Transcript Document

Managing Marriage and
Money
SMI CORE TRAINING FIRST QUARTER
COMMUNICATION
PREFERENCE
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
The SMI Perspective Paradigm
The perspective we are interested in is the client’s
perspective. What does it, the entire engagement
complete with relationships, recommendations and
process feel like, sound like, and look like from
their perspective? From this vantage point we
work towards perfect client alignment.
The Core Competencies required for excellence in
wealth transition management are:
Trust
Emotional Connection
Space of Mind
Confidence
Four Primary Tools for
First Year SMI Advisors
Each Core Competency has a set of tools and protocols developed from our view of a need and refined by
experience. We focus on universal needs found regardless of net worth, sophistication, education, culture,
gender or age. Our objective is to develop tools that apply to all professions.
TRUST
SPACE OF MIND
More than trust in professional competency,
the trust that creates alignment is a deep
sense of being seen, heard, understood and
valued. It is the “I have your back” feeling
that begins with establishing exquisite
communication.
Tool Set: Communication Preference
EMOTIONAL CONNECTION
Stress of change lowers cognitive capacity and
IQ. Space of Mind is that calm state of mind
when executive functioning returns when
advisors sort, prioritize and organize decisions by
time-line, urgency and expectations.
Tool Sets: Decision Free Zone, Financial Triage,
Managing Expectations
CONFIDENCE
When a client can explain the difference the
achievement of an objective will make in their life,
they are emotionally connected. When advisors
clearly understand their client’s emotional drivers,
they become aligned and trusted.
Clients in stress lose confidence in their
ability to make good decisions. They are best
served when their advisors present
a One Page Overview that appeals to all
three of the major learning styles.
Tool Set: Purpose, Method, Outcome Protocol
Tool Set: SMI One Page Overview
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
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Your Communication Preference
Financial Transition Life Events are by themselves stressful times that temporarily dilute many of our
normal life skills, including communication skills. Yet these are times when we may need to have critical
conversations that lead to decisions that will impact us for decades to come.
Personal finance is a very private topic, one we usually do not share with many people in our life outside
of our spouse and financial advisor. Because it is private, it is also an infrequent topic and we do not get
many opportunities to discover how to have comfortable and productive money conversations.
We all have a preferred style of communicating when we are talking about our money and key
commitments. Finance related discussions are more productive and less emotional when we know one
another’s communication styles. The following exercise is designed to allow you to quickly identify your
primary communication preferences when meeting with advisors, receiving information and making
decisions.
Please circle the communication preferences you would like me to be aware of and remember.
Help me understand how I can help you feel comfortable and productive in meetings.
How do you like to receive information and recommendations?
And how I can support you when you have decisions to make?
Only circle the ones that strongly apply to you.
Encourage my input.
Remember my need for control.
Move quickly to the bottom line.
Allow me time to process my response.
Use logic, summaries and key points.
Slow down the pace of communication.
Use graphics and verbal communications.
Invest time in building the relationship.
Be an active listener.
Give direct answers; get to the point.
Offer options so I can decide.
Tell me who is involved.
Soften the tone of communication.
Look for ways to minimize the risks.
Remember my need to analyze.
Expect me to ask you to provide facts.
Do not mistake my lack of response for inattention.
Agreements
Meetings and phone calls:
Information and recommendations:
Decisions:
Other:
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
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Communication Preference Seven Steps
1. Context
Set the context - Why is this exercise valuable to the client?
2. Get Clear
Ask the client to take a few minutes to consider the list of preferences and then select the two or three that
strongly apply to them. Most people will give you their full list. Make brief notes to remember what was
selected. Then say, ‘Let’s take these one at a time so I can clearly understand what is important to you.’
3. Assumptions
Never assume you know what someone means, even if you are really sure and possibly right. Ask some
questions. You will learn more about the person as they share stories with you about their past
experiences, their frustrations, who else is involved, etc. This should be a respectful and positive experience,
even when tough issues surface. Your role is to help find new solutions and make things easier.
4. Follow up questions
With each descriptor ask more questions to find out what is meant and learn more about their
communication style. Good follow-up questions are open ended, more of a wondering than precise or
prescriptive. Sample follow up questions:
• When has this particular preference desire been met?
• Can you think of professional engagements and/or relationships where your communication style
was understood and consistently met?
• What does it feel like when that preference is met?
• What does it feel like when it is ignored or misunderstood?
• Who best understands and meets your communication preferences?
• What would it look like if I /we consistently met this particular preference?
• How could we best accommodate this preference?
5. Contrast
Sometimes a client will get stuck telling you only what they don’t want rather than what would work well for
them. After allowing them to explain more of their experience and feelings ask ‘what would the opposite
of that look like.’ By naming the contrasting experience they may be able to quickly move into the positive
description and how that experience would feel.
6. Solutions
Many of the solutions are simple but make a profound difference for the clients. Changing the order of a
meeting, how an agenda is presented, the tone of voice, the length of the meeting and the number of topics
can make an important difference.
7. Agreements
After discussing preferences and possible solutions, offer to make some agreements regarding:
Meetings and phone calls, Information and recommendations, decisions, other areas of importance.
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
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Your Communication Preference
Financial Transition Life Events are by themselves stressful times that temporarily dilute
many of our normal life skills, including communication skills. Yet these are times when we
may need to have critical conversations that lead to decisions that will impact us for decades
to come.
Personal finance is a very private topic, one we usually do not share with many people in our
life outside of our spouse and financial advisor. Because it is private, it is also an infrequent
topic and we do not get many opportunities to discover how to have comfortable and
productive money conversations.
We all have a preferred style of communicating when we are talking about our money and
key commitments. Finance related discussions are more productive and less emotional
when we know one another’s communication styles. The following exercise is designed to
allow you to quickly identify your primary communication preferences when meeting with
advisors, receiving information and making decisions.
Please circle the communication preferences you would like me to be aware of and remember.
Help me understand how I can help you feel comfortable and productive in meetings.
How do you like to receive information and recommendations?
And how I can support you when you have decisions to make?
Only circle the ones that strongly apply to you:
Encourage my input.
Remember my need for control.
Move quickly to the bottom line.
Allow me time to process my response.
Use logic, summaries and key points.
Slow down the pace of communication.
Use graphics and verbal communications.
Invest time in building the relationship.
Be an active listener.
Give direct answers; get to the point.
Offer options so I can decide.
Tell me who is involved.
Soften the tone of communication.
Look for ways to minimize the risks.
Remember my need to analyze.
Expect me to ask you to provide facts.
Do not mistake my lack of response for inattention.
Agreements
Meetings and phone calls:
Information and recommendations:
Decisions:
Other:
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© 2013 Susan K. Bradley
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] |www.SuddenMoney.com
Notes for Your CRM
Three Key Communication Questions
Both you and the client should know the answers to these three
questions:
1.
What makes the client/clients comfortable and productive in a
meeting?
2.
How do they prefer to receive information and recommendations?
3.
How do they like to make decisions?
Is There Anything Else?
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© 2013 Susan K. Bradley
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] |www.SuddenMoney.com
Coaching Tips
Practical Considerations
Ask if they have ever been asked their communication preference before.
Check-in at the next meeting to make sure their needs are met.
Add the Communication Preference to annual meetings.
Keeping Track
Most will fit within the norms of your practice.
Record in your CRM specific agreements out of the norm.
Preferences may change over time.
Share With:
Their other advisors;
Their parents;
Their spouse;
Their children.
Fill It Out Individually
When working with more than one person ask each to complete the exercise
individually.
It is best to discourage interruptions from a spouse or someone else in the meeting.
Follow up the individual exercise by pointing out complimentary or conflicting
communication styles.
Look for and suggest ways to accommodate both styles.
Make Notes
Make notes for you and staff to remember preferences.
Check-in with clients every now and then to make sure you are meeting their
communication expectations.
Ask if there is anything else you can do.
*The exercise above was taken, with permission, from LifePath Financial DNA body of work www.financialdna.biz This exercise
is a very minor piece of their unique procedure for helping individuals and families identify their financial personalities.
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
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Best Practice Tip
Client Name______________________________ Date _________
Date of Meeting______________________ Team Members_______________________
This client cares the most about:
They are most concerned about:
To be comfortable and productive in meetings they prefer/need:
They prefer to receive information and recommendations:
We have agreed they will make their decisions as follows:
Is there a need to check in and confirm any of our answers?
If our beliefs and assumptions about this client were wrong – what behavior would we
see?
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
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First Quarter Topic Assignment: Communication Preference
Deliver the complete communication preference at least six times this quarter.
Review the Seven Steps on page 4 and the Tips on page 7.
Follow the seven steps with the client.
Record the results in your CRM
Fill out the Assignment Worksheet for each of the six clients
Meet with your study group to discuss the experience. Discussion points:
General overview of your experience using the exercise.
Had any of the clients ever before been asked about their communication preference?
What part is most comfortable for you?
How did your clients respond when first asked?
In what ways was the exercise valuable to them? Were there any ‘light blub’
moments?
Can you see the value of sharing a client’s communication preferences with either their
family members or other advisors?
Please send your completed assignment worksheets to the SMI home office before
Tuesday, April 8th - the date of topic wrap-up group call.
Send to [email protected]
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
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Client Name______________________
Date____________
1. Context
Why was this exercise valuable to the client?
2. Get Clear
What preference did they select? Did they have additional preferences?
3. Assumptions
What did you think they meant? What did they mean? Did you or the client discover anything new or
surprising. Did your client become progressively more clear about what works best for them?
4. Contrast
Did you use contrast in this exercise?
5. Discovery questions
What discovery questions are you most comfortable using? Which ones did you use with this client?
6. Solutions
Explain the solutions you and the client agreed upon.
7. Agreements
How will you and your staff meet this client’s preferences?
Additional comments:
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
©Susan Bradley 2012
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Client Name______________________
Date____________
1. Context
Why was this exercise valuable to the client?
2. Get Clear
What preference did they select? Did they have additional preferences?
3. Assumptions
What did you think they meant? What did they mean? Did you or the client discover anything new or
surprising. Did your client become progressively more clear about what works best for them?
4. Contrast
Did you use contrast in this exercise?
5. Discovery questions
What discovery questions are you most comfortable using? Which ones did you use with this client?
6. Solutions
Explain the solutions you and the client agreed upon.
7. Agreements
How will you and your staff meet this client’s preferences?
Additional comments:
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
©Susan Bradley 2012
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Client Name______________________
Date____________
1. Context
Why was this exercise valuable to the client?
2. Get Clear
What preference did they select? Did they have additional preferences?
3. Assumptions
What did you think they meant? What did they mean? Did you or the client discover anything new or
surprising. Did your client become progressively more clear about what works best for them?
4. Contrast
Did you use contrast in this exercise?
5. Discovery questions
What discovery questions are you most comfortable using? Which ones did you use with this client?
6. Solutions
Explain the solutions you and the client agreed upon.
7. Agreements
How will you and your staff meet this client’s preferences?
Additional comments:
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
©Susan Bradley 2012
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Client Name______________________
Date____________
1. Context
Why was this exercise valuable to the client?
2. Get Clear
What preference did they select? Did they have additional preferences?
3. Assumptions
What did you think they meant? What did they mean? Did you or the client discover anything new or
surprising. Did your client become progressively more clear about what works best for them?
4. Contrast
Did you use contrast in this exercise?
5. Discovery questions
What discovery questions are you most comfortable using? Which ones did you use with this client?
6. Solutions
Explain the solutions you and the client agreed upon.
7. Agreements
How will you and your staff meet this client’s preferences?
Additional comments:
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
©Susan Bradley 2012
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Client Name______________________
Date____________
1. Context
Why was this exercise valuable to the client?
2. Get Clear
What preference did they select? Did they have additional preferences?
3. Assumptions
What did you think they meant? What did they mean? Did you or the client discover anything new or
surprising. Did your client become progressively more clear about what works best for them?
4. Contrast
Did you use contrast in this exercise?
5. Discovery questions
What discovery questions are you most comfortable using? Which ones did you use with this client?
6. Solutions
Explain the solutions you and the client agreed upon.
7. Agreements
How will you and your staff meet this client’s preferences?
Additional comments:
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
©Susan Bradley 2012
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Client Name______________________
Date____________
1. Context
Why was this exercise valuable to the client?
2. Get Clear
What preference did they select? Did they have additional preferences?
3. Assumptions
What did you think they meant? What did they mean? Did you or the client discover anything new or
surprising. Did your client become progressively more clear about what works best for them?
4. Contrast
Did you use contrast in this exercise?
5. Discovery questions
What discovery questions are you most comfortable using? Which ones did you use with this client?
6. Solutions
Explain the solutions you and the client agreed upon.
7. Agreements
How will you and your staff meet this client’s preferences?
Additional comments:
10 Huntly Circle, Palm Beach Gardens, FL 33418
P: 561-776-6209 | F: 561-828-3905 | [email protected] | www.SuddenMoney.com
©Susan Bradley 2012
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