Managing Millennial Investors
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By the end of this 4-Hour course, participants will be able to:
- Describe how to be to be less transactional in the advisory process and gain trust along the process, through powerful listening skills
- Describe how millennials are “different” (without stereotyping and generalising too much) and describe how to communicate with millennial High Net Worth Clients in the way that they would like to be communicated with
- Utilise a powerful model called the “Questioning Structure” in order to ascertain the needs of millennial - and other - private banking clients and in order to help to reinforce those needs in the minds of clients and prospects
- Describe the private bank and its different services in the language of the client, in order to obtain new clients for the bank, or a larger wallet-share (assets under management) from existing clients
- Overcome any resistance from millennial client
Seeing the world from the perspective of High Net Worth Millennials
- How to put yourself in the shoes of a HNWI or an Ultra-HNWI through powerful listening
- Thinking about the best approach for dealing with millennials – what does research show?
- Looking interested, inquiring with suitable questions, staying on target
- Testing your understanding, evaluating the message, neutralising your feelings
- Initial game: Listening quiz – how good are you at understanding millennial and other clients?
Session 2 Generating new revenues for your bank
- How to communicate with millennial clients – how to generate more wallet-share from existing clients and how to build relationships with potential new clients
- What means of contact do millennials prefer? Does research really show that Text and IM Apps are the way forward? What about your bank compliance issues?
- Obtaining initial meetings with potential clients of the bank
- International best-practice at generating High Net Worth clients – how do the other banks do it?
- How to conduct initial meetings with millennial clients and others, using the “Questioning Structure” – not overselling but being a trusted advisor
- Research as to what makes the difference between average and outstanding bankers when dealing with millennial private banking clients: acting like a counsellor
- Situation questions, business opportunity questions, and need reinforcement questions
- Helping the client to see why they would benefit from a relationship with the private bank – showing a relationship focus rather than a “transactional” focus
- Using words like “impact”, “implication”, “consequence” and “effect” to heighten the need
- Describing solutions to millennials quickly but clearly – appealing to emotions of different people at different life stages
Session 3 Handling objections from millennial private clients and closing more deals
- Two techniques for handling client resistance: the CCCC technique and the FFF technique
- Obtaining all the concerns of the millennial client before you handle any of his or her concerns
- Techniques for gaining client commitment
- Stop-start group role play: putting the CCCC technique into practice in the reality of customer relations with millennials at the banks
- Conclusions: BCG research about what makes millennials different
- Action planning: Implementing the skills of the training: being a trusted advisor in the reality of the workplace