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Role Of Communication In Financial Planning
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Role Of Communication In Financial Planning

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  • 1. ROLE OF COMMUNICATION IN FINACIAL PLANNING The tongue is the only tool that gets sha
  • 2. Topics to discussWhat is CommunicationFacets of CommunicationCommon Methods of CommunicationThe Communication ProcessHow important is CommunicationReasons for CommunicationEffective CommunicationIssues with CommunicationDo & Don’t of CommunicationHow to improve CommunicationBody LanguageListening and Active Listening Skills
  • 3. What is communication… it’s a Dialogue, not a monologue…Communication is the art of transmitting Information, Ideasand attitude from one person to anotherIt is a dynamic process of meaningful interaction with fellowhuman beingsIt’s a personal process which involves change in behaviorIt’s a means of expression of thoughts and emotion throughwords and actionIt’s a tool for influencing, controlling and motivating peopleIt’s a social and emotional process
  • 4. Four Facets of Communication -in any communicationThe Sender is the person trying tocommunication message.The Receiver is the person at whom themessage is directed.A message is sent to convey Information.Information is meant to change Behavior.
  • 5. Common methods of communicationSpoken words/Language/verbal/audioBody language/Emotional/non-verbalWritten words/literature/presentationPara-verbal-tone/pitch/pacingVisual images/pictorial/videoMusic/art/craft
  • 6. The Communication process Writing 9% Speaking 30% Reading 16% Listening 45%
  • 7. How important is communication…• Everyone in this world communicates but effective communication is a skill which can be learnt.• This is the most important tool in the field of consultancy if used skillfully.• You need have the skills to use of this tool, because most of the time we think we know how to communicate.• The communication skill is required to be perfected all the time.I know that you believe you understand what youthink I said, but Im not sure you realize that whatyou heard is not what I meant.
  • 8. Reasons of CommunicationTo persuadeTo get some actionTo change behaviorTo ensure understandingTo get or give informationAs Financial Planner you have all the abovereasons to communicate.
  • 9. Effective CommunicationTo effectively communicate,we must realize that we are all different inthe way we perceive the world & use thisunderstanding as a guide to ourcommunication with others. Effective communication will strengthen your relationships, minimize the risk of misunderstandings and improve your self-confidence.
  • 10. Caution!!!• Mutual Funds investments are subjected to market risks.• Please read the Scheme Information Document and Statement of Additional Information carefully before investing.
  • 11. Parts of a message Words 08% Tone of voice 34% Non-verbal cues 58% ----------------------------------------- MESSAGE 100%
  • 12. Issues with communicationEgoFearAttitudeDistrustTraditionsLack of timeSpecialist languageThe surrounding noise
  • 13. Issues with communicationPersonal value systemDissimilar assumptionsPerceptional differencesDifferent knowledge levelInattention and poor retentionFaulty translation/transmissionUndue reliance on written words
  • 14. Do’s of CommunicationFind out what your Listener wants.Look before you leap-think before you speak.Use common language and simple words.Be clear and audible.Believe in your message.Use Gestures and expressions.Use humor, visualization, anecdotes & story telling
  • 15. Do’s of CommunicationControl fearCheck twice from listenersIf interrupted take two steps back-recapRepeat the important points againAsk for clarificationAsk for repetition from the listenerKeep Visual contact
  • 16. Donts of CommunicationsDo not instantly react/mutter something-take a pause.Do not use technical terms/terminologies/jargonnot understood by listener/s.Do not speak too fast or too slow-check your pace.Do not assume you are heard and understood-confirm.Do not look here and there-maintain visual contact.If in doubt-repeat.
  • 17. How to improve Communication…Define and understand communication and thecommunication process,List and over come the barriers in aCommunication process,Practice active listening,Improve verbal and non-verbal communication.The Amazing truth about Human tongue: It takesthree years how to use it but, it takes a life timeto learn, "When and where to use it."
  • 18. How to improve Communication… work on-Active Listening,Language, Vocabulary, Pronunciation, Voicemodulation,Read, study, explore, ask,How to repeat and impact of stress,Handling disagreement, differences, objections,If I am to speak ten minutes, I need a week forpreparation; if fifteen minutes, three days; if half anhour, two days; if an hour, I am ready now.
  • 19. How to improve Communication… work on-Attitude, take responsibility, be real,Empathy, respect others point of view,Meditation, contemplate, think,Body language, gestures, posture,Learn to shake hands and say sorry,Talk to yourself.Argument is the worst sort of conversation.
  • 20. Body Language-Touch is probably the earliest form of communication and still isTouch only when appropriate/suitable/proper/right/correct.Keep appropriatedistance/space/reserve/room/gap.Take care of your appearance/look/form.Beware of falsecues/signals/meaning/hint/lead/pointer.Maintain eye contactSmile genuinely/authentic/actual/true/real
  • 21. TYPES OF BODY LANGUAGE Remember that you are dealing with “PEOPLE”(P)OSTURES & GESTURES How do you use hand gestures? Stance?(E)YE CONTACT How’s your “Lighthouse”?(O)RIENTATION How do you position yourself?(P)RESENTATION How do you deliver your message?(L)OOKS Are your looks, appearance, dress important?(E)XPRESSIONS OF EMOTION Are you using facial expressions to express emotion?
  • 22. Most Important- Listening After all, everybody hears what he understands…Listening is an elegant art.Listening is hard work.Listening reflects courtesy and good manners.Listening improves competence and performanceListening eliminates grievancesListening improves social relations Tests have shown that, on average, normal adult human beings only really hear ONE THIRD of the words spoken to them.
  • 23. Listening Skills is one of the key essential ingredients in effective communication…Level 1 - Often, a person at this level is making believe thathe is paying more attention while really, he or she isthinking of other things.They are generally more interested in talking, rather thanlistening.Level 2 - They are trying to hear what the speaker issaying, but they are not making the effort to understandwhat the speaker means.They tend to be more concerned with content rather thanfeelings.They do not really participate in the conversation.
  • 24. Listening Skills Level-3 Active ListeningAt this level, people try to put themselves in the speakers place, theytry to see things from the other persons point of view.Some characteristics of this level include:taking in only the main ideas,acknowledging and answering,paying attention to the speakers total communication,Body Language-sitting forward, eye contact, nodding head.People can hear four times faster than others cantalk, which gives a skilled listener time to sortmatters
  • 25. Active listening you must…listen for the content of the message,listen for the feelings of the speaker,listen without making judgment,respond to the feelings of the speakers,note the speakers cues, both verbal and nonverbal,ask open-ended questions, andreflect back to the speaker what you think you are hearing.If you really want to listen, you will act like a good listener.Good listeners are like good catchers because they givetheir speakers a target and then move that target tocapture the information that is being sent. 
  • 26. ActivityGo to the locker no.252 at Old Delhi station.In the locker you will find a cash box which contains thefollowing:5. 50 notes of Rs.500,6. 50 notes of Rs.100,7. 50 notes of Rs.50. Please bring me half the money.
  • 27. Question?What is the number of the locker ???
  • 28. Listening is perhaps one of the most important skills wehave, yet it is one of the least recognized.Listening in fact is how we ourselves learn to speak.Research reveals that although we spend so much of ourtime ‘listening’ we don’t necessarily remember all we’retold.Shortly after a 10 minute oral presentation the averagelistener will have retained only half of what was said.After 48 hours they are likely to remember only 10 percent!
  • 29. Communication …• is a Dynamic process,• is to get some action,• is a Social & Emotional process,• is a Skill which can be improved,• is verbal & non-verbal,• is mostly listening,• improves understanding & relationship.
  • 30. Thanks for Listening!Arranged and Communicated by: SunilKumar(letsgrowrich@gmail.com) Certified Financial Planner