Is it likely you will become best friends with Siri or Alexa? Probably not. Technology is wonderful. Either voice can give you turn-by-turn directions, tell you tomorrow’s weather or make a phone call. Would you feel confident relying on them for personal or investment advice? Probably not. Why? Because they don’t know you as an individual, unique person. That’s where a financial advisor adds value.
The same logic can be applied to interacting with a call center at a major financial services firm. How well does the person on the other end of the call know you? Do you have the continuity of getting the same person every time you get in touch? There are personal touches only a one-on-one relationship with a financial advisor can deliver.
Trust is built up incrementally over time. You don’t suddenly trust someone, you gradually begin to trust them. Within the advisory relationship, trust is built up as you get to know each other as individuals, not simply voices on the phone. Getting to know each other as individuals involves the exchange of personal information.
You might be wary of sharing details about your personal life. Why do they need to know when there is already a large amount of information about you on the Internet anyone can find?
But when you exchange personal information, you identify commonalities. You start to like each other because you have shared interests. People do business with people they like.
There are topics of which you should steer clear. Do not say things that imply you are richer than them. They may start thinking they pay too much in fees and press for discounting.
It has long been advised to avoid sex, politics and religion for a good reason. You might find some common ground, but if those conversations don’t work out, they might decide they don’t like you as much as they thought.
Information comes out a little at a time. The strategy might be called “Give to get.” Let us look at 12 examples of personal information you might share.
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