Size isn't Everything and the Power of Perception
Posted by siteadmin on Friday 17th October 2014.
We all know about the power of a placebo. The magic pill which supposedly cures all ills.
Numerous studies have shown the impact a placebo can have on making people feel better. This is despite them having no medicinal or physical benefits at all.
You benefit from it because you’re told it’ll do you the world of good and therefore your perception of it is positive.
In the world of financial planning perception can also be a powerful thing.
I’ve had clients say that they feel less apprehensive about visiting a High Street bank when dealing with financial matters than they do a Financial Planner’s (FP) office. It’s a matter of perception.
Just because a bank has a global presence it doesn't guarantee a more professional service than a small financial planning firm or vice versa. Bigger is not always better and sometimes small is not always beautiful.
Apprehension or in more extreme cases outright fear is often one of the biggest factors which stops people talking to a FP.
Many people are unexpectedly thrust into a situation where they feel they need financial planning.
This could be due to an unexpected life event such as redundancy, divorce or benefiting from an inheritance.
As complicated as the world of money, investments and financial planning can seem it all begins with a conversation.
When a prospective client in particular comes to me I always take plenty of time to talk with them, find out what their real objectives are and understand what’s important to them.
Like every important and valuable relationship any of us have time, trust and rapport play a big part.
Buying into financial planning is an intangible purchase, not least if it's one an individual has had limited experience of.
Therefore, it's paramount that I understand a person’s needs and agree a working relationship where taking a step by step approach, experience builds integrity and trust.
Obviously with all relationships sometimes you have rapport with a person and sometimes you don’t. There’s only one way to find out and that’s to have dialogue.