Talking Points for True Communication with Clients [Episode 18]

The Perfect RIA

Key Links

• Books referenced in the episode: Extreme Ownership || The Dichotomy of Leadership by Jocko Willink and Leif Babin
• The Five Love Languages by Gary Chapman

----According to both Matt and Micah, to truly know your clients, you have to put these key principles to use in your practice:

[#1 Learn The Communication Styles of Your Clients and Team]

• According to Micah, there are about 15 different communication styles out there, but he personally likes to use 4 styles that he and his team attribute to clients and each other: these are the Driver, Analytical, Amiable, and Social communication styles.

1. The Driver is someone who wants to get things done right away. They aren’t impatient so much as they are eager to get right to work and tackle their tasks diligently.
2. The Analytical person on the other hand works at a much slower clip because they want to make sure their ducks are all in a row, that all of the relevant data is squared away, and that no surprises crop up.
3. Thirdly, Amiable types of communicators truly value conversation and friendliness and won’t open up and communicate effectively until they feel comfortable enough. Opening meetings with conversations and chit-chat is the best way to communicate with this style of person.
4. Lastly, the Social type is more spontaneous. A person with this communication style tells you what’s on their mind and is expressive in their decision-making process. Maybe a little impulsive and emotion-driven, but in the best way, of course!

[#2 Start Meetings With a Client-First Mentality]

• Like Matthew states, starting meetings by addressing the needs of the client first has made all the difference in communicating with his clients in an effective way.
• Start with the phrase: “How can I be of most assistance?” Or a variation of the same phrase. The emphasis should be on turning attention towards the client first, as this will help ameliorate any nagging concern and thus open up a more concentrated meeting thereafter.
• A follow up question of, “anything else on your mind?” is always a great addition to the aforementioned phrase.

[#3 Ask the Client About Their Most Pressing Expense(s)]

• Micah says a great way to gauge the priorities (and subsequently adjust to them) is to ask what the next 1-2 months of cash flow will be most directed towards. If it’s a vacation or a trip versus tuition for a grandchild, then Micah has the information he needs to communicate further with clients.

[#4 “Can You Tell me More About That?”]

• One of the most effective questions in the book, asking if clients can further articulate an expense or a plan can initiate a positive dynamic of trust, as well as unlock information that would have stayed put if not addressed.

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Matt and Micah’s Action Steps

1. Start small! Take your top 10 clients and figure out their communication styles.
2. Next step is to go internal and attribute a style to yourself and your team members. Be honest and take ownership!
3. Lastly, Matthew suggests buying The Five Love Languages by Gary Chapman, which is not only for learning how to effectively communicate with your spouse, but for broadening your mind on the whole spectrum of communication styles and methods out there.

More details at: https://theperfectria.com/talking-points-for-true-communication-with-clients

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Produced by Simpler Media