I read a book ‘How to Win Friends and Influence People’ authored by Dale Carnegie. The book teaches you how to win people, acquire new clients and increase your earning power.
As an adviser, this book has immensely helped me improve my client relationships. Here are the three important things I have learnt and put into practice from this book:
- It's just not how we listen to what the client has to say but how we respond to them and build our solutions.
- Make my clients feel important. The golden rule is to treat people how you would like to be treated. For example, people feel extremely valued and important by remembering their names and not by ‘sir’ and ‘madam’.
- Ask questions. Now, I ask my clients a lot of questions regarding their investment goals which helps me get deeper insights into their lives.
These are just a few learnings from my business perspective. If you read the book you will have much more to learn. This is an excellent book to read and re-read and I recommend it to everyone.
I read a book ‘Value Investing and Behavioral Finance: Insights into Indian Stock Market Realities’ authored by the late Parag Parikh. It is an excellent book on behavioral finance. After reading this book, I learnt that investing is not rational science because human emotions play a very important role in decision making.
Another book which I would recommend to advisors is ‘Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant’ authored by Renée Mauborgne and W. Chan Kim. The book shows that companies engage in cut throat competition with their competitors which leads to shrinking pool of profits. The author says that success does not come from competing with competitors. The Blue Ocean Strategy says that companies should enter the untapped market rather than fight in the existing market. I recommend this book to all entrepreneurs.