Fiba seminar how to read wealth clients 15 oct 2013

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Summary slides for the breakfast seminar "How to read Wealth Clients" presented in Miami on 15 october 2013.

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Fiba seminar how to read wealth clients 15 oct 2013

  1. 1. Skills to improve your client relationships www.theclientacademy.com How to read Wealth Clients FIBA Wealth Management Breakfast Seminars 15 October 2013
  2. 2. SDI – Strength Deployment Inventory Strength... The SDI helps people identify their personal strengths in relating to others under two conditions: 1) when everything is going well, and 2) when they are faced with conflict. Deployment... means to move strategically or to take a position for effective action. The SDI suggests ways that one’s personal strengths may be used to improve relationships with others. Inventory... The SDI is not a test where judgments and “right” or “wrong” answers are graded. It is a self-discovery tool. It is an inventory for taking stock of motivational values (the basis for how you feel and act in different situations).
  3. 3. 4 types of people according to their SDI motivation Blue Blue: Help others RedBlue Red Hub (Black) Blue-Green Red-Green Green Black: Be flexible Green: Analise independently Red: Get results
  4. 4. Blue Wealth Clients ALTRUISTIC–NURTURING MOTIVATIONAL VALUE SYSTEM They see their Private Banker as someone close to the family who understands their values and helps them preserve and project them into the future. How they tend to behave: §  Talks about feelings and family opinion and whether you are happy §  Will be sincere, trusting and loyal §  Will emphasize the relationship §  Talks about benefits to other people §  Meeting may be longer than planned if they “connect” with you §  Will be interested in your
  5. 5. Selling to BLUE ALTRUISTIC-NURTURING MOTIVATIONAL VALUE SYSTEM Listening and personalization are key. They will be less price sensitive if you’re giving them a very good service otherwise. Allow time in the meeting to meet members of the family or visit the business. How to influence them: §  Don’t go in with a prethought solution, ask them for their opinion first §  Tell them about the benefits to the family §  Be genuine: they need to trust you as a person before doing business §  Refer to relationship: “we want to have a long-term relationship” §  Don’t take advantage of their trusting nature. If you lose their trust, they’re gone forever.
  6. 6. Red Wealth Clients ASSERTIVE–DIRECTING MOTIVATIONAL VALUE SYSTEM They see their Private Banker as someone who can help them obtain a high return on their investments. They are clients of several banks and foster competition between them. How they tend to behave: §  Likely to be direct and clear; can be challenging §  Gets to the point quickly, focuses on results, will want action §  They will be uninterested in the detail §  Meeting will be short. They may be doing other things at the same time §  Likely to negotiate §  The relationship is more transactional: you’re only a good as the last lucrative deal you proposed to them.
  7. 7. Selling to RED ASSERTIVE–DIRECTING MOTIVATIONAL VALUE SYSTEM Being competitive is key. If you’re not on this occasion, don’t waste their time. Show how what you’re offering is different. How to influence them: §  Talk about solutions rather than problems §  Be brief and clear §  Present short documents with clear recommendations §  Emphasize return on investment, time & money savings §  Give them credit for ideas
  8. 8. Green Wealth Clients ANALYTIC–AUTONOMISING MOTIVATIONAL VALUE SYSTEM They see their Private Banker as a provider of information and expertise they couldn’t get access to otherwise. Green clients will do their own thorough analysis, are generally risk averse and will have a long term investment strategy. How they tend to behave: §  Will be objective and logical §  Will follow the meeting agenda §  They will pause when asked a question to think it through §  Will prefer information in writing §  Will not make a decision there and then §  Will read the small print and follow procedures §  Meeting will last exactly as planned
  9. 9. Selling to GREEN ANALYTIC–AUTONOMISING MOTIVATIONAL VALUE SYSTEM Being well prepared and professional is key. Bring experts and/or show them specialised research from your organization. Do not oversell: people don’t convince them, facts do. If you put pressure they will say no. How to influence them: §  Send an agenda in advance and any documents to review §  Show that you have procedures in place to minimise risks §  Stick to the agenda §  Show credentials and expertise §  Have supporting facts available in writing or offer to email §  Respect silences
  10. 10. Hub Wealth Clients FLEXIBLE–COHERING MOTIVATIONAL VALUE SYSTEM They see their Private Banker as someone who helps them think things through. They like to be presented with several flexible options and explore what will be the best one at a given moment. How they tend to behave: §  Will appear open and flexible options §  Will want to involve a lot §  May switch from topic to of people in the topic decision §  May not give a straight answer (“it depends”) §  Will want a menu of §  A successful meeting swill be long to consider all sides of an argument
  11. 11. Selling to HUB FLEXIBLE–COHERING MOTIVATIONAL VALUE SYSTEM Showing that you’re willing to explore different options with them without showing frustration or impatience is key. They are going to continue thinking about it with or without you, and you stand better chances of influencing them if you join them. How to influence them: §  Offer a menu of options §  Involve a lot of stakeholders in the decision §  Show willingness to adapt §  Leave time to consider all sides of an argument §  Ask for commitment to small steps leaving options open for later §  To move them along, start each meeting with a summary of the options that have been considered so far.
  12. 12. How to Read Wealth Clients Prepared by Mónica Hernanz from The Client Academy. monica.hernanz@theclientacademy.com. Tel UK: +44 7890 593 408 | Tel US: +1 305 771 4011 The Strength Deployment Inventory (SDI) helps us understand the motivational values of the people around us, and how they differ from our own. Our motivational value system (MVS or “colour”) is a collection of priorities which influence the way we approach others in all life situations. When we act according to our value system, we feel good about ourselves. When communicating with our clients, we tend to create our message according to our priorities, assuming that what is important to us will be important to them as well. Yet if we tailor the message to their “colour”, we will increase our chances of influencing them. MVS (Colour) How to recognise them They are likely to say How to influence them What you should say Blue This is a people-focused value system concerned with the protection and welfare of others. They are warm and friendly and are motivated by helping others above everything else. • Talks about feelings and family • Will be sincere, trusting and loyal • Talks about benefits to other people • Will be interested in your opinion and whether you are happy • Will emphasise the relationship • Meeting may be longer than planned if they connect with you •  How can I help you? •  What do you feel? •  Let s see what we can do together •  I ll be honest with you •  Let me do it for you •  I am interested in your opinion •  We can t let them down • Don t go in with a pre-thought solution, ask them for their opinion first • Tell them about the benefits to the individuals and the team • Be genuine: they need to trust you as a person before business • Refer to relationship: we want to have a long-term relationship •  I need your help to figure out what to do in this situation •  Let s figure this out together •  We want to develop a long term relationship with you •  We enjoy working with you •  What would be the impact of this on you/ your people? Red This is an assertive, goal focused value system motivated by task accomplishment. It takes decisive action and is constantly on the lookout for opportunity. • Likely to be direct and clear; can be challenging • Gets to the point quickly, focuses on results, will want action • They will be uninterested in the detail • Meeting will be short. They may be doing other things at the same time • Likely to negotiate •  Let s get into action •  What is the bottom line? •  Do you see what I want? •  We need to get round this somehow •  It needs to be done now •  Can you do it cheaper/faster/ efficiently? • Talk about solutions rather than problems • Be brief and clear • Present short documents with clear recommendations • Emphasise return on investment, time & money savings • Give them credit for ideas •  It will be done •  This is what you will achieve •  The objectives are... •  The bottom line impact is... •  We can do it cheaper/faster • If you need help or further input from them say: to achieve the deadline you need to step in.. Green This is a cautious analytical value system that prefers to think carefully before acting. It is motivated by autonomy and self-sufficiency. It is concerned with facts, detail, objectivity, fairness and principles. • Will be objective and logical • Will follow the meeting agenda • They will pause when asked a question to think it through • Will prefer information in writing • Will not make a decision then • May make you fill forms and follow procedures • Meeting will last exactly as planned •  We need to monitor progress •  There must be a logical reason •  Is this accurate? •  Can I have it in writing? •  Where does this figure come from? •  We must follow procedures • Send an agenda in advance and any documents to review •  Stick to the agenda • Have supporting facts available in writing or offer to email • Show that you have procedures in place to minimise risks • Show credentials and expertise • Respect silences •  Let s go through it line by line •  We want to do a thorough analysis •  We have a procedure in place •  We will minimise risks by... • Use objective language, i.e. what issues need to be considered? and not what do you feel we should do? Hub (black) This is a flexible and adaptable value system that values the welfare and membership of the group. It is capable of seeing all sides of an argument and changing behaviour to adapt to what the group needs. • Will appear open and flexible • May switch from topic to topic • May not give a straight answer ( it depends ) • Will want a menu of options • Will want to involve a lot of people in the decision • Successful meeting swill be long to consider all sides of an argument •  It depends •  This is a consensus decision •  What about this? •  What options do you propose? •  We need to remain flexible • When asked to make an either/or decision they will say : I want both • Offer a menu of options • Involve a lot of stakeholders in the decision • Show willingness to adapt • Leave time to consider all sides of an argument • Ask for commitment to small steps leaving options open for later •  Here are several case studies showing different options of what we could do •  Let s play devil s advocate and see it from the other side •  Who else do we need to involve in the decision? •  This way we will be able to keep options open for later
  13. 13. How  to  adapt  sales  messages  to  different  SDI  Wealth  Clients   Prepared  by    Mónica  Hernanz    from  The  Client  Academy.  monica.hernanz@theclientacademy.com.  Tel  UK:  +44  7890  593  408  |  Tel  US:  +1  305  771  4011   Closing  the  sale   The  account  is  open  but  needs   funds   This  is  product  may  be  interes7ng   to  you   I  need  to  leave   Blue   “We  have  spent  some  .me  talking  about   this  product.    I  would  like  for  us  to  find  the   best  solu.on  for  you  and  your  family,   whether  it  is  this  product  or  another.    Please   help  me  be@er  understand  what  you  need   in  order  to  make  a  decision.”  (Let  them   speak,  listen  and  empathize.    In  the  end,   aEer  listening  it  could  be  more  of  a  PUSH:)       “In  that  case,  I  suggest  we  proceed  like   this…what  do  you  think?”   Blue   “I  greatly  appreciate  the  confidence  you   have  given  us  in  opening  the  account,   however,  without  the  funds  it  is  as  if  you   were  not  a  client.    I  cannot  show  you  what   we  can  do  and  they  are  puMng  pressure  on   me.    If  it  is  ok  with  you,  lets  take  a  look   together  at  what  type  of  funding  would  have   the  least  impact  on  your  actual  investment.     Tell  me…”   Blue   “You  have  men.oned  previously  that…….    Also   having  in  mind  that  you  family  is  going   through……  And  that  the  market  is…….  Having  all   this  in  mind,  I  believe  that  this  product  could  be   of  interest  to  you  because  it  will  provide  you  with   the  following  benefits:……”   Blue   “I  am  very  happy  speaking  with  you  and  I  greatly   appreciate  that  you  are  telling  me  these  things   because  it  gives  me  an  opportunity  to  get  to   know  you  be@er  and  find  be@er  solu.ons  for   your  family.    Today  I  cannot  dedicate  the  .me   that  this  deserves,  because  at  xxxx  (.me)  I  need   to  leave.  Out  of  respect  for  my  clients,  I  try  to  be   punctual.    When  would  it  be  a  good  .me  to   con.nue  this  conversa.on?”   Red   “We  have  spent  some  .me  discussing  this   product,  but  if  we  do  not  act  quickly  we  are   going  to  lose  this  opportunity.  In  short,  I   think  that  it  is  a  good  product  for  you   because:  (bullet  points,  1,  2,  3).    How  do  we   move  forward?”  (bring  the  papers  prepared   because  they  could  be  signed  at  that  .me)   Red   “In  order  to  fund  the  account,  do  you  have   an  investment  at  another  bank  that  is  not   giving  you  sa.sfactory  profits?”    (another   op.on)  “What  is  is  the  easiest  way  to   transfer  X  MM  in  order  to  test  our  services?”     Red   “You  had  told  me  before  that  you  were  looking   for  a  return  of……  and  this  product  is  offering   that.”  “I  am  offering  you  this  product  because   with  other  clients  in  similar  circumstances  to  you   they  like  these  characteris.cs:  xxxx,  xxxx,.  What   do  you  think?”   Red   “I  am  going  to  have  to  leave  at  X  hour.    “Which   topics  do  you  think  we  need  to  discuss  to  make   the  best  use  of  our  .me?”   Green   (Send  them  the  detailed  informa.on  prior   to  the  mee.ng.    Do  not  expect  a   spontaneous  decision).   “Did  you  have  .me  to  analyse  the   informa.on  that  I  sent  you?    What   addi.onal  ques.ons  do  you  have?  In  order   to  move  forward  and  not  have  to  rush  at   the  last  minute,  you  should  make  a  decision   before  x  date.    What  else  do  you  need  in   order  to  make  the  decision?”     Green   “It  has  been  2  months  since  the  account  was   opened,  but  it  is  s.ll  not  funded.  In  principle,   in  order  to  be  a  client  the  account  must  be   funded  with  a  minimum  of  X  MM”  (Show   the  condi.ons).   (Explain  the  process,  what  he/she  needs  to   do  and  what  happens  once  the  account  is   funded)]  “What  informa.on  do  you  need   from  us  to  be  able  to  fund  the  account   before  X  date?”   Green   “Analysing  your  long-­‐term  investment  plan  for   this  product,  it  gives  you  the  following   advantages.    There  are  two  issues,  but  we  can   mi.gate  them  like  this.”  (Be  objec.ve,  do  not  try   to  oversell).   I  will  leave  this  detailed  informa.on  with  you.     What  other  ques.ons  do  you  have?  (Do  not  get   crea.ve  or  improvise,  if  you  do  not  know,  send   the  informa.on  later)  What  other  informa.on   could  I  send  you  in  advance  of  our  next   mee.ng?”   Green   (Check  the  .me  that  they  have  for  the  mee.ng   at  the  beginning  of  the  mee.ng.  Tell  them  at   what  .me  you  will  have  to  leave.  Let  them  know   with  enough  .me  instead  of  cuMng  it  short).   “We  have  30  minutes  leE.  What  would  you  like   to  analyze  in  the  .me  we  have  available?”   “Do  you  need  any  informa.on  in  wri.ng  that  I   could  send  you  so  that  you  can  analyze  it  before   our  next  mee.ng?”   Hub  (black)   “Lets  go  through  everything  that  we  have   discussed  about  this  product  to  see  if  with   having  all  the  perspec.ves,  we  find  the  best   solu.on.”  (Review  together  all  of  the   op.ons/opinions.    Do  not  lose  pa.ence).   “Great,  now  that  we  have  thoroughly   reviewed  it,  the  best  op.on  seems  to   be….do  you  agree?”  “If  you  commit  to  this   minimum,  if  the  circumstances  change  you   will  s.ll  have  these  other  op.ons  available”    Hub  (black)   “Since  the  account  has  been  open  for  X  .me   and  is  s.ll  not  funded,  I  would  like  for  us  to   examine  the  op.ons  that  you  have  for   funding  so  you  can  choose  the  best  one.   Normally,  clients  opt  for  these  two  funding   op.ons,  this  and  that…  What  other  op.ons   are  you  considering?  ….  Lets  look  at  the  pros   and  cons  of  each  op.on.”   Hub  (black)   “This  product  gives  flexibility  because…”   “Lets  think  about  which  alterna.ves  you  have   with  respect  to  this  product”   “If  you  move  forward  and  later  change  your   opinion,  the  easiest  way  to  cancel  or  change  it   would  be….”   Hub  (black)   Of  course  it  is  important  to  consider  all  the   perspec.ves  and  I  am  here  to  help  you  to  think   about  them  and  assess  them  to  the  extent  that   you  can.    Since  I  will  need  to  leave  in  30  minutes,   what  do  you  think  if  we  summarize  and  try  to   see  which  is  the  best  op.on  as  of  now?”       “….I  need  to  leave,  at  this  point  the  best  op.ons   seems  to  be  xx  and  it  looks  like  we  can  rule  out   xxx.    I  suggest  that  the  next  steps  are  xxx.    What   can  we  decide  on  at  this  point?”  
  14. 14. United Kingdom Tel UK: +44 (0) 20 7127 0704 C/ María de Molina 60 Escalera A, 3° Derecha 28006 Madrid España Tel Spain: +34 91 123 4213 World Trade Center, First Floor Commercial Area, Calle 53 , Marbella Ciudad de Panamá, P.O. BOX 0832-0588 Panamá. Tel Americas: +1 (305) 771 4011 uk@theclientacademy.com es@theclientacademy.com americas@theclientacademy.com Malvern House 199 Marsh Wall London E14 9YT Thank  you  

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