The New Rules of Client Engagement'

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The New Rules of Client Engagement. Sue
Viskovic Managing Director, Elixir Consulting.
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What makes an excellent adviser?

• Communication skills
• Technical competence
• Empathy
• Ethics/Integrity
• Ability to put clients at ease
• Trustworthy
• Good listener
• Able to ask the right questions
• Good educator
• Good learner
• Confidence

• Well presented
• Sense of community
• Good with numbers
• Accountable
• Follow-up
• Eye for detail/accuracy
• Ability to see the big picture
• Objectivity
• Articulate
• Thorough knowledge of legislation, tax etc

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Adviser Education

• Diploma in Financial Services
• Advanced Diploma in Financial Services
• Certified Financial Planner
• FPA 2009 CPD Policy

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Performance and Attributes Dimension
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Old School

• ABC of selling - Always Be Closing
• Find the Hot Button
• Make sure your seat is higher than the clients
• Ask three questions before your Closing question
  that you know the client will answer Yes to

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Strong relationships better client disclosure
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High Net Worth Clients?

• Greater revenue from each client better service
  and even deeper relationship
• Often inter-generational relationships
• More referrals
• Less time spent marketing
• More enjoyable

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How to develop strong relationships???

• TRUST

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Credit Suisse Survey
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Benefits of Trust-based relationships

• Initially
• to provide you with the information you need to
  prepare great advice
• Ultimately
• They will implement your strategies
• Their financial position should improve
• They will sleep better at night

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Trust Based Selling Author Charles H Green

• .."it is possible for selling to be a genuinely
  value-adding, beneficial process for buyer and
  seller alike. But to work, we sellers have to
  care - honestly and deeply - about our
  client...if our primary objective is just to make
  lots of money it will not work.
• Fake it til you make it will not work.
• Clients won't allow you to offer solutions until
  they feel you've understood their situation
• You need to earn the right to offer solutions

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Prerequisite Values
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Traits of the Trusted Adviser

• The Trusted Advisor lists 21 Traits listed by
  clients, including
• Seem to understand us, effortlessly, and like us
• Are consistent (we can depend on them)
• Help us think things through (its our decision)
• Dont pull their punches (we can rely on them to
  tell the truth)
• Criticise and correct us gently, lovingly
• Make us feel comfortable and casual personally
  (but they take our issues seriously)
• Authors David H. Maister, Charles H. Green and
  Robert M. Galford

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Rules for trust-based Relationships

• If you don't know something say so!
• Don't ever lie. Never, ever, ever!
• Clarify, qualify and quantify your clients
  wishes.
• Demonstrate respect.
• Confront reality.

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Rules for trust-based Relationships cont

• Always, without fail, give your client the best
  advice.
• Always be up front and clear about costs and
  fees.
• If something goes wrong, dont try to cover it
  up.
• ALWAYS do what you say you will for your client.
• Dont under promise and over deliver.

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The Paradox of Communication

• Sometimes the most direct route is not the
  fastest.
• Take clients on a journey to understand complex
  information.
• Clients dont always hear what you say.

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Listening Skills

• The client has the talking stick! Forget about
  what you have learnt about building rapport.
• Be there for the whole meeting dont zone out!
• Never ever ever finish a clients sentences!
• Be curious. About everything. All the time.
• Don't assume anything...delve further
• Dont paraphrase

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Questioning Skills

• Have the conversations that matter
• Open ended questions - 3 of the best
• How do you feel about that?
• Help me understand why/how.
• Please tell me more

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Developing Trust with a new client

• Needs
• Super solution when retiring
• A way to reduce tax
• Funding for private school
• Wants
• peace of mind
• security
• Most people present their solutions based on
  needs...but connecting on the basis of wants is
  much more powerful

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Survey of 2,514 people

• 91 who bought on the basis of needs said they
  would "certainly" consider buying from another
  provider.
• 99 of those who bought on the basis of wants
  said they would "absolutely not" consider buying
  elsewhere
• you do not even have to deliver on their
  wants...clients don't expect you to perform
  miracles - it's enough that you understand them
  and appreciate them for who they are
• Source Youre Working Too Hard to Make the
  Sale, Bill Brooks and Tom Travesano

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Survey of 2,514 people cont

• Findings based on highly emotional, non-rational
  aspect of trust
• Buying decision rests on buyers sense that the
  seller actually cares.

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Two step Buying Process

• Step One Screening Process
• Rational and linear
• Step Two Selection Process
• Qualitative
• Do you understand me?
• No longer interested in hearing dry, statistical
  information even if they say otherwise!

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New Client Process

• Design your interview and new client processes to
  build a relationship and maximise trust.

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Developing Trust with a new client

• Understand them
• what drives them
• what motivates them
• what excites them
• what frightens them
• what's important to them in life
• Understand their family

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First Appointment

• How does a new client feel when booking their
  first appointment?
• Nervous, unsure
• Scared
• Embarrassed
• Excited
• Cynical, suspicious

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Positioning the First Appointment

• What can we do to allay their fears?
• How could you improve on what you currently do?

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First Appointment

• First meeting
• Ask questions then stop talking!
• Client should be talking 80 of the meeting
• Gather Quantitative and Qualitative data on the
  client
• Summarise issues you can solve
• Be clear about costs and fees
• Determine where to from here?

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Role Plays the rules

• Stay in character
• Constructive
• Be honest in your critique
• Dont defend

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First Appointment

• Ideally what do you want to get across to a new
  client?

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New Client Process
First Contact
Welcome pack is sent
First Meeting
Strategy planning process
Strategy Meeting
Adjust strategy (if necessary) Prepare post SOA
Implementation Meeting
Implementation process
Review Process begins
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www.elixirconsulting.com.au sue_at_elixirconsulting.
com.au