Look Above the Horizon

15-Mar-2011

Look Above the Horizon

Possibly, the biggest downfall for advisors is their tendency to move too quickly into discussions of the solutions—the products and tactics of a strategy. While a well-crafted strategy is a beautiful thing indeed, clients in the beginning of a planning cycle are more concerned about harvesting the fruits of a plan than they are about discussing the specific tools they need. When a client first sits down with an advisor, he wants to feel something, be ignited with a new sense of purpose. He wants—and needs—a good dose of inspiration.

If inspiration is what it takes, why then are advisors so quick to launch into to the tactics? It’s the world we live in. We operate in an industry built on the successful use of tools: investment vehicles, planning software, insurance products and tax strategies. Advisors often measure their own success by the quality of the technical plans they design. Yet, at the end of the day, after they’ve presented their beautifully crafted strategies, their clients feel no more than temporary relief that the planning cycle is over.

Start with a vision

A vision sets the direction for clients to feel inspired. Look out over the horizon to understand your clients’ goals, and internalize their root needs. When you look from your client’s perspective, you can craft a bold vision that gives them a new sense of purpose. A bright, bold vision inspires clients to work harder, dream bigger and gives them confidence to find a way to make it happen. If they have a clear vision, at the end of the day you leave your clients with a lasting sense of empowerment. Great expectations act as self-fulfilling prophecies.

Ask deep questions

Your clients don’t want you to define their visions or make their decisions. Really, what they hope is that somehow you’ll be able to magically pull the answers out of them—what they need is someone who is better at asking questions than suggesting solutions. Clients know that technical recommendations are a commodity that can be purchased from anyone. The X-factor of the engagement comes down to the quality of your communication in the relationship. How well do you ask questions, embrace and understand your client’s aspirations, goals, worries and needs? How well can you paint that picture in words?

Be clear and specific

The problem with most clients’ visions is that they’re too ambiguous. How many times have you heard a client say he or she wants to “retire in style?” Well, take your questions down a level or two. Exactly, what kind of style? Beachy cottage? Urban condo? Lush fairway? Make them be specific. Tangible. Create a vision that your client can see in his or her mind’s eye. It’s hard to work for something, especially something as big and vague as retirement, if you can’t make it feel real.

Be consistent

Finally, be consistent. If they’ve agreed it’s the beachy cottage style, then talk about it that way, the shuttered cottage, the New England coastline. If you want clients to be consistent about their planning, you have to be consistent about their vision. Armed with a real tangible goal, clients make more confident decisions and achieve more substantial progress. If, however, as time goes on, they stray from that vision, you can bring them back, re-focus on fulfilling that vision. It’s your job to keep their eye on the big picture.

Eleanor Roosevelt once said, “The future belongs to those who believe in the beauty of their dreams.” What she didn’t say was, “Although sometimes it takes a good advisor to make them see it.”

Robert Falvey, Partner at the Legacy Companies, is a 20 year veteran of the financial services industry. Rob has trained and consulted with hundreds of advisors throughout the US and Canada. As a Kolbe™ certified professional, Rob is skilled at helping individuals tap into their unique strengths in order to achieve maximum effectiveness in all that they do.