How to say anything to a client
Whether it’s communicating uncomfortable changes to clients or asking your staff to step up their performance, here's a simple model you can use to say what needs to be said when you don’t quite know how to say it.
After last month’s column on how to let profitable clients go, an adviser told me that if he used my words with his clients, they would walk out enraged. He didn’t take issue with the principle of my column, but rather with my choice of words.
This got me thinking about the number of times I’ve heard the words, “I can’t say that to my clients” in response to an idea I proposed. This is usually just another way of saying that the advisers’ fears about will happen are bigger than their resolve for better results. It is the place where breakdowns begin.
Whether it’s communicating uncomfortable changes to clients, addressing lingering partnership issues or asking your staff to step up their performance, I assure you there’s a way to say what needs to be said in a style that works for you. So this month’s column offers up a simple model you can use to say what needs to be said when you don’t quite know how to say it.
STEP 1: SHINE A LIGHT ON YOUR STORIES
It’s not that we can’t figure out what to say; it’s that we don’t want to say it for fear of the discomfort, challenges or consequences we may face as a result. If the story in your head is that saying “this” will cause someone to leave, silence is assured. But being challenged to find the right words is entirely different from compromising on the issue you need to address.
Challenge the stories in your head with better questions. Does raising fees really mean you’re greedy? Does transitioning nonideal clients mean you’re abandoning them? Do you really want a client who doesn’t follow your advice? Do you want to keep clients who treat your staff poorly? Are your stories about what could go wrong stopping you from having the conversations that can help make things go right?
STEP 2: CLARIFY WHAT YOU ACTUALLY WANT TO COMMUNICATE WITHOUT WORRYING ABOUT HOW IT’S GOING TO BE RECEIVED
Using the fee increase example, what a lot of advisers want to say is “I need to raise fees to replace my antiquated tech and hire more/better staff so I’m not overwhelmed all the time and can give you the attention you deserve and make a decent living without being stressed all the time.” Keep it real. There are no style points for this step.
STEP 3: CLARIFY WHY YOUR MESSAGE MATTERS TO THEM
Last year I wrote about how to respond to clients when they challenge your advice, with model language that speaks directly to the adviser’s “why” (serving as a trusted adviser) and to clients’ “why” (preserving their portfolio and legacy). In the case of a fee increase, the “why” relates to the sustainability of the firm. It’s been six years since you raised fees, while the cost of doing business has risen. You need to invest in building a healthy, sustainable business, so you can better serve them for the rest of their lives.
The goal in this step is to personalize the meaning to them, so that they understand the intent and impact of the message you want to convey.
STEP 4: CRAFT YOUR COMMUNICATION
Once you’ve defined the message you want to serve up, put it into clear, firm words, without apology or hesitation. Your command of the message is important in conveying your confidence in it, so you should be direct and not dally or dilute what you want to say. Bring your style to the conversation. Substance and authenticity will convey what matters.
STEP 5: PRACTICE MAKES PERFECT
It may seem silly, but my advice to prepare for big conversations is always the same — rehearse the talking points out loud until they roll off your tongue like your middle name. More than one adviser has choked on a conversation due to stress. Practice makes for a more effective conversation by laying neural tracks that your brain can turn to in times of stress, kicking in your default training instead of derailing the conversation.
STEP 6: SAY IT FROM YOUR SIDE OF THE STREET
This is where you remind yourself that your job is to deliver the message, not to judge how others will receive and respond to it. Sharing the message happens on your side of the street, which is the only part of the process you can control. How others receive the message, how it’s truly heard and how that impacts their decisions happens on their side of the street. Knowing the why behind your message from Step 1 helps reinforce that this is the right conversation to have, regardless of the outcome.
Following these steps can help you clear the stories in your head and find a more confident way to hold the challenging and uncomfortable conversations that sometimes come with being a truly trusted adviser.
Stephanie Bogan is founder and chief possibility officer for Limitless Adviser, and a strategy and business coach to founders and CEOs of finserv firms. You can join Stephanie’s Monday Mojo blog at www.limitlessfa.life, follow her on social media.
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