If you don’t already know, working as a Financial Planner means meeting people from all walks of life. If you don’t sharpen your communication and people skills, you will find yourself having trouble building and retaining client relationships. For example, while some clients know what they want, most clients don’t. And it is up to us Financial Planners to figure it out for them. But first, how do you approach these different types of clients and find out what works best for them? Let’s find out…
According to the wealth manager and author of “Working with the Emotional Investor: Financial Psychology for Wealth Managers,” Christopher M. White, people can be divided into three different groups, the fixer, protector, and survivor. And Financial Planners who work with people most of the time must know what kind of person they are working with to decide how they can offer effective financial solutions.
1) The Fixer
The fixers are very result-oriented. This type of client is always willing to take risks and likes to be in control of their financial decisions. Having wanted to see more good financial returns, they can be charming and charismatic, with a “can-do” attitude. However, Financial Planners should note that these clients sometimes need to be shielded from taking too much risk because if situations are not in their favour, they can appear aggressive and argumentative. The best way to deal with the fixers is to always stay calm and address the client’s concerns specifically. It helps to use facts to support your solutions and findings to give them more confidence in your expertise and credibility.
2) The Survivor
Different from the intense approach shown by the fixers who prioritise results, the survivors are often mission-driven and are focused on ideals or goals beyond themselves. While they can be idealistic, they can also come out as unrealistic. When dealing with survivors, you need to provide a detailed framework and discipline for their investments or financial solutions so that they can make sound decisions. When things don’t go their way, they may insist on sticking to the old strategy. And what this means is that you need to nudge them to a new direction and offer other financial solutions for them to consider.
3) The Protector
Last but not least, the protectors are risk-averse types of clients. They like to look at the big picture and see if the financial solution will pose a threat to them or others sometime in the future. They are responsible and caring, therefore, they tend to think more about others than themselves when it comes to financial matters. When working with the protector, you will find that they enjoy planning how to use their wealth to benefit others. But because of their risk-averse nature, they tend to show vulnerability when situations become high stakes. When this happens, you will need to help them take charge of their situation and instil confidence in them.
Of course, there are plenty more types of people that you will meet when you embark on this career. You may find yourself a protector, a fixer, a survivor, or even a combination of all three! The best way for you to prepare yourself is through experience. The more people you work with, the more prepared you are to work under different circumstances and environments. And most Financial Planners would agree that understanding clients’ behaviours can greatly help you design the perfect financial solution for each situation. So if you seek a promising career as a Financial Planner, join us today! Our team of seasoned professionals will let you in on some industry secrets and tips to help you thrive in your career.