Establishing successful client relationships as a financial advisor relies on good communication skills not just to present information persuasively and with confidence, but also to establish client rapport that allows meaningful and engaging relationships to be built. For many who are new to the financial planning profession and who have no experience working with clients, participating in client meetings can trigger feelings of anxiety, especially for those who share the common fear of public speaking.
In our 116th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss different ways that new advisors can deal with their anxiety over working with clients – depending on the source of their anxiety, most may find that increasing their competence or building their confidence can be good ways to address their discomfort.
Given the tremendous breadth of knowledge that financial planning encompasses, many new advisors often fall prey to ‘imposter syndrome’ and build their confidence by gaining more subject matter expertise. For some, this means acquiring more credentials, while for others, it can mean devoting more time reading books and articles, listening to podcasts, and/or attending workshops or seminars. While gaining more subject matter expertise can help advisors develop their confidence in providing good advice to clients, some advisors may struggle more with the anxiety that comes with presenting themselves and speaking in front of others. One of the most effective ways to deal with this challenge is to practice public speaking, whether by engaging in more client meetings, preparing a script to rehearse out loud, or roleplaying potential client scenarios with a significant other, friend, colleague, or mentor playing the part of the client.
Though client-facing roles are a central part of financial planning, there are other roles for those seeking successful, satisfying careers in the profession that do not require working directly with clients. Newer financial planners may find it more appealing to take on a more behind-the-scenes role by focusing solely on plan preparation as a paraplanner, while others might find it more enjoyable to work in parts of the business indirectly involved in financial planning such as operations or marketing. More senior advisors might find opportunities for non-client-facing roles (usually in larger, more established firms) as a research or investment analyst, or as a subject-matter expert in an area that a firm specializes in (or may want to grow into).
The key point is that by reflecting on the root cause of their anxiety, advisors may find it easier to overcome their discomfort with client work by building up their subject matter expertise, preparing scripts to help them talk through commonly recurring (or challenging) meeting points, or roleplaying scenarios with friends or colleagues. And for advisors who don’t feel energized by working directly with clients, there are still opportunities for them to consider that don’t require much (if any) client interaction. Because ultimately, by improving their weak points, leveraging their areas of strength, and understanding the type of work that is most satisfying for them, advisors can identify the career path that will lead to the most happiness – and then decide what they need to do to create the most success for themselves on that chosen path!
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