Blue Chip Issue 90

CLIENT ENGAGEMENT | Coaching
BLUE
CHIP
Thinking with a client means getting a client to think
for themselves
While clients see financial planners for advice not coaching,
adopting a coaching approach with clients can help clients think
for themselves and feel empowered before the financial planner
gives advice. A coaching approach involves getting the client to
find the answers to questions they may have. Often a question
may be technical, in which case the financial planner may be best
positioned to answer the question. But when the question is about
their own life, the client undoubtedly will take more ownership of
the answer if they come up with it themselves.
Thinking with a client means getting a client to think for
themselves. It’s tempting to want to do the thinking for the
client. To believe that is a way to show real value and expertise.
But getting a client to think for themselves is the real work of a
Thinking Partner. It is a way for clients to feel empowered, take
ownership of their financial health, and ensure that when the seed
of expert advice is given, it lands on fertile soil.
Client ownership and empowerment determine
financial satisfaction
Newcomb’s research shows that irrespective of income, people
who feel empowered in their financial lives feel more emotionally
satisfied with their financial lives. People who agreed with the
statement “I create my financial destiny” had more positive
experiences regarding their financial situation than those who
said they had “very little power” over their financial life.
When a client seeks financial advice, for that advice to land it
is key that the advice makes sense to the client from their unique
perspective. It’s not enough that it makes sense from the advisor’s
perspective, which would be fine if the job of a Thinking Partner
was to think for a client.
Newcomb’s research reinforces the importance of clients
taking ownership of their financial circumstances, even when
seeking financial advice from a professional. It also highlights
the role of financial planners in helping clients to think as far
as possible into the future with as much detail as possible. This
suggests that key to the role of a Thinking Partner is to think with
the client, in other words, get the client to think, rather than think
for the client. That way there is a greater chance that the client
will own the outcome of whatever advice the financial planner
eventually gives.
After all, we each have a unique perspective on the world that is
influenced by a myriad of factors, including our upbringing, family,
education, culture, values, habits and language, to name only a
few. This unique combination underpins each of our perspectives
on the world and gives truth to writer Anais Nin’s observation that
“we don’t see things as they are, we see them as we are”.
References
1
Sarah Newcomb, When More is Less: Rethinking Financial Health,
Morningstar Behavioural Science Research, 2016.
2
American Psychological Association, Stress in America Survey,
October 2022.
3
Sarah Newcomb, When More is Less: Rethinking Financial Health,
Morningstar Behavioural Science Research, 2016. p.7
Rob Macdonald, Head of Strategic Advisory Services, Fundhouse
www.bluechipdigital.co.za
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