advisors

Using Storytelling to Build Trust with Clients

When meeting with a client, being able to tell a relatable business story can help build an unparalleled level of rapport and trust. It’s easy to learn to tell stories. We tell them every day and don’t even realize it.

7 Questions to Ask Yourself before Hiring a Business Coach

Since business coaching is about you doing all the heavy lifting when it comes to setting goals and implementation, it’s important to be prepared for the experience and see if it fits your needs. With the choices of having a mentor, consultant or coach to work with, it’s important to determine what approach would work for you to overcome your business challenge.

Tips for Your Next Networking Event

Networking is the art of building and sustaining mutually beneficial relationships. The goal of networking is to communicate with a stranger and make a connection. Depending on the firm you work for, networking events may be mandatory for you to attend, so it’s good to look for ways to make networking easier for you and more comfortable. When you are relaxed and confident at events, you are more approachable by others and come across as friendly and easy to build rapport with.

Advisors and Not-For-Profit Boards

There are many advisors that volunteer, give back to their community and use their skills and talents to become board members for not-for-profits, foundations or endowments. They bring their strong financial background to the table and usually take on the role as of treasurer or part of the finance committee for the charity. Their intention is to contribute in a meaningful way, while also being exposed to the pillars of the community and other liked-minded people at events.

Easy Ways to Reframe Rejection

The financial industry is rife with rejection and some advisors deal with it better than others. How do they deal with it? By building up their emotional strength to handle it and not taking it personally. Indeed, it is possible for advisors to desensitize themselves to rejection and become like Teflon. However, if your days are filled with calls and meetings that are going sideways, it’s a good time to consider what you want to start doing differently so you can get better results.

Letting Go of Less-Than-Ideal Clients

Some advisors hold onto clients that they consciously know are bad for them instead of taking one bold step that could improve the quality of their business. The challenge of letting go is tough for some people especially if they see their business situation as not so great but are more afraid of the unknown. It’s been said that the unknown is where your professional potential lies and that choosing the discomfort of change will reveal to you a whole new world of possibilities. It’s all about making that one courageous decision and leaving the status quo behind.

How Advisors and Clients Demonstrate Trust

Trust can mean different things to different people. Trust is also a function of both character and competence. To demonstrate trust, we need to see it in action. For some advisors, establishing and extending trust can be accomplished quite quickly. If there is trust between an advisor and a client, you’ll see more effective communication and collaboration and of course, having a reputation of trust is priceless.

Consider the following 10 ways advisors can demonstrate trust to their clients:

1. Respecting confidentiality.

A Foolproof Way to Hold People Accountable

If we consider a simple definition of accountability as, “the ability to account for your own actions”- it seems surprisingly straightforward. But, accountability also involves having clearly communicated objectives, being granted authority over those objectives and having predetermined outcomes for either success or failure. Any ambiguity over outcomes, objectives and time-frames will affect your ability to be accountable.

Enhance Your Everyday Negotiating Techniques

When we hear the word “negotiating”, we often think of closing a big sale or making a big purchase but negotiating is something that can happen every day with family, co-workers and clients. You are negotiating any time you tell someone that what you want is different from what they are trying to give you. The common goal of negotiation is to aim for a win-win situation where both parties come away feeling satisfied.

Add Value to Your Client Experience

With phase two of the Canadian Securities Administrators' (CSA) and IIROC’s Client Relationship Model (CRM) rules looming for most advisors, now is a perfect time to consider what you can do to add value to your client experience. This year starting in July, Canadian firms will have to provide pre-trade disclosure of charges and also disclose their compensation from debt transactions in trade confirmations to clients.

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© 2009 Rosemary Smyth & Associates