regaining trust with your financial services clients
Post on 22-Oct-2014
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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.TRANSCRIPT
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Regaining Trust:Moving the Immovable Object
By Michael Dalis, Richardson Facilitator and Coach
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The Immovable Object
At some point during the 2007-09 financial meltdown, something changed in our client relationships…
An immovable object formed between the
client and us.
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Why this object grew, and how we should deal with it, illustrates the complexities of rebuilding relationships during times of pressure
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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.
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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 fullyunderstand the client’s issues and concerns and as a result, were unableto resolve them.
What is the Immovable Object?
During this difficult period…
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How Do We Sell With the Immovable Object in The Way?
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 currentthinking and feelings,
3. Position ideas and/or actions that are relevant toresolving the issue(s), and
4. Elicit feedback to assess how well you have addressedthe client’s issue(s).
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Depending on how big the immovable object is in the relationship, you may have to use this four-step processmany 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
It is no small challenge to move the immovable object that may have formed between your client and you since 2007
Rebuilding the Trust
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