Friends: The One Where They Get Each Other
In an era of digital overload and a growing ‘friendship recession’, your greatest value as a financial adviser lies in the one thing AI can’t imitate – understanding the human heart behind the numbers.
According to a 2024 Psychology Today report, we are in a global “connection crisis” where digital overload and a ‘friendship recession’ are leaving people more socially isolated than ever. In this environment, your greatest value as a financial adviser is the one thing AI cannot replicate – understanding a client’s unique Money Personality. This invisible blueprint shapes every financial decision and is becoming a critical guide for clients navigating a world where 72% of global workers feel lonely at least once a month.
Lee Hancox, Head of Channel and Segment Engagement at Sanlam, says this deep need for authentic connection is transforming what clients expect from their advisers. “Clients are no longer satisfied with a transactional relationship; they want a trusted partner who understands the emotions driving their decisions. In fact, mastering the art of human connection is the single most important action an adviser can take to future-proof their business.”
Understanding the personality puzzle unlocks deeper conversations
So, how can advisers build this deeper, more empathetic connection? Hancox points to a powerful tool in the adviser’s arsenal. “Sanlam’s seven Money Personalities help you unlock a more productive and empathetic dialogue with clients. While the framework is built on seven distinct personality types, each client’s report is unique – shaped by how they interact with the coach and respond to the questions. This insight allows you to understand the ‘why’ behind clients’ decisions and turn potential points of conflict into opportunities for connection.”
Consider these common advisory scenarios:
• A Calculated Planner client is often anxious about market volatility and may be prone to “analysis paralysis”. By recognising their personality, an adviser can first address their need for security and control before walking them through a meticulously planned, risk-mitigating strategy.
• A Relaxed Planner values life experiences over accumulating wealth for its own sake. The conversation with them isn’t about maximising returns but about structuring their finances to enable unique life experiences without jeopardising their long-term security.
• A Generous Guardian is selfless and often serves as the financial safety net for their loved ones. When discussing estate planning, an adviser who understands this will frame the conversation around protecting their ability to care for others, making the advice deeply personal and resonant.
These are just a few examples of the seven Money Personalities identified in Sanlam’s framework. Other personalities include the Adventurous Enthusiast, the High-Stakes Achiever, the Spontaneous Buyer and the Prepared Protector – each with their own distinctive traits, motivators and challenges. Understanding the full spectrum allows advisers to tailor advice that resonates with each client on a deeper emotional level.
Building an authentic connection
Building lasting relationships requires intention and skill. Hancox suggests focusing on four fundamental pillars:
• Building Rapport: This goes beyond small talk. Building rapport may involve focusing on a client’s ambition and success or acknowledging their commitment to family.
• Finding Commonalities: Understanding the client’s Money Personality allows you to discover these commonalities. You can connect over a shared value, whether it’s the thrill of a new venture or the peace of mind that comes from a solid plan.
• Showing Vulnerability: Trust is a two-way street. While maintaining professionalism, an adviser who shares a relevant, humanising story builds a far stronger bond than one who projects an aura of impenetrable expertise.
• Being of Service: This means demonstrating genuine care that extends beyond the transaction, as well as giving back within your communities. Remembering a child’s graduation or checking in during a difficult time shows the client they are more than just a portfolio.
Mastering the unspoken language of your client’s Money Personality
According to Hancox, mastering client connection begins with understanding that communication is primarily non-verbal. Citing Dr Albert Mehrabian’s 7 – 38 – 55% rule body language (55%) and tone (38%) far outweigh words (7%), she stresses that deep listening is an adviser’s superpower.
“This means moving beyond listening only to reply and instead listening to truly understand the unspoken emotions that reveal a client’s Money Personality. This approach is critical in our new ‘phygital’ world, where projecting warmth and attention, whether in-person or on-screen, elevates an interaction from a meeting to a meaningful connection.
Hancox concludes, “In a world increasingly seeking authenticity, the financial adviser’s ability to forge real human bonds will determine their value and success. By actively using tools like Money Personalities to decode the human story behind finances, and consciously building the skills of connection, you are building a foundation of trust that will last a lifetime.”
