Client Learning Styles: Why it is important and how to Maximize Learning and Impact in every meeting

Hard to believe it is September! With the academic year kicking off, it's the perfect time for our Learning Edition. We're excited to announce that our Psychology of Financial Planning Specialist? program is now offered at 100 colleges and universities, bringing hundreds of new PFP Specialists? into the workforce.

?Firms should prioritize hiring these skilled individuals—contact us to make it happen.

Now let’s talk about client learning style…

Ever been at the doctor’s office, where the conversation suddenly feels like you're in a medical jargon tornado? You’re trying to understand what’s wrong, what the treatment is, and what you’re supposed to do, all while wondering if you just heard what you think you heard. You’re not alone—patients typically remember only 14% of what the doctor says. Information overload is real!?

This scenario plays out in financial planning too. Our profession is packed with complex terms and data that can overwhelm clients, especially if they’re already stressed about money. Studies show that clients typically retain only about 20% of the information discussed during financial planning meetings. As planners, we need to strike a balance: talking too slowly bores some clients, while talking too fast loses others. The key is figuring out how best to communicate vital information.

?Understanding Learning Styles

People have different learning styles. Psychology researchers go back and forth about whether it’s an actual style or preference. If you are working with a client in any field, quite frankly, it doesn’t matter whether it’s “hardwired” or a preference, it is important to know and accommodate it to be more effective. Imagine you’ve got a toolbox for each client. One might need charts, another a chat, while someone else might benefit from doodling while you talk. Let’s break down the seven key learning styles relevant to financial planning:

1. Visual Learners: These clients love charts, graphs, and anything they can see. If their eyes glaze over during your talk, it might be time to pull out some visuals. A good check-in could be asking, “Does this make sense?” or simply pausing to let them process.

2. Auditory Learners: These folks prefer listening. They’d rather discuss things than read about them. But remember, while they love to talk, they also need you to listen. Overloading them with talk without some visual aids might leave them as forgetful as patients post-doctor’s visit.

3. Reading/Writing Learners: These clients thrive on reading handouts and taking notes. They might even rewrite your materials later. Have plenty of notepads and pens available and consider sending materials ahead of your meetings.

4. Kinesthetic learners: These clients need to move. Whether it’s pacing during a phone call or fiddling with a stress ball, they learn best when they’re physically engaged. Consider more flexible, movement-friendly environments for these clients, like a walk during a meeting. Sometimes they may just want to doodle with a pen or tablet.

5. Social Learners: These clients prefer group discussions and may want to talk things over with others before deciding. They thrive on interaction and collective decision-making.

?6. Solitary Learners: In contrast, solitary learners need time alone to process information. They may prefer one-on-one meetings or reviewing materials quietly at home.

Which one are you? Do you know which your clients may be?

?A Multifaceted Approach

The best strategy is to use a mix of these approaches. You can even ask clients directly how they prefer to receive information. Be ready to adapt if their circumstances change—like if they’re dealing with stress or grief, a change of scenery or a different approach might be necessary.

?Talk Less, Listen More

Regardless of the client’s learning style, the golden rule is to listen more than you talk. Research suggests that financial advisors often dominate conversations, talking 70-80% of the time during client meetings. However, the most successful advisors are those who spend at least 60% of the meeting listening and asking questions. The seven-minute rule—don’t talk for more than seven minutes straight without pausing to check in—can help keep the conversation balanced. This approach gives the client a chance to process and respond, ensuring the conversation remains a two-way street.

?Remember, in any poll, research shows that 100% of clients- and partners, family, and friends, love a good listener!

Visit me at www.CharlesChaffin.com for more or visit us to learn about our advisor programs, workshops, and consulting at www.PsychologyofFinancialPlanning.com.

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