/ by Don Connelly / Managing the Relationship / 0 comments
If you are to be chosen as someone’s Financial Advisor, you must pass three tests. The person must like you and think you are smart, but, most importantly, the person must trust you. There is no substitute for trust.
When mom and dad leave you after that first meeting, they do not talk about convexity or tactical asset allocation.
They ask themselves one question: “Do you trust him? Do you trust her?” If the answer is ‘no’ or ‘not really’, you stand no chance of getting those folks as clients. There are too many other Advisors they can turn to.
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In this category you will find blog posts about clients relationship management – including but not limited to establishing trust, building a relationship, ending an advisor-client relationship, and more.
Make Sure You Are Not Just Moving, but Moving in The Right Direction
/ by Don Connelly / Managing the Relationship, What's New / 0 comments
Brian Church, business consultant and author, was our special guest on the recent April 30, 2014 Webinar. Participants from around the globe watched and listened as Brian put forth his ideas on how Financial Advisors can and must keep their businesses, their ideas and their client relationships moving in the right direction.
We must focus on LIFT, Brian’s term for growth; bettering our delivery, making the best use of our time, and growing our revenue through thick and thin. As fees continue to get compressed, we must increase the value of what we offer to the public.
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Inflection Points – The Science of Relational Milestones
/ by Brian Church / Managing the Relationship, What's New / 0 comments
I have had the pleasure of working with Financial Advisers for a number of years and I don’t think it is a secret that the strength of an adviser’s practice is measured in the quality and quite often, the profitability of his or her relationships.
No matter the endeavor, we are always in the pursuit of gaining Trust, Value and Momentum for our Relationships. There is certainly an Art and Science to creating Relational Momentum and today, we will take a look at the Science through Relational Milestones, or as I like to call them, Inflection Points!
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Sociability Is the Skill of Interacting Well with Others
/ by Don Connelly / Managing the Relationship / 2 comments
The definition of sociability sounds mild: the quality or state of being sociable. The significance of sociability is anything but.
Sociability spawns likeability and likeability cannot be overstated in a business based on strong relationships.
People do business with people they like. An Advisor who does not have good social skills is probably not going to be likeable; and Advisors who are not likeable don’t last too long. They just don’t interact well.
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Your Clients Look to You for Leadership
/ by Don Connelly / Managing the Relationship / 0 comments
The more uncertain the times, the more certainty clients want from you. They want you and they expect you to guide them to their goals. Like it or not, you are depended upon for your leadership skills. This may be unfair to you.
You weren’t taught leadership in training.
Nonetheless, the role has been thrust upon you.
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Without Integrity, There Is No Credibility
/ by Don Connelly / Managing the Relationship / 0 comments
If you are to be chosen as someone’s Financial Advisor, you must pass three tests. The person must like you and think you are smart, but, most importantly, the person must trust you. There is no substitute for trust.
When mom and dad leave you after that first meeting, they do not talk about convexity or tactical asset allocation.
They ask themselves one question: “Do you trust him? Do you trust her?” If the answer is ‘no’ or ‘not really’, you stand no chance of getting those folks as clients. There are too many other Advisors they can turn to.
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Care More than People Expect You to Care
/ by Don Connelly / Managing the Relationship / 0 comments
When people get poor service, they are not the least bit surprised.
People no longer expect good service except in the very finest of establishments, places where they willingly pay a lot in exchange for that good service. Mediocrity is the new standard.
That opens an enormous door for you. Once people get used to mediocrity, anything above mediocrity stands out.
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Are You a Professional Listener?
/ by Don Connelly / Managing the Relationship / 0 comments
Most people never listen, period. That includes my doctor, my handyman and the last car salesman I visited. I can only hope that air traffic controllers listen.
Why is listening so difficult? Why is listening so important? Do people who listen do better than people who don’t listen? Can you become a great listener?
All are rhetorical questions and all are worth exploring.
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Two Questions to Add to Your Repertoire
/ by Don Connelly / Managing the Relationship / 0 comments
Effective communication is all about asking the right questions. I want to suggest two questions to ask your clients, two questions you might not be currently asking. It’s very important that you know what you are doing right, so that you can do more of it. Explain to your clients, new and old, that you are not on an ego trip but…
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Asking for a Commitment
/ by Don Connelly / Managing the Relationship / 0 comments
Mechanically, asking for a commitment is rather rudimentary. Why, then is asking such a difficult thing to do?
The inability to properly ask is perhaps the number one reason for failure in the Financial Services industry.
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Teach Your Clients to Focus on the Destination, Not the Journey
/ by Don Connelly / Managing the Relationship / 0 comments
As an Advisor, you are perpetually caught in a paradox. You want your clients to focus down the road on the outcome, while you, in fact, can’t do that. You are bound to focus on the process of investing; because the process is all you can control. You certainly can’t control outcomes.
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