The Advisor Experience - Issue Two

Start the Flywheel by Engaging Your Clients in Highly Effective Discovery Evolving to a Discovery-led Wealth Advisory Model?(continued)

Flywheel?noun fly· wheel??flī-?(h)wēl?:?a heavy wheel for regulating the speed of machinery; if the speed is doubled, the?kinetic energy?is quadrupled.?

The?flywheel?is an ideal metaphor for the role?Discovery?plays in?Discovery-led Wealth Advisory.

Last issue summary: We covered two of the?Five D’s.??We learned that?Determine and Discovery?start the?flywheel?and build up tremendous potential energy – but?Determine and Discovery?alone are not enough to unleash it.??That takes all Five D’s together!??One step (or two) at a time.??Before we move forward, one more thought on?Determine and Discovery?(it’s so important to get that piece right): The magic happens when you are sincere and genuine.??Practice, practice, practice these two D’s.??There really is no substitute for practice and preparation.??Your clients expect it and deserve it.??Getting the flywheel in-motion is the hard part, but once you do the compounding energy takes shape.

In this issue we will explore Adult Learning Styles, cover the remaining ‘D’s’, and how to combine them to construct an actionable client-centric presentation.

1.

As the field of wealth advisory becomes increasingly complex, it is absolutely crucial for you, as an elite wealth advisor, to be an outstanding communicator. One area where you have the chance to excel and differentiate yourself is in understanding adult learning styles and applying them in their presentations. You can deliver more effective presentations and help your clients better understand the financial process and contextualize your recommendations.

Mastery at this level keeps the flywheel in perpetual motion…

Adult learners are unique in that they come with diverse experiences and motivations for understanding, making it important to tailor your presentations to different types of learners in a way that will engage them.

Understanding and adapting to adult learning styles is a parallel track to integrating?Discovery.??Why???Because the best path for creating deep connections and establishing lasting rapport includes meeting people where they are and listening to them.??Various articles and blogs, including the blog “Ready to Talk,” simplify the complex world of adult learning styles into three main categories.

·???????Auditory

·???????Visual

·???????Kinesthetic

So why should elite wealth advisors care about the different learning styles???Will it really make a difference in your client relationship???Yes!??Here are ways you can appeal to each of these three learning styles.

Auditory Learners

These are the most ‘traditional’ learners.??They prefer listening – to your voice or their own.??To be most impactful with auditory learners, ask questions and engage in a conversation.??This is where and why you want to practice and study targeted?Discovery?questions.??Your voice and the client’s voice are the drivers for this person.??Auditory learners appreciate conversation and talking things through.??They’ll use verbal cues like, “I’m thinking?out?loud…”, “listen…”, and “that?sounds?right…”??Notice the words there – all relating to hearing.??Those verbal clues will help you adapt your style to them.

Consider these techniques for Auditory Learners:?

A) Verbalize/narrate the notes you’re taking.??Empower the client to refine your takeaways from the conversation.

B) Encourage the client to keep talking – asking, “anything else?” is simple yet effective in helping your client articulate their goals and objectives.

C) Ask their opinion of things.??Nothing is more impactful than asking what someone thinks.??Let’s say you’re recommending gifting to fund a life insurance policy in an ILIT.??Starting of with, “What are your thoughts on gifting to produce a guaranteed tax-free outcome for your heirs?”???

D) Position your questions around the value to the client.??In the above example the question is not about needing a product, it’s about an outcome aligned with the client’s goals.?

Visual Learners

Visual learners benefit from seeing, watching, and reading.??Wealth advisors can never have too many visually stimulating images for these people.??Pictures, graphs, bullet points, written words are far more effective than conversing without images.??Guiding clients through visuals, like pie charts, data tables, or performance graphs is well-received.??They’ll use verbal cues like, “this?looks?right…” or “I can?see?how that works…”??Whether you use data, figures, pictures, words, etc., something to look at is the visual learner’s preference.

Consider these techniques for Visual Learners:?

A) Send the clients something to read in advance of the meeting and then ask them their opinion of it when you meet

B) Show your presentation and narrate it to them as they follow along

C) Ask them to verbalize what they are seeing.??It will help you, as the advisor, appreciate their perspective while engaging the client in a way that appeals to their style

Kinesthetic Learners

These people are hands-on, fully involved learners.??As such, kinesthetic learners present the biggest challenge to most wealth advisors as relates to sharing ideas.??These people want ‘hands-on’ ways of learning.??These people say things like, “that?feels?right…” or “my?gut?instinct…”??

Consider these techniques for Kinesthetic Learners:

A) To be most effective and efficient with kinesthetic learners, try to incorporate concrete tasks or ask them to complete an exercise (we will cover ‘active editing’ shortly).

B) Ask them to arrange their priorities and talk through the rationale.??It will help you, as the advisor, appreciate their perspective while engaging the client in a way that appeals to their style.

Personal Bias:??Learning styles not only influence how individuals learn, but they also have a strong influence over how we communicate and share ideas with each other.??Oftentimes, we assume (without giving it much thought at all) that clients prefer to learn the same way we do.??That could be a costly mistake!??Be present, listen for cues and clues, and adapt.

Finding the Perfect Fit:?How do wealth advisors know which learning style applies to which client???How do you build confidence in picking up verbal nuances and clues???That’s a difficult answer to assess without years of experience and training, but the good news is that you can incorporate aspects of all three styles into how you present!??

The flywheel is feeding on its own momentum now…

2.

With that basic understanding of Adult Learning Styles, you can now appreciate why the remaining “D’s” (Discuss, Decide, Deliver) are so critical to the client experience within the?Discovery-led Wealth Advisory?model.???Craft your presentation and?Discovery?conversations to account for all three styles (Auditory, Visual, Kinesthetic).??By including graphics, conversing, and some active exercises, your content will appeal to everyone.??Understanding your clients’ priorities?and?presenting solutions to them in a way that engages clients regardless of learning style is what differentiates the best wealth advisors from the rest.

3.

Crafting and editing an exceptional Discovery-led, goals-based plan document – and the subsequent client experience – is a collaboration with you, your team, and your client.??One of the most important things elite wealth advisors can do to deliver a superior client experience is craft and edit a goals-based plan document behind the scenes, and then again separately with the client.??An exceptional goals-based plan document?addresses all the “Five D’s”?– it has quantitative financial facts plus depth and specificity to qualitative goals and objectives, risk perspectives, and next steps.??It encompasses what the client shared with you and advances those themes forward.

4.

Specific, Measurable, and Actionable Writing:??You need to ensure each of the qualitative sections are written with specific, measurable, and actionable language.??Have you written qualitative goals and objectives, risk perspectives, and next steps in a way that advances the client toward achieving goals, etc.???Target dates and specific actions can be agreed upon mutually with the client during your delivery of the document.??

Active editing with your client:??Active editing with your client can be called a ‘editing session’ because any adds or edits can be made by the client at that time.??Set the stage for the client by saying something like,?

‘Let’s talk about what I currently understand about your Goals & Objectives, your Risk Perspectives, and your Family.??There are probably things that have changed, and I’m sure there are things we haven’t talked about yet, but we should.??I want to make sure we are still aligned with your goals and priorities.??

This presentation is meant to be a summary of our relationship, and it will evolve and take different forms over time.??Here’s a pen… use it to mark up, change things, add wherever you see fit.??Let me guide you through the document.’??

Giving the client a pen and getting them involved appeals to each learning style.??What may seem like an unusual practice is precisely what can differentiate you.??Encourage your client to get involved with the pen.??Let them confirm if the quantitative information is correct (you may uncover some additional assets).??Also let the client confirm qualitative information and the target dates.??Allow the client to arrange their priorities with circles, arrows, or numbers.??This active (versus passive) interaction changes the dynamics of the relationship and empowers both advisor and client.??The rich conversation that follows is amazing and fulfilling.??Let it unfold!

The power of the flywheel is unleashed!

5.

Tie everything together with Next Steps:?The Next Steps section of your presentation should be just that – next steps to progress toward goals, etc.??In other words, Next Steps is about advancing the client relationship forward.??What happens next???Who owns it???What is the target timeframe???Discussing and documenting these are vital for progress.??For example, what if a client wants to sell their business in the next three years or purchase a yacht this year???Be specific in the Goals and Objectives section.??Then, in the Next Steps, articulate how you and your team will advance them closer to reaching their Goals and Objectives.

Considerations when crafting the Next Steps:

·???????Are you introducing a new team member???Who and why???What’s the purpose?

·???????Do you need to collect any missing information???Why???How will this advance the relationship?

·???????Are you inviting them to an event???Why is it of interest?

·???????Will you be transferring any outside accounts???Who owns steps 1,2,3?

·???????Are you scheduling a portfolio review???Why, with whom, and when?

Review the Next Steps with the client during the ‘editing session’ to get their confirmation and agreement.

Next Steps Example:??Client has a goal of “sell their business in the next three years”.??The Next Steps section would say, “You intend to sell your business in three years.??I will introduce you to Mary Smith, our wealth planning strategist who has deep experience with business transition, at our next quarterly review.??It is important that you meet with her soon before any sort of urgency sets in.”??This example is specific, measurable, and actionable; the natural outcome is to discuss the timing and issue with the?

client.

Allow the energy of the flywheel to take over…

Versions of Delivery:??Given the candor and intimacy of the process so far, your effectiveness in presenting ‘final’ document at?Delivery?sees the process through (‘final’?is in quotes because there is never a true?final?version – this is an ever-evolving process with your client).??In other words, your client edited the document and likely had a deep, rich conversation with you.??Effective presentation at?Delivery?sets in motion the future of the relationship.??There are several ways:

·???????In-person

·???????Virtual

·???????Phone

·???????Email

Which?Delivery?method is best for your client may be very different than our own personal preference.??There is a spectrum of effectiveness you should be conscious of.??Defaulting to email, for example, may be easiest for you but the client might be looking for something else.??Keep in mind, this is all about creating a world-class experience for your client.??The more you can tailor to a client’s preferences and expectations, the better.?

Your banking team wants to do all they can to help you get there, so be candid, ask questions and be open to hearing best practices used by your peers. (Grippo, 2022).

6.

Summary: We covered the?Five D’s.??Determine and Discovery?start the?flywheel?and build up tremendous?potential?energy.??Can’t stress enough - practice, practice, practice these two D’s.??There really is no substitute.??Your clients expect it and deserve it.??Getting the flywheel in-motion is the hard part, but once you do the compounding energy takes shape.??That takes all?Five D’s?working together.??Integrate Adult Learning Styles and the three remaining ‘D’s’ –?Discuss, Decide, Deliver.??Combine them all to construct an actionable client-centric presentation.??Don’t underestimate the power of?Delivery.??Effectiveness at?Delivery?completes the process, ties everything up, and sets the relationship on a mutually rewarding path!

7.

Overview of the ‘Discovery-led’?Wealth Management Process

For actionable insights, templates, and individual coaching, visit my website:?The Advisor Experience

References:

“Flywheel.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/flywheel. Accessed 24 May. 2023.

Grippo, M., Platt, M. Z.- J., & Zinkowski, M. (n.d.).?The power of relationship reviews: Insights: Citi Private Bank. Insights | Citi Private Bank. Retrieved December 21, 2022, from https://www.privatebank.citibank.com/insights/the-power-of-relationship-reviews#:~:text=A%20relationship%20review%20is%20a%20collaborative%20conversation%20between,provides%20updates%20on%20strategic%20objectives%20and%20business%20changes.

Home (2019, November 27).??Retrieved from https://www.readytotalk.com

Iannarino, A. (2014, January 9).??Your Client Is In Discovery Too. Retrieved from https://thesalesblog.com/2014/01/08/your-client-is-in-discovery-too/