The Client-centred Blog

A simple guide to influencing financial planning clients

Do you want to become more effective at influencing financial planning clients?

In this simple guide I explore one of the most crucial factors of influence you can apply immediately for better results.

Influencing financial planning clients is an essential ability if you are going to win their business and successfully help them to achieve their goals.

So, where can you begin?

Twenty odd years ago I read a book by Dr Robert B. Cialdini called, ‘Influence’. I recommend it because it is a science-based approach backed up by rigorous research. In addition, the principles in this book are being used on you at every single attempt to influence you. And for that reason alone, it is useful to know about them.

I was also fortunate enough to attend a live two-day training with Dr Cialdini and an analogy he shared has stuck with me ever since.

Influencing financial planning clients begins with context

Imagine you have three buckets of water.

One is hot, one is very cold, and one is room temperature.

If you put your hand into the room temperature bucket, how will it feel? Room temperature!

But if your first put your hand into the hot bucket for a minute and then the room temperature bucket, how will it feel? It will feel cold.

And if you put your hand into the cold bucket for a minute and then the room temperature bucket, how will it feel? It will feel hot.

The point of this analogy to realise that:

You can change the way people feel about everything in relation to what you did immediately before.

How a flow of money was created by changing the context

A favourite story of mine is from Jacques Prevert, a French poet.

He once walked by a blind beggar who had a sign next to him that read:

“Blind Man Without a Pension”

He asked the man how he was doing, and the blind man replied:

“Very badly, no one is making any donations.”

Jacques picked up the man’s sign and re-wrote what it said.

Three days later he walked by the blind man again and him how he was doing. He said:

“Fantastic! My hat is filling up three times a day.”

So, what did he change?

He replaced “Blind Man without a pension” with “Spring is coming, but I won’t see it”.

By changing the context, he knew that it would change the way people thought about the situation.

Think about the context to influence financial planning clients

In doing high impact financial planning and helping your clients achieve their goals, then having them follow your advice is crucial if they are to be successful. Click here to read, ‘Presenting your clients financial plan – the key to success’.

Also, it is inevitable that you will need to coach some of your clients as they will have thinking, behaviour and habits that will otherwise sabotage their goals.

Successfully influencing your clients means that they willingly alter their thinking and behaviour, so it aligns with their goals and outcomes.

How do you best accomplish this?

This is why context is so important. People take action when there is a compelling enough reason for them to do so.

The most important context is within what they most want and what they most want to avoid. 

How do financial advisers get more clients?

I was recently speaking with an adviser who had experienced several potential clients deciding to go elsewhere.

What stood out to me was that this was a context problem.

The adviser was talking about products and investments with these people, but there was no context. 

Most people have little interest in products and investments.  

When you conduct conversations that dive deeply into what clients really want (and want to avoid) and they emotionally and spiritually connect with this, it puts your subsequent advice into a powerful context.

Ultimately, when people can clearly see that something will help them get what they want then they are far more likely to do it.

P.S. You can download my FREE audio, ‘What every financial planner should know about getting clients’ by clicking here.

Facebook
Twitter
LinkedIn

Leave a Comment

Related articles

The 8 keys to inspiring financial planning meetings every time!
There are specific and predictable keys that result in inspiring financial planning meetings every time. And by paying attention and making consistent progress with each key, you are: 1. No longer leaving the quality of your meetings to chance. 2. Raising the bar to an exceptionally high level. In this article I list the 8 essential keys that contribute to an inspiring, repeatable process.
The 12 client-centred mind shifts - part 2
You almost certainly have clients that are worried about their finances, what might happen in future, and if they are doing the right things. We are living in challenging times. Some advisers avoid their clients at times like this. They don't want to tell them their investments have gone down or be faced with having to explain themselves.
The most powerful two word financial planning question
This articles shares a two-word financial question that can significantly increase the value of financial planning for a client. It is also be great for opening up new business opportunities too. So, let me share how I was inspired to write this post.
Top 10 ways to capture and keep your financial planning client’s attention
To make financial planning meaningful and a good investment for your client it requires them to be fully engaged and do their best thinking in your meetings. Yet we also live in a society where an ever-increasing number of things are competing for our attention. People have shorter and shorter attention spans. So, how do you capture and keep your financial planning client’s attention?
Top 10 coaching books for financial planners
If you are doing genuine financial planning where you are helping your client identify and accomplish their goals and live the life they want then coaching them is a necessity. After all, life is full of distractions and people come off track all the time. For example, people can lose focus or their sense of purpose. From time to time they may feel discouraged, disheartened, or overwhelmed.
How to run magical financial planning review meetings - every time
When a client relationship is new it will feel fresh, engaging, and there will often be a lot to do. You are getting to know your client, they are getting to know you, and important issues are being dealt with. But how do you keep financial planning review meetings fresh, insightful, and inspiring, year after year?
The right way to set financial planning goals
In this article, you are going to discover how to help your clients set financial planning goals, the right way. You are also going to learn the difference between healthy and unhealthy goals and how this makes a massive difference to your client’s level of motivation, inspiration, and enjoyment of life now.
Highly effective rapport building for financial planners
A deep rapport with your client is the foundation for a productive, profitable, and long-lasting relationship. Therefore, being highly effective at quickly building and maintaining a deep rapport is an essential skill for financial planners.
One of the best financial planning questions and how to use it
Often, the best financial planning questions are the ones that help a client to open up and think more deeply. Why is this important? Because the impact of your financial planning and advice is directly correlated to quality of the information you gather from your client.
Should you take notes in a financial planning meeting?
What is the right approach to note taking in financial planning meetings? This is a question that often comes up in my coaching programmes with financial planners. So, let's take a closer look.
4 ways to create massive value financial planning meetings
How to do a brilliant financial planning fact find
Doing a brilliant financial planning fact find underpins everything that you do for a client. It is what differentiates you from other financial planners and is a golden opportunity to build exceptional relationships and provide massive value. But there are also two very different elements to fact finding.
The hidden secret to high-impact financial planning meetings
Do you want to have your financial planning meetings be high-impact, high-engagement experiences for both your clients and you? Of course! We all want this, don't we?
5 steps financial planners can take to becoming a better listener
As a financial planner what value is there in becoming a better listener? Is it worth your time, effort, and focus to improve? This article explores the value of deep listening and 5 practical steps you can take to immediately become a better listener.
Asking essential financial planning questions: the ones that no one else thinks to ask
This article looks at an important aspect of asking financial planning questions that often get neglected. Often, financial advice is triggered when something happens or is going to happens in a client’s life. For instance, the sale of a business, divorce, or an upcoming retirement.
How financial planners can build instant trust with clients
As a financial planner building instant trust with clients is one of the biggest obstacles you will need to overcome. This article looks at a different yet highly effective approach.
What is the most important financial planning question of all?
Do you want to have greater impact with your clients, create more value, and escape the diminishing world of transactional financial advice? If so, there is an important financial planning question.
Presenting your clients financial plan - the key to success
How to get more financial planning referrals
Would you like to generate more high quality financial planning referrals?
Great people skills - in an instant!
Is it possible to have great people skills in an instant?
How to ask great financial planning questions
Asking great financial planning questions is the bedrock of gathering the information you need to create a highly compelling plan for your client.
Why is your financial planning practice culture the key to delivering exceptional service?
Are you committed to delivering exceptional client service? If so, employees who genuinely care, communicate well, and take responsibility are the key. The foundation of this resides in the business culture you create.
Are your financial planning conversations too nice?
What is the difference between a financial advisory conversation and a financial planning conversation?
Should Financial Planners stop talking about retirement?
Why should financial planners choose their language carefully in their financial planning conversations with clients?
Understanding your client’s world – key number 1
Financial Advice is so often delivered in very unimaginative ways that has little difference to how the majority of practitioners deliver it.