Many challenges currently face financial planners, with a tough economic climate, evolving client needs and the growing influence of technology, however one thing remains constant: the importance of emotional intelligence (EI). Financial planners across the globe deal with the complex emotions that come with their clients’ live events every day, including grief, fear, anxiety, and anger. Research from experts James Woodfall and Cliff Lansley discovered that financial advisers with high EI who are able to respond to these emotions achieve higher sales, obtain more referrals, and retain more clients.
Despite these findings, there is a notable lack of global training programmes teaching the applied science of EI to financial service professionals. Designed to plug this gap with a practical EI toolkit illustrating the science and tangible business benefits, Woodfall and Lansley’s new book The Heart of Finance enables finance professionals to develop the EI needed to build effective and profitable client relationships.
A highly experienced financial planner with an MSc in Communication, Behaviour, and Credibility Analysis, Woodfall founded Raise Your EI, helping financial services firms to use EI to improve individual and company performance. Lansley, Director of the Emotional Intelligence Academy, is a scientific adviser on EI for WarnerBrosDiscovery, on their true-crime series Faking It. Lansley’s PhD focused on developing the new EmotionIntell model of EI. Skillfully combining both of their expertise, The Heart of Finance delves into the science and application of their leading EI training programme for finance professionals.
Firstly, The Heart of Finance outlines the key components of EI before demonstrating how and why this needs to be applied to the five stages of the client journey. The authors guide the reader through each of the stages in turn; preparation for client meetings, initial meeting, planning meeting, implementation meeting, and ongoing service; using real-world scenarios to distil the science into actionable steps that can be easily inserted to enhance the client-planner relationship.
Within the book, the authors reinforce the importance of fundamental EI skills, such as different communication styles and recognising emotional triggers in clients. The Heart of Finance also delves into more complex topics such as recognising vulnerability and dark traits, and how to approach difficult conversations, such as grief. The financial planners with high retention rates are those who do not shy away from difficult conversations, instead they take the time to understand their client’s emotions and triggers, adapting their communication style accordingly. The FORCED model and the Trusted Advisor method help to build this client rapport and create a comfortable space for deeper conversations.
Ultimately, as a certified financial adviser, technical skills are already a given. The difference between success and failure actually lies in a planner’s ability to flex their communication style and behaviours in line with each client’s emotions and triggers. This is key to building strong, mutually trusting relationships, benefiting the client’s and the business’ returns. The Heart of Finance is a game-changer for finance professionals looking to gain a competitive edge and future-proof their role.
The Heart of Finance by James Woodfall and Cliff Lansley is available on Amazon and in all good bookshops
