Do's and Don'ts for Enhancing Your Value as an Advisor
In a recent episode of Kestra Out Loud, hosts Maria Bethel and I had the honor of speaking with best-selling author Geoff Colvin.
Since graduating from Harvard University, Geoff has interviewed presidents, dignitaries, and royalties. His world-renowned thoughts on business and leadership reach seven million listeners each week on CBS Radio. Geoff also spends his time serving as an international keynote speaker, panel moderator, and Senior Editor at Large for Fortune Magazine.
Throughout his over 40-year career, Geoff has witnessed the role of the financial advisor evolve and adapt to various challenges including the dot-com bubble and the financial crisis. Advisors now more than ever must do what technology can’t - address the emotional side of investing.
Based on a list of questions submitted by Kestra Financial-associated advisors, Geoff shared a few best practices to help advisors optimize their value in today’s marketplace:
- DO NOT tell your client to calm down. A client’s financial situation is highly emotional and telling them to relax or diminishing their fears only heightens their worries.
- DO exude a sense of calmness and reassurance. Instill confidence in clients by sharing personal anecdotes about your previous experiences. Humanizing your expertise will ground them more than facts and figures.
- DO NOT say that you understand. Each client is unique, and it’s impossible to fully know their situation.
- DO ask questions and actively listen. Create a space for clients to share their concerns. More importantly, wait until the client is finished speaking to begin formulating your response.
- DO NOT neglect millennial clients. While robo advisors can attract millennials, they cannot replace authentic human connection. With concerns about the longevity of Social Security and the fundamental differences in how millennials choose to spend or save their money, they will need more retirement planning support than previous generations.
- DO encourage clients to research as much as possible. Well-informed clients have better questions which expand the possibilities for your work together.
- DO embrace technology. Use all available tools to gather data, then show the client how you creatively apply your insight to develop ideas they never imagined.
By keeping these tips in mind, advisors can hone their ‘human connection’ skills to make an impact on their clients’ lives. And, that is one of the core reasons why the role of the financial advisor is more important ever.
To listen to our full podcast interview with Geoff, visit iTunes or YouTube.