The Secret To Building Trust With Clients

“You are technically sharp, but you’re a lousy financial advisor. You spend too much time listening to clients, and you don’t know how to sell. You might want to think of a different career.”

If someone said this to you? How would you react?

I would have cried, then quit.

But when Marguerita Cheng’s sales manager told her this early in her career, she ran outside, threw up... and then picked herself back up. 

And instead of quitting (which she seriously considered…) she marched on to become an incredibly successful financial advisor, finding empathy to be her greatest superpower.

I discovered this story while interviewing Marguerita Cheng, better known as Rita, for my Growing Your Financial Business: The Woman’s Way podcast. I was thrilled to talk to someone who is such an expert in communication and creating lasting relationships with clients.

Marguerita Cheng is a CFP? professional and the CEO of the financial advisory firm Blue Ocean Global Wealth. She is also a regular columnist for Investopedia and Kiplinger, a member of the Diversity Advisory Group (DAG) for the CFP Board, a 2017 InvestmentNews Woman to Watch, and the #5 Most Influential Financial Advisor for Investopedia in 2019.

With this many accolades, she certainly knows a thing or two about the industry.

So how did Rita learn to overcome that manager’s harsh critique, and not only get clients but actually build trust with them? Out of all the amazing advice Rita shared with me, I’ve picked a few of my favorite tips to share here:

1. Open-ended questions

For some people, building rapport with prospects is second nature, and making near-strangers feel welcomed and comfortable is a piece of cake. But if you’re decidedly not a “people person” —  that’s okay! You can still learn skills that make it easier to build relationships with new clients.

Rita recommends open-ended questions: What type of help are you specifically looking for in a financial planner? How would you define success personally, professionally, and financially?

These questions work in two ways. First, they invite your client to have a conversation. The client can put their values in their own words, and they’ll feel like they have a bit more control over the situation.

It also helps you get a feel for what your client really wants. In any relationship, a misguided assumption can be uncomfortable, so an open-ended question lets you learn exactly where your client stands before you move into specifics.

2. Respecting boundaries

Almost everybody tries to do this, but boundaries are often unclear and easy to overstep, especially when vulnerable topics like money are involved. You might avoid “prying” questions, worried that they will hurt a client’s feelings or damage your relationship.

One way to avoid misunderstandings is to be open about vulnerability.

Rita suggests these three sentences for any time you’re not sure of the situation: 

1. The more I know, the more I can help you. 
2. If I ask you a question, and you're not comfortable, don't worry, you don't have to answer it. 
3. If you don't know the answer, that is okay, too.

By letting your client know that you’ll respect their boundaries, you can let go of the fear of prying too deep. When you allow yourself to ask the right questions, you’ll be able to truly help your client to the best of your ability.

3. Ask not why, but how

It’s no wonder Rita’s voice is so soothing when her advice digs down into word choice. She’s truly a master of communication.

According to Rita, why-questions can put someone on the defensive. You run the risk of stepping on some toes, maybe seeming a bit too blunt.

Meanwhile, how-questions can get the same answers — but with a more gentle touch.

“Instead of saying, Why did you pick a million?” Rita explained, “You can say, How did you realize that number was right for you?”

Even though it seems granular and specific, this is actually such a simple distinction to make. A tiny change can mean the difference between putting a client on the spot and encouraging them to be open with you. Definitely a great tip to remember!

Even More Tools for Building Trust

This is just a snapshot of what Rita and I talk about in Growing Your Financial Business: The Woman’s Way. If you want to learn more about achieving loyalty, getting over harsh criticism, and overcoming the fear of judgement, then give the latest episode a listen!

Before you leave, let me know which one of these tips you’ll be using in the future!

Talk soon!