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Financial Planning, February 1, 2003: Know Your Client The Myers-Briggs psychology test can help planners reduce communications frustrations. Would it help you to know how your clients tick? What styles of presenting information are the most palatable? How do they reach a decision? While risk profiles abound, most advisers don't use the most common personality test of all -- the Myers-Briggs Personality Inventory. This test measures four dimensions of personality: 1. Extroversion/Introversion. Are you more comfortable with the outside world of people and action or the internal world of thoughts and ideas? 2. Sensing/Intuition. Do you process information in present-day, practical, and detail-oriented terms, or is your approach more future, visionary, and big picture-oriented? 3. Thinking/Feeling. Are you objective and impersonal when analyzing information, or do you depend on your values and subjective beliefs and feelings to guide you in decision-making? 4. Perceiving/Judging. Do you like to keep things open and develop a plan more spontaneously, or do you prefer structure and predictability? The test results will help you decide whether your client would rather talk a decision out or think it through alone, respond better to information about the present or the future, or need space or require your help with follow through. This article will address the first two personality dimensions. Introverts, while in the minority, are often among the most successful individuals. They are drawn to ideas rather than people and are usually calm, deep thinkers. Introverts can be socially skilled but would rather meet one-on-one than in a group. They prefer consistency and are more likely than extroverts to be loyal clients. If the adviser is an introvert, it is important to keep things in balance. Extrovert clients will assume that their adviser's silence means agreement, even when the opposite is true. While introvert advisers are excellent sounding boards, they must sum up issues regularly for extrovert clients and maintain focus on what's most important. Give the introvert client time to think things through. Introverts function at their best when prepared with information in advance. Unlike extroverts, they welcome lengthy written materials and may prefer communications in writing. Introvert-introvert meetings run like well-oiled machines. Extrovert advisers must work to hold back. Introverts do not like to be interrupted when speaking, as it derails their train of thought. In addition, do not mistake their silence for ignorance. Unlike extroverts, they do not feel compelled to share what they know. Give them time for reflection. Present material in a step-by-step manner with clear instructions and finish one issue before moving on. Avoid using metaphors to explain concepts. Facts and specifics are valued. A sensor-sensor match is efficient; the challenges are struggles over details, micromanaging, or missing the big picture. When an adviser is an intuiter, it is important to stay grounded in the facts and focus on implementation. Sensor clients often find intuiters confusing because intuiters don't walk them through the material in a clear way. Intuiters make up only 30% of the general population, but they are highly represented among business leaders and high-net-worth professionals. They are interested in the overview. They get how things fit together and trust their hunches. They need structure to help them follow through with the details of a financial plan. Intuiter clients are strategic thinkers who prefer to focus on the future. When both adviser and client are intuiters, the ideas will take flight, but plans might get too grandiose and not be practical. Both need to attend to the details. Intuiter clients get frustrated by details. The sensor adviser should give minimal detail and then pull back and reconnect to the big picture. Use a metaphor or anecdote and chances are the material will suddenly click. Learning the different dimensions of the Myers-Briggs Personality Inventory can help advisers tailor their client presentations and make course corrections when the material isn't connecting. For more on the test, go to www.myersbriggs.org or www.cpp.com. Read Part 2 of this article: Know Your Client: More ways a deceptively simple psychology test can help planners reduce communication frustrations. Carol M. Kauffman, Ph.D., is a partner in Family Legacy Services, a consulting service to financial advisers, family offices, and private client departments. She can be reached by e-mail via carol@carolkauffman.com.
-Carol M. Kauffman
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