ROLE OF COMMUNICATION IN FINACIAL PLANNING

The tongue is the only tool that gets sharper with use

Topics to discussWhat is Communication

Facets of Communication

Common Methods of Communication

The Communication Process

How important is Communication

Reasons for Communication

Effective Communication

Issues with Communication

Do & Don’t of Communication

How to improve Communication

Body Language

Listening and Active Listening Skills

What is communication…it’s a Dialogue, not a monologue…

Communication is the art of transmitting Information, Ideas and attitude from one person to another It is a dynamic process of meaningful interaction with fellow human beings

It’s a personal process which involves change in behavior

It’s a means of expression of thoughts and emotion through words and action

It’s a tool for influencing, controlling and motivating people

It’s a social and emotional process

Four Facets of Communication-in any communication

The Sender is the person trying to communication message.

The Receiver is the person at whom the message is directed.

A message is sent to convey Information.

Information is meant to change Behavior.

Common methods of communication

Spoken words/Language/verbal/audio

Body language/Emotional/non-verbal

Written words/literature/presentation

Para-verbal-tone/pitch/pacing

Visual images/pictorial/video

Music/art/craft

The Communication process

Reading16%

Writing9% Speaking

30%

Listening45%

How important is communication…• Everyone in this world communicates but effective

communication is a skill which can be learnt.• This is the most important tool in the field of consultancy

if used skillfully.• You need have the skills to use of this tool, because

most of the time we think we know how to communicate.• The communication skill is required to be perfected all

the time.

I know that you believe you understand what youthink I said, but I'm not sure you realize that whatyou heard is not what I meant.

Reasons of Communication

To persuade

To get some action

To change behavior

To ensure understanding

To get or give information

As Financial Planner you have all the above

reasons to communicate.

Effective CommunicationTo effectively communicate,

we must realize that we are all different in

the way we perceive the world & use this

understanding as a guide to our

communication with others.

Effective communication will strengthen your relationships, minimize the risk of misunderstandings and improve your self-confidence.

Caution!!!

• Mutual Funds investments are subjected to market risks.

• Please read the Scheme Information Document and Statement of Additional Information carefully before investing.

Parts of a message

Words 08%

Tone of voice 34%

Non-verbal cues 58%

-----------------------------------------

MESSAGE 100%

Issues with communication

Ego

Fear

Attitude

Distrust

Traditions

Lack of time

Specialist language

The surrounding noise

Issues with communication

Personal value system

Dissimilar assumptions

Perceptional differences

Different knowledge level

Inattention and poor retention

Faulty translation/transmission

Undue reliance on written words

Do’s of Communication

Find out what your Listener wants.

Look before you leap-think before you speak.

Use common language and simple words.

Be clear and audible.

Believe in your message.

Use Gestures and expressions.

Use humor, visualization, anecdotes & story telling

Do’s of Communication

Control fear

Check twice from listeners

If interrupted take two steps back-recap

Repeat the important points again

Ask for clarification

Ask for repetition from the listener

Keep Visual contact

Don'ts of Communications

Do not instantly react/mutter something

-take a pause.

Do not use technical terms/terminologies/jargon not understood by listener/s.

Do not speak too fast or too slow-check your pace.

Do not assume you are heard and understood-confirm.

Do not look here and there-maintain visual contact.

If in doubt-repeat.

How to improve Communication…

Define and understand communication and the communication process,

List and over come the barriers in a Communication process,

Practice active listening,

Improve verbal and non-verbal communication.

The Amazing truth about Human tongue: It takes three years how to use it but, it takes a life time to learn, "When and where to use it."

How to improve Communication…work on-

Active Listening,

Language, Vocabulary, Pronunciation, Voice modulation,

Read, study, explore, ask,

How to repeat and impact of stress,

Handling disagreement, differences, objections,

If I am to speak ten minutes, I need a week for preparation; if fifteen minutes, three days; if half an hour, two days; if an hour, I am ready now.

How to improve Communication…work on-

Attitude, take responsibility, be real,

Empathy, respect others point of view,

Meditation, contemplate, think,

Body language, gestures, posture,

Learn to shake hands and say sorry,

Talk to yourself.

Argument is the worst sort of conversation.

Body Language- Touch is probably the earliest form of communication and still is

Touch only when appropriate/suitable/proper/right/correct.

Keep appropriate distance/space/reserve/room/gap.

Take care of your appearance/look/form.

Beware of false cues/signals/meaning/hint/lead/pointer.

Maintain eye contact

Smile genuinely/authentic/actual/true/real

TYPES OF BODY LANGUAGERemember that you are dealing with “PEOPLE”

(P)OSTURES & GESTURESHow do you use hand gestures? Stance?

(E)YE CONTACTHow’s your “Lighthouse”?

(O)RIENTATIONHow do you position yourself?

(P)RESENTATIONHow do you deliver your message?

(L)OOKSAre your looks, appearance, dress important?

(E)XPRESSIONS OF EMOTIONAre you using facial expressions to express emotion?

Most Important- Listening After all, everybody hears what he understands…

Listening is an elegant art.

Listening is hard work.

Listening reflects courtesy and good manners.

Listening improves competence and performance

Listening eliminates grievances

Listening improves social relations

Tests have shown that, on average,

normal adult human beings only really hear

ONE THIRD of the words spoken to them.

Listening Skills is one of the key essential ingredients in effective communication…

Level 1 - Often, a person at this level is making believe that he is paying more attention while really, he or she is thinking of other things.

They are generally more interested in talking, rather than listening.

Level 2 - They are trying to hear what the speaker is saying, but they are not making the effort to understand what the speaker means.

They tend to be more concerned with content rather than feelings.

They do not really participate in the conversation.

Listening SkillsLevel-3 Active Listening

At this level, people try to put themselves in the speakers place, they try to see things from the other person's point of view.

Some characteristics of this level include:

taking in only the main ideas,

acknowledging and answering,

paying attention to the speaker's total communication,

Body Language-sitting forward, eye contact, nodding head.

People can hear four times faster than others can talk, which gives a skilled listener time to sort matters

Active listening you must…listen for the content of the message,

listen for the feelings of the speaker,

listen without making judgment,

respond to the feelings of the speakers,

note the speakers cues, both verbal and nonverbal,

ask open-ended questions, and

reflect back to the speaker what you think you are hearing.

If you really want to listen, you will act like a good listener. Good listeners are like good catchers because they give their speakers a target and then move that target to capture the information that is being sent.

Activity

Go to the locker no.252 at Old Delhi station.

In the locker you will find a cash box which contains the

following:

1. 50 notes of Rs.500,

2. 50 notes of Rs.100,

3. 50 notes of Rs.50.

Please bring me half the money.

Question?

What is the number of the locker ???

Listening is perhaps one of the most important skills we have, yet it is one of the least recognized.

Listening in fact is how we ourselves learn to speak.

Research reveals that although we spend so much of our time ‘listening’ we don’t necessarily remember all we’re told.

Shortly after a 10 minute oral presentation the average listener will have retained only half of what was said.

After 48 hours they are likely to remember only 10 percent!

Communication …

• is a Dynamic process,

• is to get some action,

• is a Social & Emotional process,

• is a Skill which can be improved,

• is verbal & non-verbal,

• is mostly listening,

• improves understanding & relationship.

Thanks for Listening!

Arranged and Communicated by: Sunil Kumar

(letsgrowrich@gmail.com) Certified Financial Planner CM