Do your clients get cold feet?
At a recent IFW conference, the wonderful Dr Sonya Lutter talked about some of the physiological aspects of decision making.
When our bodies detect threat, the fight or flight response triggers a whole cascade of physiological changes.
One of them is to divert blood from our extremities – the hands and feet – to the heart and muscles.
The other area that suffers blood loss is the brain. Blood – and the oxygen that it carries – literally drains out of the head.
This dramatically reduces our ability to think and our decisions become driven by habit or emotion.
Why does this matter?
Because talking about money and finances can be difficult and there are many possibilities for clients to find themselves triggered.
It may be the thought of saving – or of having not saved enough – or simply one of the many terms that come up in financial discussions such as retirement, budget, risk, legacy, volatility or loss.
Clients are not likely to fight or run out of meetings. Flight is more liable to manifest as a withdrawal from engagement. And this disengagement is not a conscious choice – it’s driven by physiology.
What can you do?
Firstly, be aware that this happens. It’s not your fault or the clients.
Secondly, don’t ignore signs of discomfort. If your client is visibly struggling with something, you have to acknowledge it. Say something like:
“A lot of clients can find it difficult to talk about legacy. How are you feeling right now?”
Thirdly, learn what drives money behaviour.
You can’t check their feet but, if you want your clients to feel seen, valued and understood, then you need to know what is likely to trigger them and how to manage money conversations.
Planners and advisers who understand money behaviour feel confident in all money conversations, including discussing fees, asking for referrals and dealing with couples in conflict.
Please use the button below to see our training options.
If you’d like to have a chat about how money coaching can help you and your clients, please use the button below.
