5 tips for effective communication with clients
Effective communication skills are critical for success for IFAs.
Nishant Patnaik
While communication skills are essential for success in all professions and walks of life, it can make a big difference to the career of an advisor. So, here are some tips that help you get better at it.
Listen more: A common but erroneous belief about communication is that a good communicator is the one who talks well and talks more. But the first step to becoming a better communicator is to be a better listener.
This is simple but effective. A client’s investment has everything to do with what they need and not what you want to sell them. For this reason, it is important that you listen carefully to the details they provide. Your clients may want to talk about investments, or they may not. Try to have well-rounded discussions and be open to client cues about what topics are most important to them. Also, while listening, make sure you take down notes. That way you can register your client’s needs in your own words for better understanding.
Pay attention to body language: Every conversations starts with eye contact. Whether speaking or listening, look into the eyes of the person with whom you are conversing.
Secondly, talk slowly so that your clients understand the conversation. People will perceive that you are nervous and unsure about your conversation if you talk fast. Also, to ensure better flow, identify the a few talking points say two or three key points you want to convey prior to the meeting. Your points should cover common ground between your agenda and client interest.
Finally, try to mirror the body language – the posture, gestures of your client. There is psychological evidence that suggests that people connect better with those who have similar body language.
Prepare well for every meeting and presentation: Anticipate the flow of your conversation and prepare yourself accordingly. Recall the key highlights of your last meeting with the client and ensure that all issues have been dealt with. If any issues are still pending, ensure that you offer a solution or deadline to the client to resolve it. Do carry all the relevant material – forms, presentations, brochures etc. that you will need for the meeting.
Handle objections deftly: Instead of getting unsettled when the clients raises an objection, view objections as an opportunity to address client concerns. Handling client objections deftly requires you to do the following:
Focus on the objection and do not view it as implicit criticism from the client
Try to understand the underlying concern of the client. For example, if a client is talking about whether it is the right time to invest, perhaps the underlying fear is that of market volality.
Marshall all your facts and deal with the objection in an even manner without getting too aggressive or defensive
Written communication: While you are communicating with clients, whether face-to-face, telephone, or email, try to communicate professionally. Clients are paying for your services and they will expect you to conduct your business in a professional manner.
Try to put all key decisions and instructions in writing. One of the reasons that email communication is effective is because it gives you and the client a record of what has been said. There may be times where it is necessary for customer service or for legal purposes to have a record of what was said, by whom, and when. For situations where you are talking to clients on the phone, it’s a good practice to summarize what was discussed and send a summary to your clients by email.
That’s not to say that you can’t get to know your clients on a more personal level, but remember that what you say and write can impact you relationship.