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Regaining trust with your financial services clients

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At some point during the 2007-09 financial meltdown, something changed in our client relationships. An immovable object formed between the client and us, and it grew larger and heavier during this period. Exactly why this object grew, and how we should deal with it, illustrates the
complexities of rebuilding relationships during times of pressure — especially exiting the recession. For the financial services professional, moving the immovable object represents the process of regaining client trust, which is essential if we are to succeed in growing key relationships and insulating them from increasingly aggressive competitors.

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Regaining trust with your financial services clients

  1. 1. © 2014 Richardson. All Rights Reserved. Regaining Trust: Moving the Immovable Object By Michael Dalis, Richardson Facilitator and Coach
  2. 2. © 2014 Richardson. All Rights Reserved. The Immovable Object 1 At some point during the 2007-09 financial meltdown, something changed in our client relationships… An immovable object formed between the client and us.
  3. 3. © 2014 Richardson. All Rights Reserved. 2 Why this object grew, and how we should deal with it, illustrates the complexities of rebuilding relationships during times of pressure
  4. 4. © 2014 Richardson. All Rights Reserved. A deep lack of trust What is the Immovable Object? We moved radically from being a long- time trusted advisor to an erratic, often unreasonable and undependable, partner.
  5. 5. © 2014 Richardson. All Rights Reserved. 4 We were responsible for explaining, defending, and sometimes requiring compliance with new policies, some of which we may not have fully supported. Three of our most common reactions were to apologize, ignore, or defend. In doing so, we failed to fully understand the client’s issues and concerns and as a result, were unable to resolve them. What is the Immovable Object? During this difficult period…
  6. 6. © 2014 Richardson. All Rights Reserved. How Do We Sell With the Immovable Object in The Way? 5 Four step process to shrink the object & regain trust 1. Empathize with the issue(s) the client faced, possibly at our hands, 2. Question more deeply to understand the client’s current thinking and feelings, 3. Position ideas and/or actions that are relevant to resolving the issue(s), and 4. Elicit feedback to assess how well you have addressed the client’s issue(s).
  7. 7. © 2014 Richardson. All Rights Reserved. Depending on how big the immovable object is in the relationship, you may have to use this four-step process many times over the course of numerous dialogues and months By consistently using this process and executing successfully on small actions developed together with the client, you begin to rebuild the trust between you and your client 6 It is no small challenge to move the immovable object that may have formed between your client and you since 2007 Rebuilding the Trust
  8. 8. © 2014 Richardson. All Rights Reserved. Thank You • Thank you for viewing this slide share • If you have any feedback or comments, or would like to learn more about Richardson’s award winning sales training products and services, please e-mail me at jim.brodo@richardson.com • You can also connect with me at: LinkedIn - www.linkedin.com/in/jimbrodo/ Twitter - @Richardsonsales Join our blog – http://blogs.richardson.com.com Call us – 215-940-9255 7

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