A FIELD GUIDE TO CLIENT COMMUNICATION

Let’s talk about talking.
Helping people make the Wealth + Health connection is the first step in making sure both can last a little bit longer.
Research Transamerica conducted with Luntz Global Partners suggests that conversations with clients could become better simply by tweaking the words we use. And better conversations lead to deeper, longer-lasting relationships. Financial guidance that’s truly valuable takes into account everything that can affect clients’ personal finances, including their health. Download our Field Guild to Effective Client Communication.

Understand what people want

When people were asked what they want to have more of in their financial future, health was the most popular answer
An infographic illustrates health is the most popular answer
Why it matters

We listened to consumers around the country through focus groups and surveys with Luntz Global Partners. That “listening tour” revealed three key themes influencing clients’ financial decisions:

  • They want relief from uncertainty, including unpredictable medical expenses or health insurance costs.
  • They want you to ease their fears, not add to them.
  • They expect you to prioritize their needs over yours.

Address all of those concerns by showing you care, even in the way you communicate.

More than 4 in 5 people say it would be very valuable for a financial professional to consider their health and potential health care cost when building their financial strategy.

–LUNTZ GLOBAL PARTNERS/TRANSAMERICA WEALTH AND HEALTH SURVEY, 2016

16 PHRASES FOR FINANCIAL PROFESSIONALS

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Language of the customer

Remember, a lot of clients’ frustration comes from feeling like they’ve lost control. So be prepared to be patient as you help them make decisions. Here are four general communication guidelines to keep in mind.

While fear may motivate people to act, we found they will choose to work with a financial professional who is more optimistic versus one who dwells on their fears.

In uncertain times, it’s important to show empathy by acknowledging clients’ anxieties, but remember to pivot quickly to the positive: how you can provide them with a greater degree of certainty, and ultimately, real results.

When asked what people would prefer in a financial professional, 15% answered that they wanted their fears eliminated while 85% said they wanted their financial goals to be achieved.*

*Luntz Global Partners / Transamerica Wealth and Health Survey, 2016

It’s about them. Clients make a high-stakes decision when they decide to place their life savings – or any assets – in your care. They need to know they can trust you completely.

The most powerful way to achieve this: Shift the focus away from you. Instead, your top priority and your top focus – at the start and end of every message, every service, and every investment choice – is your client. Period.

When asked what the most important thing is to have for your future, 34% of people said Financial Security. 20% said Financial Peace of Mind, 19% said Financial Independence, 11% said Financial Freedom, and 7% said Financial Flexibility.

*Luntz Global Partners / Transamerica Wealth and Health Survey, 2016

When your potential clients look to safeguard the future, they want to know the facts: how the markets have been performing, what options they have for retirement, and what your strategy is to deliver meaningful and measurable results for them.

Make clear that you do well when clients do well − that any measure of success is contingent on their satisfaction.

One way to say it:
“We’re committed to one simple goal: Delivering real and measurable results. No excuses, no exceptions.”

Effective communication is fundamentally about an alignment of interests. Use the “Why, Therefore, So That” formula to keep your clients’ needs, expectations, and desires at the center. It will ensure you spend more time focused on the meaningful, measurable results you deliver.

WHY + THEREFORE + SO THAT

Why: 

Create the need by exposing or acknowledging the problem.

“Because you shouldn’t have to worry about paying for emergency medical bills …”

Therefore: 

Present the solution as a direct response to the problem.

“…we will build a financial strategy that’s right for you …”

So That: 

Deliver the benefits to affirm the solution.

“… so that you can enjoy the security you deserve.”

Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as insurance, securities, ERISA, tax, legal or financial advice or guidance. Please consult your personal independent advisors for answers to your specific questions.

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