As financial professionals, one of our responsibilities is to “inflate the balloon of urgency” – motivate clients to make critical decisions that lead to their prosperity and do it ASAP! However, this metaphor can go wrong in two ways – either urgency’s not inflated enough, or it’s inflated so much that it pops the balloon into shreds. In the client’s best interest, the result is the same – we didn’t motivate them enough to take action, or we pushed so hard that they walked away. Therefore, I would like to share some practical strategies to help inspire your clients without being too pushy or “sales-y.”
1. Don’t push – lead!
Over the course of a year, I’ve invested hundreds of hours engaging with advisors in conversations, and the most successful offices have this in common: they don’t push a client to a solution, they lead them there. The goal is to help the client discover those gaps in their plan themselves without accusing them of making bad decisions (even if they made some). A framework that’s been effective across the board is the “Wrong vs. Incomplete” language:
“Mr./Mrs. Client, I really cannot say you’re doing anything wrong with your finances. But based on what you have told me is important to you going forward, there are some areas that I feel could be incomplete. It is entirely possible your plans and goals have changed since you put this plan in place. I’ll put some suggestions together, we’ll talk through them and see if you agree they help complete your plan.”
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This language promotes a motivation to act that is intrinsic, not from an external source. As humans, we generally favor ideas we came up with ourselves over one forced upon us – even if someone helped us get there. Be that financial guide in their life, not a financial dictator. (Our marketing toolkits are a great way to lead clients in a desired direction.)
2. Channel your Inner Attorney
Hear me out on this one! When a witness is on the stand in a court of law, the lawyer speaking to him does not have the liberty of making statements – they almost exclusively ask questions about the facts of the case. In the same way, I encourage you to avoid declarative sentences and stick to a more inquisitive approach.
Like a good lawyer, don’t just stop at the numerical facts – integrate new discoveries into their story. Ask questions like, “How does that make you feel?” “Does that number surprise you?” and “Did you think this was possible before we met?” to gain a deeper understanding and move the conversation in the right direction. The more you understand the client, the more easily you can demonstrate your capacity to help them succeed and build their trust in you to execute their vision.
3. Okay…maybe a little pushy…
Two things are true as a financial professional – you want to help your clients achieve their financial goals, and you run a business. So sometimes, no matter how much finesse you employ, you need to ask them to take action more directly. That’s certainly nothing to apologize for, the right approach makes all the difference. Consider using the “Action vs. Inaction” language:
“Mr./Mrs. Client, when you leave today, you’ll be making 1 of 2 decisions. You can make the decision of inaction because you’re comfortable with your strategy and nothing we discussed has brought up any concerns, or you could make the decision of action because there ARE some concerns you want to address and you want to make some changes to your plan. What do you feel is the right decision today?”
As you can see, I didn’t mention anything about “buying X product” or going with “Strategy Y.” The decision-making becomes more about their concerns being addressed than the financial instruments being used. It may lead the client to say, “Well actually, it’s because of (insert reason here),” which communicates an increase in trust as they reveal more information that could help you more intimately speak to their concerns.
At the end of the day, clients aren’t just choosing a financial plan – they’re choosing YOU to be the caretaker of one of the most personal, important parts of their lives. If you diligently lead the client towards solutions and ask good questions that get to the heart of their objectives, I’m confident the client will be excited about your proposal, excited about their financial future, and most importantly excited to have you as their trusted advisor.
