Framing a Conversation
Earlier this week, I took a coffee homebrewing class. While entertaining, I left the class a little disappointed. And as I thought about it, I realized the disappointment stemmed from something many advisors say about product manufacturers (more on that in a minute). The teacher – while knowledgeable – wasn’t knowledgeable about my problems and issues.
Here’s my coffee example:
I asked: How do you recommend cleaning my $20 brewing pot? I know dish soap leaves a little film and that’s hard to wash away.
Coffee expert said: Well, I’m not sure. Here at the shop, we clean our $10,000 espresso machines with microfiber clothes, compressed air, and an industrial cleaning agent. Then, we wash the machine out with pressurized water. And we let it dry overnight.
You can see how, though impressive, that answer is not helpful to me.
In our work with advisors (true also for institutional audiences), we often hear a similar disconnect. For example, an advisor struggling with core-satellite strategies is met by a wholesaler waiting to share investment management details for new target-date fund. The details may be impressive but are not directly helpful.
One of the best ways around this is to begin a conversation with “What are you struggling with? Are there parts of your business that you need help in?” Then, deliver by focusing the conversation only on those topics. There’s a danger that the person says “nothing,” but if that’s the case there’s probably little to be done.