The Art of Active Listening in Financial Advising: Building Trust and Uncovering Client Goals Beyond the Numbers

The Art of Active Listening in Financial Advising: Building Trust and Uncovering Client Goals Beyond the Numbers

We’ve devoted a lot of space here to discussing the concept of “active listening.” Why? Because it’s essential for connecting with clients on a more meaningful level. Beyond merely listening, active listening is an immersive, empathetic approach that enables you to pick up unspoken cues, explore clients’ deeper motivation, and get to the crucial “why.” Active listening is critical to moving clients to take action.

Advisors who master active listening are able to transform the advisor-client relationship to understand and anticipate their client’s needs beyond the surface of financial data and gain insight into what truly matters to clients.

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How to Tell When a Prospect Is Ready to Become a Client

How to Tell When a Prospect is Ready to Become a Client

In their interactions with prospects, financial advisors reach a critical juncture when they must determine when or if a prospect is ready to become a client. If they make the wrong determination, it will likely result in a missed opportunity. Trying to close prospects before they are ready can push them away, while waiting too long can cause them to lose interest.

Wouldn’t it be nice if, when they are ready to buy, prospects would just pipe up and say, “I’d like to get started?” Unfortunately, it rarely happens that way. Your prospects are just as apprehensive about making a buying decision as you are asking them to buy. Most people need to be held by the hand and reassured that they’re making the right decision. Some may need a stronger nudge. But in almost every instance, financial advisors must know when the time is right and take the appropriate action.

If you bring a prospect far enough along in the process, it means you’ve probably done a lot of things right—built rapport, discovered their pain, explained your process and how you bring value, etc. Then it becomes a dance. Like that girl or boy you’ve been staring at across the dance floor, they will provide clues or buying signals when they’re ready to be asked. Here are a few such signals or clues.

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