Australian Financial Services, particularly the “big four” banks – ANZ, Westpac, Commonwealth Bank and National Australia Bank, are under scrutiny from the Royal Commission due to alleged misconduct and malpractice. The negative media publicity around this scrutiny has created significant breaches in trust and confidence among consumers.
Investing in communication skills training can help you to keep your clients’ trust and loyalty in the wake of the Royal Commission inquiry.
This ‘trust deficit’ is likely to have an impact, as anxious clients reconsider their commitments to certain organisations and whether or not to invest in new products.
Due to this emerging climate, you need to be looking for ways to create and build trust with clients to overcome their obstacles and objections.
How can you build trust with clients?
According to our Co-Founder, Colin James, the Royal Commission inquiry is not necessarily a bad thing. He believes it’s a shake up in the banking sector that is long overdue, and that the professionalism of the industry will be elevated in the long term:
“It will allow more trust to be built because the whole banking sector has seen a major decline in respect and we need to spring clean the house. Dependence on the Big 4 will be spread as customers make better decisions around the financial advisor or service that they’re going to be working with”.
It’s pretty safe to say that your practices are under the microscope more than ever before. Therefore it’s crucial that you create that foundation of trust with new clients right from the start, and find ways to strengthen relationships with existing clients.
But trying to create trust can be easier said than done with the rumours and allegations flying around. Your clients will want to know if they will be safe and sound in your care. So how do you convey this?
Strong communication skills for client engagement are vital to keep your clients’ trust and loyalty. Even the most perfect financial plan or product won’t sway a client if they don’t trust you.
Sue Viskovic, Managing Director of Elixir Consulting, makes an excellent point in her article The Importance of Trust in Client Engagement:
“It is one thing to be technically competent and have a comprehensive knowledge of complicated products, but these skills can be rendered worthless if an adviser is unable to relate and communicate with his or her client.”
‘Soft skills’ such as communication and relatability, she says, are vitally important at all stages of the process.
For example, here are 3 simple ways that you can create trust through using strong communication skills:
- Clarity in the process – communicate more transparency about the processes you use, talk clients through complexities, strategies and steps needed for completing transactions.
- Empathise with their journey – ask questions to develop a better understanding of your clients’ circumstances so you can support them in their decisions.
- Greater understanding – create a mutual understanding by explaining concepts in terms that are easily comprehended, and make documentation accessible so clients can find what they’re looking for.
Effective communication skills training online
Too busy to take time off work to do a communication course? Those interested in improving their communication with clients will benefit from our Mastering Communication Online Program which has now been accredited with CPD points with several financial associations.
This communication skills training online program will help you to enhance your communication and customer engagement skills. The program targets key concerns about client communication and isolates the vital behaviours that will have the biggest effect on business outcomes.
The communication skills training online course consists of 30 video modules and is based on our in-house program but offers a flexible, online learning environment. It allows you, as a busy professional, to learn at your own pace in the comfort of your own home, at a time that suits you.
So if rebuilding consumer trust and confidence is topmost on your agenda, then register for our seven day free trial today. We also offer tailored in-house packages for corporate groups of 15 or more, you’ll find details in the link. Start your journey to more effective client communication now!
The Colin James Method® Facilitators train corporate executives to improve their professional communication skills with a proven methodology. Our highly trained Facilitators and Coaches are recognised for their experience in their fields and have worked with many individuals and organisations around the world to master the art of communication.
