Note: During months of extensive research into what makes an advisor succeed, we're discovering several significant facts and some fundamental conclusions about – about your business. In the end, your business is only as successful as your people skills. That's what this article is all about – people.
Why do it? Why spend time learning warm and fuzzy techniques? What could possibly gain when you improve your relationship-building skills? In numbers, what's the pay off in bottom-line terms? Look at this: One of our clients decided to change companies. His out-going manager predicted that very few of his clients would make the change with him. Wrong. Our client moved 97% of his clients, and he credits his relationships as the determining factor. Most of those people are paying fees.
- FACT: Your financial practice is a relationship business.
- FACT: Your business will thrive or wilt, depending on your ability to build stronger relationships.
- FACT: People like people who like them.
- FACT: You cannot build trust with someone who does not like you.
CONCLUSION: If you want to thrive in the financial industry, you must learn how to do three things:
- Attract people you want to work with
- Read people to learn how to connect with them
- Make a meaningful and relevant connection with them
The research categorically proves that all A-level business takes place within a relationship. It should be obvious that relationships don't take root until you can quickly and effectively read people and build rapport with them – on purpose. Your business is all about people. (That's why we chose that name for our firm.)
Let's look at how this relates to you.
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The Problems
American investors are frightened. Those could be your clients, but they are certainly your prospects. They don't know who to trust and for good reason. They're confused; and, can you blame them?
They read headlines accusing our financial institutions of fraud. They read reports accusing advisors of deceit. See corporate executives taken away in handcuffs. To them, all business is tainted.
Logically, they project those problems on you. That is simply how the human mind woks. And, it will hurt you – unless you take action to protect yourself. Until then, everything you do or say that is not communicated clearly to the other person adds to the wall of mistrust and confusion between you two. In other words, you're stepping up to the plate with two strikes and a broken bat. Want to improve your chances?
To break through that wall of mistrust, advisors need better relationship building skills, better communication skills, better people-reading skills, and better credibility. However, more often than not, you are given little or no help from broker-dealers, home offices and vendors.
One of the top advisors for a high-profile financial firm told me that he and his colleagues are worried about staying in business when their broker dealer is under investigation. Even if you're an independent, that affects you, because the sins of one are visited on all. In other words, every time you miscommunicate with a client or prospect, you invite mistrust. Every time you use a standard presentation, you invite mistrust.
In our economic environment, people are quick to doubt and mistrust you – if you don't have appropriate and effective ways to break through that wall. And, the key to dismantling the wall is people skills.
The sad fact is, you are taught about products, not about people. Our industry's professional organizations focus on deeper and deeper levels of product knowledge. But, since this business is all about people?ince it is a people-sensitive, relationship-focused industry, you have a problem that runs deep and wide. You have a people problem, and until you take steps to improve your abilities to read people and communicate with them effectively, the problem grows.
After coaching professionals in writing and public speaking for many years, I can give you some inside information about how the problem:
- Just because you can read and write English, in no way does that mean
- you can actually communicate purposefully and effectively.
- Just because you can talk, in no way does that mean you are equipped to deliver effective presentations that connect with people.
- Just because you can get along with some people, in no way does that mean you can get along with most people.
The truth is, most people get along well with only 25% of the people they meet. Until you learn how to read people and adjust your communication style to meet theirs, you limit the level of your success by as much as 75%.
How can you break through that wall?
The Solutions
Chances are, your business will improve when you gain better relationship-building skills. What are they? Advisors need to learn how to do the three things that are the most vital to your business: 1) Attract more A-level clients by initiating a full-tilt Magnetic Marketing program; 2) Read people quickly and accurately. History proves this time and time again – the people who can read people become more successful. 3) Connect with them in a meaningful and relevant way. This includes seminars and face-to-face presentations.
The Payoff
If you relate to the Problems and see the value in the Solutions, the Payoff for you can be outstanding! Better people skills lead to better business, which leads to a more fulfilled life and less stress, which leads to less disease.
Just think, if you simply learn better people skills, it could literally save your life. When you gain increased abilities to attract and inspire people, your business will improve – and so will your family and community. All because you jumped at the chance to take action and improve.
Let's look at each element of this Client-focus Strategy:
1. ATTRACT
You can't attract A-level clients until you don't know who they are. And, you can't know who they are until you learn how they think. So, you need to learn how "read" people. Then, once you "read" your current A-level clients, you can create a profile of the people you most want to work with. Once you have the profile, you need to use it in specific marketing programs that lure those people like bears to honey. We call it "Magnetic Marketing."
Uh-Oh! Magnetic Marketing relies on psychology and a high level of proficiency working with psychological language patterns. What does that mean? Very few (if any) advertising and marketing writers possess this level of training or expertise in psychology. The flip side of this is that very few psychologists or counselors possess the writing and design skills required to produce these marketing programs. "Who ya gonna call?"
Magnetic Marketing makes you irresistible to your specific chosen target market because it does not talk about products, and it uses the target market's psychological language patterns. If either of those elements is weakened or missing, the marketing is no longer magnetic. The farther away marketing gets from magnetic, the more it attracts C-level clients – people who focus on ROI and investment performance.
2. READ
Your success at causing someone to like you in a business situation is usually dependent on how quickly and accurately you can "read" that person. When you can determine primary personality types, core values and communication style in about five seconds, you have a distinct advantage. Knowing those things allows you to engage in a conversation that the other person will find compelling, and he'll find you fascinating – magnetic! When you can lure the other person, you maintain control of the relationship.
Here's an example of how this works.
One of our clients (Chuck Hansen) works with seniors and boomers in Illinois. Chuck's main business model is seminars. He averaged twenty-five appointments at each seminar. Then, after we taught Chuck how to read the people at his seminars, and use that to connect with them in a meaningful and relevant way, he immediately doubled his appointments. And, because he began building the relationships so early, his appointments produced twice as much new business. How much success can you handle?
3. CONNECT
Chuck could see just how much this is a relationship business. It's simple – the better your relationships, the better your business. Your relationships are based on your ability to Read people and build purposeful Rapport with them on multiple levels. When you know who is in front of you, it is easy to deliver presentations in a way that connects with that person's (or audience's) emotions. In the end, you will establish a strong Emotional Connection with your A-level prospects – who are then inspired to become A-level clients!
Here's a real-life example
Steve Neff is a principal with ICM Asset Management. When he first called us, he simply wanted us to help him with a presentation. In about five minutes, we explained to him how to use some simple psychology to improve the connection power of his time on stage. Steve reported back that his presentation was the most successful he'd ever given. Perhaps the most intriguing aspect of it was that Steve didn't talk about his firm, and he was mobbed at the end by the exact kind of advisors he wants to work with. They wanted to know more about this fascinating person and how he can help them.
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