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Firms can enhance their ability to create successful advisor-client partnerships by pairing people according to behavioral style.
The growth of a financial advisory firm is often directly linked to the quality of relationships built between advisors and their clients. It’s that personal connection upon which trust is built, goals are achieved, and financial success is realized. However, not all advisor-client relationships are created equal. Like the adage, "birds of a feather flock together," those with similar traits and characteristics tend to connect more easily and have greater long-term success. This is where behavioral style matching comes into play.
What is Behavioral Style Matching?
Behavioral style matching is a process that leverages behavioral science technology to identify individuals who will likely work together well. At the forefront of this process is the DNA Web App, a powerful tool used to gain deep insights into the behavioral profiles of both employees and clients. By utilizing reports included in subscription packages or tapping into the DNA API algorithms, advisory firms can identify the best-suited staff member to service each client, setting the stage for lasting relationships.
The web app calculates and reveals which individuals share behavioral styles, including their preferred method of communication. This allows firms to customize the client experience, starting with who their point person will be. Ultimately, this optimized person-to-person alignment should lead to:
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Improved Client Satisfaction
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Increased Engagement
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Better Financial Outcomes
Don’t Underestimate the Power of Compatibility
The benefits of pairing people by behavioral styles are significant. Research shows that when advisors are matched with the right clients, the likelihood of having a successful relationship increases by 60%. This enhanced compatibility translates into improved client retention and increased client satisfaction.
When clients feel understood and supported by their advisors, they are more likely to stay engaged, actively participate in financial planning, and achieve their financial goals.
By leveraging advisor-client matching through behavioral insights, firms can transform the client experience. Clients benefit from working with advisors who understand their unique behavioral profiles, values, and goals, creating a sense of trust and alignment. This personalized approach fosters a deeper level of engagement and empowers clients to make informed decisions about their financial future.
Adapting Your Style When Necessary
Advisor-client matching is done by scientifically assessing human compatibility. But no two people will ever align completely. So, the web app provides practical insights for individuals to understand their behavioral differences with clients, allowing them to adapt their approach and communication style when necessary. By being aware of their own style, advisors can recognize when behavioral modifications or "flexing" are required.
Consider an introverted advisor working with a highly extroverted client. While this pairing may present some challenges, such as the need for the advisor to step out of their comfort zone and engage in more extroverted behaviors, the key lies in the advisor's self-awareness and willingness to adapt. By recognizing the differences and consciously relating to the client's behavioral style, the advisor can bridge the gap and establish a meaningful connection.
Do You Have the Right Tool for the Job?
The DNA Web App is a powerful tool that gives advisors a jump on the competition and the key to longevity in the industry. With the ability to match advisors with behaviorally compatible clients, firms can create successful, long-lasting partnerships that drive positive financial outcomes.
Want to see the power of our tech platform for yourself? Go ahead and give it a test drive!