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For an advisor who is rarely having conversations with clients about “simple” topics, extra steps should be taken to mitigate communication risks.

The mnemonic device C.A.R.E. can be a useful reminder for advisors about short-term situations that require increased attention. If a topic is Complex, Ambiguous, Rushed or Emotional, take extra time to ensure you and your client are on the same page with these three tips.

1. Strategize

Before you meet with your client, run through your agenda. Do any of the topics you plan to discuss hit on the C.A.R.E. acronym? For example, market volatility can be a very complex and emotional conversation, so consider making a list of the points you need to address with your client, so that if the conversation gets derailed, you can bring it back and make sure you cover everything you need to.

2. Verify

During your conversation, always verify your client’s understanding of, and agreement with, what you’ve said. However, if you use a phrase like “Does that make sense?,” your client may interpret that as an insult to their intelligence—that they can’t make sense of what you’re saying. By rephrasing how you ask, you can make clients more comfortable when confirming their understanding. Try asking, “Am I explaining this clearly?” instead. If the client doesn’t understand, you’ve implied that it’s your fault, not theirs.

3. Summarize

The biggest risk is when you and your client have come to an agreement, but each of you walks away from the conversation with a different idea of what that agreement is. To avoid this, summarize the conversation with your clients before you part ways. Highlight what your key take-aways were from the meeting, and ask your client to do the same. This allows you both to further work through any potential miscommunication and ensure you’re on the same page.

There are many things that can get in the way of communication, and therefore can hinder a solid advisor-client relationship. But if you take C.A.R.E. with these three simple tips, you may find you are able to avoid many of these hurdles and communicate more effectively.

 

Ryan Sullivan is a registered representative of Hartford Funds Distributors, LLC.

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About the Author
Ryan Sullivan
Ryan Sullivan, CFP®, CLU®, ChFC®
Managing Director, Strategic Markets

Ryan Sullivan is a managing director of strategic markets for Hartford Funds. He travels extensively and is responsible for engaging and educating financial advisors and their clients about current and emerging opportunities in the financial services marketplace. These range from areas such as retirement-income planning, investment planning, and charitable giving, to anticipating and preparing for long-term demographic and lifestyle changes. Ryan has been an invited speaker on a variety of financial topics nationwide and has had the good fortune to address groups in 46 states and Puerto Rico.

Ryan originally joined the organization in 1996 and held various roles of increasing responsibility, leaving the company in 2012 as a vice president of advanced markets. Prior to rejoining Hartford Funds, he was vice president and head of investor education for PIEtechSM, the creator of MoneyGuidePro®, a leading financial-planning software program for financial advisors. Ryan is a registered representative of Hartford Funds Distributors and is FINRA Series 7 and 63 registered. He holds his Life, Health, and Variable Products licenses and has earned the CERTIFIED FINANCIAL PLANNERTM (CFP®), CLU®, ChFC®, CRPC®, and CMFC® designations. He’s also a Fellow of LOMA’s® Life Management Institute.

Originally from Hartford, Connecticut, Ryan attended Bucknell University where he received a bachelor’s degree in business administration. He currently lives in Charlotte, North Carolina, with his wife, Katie.Michael Lynch is a Managing Director of Applied Insights for Hartford Funds. In his current role, Mike is responsible for engaging and educating both financial advisors and their clients about current and emerging opportunities in the financial-services marketplace. These opportunities range from tactical strategies in areas such as retirement-income planning, investment planning, and charitable planning, to anticipating and preparing for long-term demographic and lifestyle changes.

 

The material on this site is for informational and educational purposes only. The material should not be considered tax or legal advice and is not to be relied on as a forecast. The material is also not a recommendation or advice regarding any particular security, strategy or product. Hartford Funds does not represent that any products or strategies discussed are appropriate for any particular investor so investors should seek their own professional advice before investing. Hartford Funds does not serve as a fiduciary. Content is current as of the publication date or date indicated, and may be superseded by subsequent market and economic conditions.

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