Exploring the Human Element of Financial Planning
Communication Essentials for Financial Planners tackles the counseling side of practice to help financial planners build more productive client relationships. CFP Board’s third book and first in the Financial Planning Series, Communication Essentials will help you learn how to relate to clients on a more fundamental level, and go beyond ‘hearing’ their words to really listen and ultimately respond to what they’re saying. Expert coverage of body language, active listening, linguistic signals, and more, all based upon academic theory. There is also an accompanied set of videos that showcase both good and bad communication and counseling within a financial planning context. By merging written and experiential learning supplemented by practice assignments, this book provides an ideal resource for any client-facing financial professional as well as any student on their pathway to CFP® certification.
Counseling is a central part of a financial planner’s practice, and attention to interpersonal communication goes a long way toward progressing in the field; this guide provides practical instruction on the proven techniques that make a good financial planner great.
* Build client relationships based on honesty and trust
* Learn to read body language and the words not spoken
* Master the art of active listening to help your clients feel heard
* Tailor your communications to suit the individual client’s needs
* The modern financial planning practice is more than just mathematics and statistical analysis–at its heart, it is based on trust, communication, and commitment. While interpersonal skills have always been a critical ingredient for success, only recently has this aspect been given the weight it deserves with its incorporation into the certification process. Communication Essentials for Financial Planners provides gold-standard guidance for certification and beyond.
Tabla de materias
Preface xi
Acknowledgments xxv
How to Use This Book xxvii
Introduction xxix
Chapter 1 An Introduction to Applied Communication 1
Introduction
Financial Planning Outcomes
Communication Defined
The Theory of Communication
The Importance of Feedback
Conclusion
Summary
Chapter Applications
Notes
Chapter 2 Structuring the Process of Interpersonal Communication 21
Introduction
Social Penetration Theory
Orientation
Exploration
Affective Exchange
Stable Exchange
Relationship Benefits and Costs
Accounting for Stress
Building Client Trust: An Appreciative Inquiry Example
Summary
Chapter Applications
Notes
Chapter 3 Structuring the Process of Communication through the Office Environment 37
Introduction
Identifying Target Clientele
Understanding the Office Environment
Stress and Communication: Bringing the Pieces Together
Summary
Chapter Applications
Notes
Chapter 4 Listening Skills 57
Paying Attention to the Client
Attending to What Is Said
Interpreting What Is Heard
Transference and Countertransference
Passive versus Active Listening and Responding
Silence: A Stressful Time for Client and Financial Planner
Responding to ‘I Don’t Know’
Summary
Chapter Applications
Notes
Chapter 5 Questioning 75
Introduction
Open-Ended Questions
Closed-Ended Questions
Choosing Between Open and Closed-Ended Questions
Question Transformations
Swing Questions
Implied and Projective Questions
Scaling Questions
Summary
Chapter Applications
Notes
Chapter 6 Nondirective Communication 91
Why Nondirective Communication?
Outcomes Associated with Nondirective Communication
Clarification
Summarization
Reflection
Paraphrasing
Styles of Paraphrasing
Summary
Chapter Applications
Notes
Chapter 7 Directive Communication 109
Direction: The Essence of Financial Planning
Interpretation
Reframing
Explanation
Advice
Suggestion
Urging
Confrontation
Ultimatum
Summary
Chapter Applications
Notes
Chapter 8 Trust, Culture, and Communication Taboos 135
Understanding a Client’s Cultural Attributes
Interpersonal Preference
Risk Management
Culture and Trust
Communication Taboos
A Cultural Example
Summary
Chapter Applications
Notes
Chapter 9 Politeness and Sensitivity in Communicating with a Broad Range of Clients 157
The Power of Language
Politeness
Politeness through Inclusion versus Exclusion
Sensitivity
Language Sensitivity
Summary
Chapter Applications
Notes
Chapter 10 Financial Planning–A Sales Perspective 173
Sales Models
The Challenger Model
The Consultative Model
Manipulation versus Persuasion
Consultative Selling and Compensation
Understanding Client Behavior
Dealing with ‘No’
The Ethics of Selling
Summary
Chapter Applications
Notes
Solutions 189
About the Authors 193
About the Companion Website 195
Index 197
Sobre el autor
JOHN E. GRABLE, PHD, ¯CFP¯®, holds an Athletic Association Endowed Professorship at the University of Georgia (UGA), where he conducts research and teaches financial planning.
JOSEPH W. GOETZ, PHD, is an associate professor of financial planning at UGA and co-founder of the ASPIRE Clinic and Elwood & Goetz Wealth Advisory Group.
CHARLES R. CHAFFIN, Ed D, is Director of Academic Home, CFP Board Center for Financial Planning, where he oversees all initiatives related to academic research, teaching pedagogy, and building the body of knowledge for financial planning.
CERTIFIED FINANCIAL PLANNER BOARD OF STANDARDS, INC. (CFP BOARD) is an initiativeto create a more diverse and sustainablefinancial planning profession so that every American has access to competent andethical financial planning advice. The Center brings together CFP¯® professionals, firms, educators, researchers and experts to address profession-wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge. More about the Center and its initiatives can be found at www.Centerfor Financial Planning.org.
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