Although the beginning of a tough conversation can be stressful, it can also be the best opportunity for you to influence the direction of where it is going.
Conversations become interactive when you are listening, asking questions, sharing your view, solving problems and getting back on track when it goes a little haywire. Thinking like a mediator and describing the problem between the two of you in a way that works for both sides is something that takes practice.
The top ten checklist for tough conversations are:
1.) Prep work. Sort out what happened and the impact that it had on you.
2.) Intention. What do you hope to accomplish by having this conversation?Top Ten Checklist for Tough Conversations
3.) Timing. Is this the best time to address the issue?
4.) Describe the problem. Include both viewpoints and describe the difference between your two stories.
5.) Listen, to understand their perspective.
6.) Ask open-ended questions.
7.) Acknowledge the client’s feelings.
8.) Paraphrase and reframe.
9.) Think of options that meet each person’s most important concerns.
10.) Determine for the future how you will keep the window of communication open.
Rosemary Smyth, MBA, ACC, is a columnist and an international business coach for financial advisors. She spent her career working at leading investment firms before pursuing her passion for coaching. She lives in Victoria, BC. Visit her website at www.rosemarysmyth.com
You Might Also Be Interested In:
Two Strategies to Get the Most From Your Goals (Blog post by Rosemary Smyth, MBA. ACC, Author)
Five Ways to Build a Referral Network with Centres of Influence (Blog post by Rosemary Smyth, MBA. ACC, Author)
Ten Tips for Better Networking (Blog post by Rosemary Smyth, MBA. ACC, Author)
A burgeoning question these days seems to be surrounding gold and the worthiness a position the shiny metal would have in a balanced portfolio in today’s market. It seems like there are many opinions out there regarding this and I would offer one here that seems to be rarely brought up when the “experts” discuss this smoldering topic...Read More »
Last year was a watershed for the financial advisor community: it marked the year when philosophical prejudices about investment management acquiesced to the practical needs of advisors as small business owners. More plainly, after nearly twelve years of lackluster performance and a growing sensitivity among clients to downside risk after two market bubbles, it seems that many advisors are conceding the need for a more risk-managed investment solution to protect client assets, and, in so doing, protect their own businesses. We observe the following:..Read More »
The financial service industry is dominated by a sales culture that has flourished for more than 35 years. Wall Street companies protect this culture by spending more than $300 million per year on lobbyists who make sure industry regulations favor companies and not investors. Two of the lobbyists’ biggest challenges are fighting fiduciary standards and mandatory disclosure requirements (transparency) for brokers. These activities are intertwined because fiduciaries are required to put investor interests first and withholding pertinent information violates this requirement...Read More »
Every advisor dreads the notion that his or her clients are looking to go elsewhere. And with 40% of investors thinking about making a move even though the market is nominally rising, nobody can afford to simply let them go. But by the time they’ve made up their minds to tell you, it’s usually too late to convince them to stay. Instead, the time to be alert for red flags is well before the formal relationship ends, forensic accountants say...Read More »
In a recent Investor Watchdog (www.InvestorWatchdog.com) survey, 93% of respondents said they wanted increased transparency from financial advisors when they sell investment advice, services, and products. In particular, they wanted transparency for: Compliance records, education, certifications, experience, and licensing. This first form of transparency is more about you and your competence, ethics, and business practices...Read More »
There is always going to be a client that leaves out of the blue that gets you wondering; why weren’t they happy? Why did they leave? Wasn’t I doing a good job for them? The first place advisors look is how the client’s portfolio has been doing. Unfortunately, this is only a part of the measurement of the client’s satisfaction. The other part is their satisfaction with the relationship, which is trickier to measure. The top four categories that clients use to determine how you measure up are:..Read More »
Is the value you believe you offer the same as the one the client perceives? I raise this question because I am meeting so many advisors who are confusing the idea that their clients trust them to manage their financial affairs with the idea that their clients trust only them to invest the money. As a consequence, they are trapped: their businesses are often not growing and they feel unable to change course, all because they misunderstand the fundamental value proposition that underlies their client relationships. In the past, this wrong turn was into the right neighborhood – asset management – which proved profitable regardless; but the neighborhood is changing and I argue that you should use this strategic planning season to reconsider your path and maybe even ask for directions...Read More »
The more you know about your clients, the easier it is to provide the products that best suit their needs. Be curious about their opinions and viewpoints, and make a habit of asking them what they think and what is important to them. Imagining yourself in your clients’ position is one way to figure out what they need. Five tips to improve client service are:..Read More »
Let’s start with a three-part definition. Part I: Advisors who practice transparency provide accurate information to investors when they sell investment advice and services. The most important information documents the professionals’ education, experience, certifications, compliance record, fiduciary status, compensation, and services. Part II: Transparency is synonymous with full disclosure. Advisors who practice transparency do not withhold any information that would impact investor decisions when they buy what financial professionals are selling. Part III: The information is voluntary. Investors do not have to ask the right questions or go to FINRA BrokerCheck to obtain advisor information. Advisors make the process for obtaining information easy for investors...Read More »
Schedule a Call | Contact Us | (781) 376-0801 | 
Copyright © 2012 byallaccounts. All rights reserved. Privacy | Site Map
