Henno Senekal, Distribution Marketing Manager at Old Mutual Personal Finance
The new year is an opportunity for advisers to reconnect with customers in meaningful ways. It’s a time to reassess financial and life goals and ensure plans align with what truly matters. But how should these conversations begin?
The answer is straightforward: start with the “why.” This question should be at the heart of every annual review. Inspired by Simon Sinek’s Start with Why, this approach helps financial advisers uncover what truly drives their customers. It’s not just about money—it’s about understanding the purpose behind financial decisions and delivering meaningful results.
An example is of this is the story of a customer who was concerned about the affordability of her father’s life insurance due to escalating premiums. By uncovering her “why,” the customer realised she might need more protection, not less, to safeguard what truly mattered to her.
As we discussed her priorities, it became clear that her main concern was ensuring her mother’s care if something happened to her father. She realised the need to review her portfolio, consider her father’s life cover as an investment rather than a grudge cost, and add additional cover on her own life to provide for her mother, if necessary.
Building Trust Through Curiosity
This experience illustrates the power of exploring the true purpose behind a customer’s decisions. This begins with asking thoughtful questions and showing genuine interest. Just ask questions, at some point, you’ll uncover the key to understanding their real needs.
It’s not about having the perfect question but about being curious and authentic in your approach. Don’t start with solutions or focus on end goals right away. Care deeply about the person in front of you. Ask questions to understand, not just to respond. This genuine curiosity fosters trust, whether you’re advising a seasoned CEO or someone just starting their financial journey.
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Tips for financial advisers:
- The Power of Trust: Trust is the key to unlocking real value. Trust is built when customers know you truly understand what matters most to them. It’s not just about offering the right solutions; it’s about showing you care deeply about their goals and priorities. This trust empowers customers to make confident decisions and stay committed to their plans.
- Focusing on Needs Creates Opportunities: This approach can also reveal opportunities to offer better solutions that align with customers’ goals. When you take the time to uncover the deeper motivations behind a customer’s decisions, you gain clarity on what they truly need. This insight enables financial advisers to identify solutions that may not have been considered before but are better suited to achieving their goals.
- Collaboration is Key: A collaborative approach for more complex client interactions, recommending that an adviser be accompanied by another financial professional, such as another financial adviser, legal adviser, or product specialist.
- A lot of times, financial advisers are alone in a conversation, which can make it hard to multitask—balancing technical calculations and actively engaging with the client. By having a second professional present, one person can focus on listening and asking questions, while the other handles calculations or takes notes. This not only ensures no detail is missed but also creates opportunities to train and upskill less experienced financial advisers.
- Avoiding Jargon and Ensuring Simplicity: Be cautious about overusing technical jargon, rather focus on clear and straightforward communication. Some customers are among the smartest people in the country, and I realised it’s not about trying to impress them—it’s about genuinely understanding what matters to them. Asking questions and listening to understand, not to respond, is key to understanding what matters most to customers. People value simplicity—it builds transparency and trust.
Starting with the “why” transcends financial planning; it’s about fostering stronger relationships and achieving long-term success. By staying curious, building trust, and addressing core motivations, advisers can help customers create financial plans that are not only practical but deeply personal.