A lot of people think that being a good salesperson is the same thing as being a trusted advisor, but it’s not. Becoming a trusted advisor is not just another way to sell products; it’s an entirely different process and requires an entirely different mindset. It’s much more about being client-centered, with the primary focus always on doing what’s right for the client and putting the client first.
So, how do you become a trusted advisor? You start by earning people’s trust by following these three steps.
1. Communicate with conviction
Have you earned the right to expect people to follow your advice and respond to your authority? No one will give you that authority unless you first believe you deserve it. You probably have clients or prospects who strongly believe that they know what they’re doing. Others think, “It’s my money, so I should be in charge.” There’s certainly some truth to that, but unless they’ve dedicated themselves to becoming financial experts, they should find somebody smarter and defer to that person’s expertise. Unfortunately, many financial advisors don’t convey the impression that they really are more competent or knowledgeable than their clients and prospects. Therefore, clients don’t defer to them.
To become a trusted advisor and have people defer their financial decisions to you, your clients need to think, “I trust you and I believe you have my best interests at heart. I also trust that you’re competent and believe that you know better than me.” There’s nothing wrong with a client questioning your authority but, at some point, the client wants to find an advisor they can trust. Many people have more than one advisor because they don’t completely trust any of them. Communicate with conviction, and you’ll earn your clients’ trust as well as all of their business.
2. Ask better questions
If you want to build a high-trust relationship, shallow chitchat or talking about your credentials won’t do it. You need to talk about what’s meaningful, significant, and compelling to that person. One of the best things you can do to prepare for that kind of conversation is to gather information in advance. Anytime someone refers a potential client to you, ask the referring person questions that will lead to meaningful, significant, and compelling information. Find out as much as you can about your prospects. What are their values, interests, passions, and goals? What do they do for fun? Who do they care about most? When clients or prospects see the connection between the value you bring and what’s most important to them, they tend to respond positively. In the process, you lay the foundation for a lasting, high-trust relationship with the people you truly want as clients.
3. Tell the hard truth
If your clients don’t defer to your authority and expertise, there’s a good reason — and it’s not them. Chances are, it’s because you’re behaving like a salesperson. Instead of communicating with conviction and earning your clients’ respect, you’re following the old “customer is always right” mentality. Even though your clients may have little or no financial expertise, you defer to them rather than taking the chance of upsetting them and jeopardizing your sale.
If you want to be a trusted advisor, you have to tell the truth and be direct — even if the consequences are less than desirable. Many advisors argue, “I’m afraid of how clients will respond if I tell the truth.” Think about it this way: If you tell people the truth and they respond poorly, do you really want them as clients? Most people appreciate and respond positively to the truth; honest communication is a cornerstone for building trust.
What happens when people trust you?
The smartest and most successful people aren’t the ones who question authority and try to do everything themselves. The smartest, most successful people outsource. They defer to someone with greater expertise — someone like you!
When people trust you, they not only give you their business — they also listen to your advice and defer to your knowledge. Isn’t that the kind of relationship you want to have with your clients? The great industrialist and philanthropist Andrew Carnegie understood this philosophy extremely well. The epitaph on his tombstone reads, “Here lies a man who knew how to enlist the service of better men than himself.”
Don’t be a salesperson. Be a trusted advisor.
Bill Bachrach is the author of four industry-specific books, including his newest, “It’s All About Them: How Trusted Advisors Listen for Success.” For information about Mr. Bachrach’s speaking services, The Trusted Advisor Coach program and 3-Day Values-Based Selling Academy; to order his results-oriented books and learning resources; or to sign up for his free monthly e-newsletter, contact Bachrach & Associates Inc. at 800-347-3707 or visit www.bachrachvbs.com.