Advisers encounter a wide range of clients and are already, consciously or subconsciously, adapting interview techniques to increase the likelihood of achieving a mutually beneficial outcome. For clients, the outcome means finding a trusted partner who can persuade them to make the behavioural and attitudinal changes that are often necessary for them to achieve their goals. For advisers, it means gaining a new client that you can accompany on the path to achieving their financial and lifestyle goals.
Steve Black, Group General Manager, Wealth Management at IOOF said “Tricky interviews are probably unavoidable from time-to-time however, through using the right techniques; it is possible to transform a difficult client interview into a successful long-term partnership.”
Building rapport
“To build rapport advisers must adapt a natural communication style that suits the client. This will come naturally most of the time, but sometimes may require adapting the approach if the rapport with the client is not developing smoothly. It is important to be flexible and communicate in a way they relate to and which enhances the essential process of building rapport.”
Imagine an interview with an academic aged 59 compared to an interview with an ex-rugby league player aged 35. Now think through how you will communicate with each of them. You are likely to shake hands differently but after that you’ll adapt based on the clients behaviour and not their appearance – it may be that the academic is the classic delegator and is not at all interested in facts and figures while the rugby player wants to dive straight in to detailed asset class return assumptions.
Sensitivity versus getting the facts
Mr Black said “If a client begins to shut down when asked questions about a particular topic, make a note and try to circle back to the topic later in the interview. This can make the interview more complicated but it ensures the conversation keeps flowing.”
Once a client has completely shut down they are likely finding questions on the same topic irritating and will simply want to end the interview as quickly as possible – a poor outcome for both the adviser and the client.
One way to think about this is to think about how to behave if having a conversation with an old friend and they avoided a question you asked. You would probably make a mental note that there’s a problem, but you wouldn’t plough on and keep asking them about it. Client interviews, while obviously different, still need to be approached with the same sensitivity.
Getting the basics right
Advisers will already be familiar with the basics; a firm handshake, making eye contact and adopting an open and pleasant expression; however, it’s also important to eliminate body language that could be construed as negative.
The following is not an extensive list, but you should avoid the following actions: don’t lean back, cross your arms, fidget, touch your face, check the time, speak too quickly or impinge on a client’s personal space.
Authenticity is vital
Mr Black said further, “While it’s important for advisers to adapt their behaviour to suit each client, they shouldn’t make the mistake of overdoing it and not being authentic. Clients respond more positively to an adviser they perceive as authentic and are more likely to conclude that you are trustworthy, increasing the prospects of them becoming a valued client.”
