Your Practice: Empathy is the Currency of Trust

Tax and financial advisors agree: more than ever, empathy is a key ingredient of successful advisor-client relationships. This was borne out in a presentation by Craig Dowden, Ph.D., at the recent Distinguished Advisor Conference. Registration is now available for this annual event, being held in San Diego, November 6 – 9, 2016.

Craig’s talk focused on the softer side of financial advice—and attendees enthusiastically rated him the top speaker of the event.   Following are highlights of the four-step process for active listening that Craig outlined; deploying this AMPPlify technique will help you be more empathetic towards your own clients, strengthening your relationships with them and buliding their trust.

• Ask: Asking clients questions rather than inundating them with facts, figures, and information takes the pressure off and allows you to get to know them, their wants and needs.
• Mirror: Confirm what they are saying by acknowledging their body language. Staying attuned to their non-verbal cues can be particularly effective in difficult conversations and probing to get to their root concerns can make room for deeper conversations.
• Paraphrase: Restating what your client has told you in your own words shows them how well you’ve been listening and how well they’ve been heard.
• Prime: Engage your clients by putting the onus on yourself, not them, to get at the information you need. Ask probing questions that make them feel comfortable, like, “Is there anything I can clarify?” rather than, “Is there anything you don’t understand?” And ask for honest feedback from your clients on the job you are doing; people respect and appreciate you making yourself open and vulnerable.

In the increasingly technological world in which we live, Craig advised: don’t forget to have personal, meaningful conversations with your clients on a regular basis. Technology is great for conveying factual information, but the power of a phone call or a personal meeting to deepen and strengthen relationships with your clients is an important tool.

Empathy, in other words, is the currency of trust; especially with new markets:  widows/widowers, millennials, and new clients of all kinds.  Be sure to share it generously and it will come back to you many times over.

Craig will be back with more insights at the Distinguished Advisor Conference in San Diego, November 6 to 9, 2016. Delegates may register now with an instalment plan, if required, by calling 1-866-953-4769. Register today to hear from an expert line-up of presenters who will speak to the theme, SOAR HIGHER: Plan for Your Greater Potential.

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