This blog post originally appeared on the High Performing Practice website. If you want to choose to improve your financial services practice, visit their blog for more ideas.
We’ve been talking about the five different aspects of changing the way our clients measure us.
In the past few weeks, I’ve discussed the need for excellence and making your process repeatable and consistent. Last week I focused on cutting through the noise and making sure you continue to work to the end goal. And today, I’m going to explore why empathy is a key element to success.
Although it’s easy to simplify the steps necessary to grow your business, it’s not always easy to achieve them. And empathy might be one of the most difficult of all to master. Let’s put it in perspective by looking at an example.
Has this ever happened to you? You’re talking to a prospect who you know you have the expertise to help. You’re an excellent fit to help them hit what they want to accomplish. But, at the end of the day, the client went with one of your competitors. Why? It’s possible they felt the other advisor was more empathetic.
We all want to believe that our primary goal is understanding our clients’ needs and providing solutions. And, while that is what we are in business to do, in reality, we often focus on ourselves and the value we provide. And focusing on our own value means we’re not putting ourselves in our clients’ shoes.
There are two different things that you need to be aware of when you’re trying to position yourself as the right advisor to shape your clients’ financial story. The first is empathy. The second is authority. And it is possible to use them both together to achieve the best result for our clients and for our business.
In this industry, we’re good at making authoritative statements. We all have years of experience. We have credentials. We have assets under management. We have a team of people. We have proprietary technology. But even with all of that, it comes down to empathy.
And empathy is tough because what our clients are feeling changes daily. Think about what we were feeling Feb. 1 verses what we’re thinking now. Of course, in our current situation, the pandemic is the largest impetus for change. But it’s not the only factor. This isn’t the first time we’ve experienced economic uncertainty and it won’t be the last.
And when we experience times like this, our clients’ needs and concerns change. We need to stay in tune with what they are feeling to be able to show them we are empathetic. It’s even harder if they don’t express their concerns. But taking the time to reach out and reassure can help them understand where they’re headed in the future.
By adding empathy to your value proposition, you reinforce your value to your clients. Everyone wants to work with someone who understands them. And that’s where you have a chance to stand out.
© 2018 Ash Brokerage LLC.