Advisors should use language that shows they empathize with clients, rather than challenge what clients are saying, according to advisors involved in the programs.
Amy Dunn, another Minnesota-based advisor, notes that one rule of thumb is to avoid using the words "but" or "however" when trying to dissuade a client from a certain course of action.
Instead, she says, advisors might want to redirect the conversation by saying, "I understand how you feel" or "I might add..."
"It is about not being contradictory and instead showing empathy," she says.
"I am dealing much better with pessimistic, skeptical and optimistic clients," Dunn says. "In many cases my removing words which trigger [negative] responses has made me look forward to, and not dread, meetings with a difficult client."
In another example, Luntz and Maslansky have found that focus groups sharply rejected the question, "What happens if you run out of money?" They preferred a question that focused on "how best to make certain you have enough money for the duration of your life."
Walker says the program has helped him better communicate with clients who want to act impulsively-for example, by moving assets or pulling out of the market because of a single event. "You can't be like an ostrich sticking your head in the sand, so having a hard science behind word choices can't help but add to the value which I bring to my own practice as well as my clients," he says.
LMSR's specialty is finding words and phrases that can change votes or opinions. In the area of personal finance, that could mean moving a client's state of mind from wanting to leap off the proverbial ledge to keeping their eyes on the long-term prize.
"What we came up with revolves around the four P's: positive, plausible, plain English and positioning," Maslansky says.
Staying positive means rejecting fear-based selling to an already terrified client base. As opposed to discussing how to keep the wolves at bay, the topic turns to seeking and taking advantage of opportunity, he says.