A practical approach to influence both client and colleague Investment Management & Life Powerful Words! A practical approach to influence both client and colleague Dani Peer Manager – Practice Management Zurich Financial Services

“Your country needs you” The world has changed… “Over the top!” “Your country needs you” “Ask not what your county can do for you. Ask what you can do for your country” Practice Management 6AB7UE-2005

The world has changed… Vietnam was more than a war. It represented an epochal shift from group to individual. Practice Management 6AB7UE-2005

The world has changed… We’ve left the world of George Orwell, Charles Dickens and Pink Floyd behind… People are not “resources” that can be ordered to do things… We need new weapons… Powerful Words! Practice Management 6AB7UE-2005

Introducing 9 “Weapons of Influence” The 9 weapons… The Principle of Credibility The Principle of Liking The Principle of Fear The Principle of Reciprocity The Principle of Scarcity The Principle of Social Proof The Principle of Consistency The Principle of Anchor Points The Principle of Vision Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’… Number 1: The Principle of Credibility People defer and are more easily influenced by EXPERTS Not only WHAT you know but WHO you are Expertise: knowledge of client’s needs / qualifications / experience / achievements Broad credibility: absence of bias, composure, stability “Credibility is the cornerstone of effective persuasion. Without it a persuader won’t be given the time of day” Professor Jay Conger – Harvard Business Review For you: Communicate your expertise, be aware of how you look and behave Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 2: The Principle of Liking People are more easily influenced by people they like People WANT you to keep on liking them! Uncover common ground Show interest Offer genuine praise For you: Identify common ground, show interest and seize the opportunity to offer genuine praise Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 3: The Principle of Fear Fear creates action – help your client find their fear Ask questions – what keeps them awake at night? Describe risks and issues associated with ‘similar’ clients Describe the consequences of not taking action Communicate that YOU are able to provide a solution For you: Ask questions to help your client find their ‘inner pain’ and communicate that you have the solution Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 4: The Principle of Reciprocity People respond in kind – give what you want to receive Charities – gift + request Zurich’s practice management Of BDMs and golf balls… Go out of your way (Harold’s story) For you: seek to identify an opportunity to give something early on in the relationship (information, a favour…) Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 5: The Principle of Scarcity People want more of what they can’t have People allocate more value to things that they have a hard time obtaining Estate agents / shows / and my broker For you: Communicate limitations Set turnaround deadlines Risk is a privilege, not a right! “I’d like to work with you (but)…” Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 6: The Principle of Social Proof People follow their peers – if everyone’s doing it, it must be right! Inclusive statements The power of endorsements / testimonials For you: make ‘inclusive statements’, get testimonials Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 7: The Principle of Consistency People like to appear consistent GWB + WMD Confirmation of objective Commitment must be: Active [written or spoken] Public [known to others] Voluntary [not imposed] For you: keep your prospects / clients telling you what they want from you Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 8: The Principle of Anchor Points [Psychological Sequencing] People make judgement calls against the first piece of information Bank 5% / LPT 7% / unlisted prop trust 9% Plan $3,500, for you, $2,500! $75 to $25 – should have been $1! Not only numbers For you: when you talk numbers, use anchor points when you have a tough situation to communicate, use anchor points Practice Management 6AB7UE-2005

Nine ‘Weapons of Influence’ Number 9: The Principle of Vision People relate far more strongly to images rather than numbers and information Use anecdotes: ‘picture the dream!’ SOA full of info. Use graphics wherever possible Interactive planning! For you: recount anecdotes, get hold of financial modelling software that has graphic capabilities Practice Management 6AB7UE-2005

Brief recap… There are various powerful weapons of influence to assist you in influencing prospects / clients / alliance partners / colleagues These principles will get people to change / to concede / to comply You need to be deliberate – plan how you will use them Practice Management 6AB7UE-2005

And finally… How does the leader of a country persuade the fearful and suspicious minority that his government means them no harm? It happened a long time ago on a rugby field far, far away… Practice Management 6AB7UE-2005

Mandela! Mandela! Mandela! Mandela! Mandela!.... Uncovering common ground… The Principle of Liking used to perfection! Mandela! Mandela! Mandela! Mandela! Mandela!.... Practice Management 6AB7UE-2005

The End Practice Management 6AB7UE-2005

Important Information The material has been prepared specifically for the exclusive use of advisers. It is not to be published without the prior written consent of Zurich Financial Services Australia Limited. This information dated 11 March 2005, is given in good faith and has been derived from sources believed to be accurate as at this date. However, it should not be considered as a comprehensive statement on, study of, any matter and should not be relied on as such. Neither Zurich Financial Services Australia ABN 11 008 423 372 nor any of its related entities, or any of their employees or directors (Zurich ) give any warranty of reliability or accuracy and to the fullest extent possible under the law, accept no responsibility arising an any way whatsoever including by reason of negligence for errors or omissions. Zurich Australia Limited ABN 92 000 010 195 AFSL 232510. 5 Blue Street North Sydney. Practice Management 6AB7UE-2005