do you know want they want and what type of communication style will work best?
  3. Develop a road map for the future: How do you want each interaction to be and how will you get there?? Make sure everyone in your organization understands and speaks the same language in terms of your promises to your customer matching the follow-through of what is ultimately delivered
  4. Determine that each touchpoint is manned by someone who has the required behavioral, communication and engagement skills to interact with your customer
  5. Ensure ever touchpoint delivers:

 

    • A great customer experience
    • Customer loyalty which delivers repeat business
    • Referrals
    • Ambassadors to your business
Undertaking this exercise and developing a point of contact road map will reveal barriers to customer engagement and will provide strategic information for removing them.
As there are multiple touchpoints, each of which can impact your organization’s bottom line, this is the beginning of a new blog series on Customer Touchpoints.? Please follow us or register to get new blog alerts in this category. We encourage you to get interactive by leaving comments and feedback.

 

Protect Clients from Themselves

guiding clients behavioral finance

Your clients long-term financial goals may be out of sync with the risks theyre willing to take to reach them.

According to a recent survey by asset manager Natixis, while about 70% of investors they polled said that growing their assets is increasingly more important than protecting their principal investment, nearly 60% also said they were unwilling to take on more than minimal risk.

For financial advisors, this is both a challenge and an opportunity.? The challenge is being able to accurately assess a clients core natural risk propensity and tolerance and the opportunity is to educate the client on realistic expectations and strategies to reach their goals.

Where advisors often fall short is not identifying all of the risks associated with each client: investment, financial, and personality risks.? This is an important factor because clients under stress will operate based on their core natural behavior.

As clients get closer to retirement, they are under a lot of stress. Their worries regarding accumulation of enough money for retirement may push them into new, riskier investment decisions. Escalating long-term health care costs, market uncertainties, and the emotions associated with being in the withdrawal stage rather than accumulation phase will push a client to act according to their core natural behavior.? In many cases, this mix of stress and decisions based on clients reaction to that stress is not beneficial for the long-term success of the portfolio.

As a financial advisor, you need to manage your clients behavior and protect them from themselves.? This is an important step in client engagement and your successful practice because under stress, client risk behavior is less predictable without an objective tool. Some clients will want to jump at every opportunity, others will over-spend, and still others will want to take no action.

In many cases, couples behavior will be directly opposite one another. So, there is an added challenge for advisors to know each of the behavior of each individual in the pair to be able to address them in different ways.

How do you uncover these behavioral risks in your clients?? You need an objective, third party system so that your clients behavior under stress becomes predictable and is less of a guessing game. In combination with your experience and wisdom, discovering clients financial natural behavior will allow you to become a behaviorally smart advisor and enhance client satisfaction and financial profile.? Better to be a witness, than a judge, commented one financial advisor who uses Financial DNA as his primary tool in the client discovery

Top 3 Reasons for Understanding Customer Communication Styles

The landscape for businesses is becoming more fast-paced, high-tech and competitive with each year. Customers are expecting personalized offerings based on their interests, customized experiences based on their preferences and efficient service delivery on their terms. They want to resolve problems with a simple phone call… or by sending an email, or online chatting. Solutions should be available quickly and without the expense of much effort.

customer service experience, client engagementWhether it means expanding the social networking team to ensure every post on their Facebook page is responded to or taking a closer look at the User Experience to optimize navigation of their website, more and more businesses are putting processes in place to meet the increasingly high demands of customers. And theyre not only doing this to ensure business growth ? businesses are taking these steps to safeguard their survival. These businesses understand the importance of keeping customers happy. They know that serving the customer as the customer wants to be served produces a boost in brand appeal as well as the bottom line.

Reaching customers through the right channels and having a user friendly website may make it easier for the customer to connect with your business ? but how is your business doing once the customer actually connects; when interacting with the customer?

When the customer received a response to their support ticket did it make them feel relieved or stressed, and did the email campaign you just sent out provide just the right amount of information or discourage recipients with too much?

Unless you know the communication style of each customer you wont be able to answer these questions. Think about how technology can help you solve this problem by identifying the communication style of each customer and employee across the business to deliver an automated process for customizing the customer experience and increasing customer engagement.

The benefits of having this behavioral data about your customers are many, but here are some of my favorite reasons for understanding customer communication styles:

  1. Knowing the communication style of customers allows for automatic segmentation of your lead and contact base.
  2. One size fits all may work sometimes but custom-fit is preferred always.
  3. You can say goodbye to guesswork because workflow guidelines for each of the 4 communication styles have already been uncovered.

What are your top reasons for understanding customer communication styles?

To learn more about customer engagement with Communication DNA,?click here. Contact us to get started at?inquiries@dnabehavior.com

If you are a current Salesforce CRM customer,?Communication DNA is also available in the?Salesforce Appexchange.

Leon Morales ? Vice President, Relationship Management Solutions
Specializing in financial services and human capital solutions, Leon uses behavioral intelligence to help businesses navigate human differences to unlock performance potential. DNA Behavior helps grow behaviorally smart businesses worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms.