2. Circumstances: A situation that accompanies an event. Example: "My wife's father is seriously ill and in need of personal in-home care."
3. Concerns: Issues of interest or importance. Example: "She may have to quit her job."
4. Frustration: Issues causing the client to feel disappointed or unfulfilled. Example: "We just never seem to get ahead. There is always something holding us back."
5. Needs: What the client wants or requires. Example: "Our children will be entering college over the next two years. We need funds for tuition and maybe for Dad's care."
6. Opportunities: Situations favorable to the attainment of a goal. Example: "We just won $20,000 in the Lotto," or "We may be inheriting money from an estate."
7. Problems: Questions raised out of concern or doubt. Example: "Will I lose my money on the stock I bought two years ago?"
The best way to understand your clients' emotions is, first, to understand your own. For instance, you might be in an emotional situation where you realize one of your challenges (No. 1) is that you are so busy managing the growth of your practice that you don't have time to leverage and annuitize more.
Remember, understanding your own emotions first tends to improve your empathic listening skills. Instead of simply hearing your prospects, you actually listen and understand better. You acknowledge with respect, and your connection to that person strengthens dramatically.
Try the exercise for yourself. List your own answers to your personal and business emotions. Then think of some of your top clients to determine how well you've emotionally connected to them. Are you as successful as you thought you were?
Next, column three on both charts should list the solutions you deliver. The solutions could be related to wealth management, tax planning or financial planning, for instance.