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Is it Time to Change the Sales Approach?

5 thoughts on how this can be achieved.

What does it mean to sell? The dictionary defines it thus:

To persuade someone to accept, convince someone of the merits of, talk someone into, bring someone round to, win someone over to, get acceptance for, win approval for, get support for, get across.

This definition begs the question ? how do you know the best way to convince, persuade, talk someone into etc. if you dont know in advance of the first meeting their preferred communication style?

In his article for Top Sales World, B2B Sales:Empowered Customers Require, Bob Apollo of Inflexion-Point writes:

Challenge or opportunity?

DNA Behavior, Behavioral Marketing, Sales BehaviorIf youre responsible for a B2B sales and marketing organization, you can look at this situation as either a challenge or an opportunity. But one thing is certain: todays empowered customers need and expect to deal with empowered sales people.

 

Simply telling the prospect what they could have – and probably already have – learned over the web adds nothing to the discussion. So its little wonder that Forrester found that B2B customers regarded 7 out of 8 discussions with sales people as having no useful value.

 

Many of the old-school sales people who regarded empowered customers as a threat have probably been flushed out of the system, and those that remain are unlikely to have rosy career prospects.

What does an understanding of communication and behavioral style offer in terms of increasing the power to sell?

  1. It enables you to uncover the customers requirement far more quickly and successfully if you are able to mirror their communication style and engage with them
  2. You will use the time you have with the customer more efficiently if you understand how they wish to be communicated with
  3. You will be on the same page as your customers when having conversations? Research shows that sales and service teams will only naturally engage 40% of customers. Understanding communication and behavioral styles will close the “Relationship Gap” with the other 60%?
  4. It will allow you to effectively communicate the impact of your solution or offering to the customer in a way that engages them into the process.
  5. It empowers you to deliver a behaviorally smart approach to engaging with your customers and will differentiate you from the majority of your competition.

Takeaways

You will eliminate time wasting road blocks in the selling process and likely have not only a higher success rate but also customers who continue to do business with you in the long term AND refer you on.


 

 

 

 

 

 

 

Carol Pocklington is a Human Behavior Solutions Analyst at DNA Behavior, assisting with the research and development of behavioral products. DNA Behavior helps grow behaviorally smart businesses and financial advisors worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms. Solutions are delivered in the areas of client experience management, financial personality management and human capital management.

Visit the Financial DNA website to learn more.

The ‘Prize in Knowing Your Clients Better Than They Know Themselves

4 Thoughts to Consider

A recent visit to my bank manager highlighted the need for me to open an account with a higher % interest rate. Just one catch (as far as I could see) I couldnt access these funds via an ATM; however if I needed to transfer money from the new account to my account attached to the ATM I could do so by downloading an App onto my cell. As explained to me, I would then be able to use this App to transfer funds from one account to another even while standing in line at the ATM.

building relationships, customized experience, knowing your clients, behavioral finance, personality assessmentI was somewhat skeptical to say the least and visualized lines behind me at the ATM becoming frustrated as I tried to move funds from my high interest account to my ATM account. But in reality it took no time at all; nobody was held up in a line; I transferred funds from one account to another using my cell, withdrew my cash and went on my way.

The moral of this story for financial advisers – know your clients better than they know themselves.

Bree McDonough as part of the FSC Deloitte Future Leaders Program writes in the following article titled The Digital Revolution of Wealth Management:

Evident from changes in legislation, technology and customer expectations the traditional wealth management model is not sustainable to service today and tomorrows connected customers. The Australian wealth management industry is urged to invest in building their digital intelligence and implementing a connect customer centric business model. It is recommended that the industry implements the strategic enablers explored in this paper to increase digital intelligence and re–engineer their businesses around todays connected customer:

  1. Know your customers better than they know themselves
  2. Redefine service and value
  3. Plan for the future and remove barriers.

 

By implementing these strategic enablers, the wealth management industry can leverage the digital revolution to build sustainable and valuable relationships, build trust and a deeper customer understanding. Successful businesses will counter disruption by constantly evaluating their business model and position themselves with a strategic advantage. The longer the industry waits to leverage the digital revolution the more difficult the challenge will become, and the more ground they risk ceding to competitors.

 

This article raises an important issue around the need for advisers to understand their clients behaviors and how best to engage with them in a way that they are open to new ideas around managing their finances. It also presents a wider issue for consideration raised by the current digital revolution and the need for the industry to plan for meeting this challenge.

My bank manager knows I am risk averse, time poor, reasonably IT savvy but transferring funds as described while standing in a line seemed to me a step too far. Not so as it transpired.? I took this step because I trust my adviser.

So what are the takeaways for advisers from this scenario?

  1. There is power in getting to know your clients better than they know themselves
  2. Becoming a behaviorally smart adviser will enable you to get below the surface to the real issues much quicker
  3. By building a framework to communicate with clients on their terms you will increase engagement
  4. You will be able to customize the financial planning process for each client

Make it a priority to develop deeper relationships with clients to build trust. Doing so will set the stage for introducing the kinds of change needed in the financial industry to continue to win clients and stay ahead of the competition.


 

 

 

 

 

 

Carol Pocklington is a Human Behavior Solutions Analyst at DNA Behavior, assisting with the research and development of behavioral products. DNA Behavior helps grow behaviorally smart businesses and financial advisors worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms. Solutions are delivered in the areas of client experience management, financial personality management and human capital management.

Visit the Financial DNA website to learn more.

Are Your Communications Connecting and Engaging?

In a single day there is so much vying for your clients attention: work, family and the never-ending to-do lists. As an advisor, you are in constant competition merely for the chance to connect and develop your relationship.

Connecting with your client is critically important to the continued long-term success of your relationship.? The strength and staying power is directly correlated to how well you engage your clients.

Heres a snapshot of your current client marketing/engagement plan:

  • Annual Meetings
  • Newsletters
  • Client Events

Now how can you turn that into a behaviorally smart plan?

  1. Uncover the behavioral style of your client
  2. Tailor your newsletters to the 2 communication styles that most reflect your client base
  3. Create a unique experience at the clients annual meeting
  4. Design and market your events to the different styles

Lets see how each of these steps would work in your practice.

Step 1: Use an objective system to discover the unique behavioral style of your client.? Lets use Lifestyle as the primary client style for purposes of illustration. This type of individual likes open conversation, fun, big picture overviews with minimal details.

Step 2: Your newsletter should have pictures of people, bullet points, and not a lot of details (or you can link to details).? Be sure to use examples and stories that illustrate your main points.

Step 3: At your annual meeting, allow more time for Lifestyle clients than you normally would for other styles. ?Ask them an engaging question about their life and let them talk. Be sure your office is very comfortable and that the Lifestyle client feels you have done something special for them. You and your staff should smile and have an upbeat attitude.? Even in challenging situations, try to find the positive.

Step 4: If you are conducting educational events and want the Lifestyle client to be engaged, consider holding the event at a fun, new restaurant or coffee shop.? In your invitation, you will need to emphasize the opportunity not just to learn but to meet new people.

Get more hits than misses by targeting your marketing message to the behavioral style of your clients.? The results for your efforts will be higher client retention rates and increased referrals.



Peggy Mengel ? Vice President, Human Behavior Solutions Advisor at DNA Behavior

Specializing in financial services, Peggy uses behavioral intelligence to help businesses navigate human differences to unlock performance potential. DNA Behavior helps grow behaviorally smart businesses and financial advisors worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms.

Visit the Financial DNA website to learn more about building client engagement in the financial planning process.

DNA Behavior and FA today Announce Strategic Media Partnership

Connect with DNA Behavior on FAtoday.com


At DNA Behavior we are always looking for new ways to bring you quality content thats relevant to your practice.

Thats why we are proud to announce our partnership with FA today, a revolutionary media delivery and content platform that is exclusively for independent financial advisors.

FA today uses profiling technology and your CRD information to deliver content that is custom-tailored to how you operate your practice. And since FA today is a community of only IFAs, its a great place to share DNA Behavior content, best practices and ideas with other IFAs.

With FA today you can:

  • Connect ? Collaborate with your community of top IFAs
  • Learn ??? Receive news, content and resources custom-tailored for your practice
  • Empower ? Elevate your practice with collaborative input from successful peers

Best of all, FA today is absolutely free. To experience the DNA Behavior community and engage with other IFAs, CLICK HERE and join FA today now.


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Listening More Will Bring Enhanced Client Engagement

How are you navigating the different behavioral styles and emotions of your clients? Are you sticking to the same script for every client?? Are you distracted by the need to meet KPIs and sell services? Are you really listening to your clients and managing their different behaviors when you interact with them?

Like everyone in business financial advisors are looking for their formula for how great success can be achieved ? what Malcolm Gladwell called the Tipping Point.

For advisors under pressure to perform, focusing on truly listening and engaging more deeply with prospects and clients may well not be the priority strategy because it is considered soft. However, in reality, performance will not occur until you know how to understand the needs of each client and then communicate with them on their terms. Achieving advisory success requires you to firstly become behaviorally smart.

In a recent article in IFA by Annick Donat titled Suspend Your Point of View she writes:
But have you ever considered the frame of mind from where you’re listening from? Id never really focused
on it before and quite frankly, there are times when Im just not in the right frame of mind to do any justice to
the person Im supposed to be listening to. Effective listening depends upon the attitude you’re in at the time.

Becoming a behaviorally smart advisor to engage clients is a process. It begins by knowing and understanding your own behavioral style and then being able to apply that insight into building genuine client relationships. Is this easy? The natural behavioral style of most sales oriented sales people is to direct discussions based on their agenda and not to listen. Therefore, listening needs to become a learned behavior which is heavily focused on.

Ultimately, if you want to engage clients more deeply, start by learning to empathetically listen to them. This involves moving beyond active listing to making the client feel that you have listened. Once you know how to actively listen then it requires adapting your communication and presenting customized solutions.



Carol Pocklington is a Human Behavior Solutions Analyst at DNA Behavior, assisting with the research and development of behavioral products. DNA Behavior helps grow behaviorally smart businesses and financial advisors worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms. Solutions are delivered in the areas of client experience management, financial personality management and human capital management.

Visit the Financial DNA website to learn more about building client engagement in the financial planning process.

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Advisors Should Practice What They Preach To Engage Clients

How much do you know about your financial advisor? How well are they managing their own life plans? Could the phrase do as I say not as I do apply to the way they conduct their financial dealings with you?advisory practice, client engagement, practice management

Trust is the key to any relationship where one party seeks to obtain advice from another. I wonder how many of us would take critical medical advice from a doctor only to discover the doctor is overweight and a smoker. How many would hand their expensive car over to be serviced only to find the mechanic drives a broken down wreck in need of attention? Why then do we receive, act upon, and rely on advice provided by a financial advisor who applies none of their advice to their own lives.

How much more would we connect with an advisor if they were behaviorally smart and understood the power of showcasing their own approach to managing their finances. Open discussions with clients should include genuine sharing by the advisor even before asking questions of the client. It doesnt need to be a lengthy monologue, but it does need to be genuine.

John Napolitano ends his article 4 Ways Advisors Should Take Their Own Advice published in Financial Planning Magazine like this:

For advisors, the stakes otherwise are too high -- for themselves, their businesses and their clients.

Financial advisors and professionals need to understand the importance to their businesses and the power that exists in understanding how to “Know, Engage and Grow” their clients to provide customized lifelong financial planning experiences that enhance relationships, build a Quality Life and navigate all dimensions of financial personality risks and biases. And this can be greatly enhanced by advisors beginning the engagement process with their clients through demonstrating their own wealth planning achievements.



Carol Pocklington is a Human Behavior Solutions Analyst at DNA Behavior, assisting with the research and development of behavioral products. DNA Behavior helps grow behaviorally smart businesses and financial advisors worldwide to increase competitive advantage using the most reliable behavioral discovery and performance development systems on cutting-edge technology platforms. Solutions are delivered in the areas of client experience management, financial personality management and human capital management.

Visit the Financial DNA website to learn more about building client engagement in the financial planning process.