Talking to Your Clients About the Meaning of Money This Holiday Season

Understanding your clients' money motivations builds stronger relationships. When your clients feel like you understand them and their needs, they are more likely to trust you and follow your advice.

Finally, understanding your clients' money motivations leads to increased revenue. When your clients are happy with the advice you provide, they are more likely to refer you to their friends and family. Additionally, they may be more likely to invest in additional products and services from you.

How to understand your clients' money motivations

There are a few key things you can do to understand your clients' money motivations:

• Ask questions. During your initial meeting with a new client, ask them about their financial goals and their overall outlook on money. What are their hopes and dreams for the future? What are they most concerned about financially?

• Listen carefully. When your clients are talking to you, pay close attention to what they are saying. Not only listen to their words, but also pay attention to their body language and tone of voice. This picks up underlying emotions or values that are driving their financial decisions.

• Be empathetic. See things from your clients' perspective. What are their challenges? What are their fears? What are their hopes? By being empathetic, you better understand their motivations and develop a financial plan that is tailored to their individual needs.

• Use values-based financial planning. To dig deeper with your clients to help them crystalize the meaning behind their money, use a values-based process that drives client engagement. Not only do they end up with a deeper understanding of what’s important to them, but so do you!
• Leverage advice-engagement tech. Using the right type of tech that embraces the human element instead of replacing it deepens client relationships and engagement at scale. Whether it’s top-of-the-funnel client acquisition or bottom-of-the-funnel account opening, or anything in between, look for solutions that help develop relationships, while also driving engagement in a faster way.
• Share examples of your own money motivations. My family and I look for opportunities to help the hungry and homeless. In the picture below, my son and I noticed a food bank for the homeless during a trip to Dublin, Ireland. We asked how we could help, and promptly went to the corner store and bought them out of all their produce. We walked it back to this group of volunteers to feed hungry people on the spot. We attached meaning to our money and acted on it. If I had a financial advisor who helped me connect his or her work to causes I cared about, I would keep them forever.

Examples of money motivations

Here are a few examples of common money motivations:

• Security. A secure financial future. They want to make sure they will have enough money to meet their basic needs and to retire comfortably.

• Comfort. A comfortable lifestyle. They seek to have enough money to afford the things they want and need, such as a nice house, car, and vacations.

• Charity. Giving back to their community. This could be their church, a local food bank, or a special scholarship. The list is almost endless, but the theme is the same: they value giving back to and helping others.

• Status. Achieve a certain social status. They want to be seen as successful and affluent, or simply just charitable.

• Freedom. Financial freedom. They want to be able to work on their own terms and to pursue their passions without being constrained by financial worries.

• Legacy. Leave a legacy for their children and grandchildren. They want to make sure their loved ones will be financially secure after they are gone.

How to use your clients' money motivations to drive value for them and revenue for you

Once you understand your clients' money motivations, you can use this information to drive increased client engagement and satisfaction. In turn, it can increase the value they perceive to get from working with you, which ultimately can help increase your revenue. Here are a few tips:

• Tailor your advice to their goals. When you are developing a financial plan for your clients, make sure it is aligned with their specific goals and motivations. This will show them you understand them, and you are committed to helping them achieve their financial goals.

• Highlight the benefits of working with you. When you are talking to your clients about your services, highlight the benefits you can offer them. For example, you can help them achieve their financial goals, reduce their stress, and make better financial decisions.

• Share stories and testimonials. One of the best ways to show potential clients the value of your services is to share stories and testimonials from existing clients. This will help them see how you have helped other people achieve their financial goals.

The meaning behind the money matters

Understanding your clients' money motivations is essential for providing them with valuable and personalized advice. This can lead to stronger relationships, increased revenue, and a more fulfilling career for you.

When you are speaking with clients this holiday season, whether for a review meeting, to wish them season’s greetings, or just to say “hi,” ask them about their favorite charities or causes that they feel good supporting. Then stop talking and listen. Ask deeper, probing questions, find out what drives them. They will not forget the conversation, and you will be empowered to better serve your clients – a great feeling during a time of giving.

Derek Notman is the founder and CEO at Couplr.

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