Asking clients why they haven’t consolidated their assets with a single advisor gets at some of the most relevant emotional and behavioral factors that define each persona. For example, your clients’ answers can reveal whether their decision is driven more by issues of trust and control or a desire to avoid risk or reach specific performance goals.
Consider these possible answers to that simple question, and what they reveal about a client’s personas:
While one question won’t be enough to identify a client’s persona, it can prime you to watch for additional signs that may confirm your initial impression. For example:
Understanding the emotions and behaviors that characterize each persona can guide advisors as they build relationships with specific clients. You might look for ways to mitigate a Protector’s fears by reinforcing the rules and concentrating on building trust. Or you may build rapport with a Competitor to make it clear that you’re teammates.
The key lies in identifying the common traits of each persona and using that knowledge to meet investors’ needs and desires. Once you understand the emotions that drive a client’s behavior, you can adapt your approach to yield better results.
Reach out to FlexShares to learn more about how to identify your clients’ personas, and what strategies work best for each one.