By Jim Dillahunty
In today’s highly competitive brokerage environment, superior telephone skills can make major contributions toward maintaining productive client relationships and increasing business. Financial planners and registered representatives who take the time and effort to develop mastery of their telephone skills can improve their bottom lines at virtually no cost and dramatically set themselves apart from the competition.
There are three compelling reasons why every financial professional must maintain their firm’s telephone skills at the highest professional levels. First the telephone is the primary method of communication with clients. No other marketing or advertising medium is used as frequently as the telephone, as you talk to clients over the phone day after day and year after year. Second, excellent telephone skills can build strong customer relationships and ensure client loyalty under competitive conditions. When clients are given exceptional service over the phone, they feel they are working with the best and have less incentive to look elsewhere. And finally, superior phone skills pave the way for doing more business with your existing clients, and make those clients more likely to refer you to others without your having to ask. The better your telephone service, the more enthusiastic your customers will be about offering your name to prospects.
So what are the elements of a superior phone skills program?
Enthusiasm
The first is enthusiasm. Enthusiasm should be obvious both in your tone of voice and the words you use. Let clients know you are delighted to be working with them. Use words like “great,” “fantastic,” “outstanding” and “terrific.” Enthusiasm is infectious and builds customer confidence. Adding enthusiasm to your conversation is one of the easiest ways to improve your phone skills, and one of the most effective.
Building Rapport
The basic technique in building rapport is using the client’s name properly. Some clients like to be on a first-name basis. Many older clients prefer that you call them “Mr.” or “Mrs.” until they invite you to use their first name. In addition to using their name in an appropriate manner, rapport builds quickly when you acknowledge a personal event. Keep track of specific client data such as spouse’s name, children, hobbies, vacations and so on. You can retrieve this information from memory, from notes on a 3×5 card or from a customer database. Use it in your conversation. This is “building harmony with the client.”
Maintain Professionalism
Relationships with your clients are about doing business together and doing it well. Harry Truman said, “A client is not your friend. If you want a friend, buy a dog.” Clients want to know that you are applying the highest standards available to the management of their account. If you tell a client you will call them at a certain time, call on time. Repeat and confirm all transactions. Summarize the facts of the transaction and repeat them back so there is no miscommunication. Then follow through. From time to time, thank the customer for their business. Professionals do not take business for granted like you might a friendship.
Take Control
This doesn’t mean dominate the conversation, but rather to control the direction of the conversation so that it is efficient for both you and the client. Ask questions, restate the action items, and reaffirm to the client that you can fulfill her wishes. Thank the client and then move on.
Listen Actively
This includes not only concentrating on what the client is saying, but also taking notes and asking questions. This is especially important if a client is frustrated or angry. They want to know that you are listening to their concerns and they are loath to have to repeat themselves or give you account numbers for a second time. You can aid this process by providing interim summaries, such as, “OK Mr. Jones, let me make sure I understand the situation,” or “What would you like me to do about that?” At the end of the conversation bring closure. Tell the client that you have heard and understood what they are saying and that you are going to take specific actions in response.
Follow Up
Don’t just solve a problem or handle a transaction and consider it finished. Call or have someone from your staff call and confirm that the problem was fixed and has stayed fixed. At the same time, you can plant a seed for the future. “I’ll call again next time I know of something that might affect your account.” By following up, you create an opening to call back and develop the next business transaction.
Convey a Sense of Urgency
Every client believes that you will drop what you are doing and take care of his or her business. That is not always possible, but you can let them know you are interested and concerned. Let them know that you or your staff will bring your resources to bear and give them the kind of service they deserve. Using phrases like ”I’ll get right on this when I return” or “I’ll bring this to the attention of my manager right away” conveys a sense of urgency and is an acceptable response that shows the matter will be attended to in a reasonable amount of time.
Use Logbooks
Finally, use logbooks. Make notes of conversations and have your staff take written messages. In a world increasingly dominated by voicemail, messages can be lost, deleted or allowed to stack up in a voicemail system for days at a time. A written logbook allows you to review your notes at the end of day and make sure calls have been returned. A logbook can become an action map for you and your staffs as you employ it to update each other in staff meetings.
