40 Questions
What is the primary driver of an individual's attitude?
Beliefs and values
What happens to an individual's attitudes when their beliefs and values change?
Their attitudes also change
What is the primary reason Bob resisted investing in a conservative mutual fund?
Bob believes GICs are the only safe form of investment
What is the benefit of identifying a client's attitude toward money?
Advisers can offer financial services that satisfy their clients' specific needs
What is one of the five types of attitudes toward money?
Power
What does money represent to Linda?
Security
What is a characteristic of clients who consider money to be a symbol of security?
They want to use tried and tested investment methods
What is a benefit of understanding a client's attitude toward money?
Advisers can better tailor their services to meet the client's specific needs
What does Alphonso consider money to be a symbol of?
Power and dominance
Why do clients who receive gifts from their adviser feel?
Loved and appreciated
Why is it important to establish a relationship of trust with clients?
To protect them from greedy or dishonest people
What is the priority of clients who view money as a symbol of power?
Spending money
Why does Alphonso spend money?
To enhance his social connections
What is the consequence of not establishing a relationship of trust with clients?
They may be exploited by others
Why do clients who view money as a symbol of power want to dominate their relationship with their adviser?
Because they want to assert their influence and control
What can an adviser do to gain the trust of clients who view money as a symbol of power?
Focus on building a relationship of trust
What is the frequency of reviewing the checklist?
Monthly
What is the importance of item 8 compared to other items?
More important
What is the purpose of the checklist?
To evaluate your own performance
What should you do with items you answer as 'no'?
Add them to your focus for next month
How should you address clients?
By their name
Why is it important to listen to clients?
To understand their needs
What is the recommended way of speaking to clients?
Clearly, not too fast or too slow, and not too loud or too low
Why is item 8 crucial?
Because clients will not recognize your strengths
What is the primary goal of applying the principles of relationship building in a client-adviser relationship?
To prevent conflictual situations from arising
When resolving a conflict, what is the first step in the conflict resolution process?
Choose your attitude
What is the purpose of active listening in conflict resolution?
To identify the meaning behind the client's words and actions
Why is it important to acknowledge a client's feelings during conflict resolution?
To show empathy and understanding
What is the last step in the conflict resolution process?
Implement resolution and evaluate results
What is the benefit of resolving conflicts effectively?
It recovers and reinforces relationships with clients
Why is it important to stay focused on finding a solution during conflict resolution?
To find a mutually beneficial solution
What is a key aspect of communicating with empathy and understanding during conflict resolution?
Not judging what you hear
What percentage of dissatisfied clients considered severing their ties with the institution?
72%
What is the primary importance of an adviser according to the Japanese term okyakusama?
Meeting the needs of clients
What is a key ingredient to success in an adviser-client relationship?
Both technical competency and relationship building skills
What is the main objective of an adviser according to the client-centred principle?
Meeting the client's needs
What should an adviser do if the client's needs conflict with the financial institution's interests?
Prioritize the client's needs
What is the result of an adviser neglecting the human and emotional aspects of the relationship?
Decreased client satisfaction
What is one of the principles for building strong relationships with clients?
Being an effective communicator
What is the importance of being client-centred in an adviser-client relationship?
It helps to identify the client's needs accurately
Study Notes
Attitudes and Their Formation
- Attitudes are derived from emotions and allow consistent responses to situations.
- Attitudes are formed from a combination of related beliefs and values.
- When beliefs and values change, attitudes also change.
Types of Attitudes Toward Money
- There are five types of attitudes toward money:
- Security
- Love
- Power
- Freedom
- Personal value
Client Insights
- Clients who consider money as a symbol of security want to use tried and tested investment methods.
- Clients who consider money as a symbol of power may want to dominate their relationship with their adviser.
Building Relationships with Clients
- Building relationships takes skill and effort.
- Four principles support building strong relationships with clients:
- Be client-centred.
- Be accessible.
- Be an effective communicator.
- Be consistent.
Principles for Building a Relationship
- Being client-centred means identifying client needs accurately and recommending products and services to meet those needs.
- Relationship-building skills and technical competency are both necessary for delivering quality service.
Relationship-Building Checklist
- A checklist can be used to evaluate performance in building relationships with clients.
- Items on the checklist include:
- Addressing clients by their name.
- Listening to clients with the intention of understanding their needs.
- Recommending products and services on the basis of clients' needs.
- Speaking clearly and promptly returning clients' calls.
Resolving Conflicts
- Conflicts can be prevented by applying the principles of relationship building.
- The conflict resolution process includes five basic steps:
- Choose your attitude.
- Use active listening to gain clarity.
- Communicate with empathy and understanding.
- Collaborate on a resolution.
- Implement resolution and evaluate results.
Conflict Resolution Process
- The first step in resolving a conflict is to choose your attitude.
- Active listening is used to gain clarity and understand the client's perspective.
- Communicating with empathy and understanding helps to acknowledge the client's feelings and relate to their problem.
- Collaborating on a resolution involves finding a mutually beneficial solution.
- Implementing the resolution and evaluating the results helps to reinforce the relationship with the client.
This quiz explores how attitudes are formed and modified, and how they influence our behavior. Learn about the role of beliefs and values in shaping our attitudes.
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