The benefits of improving EI skills
Advisers would benefit from improving their emotional intelligence (EI) tools as the industry moves towards becoming a profession.
Emotional intelligence included qualities like talking about what clients valued and found important, considering the best way to communicate with them based on their personality and ascertaining where the client was coming from and what they wanted to achieve from the advice.
Speaking to Money Management, Garry Symonds, authorised representative of Fitzpatricks Private Wealth in Western Australia, said: “The industry has traditionally been quite broad-based and emotional intelligence skills will set you apart, it will allow you to engage in different way, have a deeper relationship with your clients and provide a different outcome for them”.
As to how financial advisers could learn this in their practices, Symonds said: “We are moving from traditional financial planners to a professional service. Generally, financial planners have good technical skills but haven’t spent as much time on their emotional intelligence skills.
“Think about your background and skills and how you can use those to add to the client outcome, engage with coaches and invest in improving your skills. Find the right type of person that resonates with you as there are lots of personality types.”
He also said advisers should work out how they could work closely with other professionals in their clients’ live to ensure consistency across the chain.
“Working with other professionals makes sense, it is important to be aligned and collaborating with them for the benefit of your clients.”
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
