There were a few eye-opening gems in a recent CIBC Survey (link) that checked-in with Canadians on their financial priorities, their opinion on how they were progressing on their goals and what kind of shape they felt they were in for retirement. The data points of particular note for me were:
Without clear objectives that guide us to craft a plan or structure to our interview, it can easily become a wasted opportunity.
Our first objective in Discovery is Getting Selection Right
We need to commit to interviewing the client with the intent of understanding “what are they trying to achieve?” instead of just “what they're asking for?”. Not just “what are they asking about?” but “why are they asking about it?”. Be sure that we understand before moving forward to presenting a solution.
• What motivated them to ask for this now?
If we were to map out all of your product/service offerings alongside those of your
closest competitors it might be shocking how similar they look. Sure, there are some differences. Differences you can see fairly clearly because you live and breathe this stuff every day. But if they were left to figure it out on their own, would the person you are hoping to service with that product see those differences as clearly? Probably not.
Things are a little different now, aren't they?
Times are changing and with that comes new online digital ways to start or
even complete banking business. A few emails back and forth and we can have most of a deal wrapped-up. And in the case of a new customer, member or client, frequently we aren't meeting them until they come in to sign for the product they called-in asking about. People I talk to feel like they don't really get a chance to do the desired in-depth discovery discussion like they used to when email wasn't so widely used.
How much harder is it dealing with a client or prospective client when they clearly have all their barriers up? And we know that even those that don't come across as overtly guarded still may have some reservations or fears that would prevent them from engaging at a deep-enough level to allow us provide real value to them.
Many branches or individuals head into RSP season late and with no plan. They decide that they will get after it in late January when most of their clients start asking about RSP's and retirement planning. The successful individuals really start to prepare much sooner than that.
3 Things to Think About and Plan:
We don't just mean result goals; also consider developing activity, or effort based goals. The clearer you are on what you have to accomplish, by when, the more likely it is to happen.
order taking [awr-der tey-king]: to take an order; to do whatever the client tells you to do.
Success leaves clues
It’s a simple concept really, if you want to be successful in any endeavor just look for people or organizations that are already successful and do what they do!
Reciprocity is a universal principle of influence. As a social construct, people feel obliged to give back to others the form of behaviour, gift, or service that they have received first. Friends invite you over to their house for dinner and you feel obligated to return the favour. Someone drops off a small gift to your office at Christmas and you feel the need to run out and get them something.
As technology becomes more and more prevalent in our society, financial institutions have gone through an interesting phenomenon. They used to see the client all of the time because they HAD to come into the branch to accomplish everything. Well now they don’t and the result is that many