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    The RARE Advisor: Bedside Manner Rules the Day

    The RARE Advisor: Bedside Manner Rules the Day
    Sep 28
    2023
    Practice Management

    It has been scientifically proven by study after study – one of the most important qualities of a doctor is quality bedside manner. In this episode of The RARE Advisor, we’ll talk about why the same is true of financial advisors.

     

    Today, let's talk about bedside manner. Because bedside manner takes place not just in the medical realm, but I will argue it takes place in any regulated or licensure based industry - especially financial advisors. As you can imagine, bedside manner for a doctor is a very important component. In fact, studies have shown that a doctor will get malpractice complaints more often because of their bedside manner, even though bedside manner is not something that is technically considered malpractice. The point being, if people like you, they will forgive you. If people like you, they will tolerate things. If people like you, they won't be looking for ways to complain or get back at you.

    So if you handle yourself well with clientele, you are far less likely to have complaints. On the other hand, if you are combative, if you show up to work every day with a bad attitude and a bad mood, the chance that people are going to complain about you will skyrocket. It happens in the medical arena. And it definitely happens in the financial advice arena as well. If you've ever had a doctor with terrible bedside manner, it's not a surprise that rude doctors are sued more often than what are considered caring and compassionate doctors. Good bedside manner has actually been proven to reduce the risk of medical malpractice litigation, more so than what is typically considered defensive medicine - which means going through excessive testing, various procedures, ordering up all kinds of different bloodwork, etc. to look at a patient from a million different angles to try to cut off any possibility of error.

    And yet, none of that is as powerful as simply taking care of people the way people wish to be taken care of. It's a quick lesson to learn. It's definitely the same truth in our industry. And I highly encourage you to always consider your bedside manner because again, quality bedside manner will bring you more clientele. And it can not only limit or minimize complaints, but also bring you more clientele and more assets, and help grow your practice. Obviously, people wish to do business with people they enjoy.

    Now, if you're interested, we have a new, free report called the 'Advisor's 12-Step Reset for Predictable Growth, Value & Lifestyle'. It's a smooth, 12-step process that I've uncovered and discovered over my 35+ year journey in this industry. And it's designed to generate a predictable practice with automated revenue and lifetime rewards.

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    The RARE Advisor is a business model supercharged by Recurring And Repeatable Events. With more than thirty years of working with and coaching successful advisors, host Mike Walters (along with other leaders in the industry), discusses what it takes to grow a successful practice. With the aim of helping financial professionals and financial advisors take their business to the next level, Mike Walters shares insights and success stories that make a real impact. Regardless of the stage of your practice, The RARE Advisor will provide thoughtful guidance, suggestions for developing systems and processes that work, and ideas for creating an authentic experience for your clients.

    The RARE Advisor is also a podcast! Subscribe today via Apple Podcasts, Google Podcasts, or your preferred podcast listening service for easier on-the-go listening

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