January 2021 Issue: Understanding Relationships Increases your Bottom Line-Understanding Relationships Increases your Bottom Line by Michelle R. Donovan

Understanding Relationships Increases your Bottom Line by Michelle R. Donovan

Pdf Summary

The article discusses the importance of understanding human behavior as a financial advisor to build better relationships and increase success. It introduces Wiley's Everything DiSC behavioral style assessment as a tool that can help advisors read people accurately and adapt their communication to create more collaborative relationships. The DiSC assessment identifies four behavioral styles: Dominance (results-oriented and confident), Influence (fun and creative), Steadiness (nurturing and easy-going), and Conscientiousness (efficient and analytical). By understanding these styles, advisors can improve their self-awareness and manage their own behaviors and reactions to others. This leads to better decision-making, empathy, communication, and relationships, ultimately enhancing leadership skills and reducing confrontations. The article emphasizes that the impact of increased self-awareness can be felt across an entire staff and positively affect a firm's culture. Additionally, understanding the different styles enables advisors to apply DiSC insight to develop reciprocal relationships with referral sources, engage with clients more appropriately, make immediate connections with prospects, strengthen relationships with vendors and institutions, and improve personal relationships outside of work. The final stage of integrating DiSC involves applying the insights gained to adapt one's behavior in every personal interaction, resulting in a DiSC transformation and measurable impact on the firm's bottom line. The article provides an example of using DiSC to communicate effectively with a prospect and highlights the power of making adjustments based on someone's behavioral style to enhance connection and comfort in working or communicating with them. Overall, the article underscores the value of understanding and adapting to different behavioral styles to improve relationships and ultimately achieve better results in the financial advisory profession.

Keywords

human behavior

financial advisor

building relationships

Everything DiSC

behavioral styles

self-awareness

effective communication

leadership skills

firm's culture

measurable impact