No one likes to hear the word “no,” and that may go double for your clients, especially HNW individuals who don’t hear that word as often as perhaps they should.
But as an advisor, it’s important to let your clients know that you’re listening to their ideas rather than summarily dismissing them. And sometimes, they might even be onto something…
Naturally, you have a duty to deter client from a course of action that’s destined to fail, or one that might run afoul of the law. But when a client shares even a bad idea, he or she is giving you something valuable – insight into intent. Listen and you understand what your client wants to accomplish. If you summarily dismiss the idea, the client becomes frustrated. There are better ways to deal with this type of situation.
Approach the conversation from a different direction. Instead of an outright no, ask questions. What do you want to accomplish? Why do you want to do things this way? Instead of rebuffing the client, you are exploring your client’s thought process. By asking the questions, you’ve initiated a constructive conversation. Most importantly, your client feels acknowledged and heard.
Exploring your client’s thought process is likely to lead to a more positive outcome. Increased insight into goals and desires enhances your ability to add value. Once you understand your client, it becomes easier to chart a successful course toward achieving his or her objectives.
For more information, please read:
Turning Your ‘No’ Into a ‘Yes’ | WealthManagement.com