Last month, Narendra Modi completed 3 years as the Prime Minister of India. During this period, he has managed to grab eyeballs with his interesting style.
Advisors too can borrow his style to improve their advisory practices. Here are a few Modi-isms that IFAs can draw from.
Surprise your mitron
You should not always announce your flagship moves before the event. Try an element of surprise to create interest, just like our PM does. Modiji has always surprised us with his master moves, be it in financial reform or social media engagement. Similarly, advisors too can surprise their clients by providing them more than they expect. This will help you build trust and maintain a good rapport with your clients.
Humour for better connection
Modi is well-known for his witty comments. This helps him to connect better with his audience. Similarly, your sense of humour will have a positive impact on your clients. A Canadian research paper has found that humour helps advisors create an opinion among clients on service quality, trust, satisfaction, purchase intentions and word-of-mouth propensity.
Take tough decisions when the need arises
Narendra Modi took over as the Prime Minister, at a time when growth was stagnant in India. Nevertheless, he took some tough decisions to get the economy back on track. For instance, he introduced demonetisation and carried out his actions in a manner that he thought was best for the country.
Similarly, there are times when advisors have to take tough decision like rebalancing the portfolio to allocate money in an asset class, which promises windfall gains in a short interval. However, IFAs should always act in fiduciary capacity, i.e., acting in the best interests of their clients.
Modi was extremely bold in capitalising upon the most fundamental principle of branding: Be different! In all the PR campaigns, he addressed the various issues close to people and assured them saying, ‘Acche din aane wale hain’, by providing solutions to the problems.
Similarly, if you are indifferent and provide the same solutions like others, why should anyone do business with you? Pro tip: Create a USP that differentiates you from the others.
Just like Modi plans for the welfare and development of India’s economy, advisors too should plan for their clients. For instance, you should foresee the financial problems that your clients may face in the future and prepare a financial cushion to deal with emergencies.
Also, Modi keeps meeting people to understand what changes are needed for the development of the country. If the idea sounds good, he implements it. Similarly, advisors should ask for feedback from clients and mentors to improve their services.