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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Investors Eat the Behavior of Advisors

When discussing financial planning issues, there is so much talk about investor behavior. However, rarely does the discussion get to the advisors behavior. Our recent whitepaper: Dealing with Financial Planning Risk ? Directing Portfolio Decisions or Navigating Human Behavior opens up the discussion on the importance of advisor behavior as the advisor is the behavioral guide of the client.

Have you ever considered how much the advisors behavior impacts the investor’s performance? The reality is that advisors are human as well. They have strengths and struggles which impact their decision-making and how they respond to the financial markets. Even more important is that advisors need to realize that their behavioral style could be different to that of the clients, and therefore they have to be aware of what this means. ?You can also learn more by visiting the following blog by Samantha Allen:?

Research shows that some advisors themselves have a myopic loss aversion resulting in extreme caution. Then there are other advisors who have extreme over confidence and can be blinded about the potential dangers of the strategy they have recommended. There are also advisors who just get stuck in their own strategy because that is what they know and believe in but do not know how or when to adjust. Ultimately, the problem can become that the clients portfolio starts looking like the advisor.

Our experience has also been that if the advisor has high levels of personal awareness then they have a greater chance of managing the influence of their behavior on the clients portfolio. This ability is increased if the advisor uses an objective behavioral discovery process for themselves and the client. This will help the advisor more clearly and confidently navigate the differences.

If you take the graphic below which compares the behavioral style of Chris Coddington? as the advisor and Helen Jones as the client you can see the differences that have to be navigated.

Financial DNA Comparison Report

Chris is a driven pioneer and risk taker who will be focused on performance. But will he push Helen too far out of her Content lifestyle zone? Will Helen be able to control herself when she hears new ideas at the dinner party?

To learn about your style, complete your Financial DNA assessment and then start seeing how different you are to clients. Please visit

If you would like to access the whitepaper: Dealing with Financial Planning Risk? – Directing Portfolio Decisions or Navigating Human Behavior“, click here.