Understanding your communication style, and of course that of your client, is integral to successful planner-client relationships.
Hugh Massie of DNA Behavior International spoke at FPA Retreat 2015 Tuesday on “behaviorally smart client engagement.” He explained to the planners in attendance that there are four basic communication styles:
Goal-setting. For these types of clients, planners should provide discussion and opportunities.
Lifestyle. For these clients, planners should provide fun, openness and graphics.
Stability. These clients will appreciate security, being asked about their feelings and being provided with instructions.
Information. For these types of clients, planners should provide analysis, research and details.
Once you understand and can recognize the four basic communication types in your clients, the next step is to know, engage, and grow:
Know who the client is – discover the client’s communication style, decision biases, goals and learned behavior.
Engage so you know how to relationship manage the client –communicate on the client’s terms to increase emotional connection.
Grow to strategize the specific solutions you offer the client – reframe information and navigate decision biases.
This slide, shared by Massie in his session, summarizes the four communication styles:
Journal of Financial Planning