The LSCPA Method of Interacting with Clients

The LSCPA Method of Interacting with Clients

When interacting with our clients, it is important for us to stick to our strategies. The story of the tortoise and the hare is a good example of why we need to do that. The tortoise and the hare were arguing one day in the forest about who was the fastest animal. The hare told the tortoise that he could beat him whenever he wanted to.

So, the tortoise suggested a race.

When they started, the hare sprinted on the racecourse while the tortoise stuck to his strategy and slowly plodded along the course. During the race the hare was way ahead if the tortoise which made him overconfident. He abandoned his strategy of sprinting and decided to take a nap in the middle of the race. While the hare was asleep, the tortoise stuck to his strategy and plodded along to the finish line.

The hare woke up to the crowds going wild and someone mentioned that the hare was almost done with the race. He quickly woke up and tried to beat the tortoise, but he was too late and the hare had already crossed the finish line and won the race! The tortoise stuck to his strategy and that helped him win the race!

As a junior financial advisor, it is easy to stray from your strategy because you are eager to please and to close the sale. You often want to do as much as possible; you want to get involved with as many people as possible and you fall into “being all things to all people.” This sometimes leads to you becoming erratic and not having a strategy around the way you interact with your clients.

I want to share a valuable sales technique with you that can be used as a close for the PSABC technique (Problem, Solution, Advantage, Benefit, Close). This will help you stick to your strategy and be the tortoise in the process!

The LSCPA Method:

Listen: Our clients are looking for us to truly listen to them and understand their financial needs instead of just hearing them. Show your clients that you are listening to them by using phrases such as: “Sir/ Mam, I am listening to what you are saying and I understand”

Share: Speak to your client about the reasons behind their financial needs encourage them to share with regards to this. You can do this by reinforcing what they have said, for example “Sir / Madam, you need R1000 0000 worth of life cover, can you please elaborate on that and on your reasons.” Asking your clients “why” will help you confirm that the client is engaging with you.

Clarify: Clarify what the client is saying to you by repeating it back to them and sharing your interpretation of it with them. This will help you make sure that you have all the information you need from your clients to create a financial solution that is best suited for them.

Present: Once you have clarity on your clients’ needs, come back and present to the client, whenever possible, you can present in your initial meeting. Present a financial solution or a few options that could effectively work for the client. Explain the options to them and why you think they are a good fit for them.

Ask: Then lastly, ASK for the sale. This is where a lot of financial advisors fall short. They do not simply ask for the sale, but instead tip toe around the sale. They tend to be nervous about engaging with the client about the sale. Ask for the sale, do not fear asking for the sale because the worst thing the client could do is say no.

Have a strategy and stick to it:
Remember the story of the tortoise and the hare. Stick to your strategy, do not be erratic, don’t become overconfident and focus on too many things at the same time. You are in this business for a specific reason, you are here to make sure that you build a practice.
In the process of building a practice, you are helping your clients all around you. Do not ever discount that fact.

Luke Matthews | Hampshire Advisors

Luke Matthews

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