What financial advisers could learn from comedians — no, this isn’t a joke

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Have you ever seen a performance by one of The Second City improvisation troupes or watched episodes of “Whose Line Is It Anyway?” Did you take notes?

Chances are, you were too busy laughing and admiring the improvisational prowess of the performers to consider how their ad-libbing antics could possibly relate to your own business. Improvisation has been used in art, music, and acting for centuries and is widely known as a form of comedy. In more recent years, though, the tenets of the improvisational mind-set have been adapted for a variety of uses, such as business negotiations, sales, management, scientific research methodology, and caregiving.

Why are universities, medical residency programs, and major corporations embracing the improvisational mind-set? It has nothing to do with learning to be funny. Instead, the “rules” of improv provide useful, relatable tools that professionals in any industry can leverage to enhance their interpersonal skills and help grow their practice.

Learning the improvisational mind-set can be particularly helpful to financial advisers. Today, it’s more important than ever that advisers build rapport with their clients and show them empathy. Espousing the basic themes of the improvisational mind-set can help advisers bring their business to the next level by improving their communication skills, enhancing their creative problem-solving ability, and challenging them to become more comfortable trying new growth strategies.

Here are just a few of the improv principles that advisers might find particularly applicable:

•Say “Yes, and…” In improv, saying, “yes, and” (as opposed to “no, but”) means accepting a suggestion from one’s scene partner without judgment, then adding useful information to it. For advisers, the “yes, and” approach means being open to clients’ or staff’s suggestions and attempting to improve an idea, versus immediately dismissing it. Financial advisers may find they’re able to spur innovation and creativity in their practice by adopting this phrase and its accompanying mind-set.

•Stay in the moment. When performing an improv scene, it’s essential for a player to be mentally present, rather than thinking about what happened in a prior scene or what will happen later. Advisers also need to be able to maintain focus, regardless of what the markets are doing or what’s on their agenda for the day. Practicing focus through improv can help advisers tune out the noise, be more attentive, and work more efficiently.

•Actively listen. Because improv players don’t know what’s coming next, it’s imperative that each player pays close attention to nuances and actively listens to what their scene partner says. Improv exercises can help advisers refine their listening skills by teaching them to pay close attention to client cues, both in what’s said and unsaid.

•Be real. The best improv players aren’t trying to be funny or tell jokes — they express real reactions to unusual situations, and the audience tends to relate more to that authenticity. For advisers, it’s key to be genuine and give “real” feedback regarding their clients’ personal situations. That kind of empathy and sincerity resonates with clients, and can help advisers earn their clients’ trust and loyalty.

•Be flexible. An improv player must always expect the unexpected, ready to switch gears and adapt quickly as a scene progresses. In today’s rapidly changing world of financial services, advisers could also benefit from learning to be more nimble. Practicing improv can help advisers be more open to change, think more quickly on their feet, and be more amenable to adjust and evolve for (and with) their clients.

•Follow the fear. Often times, the most successful improv scenes are those where the players take calculated risks, trying new things versus rehashing overdone scenarios. Similarly, expanding their comfort zone — and becoming more comfortable being uncomfortable — can help advisers build their business, by encouraging them to try new tactics and prospect different clients using fresh techniques.

•Think big(ger). Given that improv scenes have no sets or props, what develops is truly only limited by the imaginations of the players. Sometimes advisers can get in a rut because they allow their limiting beliefs to keep them from achieving new levels of success. The improvisational mind-set can help break through those self-imposed limitations by helping advisers to be more creative and to think more critically about how they can improve the experience for their clients.

With the rise of robo advisers and digital investing platforms, the pressure for financial advisers to demonstrate their value proposition is at an all-time high. And while it might seem that improv is more appropriate for actors and comedians, financial advisers may find that embracing the improvisational mind-set can give them the competitive edge that is essential to the future success of their careers. As someone who’s performed and taught improv for over 10 years, I can attest to the variety of ways it can help professionally — and that it just happens to be a lot of fun, too.

Ryan Sullivan, CFP, managing director for strategic markets, Hartford Funds.



Source : MTV