It’s no secret that quite frequently, consumers make purchasing decisions based off of emotional triggers, and a lot of them happen when they’re making larger decisions. The funny thing is that when it comes to wealth management, emotional triggers are often ignored because they may be seen as impulsive, which is a trait financial advisors may not want to be associated with. We replace this emotional trigger with logic, and bring up industry lingo that needs proper explanation to understand. While it takes a while to fully grasp basic concepts of wealth management, emotions will resonate with everyone, and it deserves a lot of consideration to bring into your own messaging.
The Advantage of Emotional Appeals
The human brain is known to have the ability to consume no more than four pieces of information at a time when it comes to decision making and problem solving. When it comes down to it, emotional appeal often defeats logic. Now, this doesn’t mean that you should pitch someone by using a lot of buzzwords to get them excited, but you need to find a balance to present your expertise in a sensible way. Save the nuanced language for a second meeting or when you’re bringing a client on. Use facts at a later date to justify the decisions of your new clients.
One way to truly break away from a more technical approach and truly focus on a prospective client is to simply listen. Be willing to give simpler questions to open ended questions, learn about the goals of your clients, and find creative ways to say how you can help their dreams become a reality.
There is most commonly a specific reason a prospective client is looking for wealth management services. The most common reason is to build their portfolio and in turn their wealth, but there’s always something behind that. It could simply for a comfortable retirement, or it could be for a vacation home. Whatever your client is after, let them know that you can get them there if they partner with you.
Cherish The Bond
When it’s all said and done, the relationship between you and your client should have some semblance of an emotional bond. The actions you take could impact the client and their family for generations to come. The decisions made can change the experiences they pursue and the ambitions they strive for.
The trust that financial advisors seek from their clients is an emotional response. Whether your client knows it or not, they chose you because they feel comfortable with you dictating a significant part of their life. They trust you to guide them in the right direction. You need to be aware of this bond, and cherish it in a way that can help build the relationship for years to come.