I was once riding with a friend in a city that we were both somewhat familiar with. As he set out on his route to our destination, I told him that I knew of a shorter route. He said, "I don't know. If we get lost, we'll really be late. I'll just stick with the familiar."
This phenomenon of sticking to the familiar is not isolated to the routes we take while driving but also applies to the routes we take toward getting results in client conversations. Many planners stick to the familiar even when the route is not efficient and when the results are not optimal. Once we settle into a routine that we feel is "safe," we, as creatures of habit, begin to lose sight of what is possible through experimentation and creativity.
One of the great impediments to dialogue experimentation I find with advisors is based on what I call the "More Time" myth: "I already have so much that I have to get done with clients, I don't have time for any more inquiries." The assumption here is that the dialogue route they have chosen is the most efficient possible. "If it ain't broke, don't fix it!" many a creature of habit is apt to say, but I contend, "If it's not fixing the problem (greater trust/more assets) then it's time to break it!"
I would submit that many a discovery dialogue employed in this business is not efficient or effective in accomplishing what should be the two paramount goals of initial discovery:
1. Forging connectivity with the prospect or client; and
2. Educing awareness of the clients' most salient unmet needs.
When suggesting an alternative, more effective approach to many an advisor, you will hear, "I don't have time." What if you learned that some of what you are doing now is actually wasting time? If someone were to prove that you could get greater results in less time, would you be willing to alter your route?
Recently, a financial planner came to me after a speech and told me, "I have always resisted integrating your financial life planning dialogues into my client conversations because the process I have developed is already full. I simply couldn't afford to take time for one more inquiry. Then something strange happened. I tested your Financial Life Checkup with a client, and we quickly located the area of greatest need and ended up getting more done in one meeting than I ever have ... but in less time!"
The inquiry he was referring to is an introductory dialogue I created to help the advisor immediately cull out where the prospect or client's arena of greatest financial dissatisfaction exists. If we are in the business of meeting needs, then it is incumbent upon us to identify quickly where the need is. The dialogue takes all of 15 minutes, but immediately demonstrates to the client that: a) We are aware of what needs the most attention, and b) we already have an agenda for our future advisory work.
It is a global, contextual dialogue designed to demonstrate that everyone has areas of their financial lives that need work! I've had advisors tell me that they have learned more about their clients' needs in 30 minutes than they have learned in five years previous. If time is our most precious asset, then efficiency should be our most precious priority. Efficiency is defined, in my book, as: best results--least amount of time.
In an effort to substantiate this point regarding the "More Time" myth, I like to ask groups of advisors three questions to answer to one another. One question is about their financial past, one about their financial present and one about their financial future. I give them strict guidelines on how long they can take with each question. While they are conversing, they are simply listening to the answers. After the dialogue, as a large group, we process the answers they heard and discuss the advisory opportunities that percolated from the conversations and different approaches to lock into those opportunities.
During our conclusion--without fail-someone will comment, "I can't believe how much significant insight I gained with those three questions." It is at this point that I deliver my punch line, "Everything you learned, you learned in eight minutes!" I can see them doing their retrospective math, "Sure enough ... two minutes to answer the first and last question, and three minutes to answer the middle question. Eight minutes flat."
Whenever I hear the "I don't have time" excuse, I ask, "How much time do you spend in chitchat--talking about the weather, the drive, the football game? It's usually more than eight minutes. If we are not learning something significant about our clients, then we are wasting time." Significant means it matters to the client, which may be knowledge about past decisions, present situations, loved ones, changing life-scapes, and/or future hopes. If dialogues are designed properly, they get to these areas of significance in short order. The emotional net-net to clients is that they sense the transfer of important and meaningful stories and insights to you, and this cannot help but lead to greater connectivity. The fact that it took less time than expected also sends another powerful message to the client, "I respect your time and will make the most efficient use of it."
Take a close and scrutinizing look at the discovery processes and client discussions you are employing and ask yourself, "Is this the best possible use of face-to-face time?" If you are gathering or analyzing numbers or facts in face time, you are not optimizing your time/opportunity. Numbers and facts can be filled out anytime and anyplace. The best possible use of face time is to forge connectivity through the exchange of significant perspectives and insights and stories. You can always e-mail your numerical analysis with commentaries. Use your time prudently to connect in significant ways to potential clients or clients you meet with. If you don't, your competitor may beat you to it--which means you'll have plenty of time.
Your greatest value to your clients is not your computational capacity but your capacity for empathy--understanding their situation and needs. Use your face time to reflect this value. This is not only efficient ... it is wise.
Mitch Anthony is widely regarded in the financial services industry as an expert on building client relationships and has been recognized for his pioneering work in Financial Life Planning. His innovative tools for strengthening client relationships are available through his Advisor Insights at mitchanthony.com.