Listening To Your Clients

"The most basic of all human needs is the need to understand and be understood. The best way to understand people is to listen to them."

Listening is a very important skill, for the survival and growth of any business, especially in industries where there is a lot of client interaction, since it is a vital part of communication. Ours is a line of business, where client communication dominates the scene. So, among the assortment of soft skills that we need to excel in, financial advisors must also be ace listeners. That's also one of the most prominent aspects of human touch and an unparalleled edge that you have over robo advisors. Yet we don't come across much material on the subject. It doesn't get enough weight in our degree courses or vocational trainings. Even in B-schools, students are taught presentation skills, reading skills, Group Discussion skills, Interview skills, but not listening skills.

So, how do we go about finessing our listening skills is the centerpoint of this passage. We have listed down few techniques that you can apply in the normal course of your practice to effectuate the same:

1. Negative Feedback: It's human nature that we only listen to what we want to hear. Until the time the conversation is neutral or is pro the listener, the listener will lend his ears to the speaker, but the moment the dialogue goes against his/her views, there will be a mental blockade, he/she will hear only to retaliate, rather listen to the speaker's viewpoint. Often our reaction to a negative feedback is also similar. When a client is unhappy, there will be two possible reactions: 1. He/She will communicate the discontent to you or 2. Sulk for the time being and will eventually disassociate from you. If the client chooses the former, i.e. gives a negative feedback to you, it is an opportunity that's thrown in your lap to be aware of your flaws, so that you can work upon them and progress to be a better advisor. If you hear the negative comments, only to give a counter response, you are not only ruining the opportunity but also hurting the client's sentiments who has taken the initiative to convey his displeasure. So, the first step to being a good listener is be receptive to negative feedback. It will display your commitment to client servicing and thus will develop the client's confidence in you.

2. Maintain eye contact: The second rule of effective listening is also a pivotal element of your body language, to look into the eye. It sounds simple, but this is a tricky one. If you are looking down, or here and there, while the other person is speaking, it conveys your lack of interest. Staring too hard is also not a good sign either, it's itchy and may make the speaker conscious. You need to maintain a balance between being too aggressive and too timid. So, how do look into the eyes yet not stare?

• Hang Around on the face: Look into one eye for five seconds then the second eye, then forehead, repeat.
• Take Breaks: Take occasional breaks from seeing eye to eye, you can look around at a plant or a glass or run your hands into your hair at the end of a particular topic, or after may be a 20 second gaze, etc.
• Acknowledgment: To break the ice and keep the mood of the conversation light, an intermittent nod, a hmmmm, a yes; can be a great way to display your interest in the talk, while leaving space for small intermissions from the constant look.

3. Seek Clarifications: It is very important, that all the parties in a dialogue, are on the same page, at all times. So if you happen to lose track of the conversation, you must prompt the speaker to seek clarification, or ask questions for clarity of understanding. So, if you are talking to a client, and you are not able to comprehend the context, ask what does he/she mean exactly, ask additional questions to assure understanding the full implication of the argument. Your efforts to seek clarity depicts your genuineness. However, you must note that you must interrupt the client only when he's done speaking, don't interrupt the flow of the speech, it may irritate the speaker.

4. Distance yourself from gadgets: In our field, more than half the business is carried through mobile phones, so constant sounds of the phone is an incessant process and is almost inevitable. However, when you are with a client, keep your mobile phone aside, either switched off or on silent mode, so that you don't bug him/her by frequent ringing or constant tinging of WhatsApp. Because despite your best efforts to pay utmost attention to the client, you may not be able to concentrate and may even end up irritating the client.

5. Don't jump on to conclusions: The last element of effective listening is, do not assume what's coming ahead. Listen to the speaker's argument in full, and not judge without knowing all the facts. There may be some very important facts coming up, which may change the shape of the discussion altogether. Respond only after listening carefully, completely and after giving a thorough thought.

To conclude, When we speak, we repeat what we already know, listening to people gives us an opportunity to learn something new. So, listen with an open mind, be all ears to the speaker, maintain eye contact, let no stone unturned in creating an environment for the client to speak his heart out. Our success in the venture lies in our ability to control our sensations.

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