There are some occupations that require a persuasive personality, one who is able to cajole if not convince their clients to take a leap of faith into what is often the unknown. Apart from the common candidates such as sales and procurement professionals, the ability to negotiate is also pertinent in fields such as private banking, where earning a client’s trust is more than 50% of the metaphorical battle. This is where the broad topic of client relationship management takes centre-stage – a good private banker always manages the expectations of his clients, making sure that they come first.
Successful negotiations across the board require a clear mind with one’s sights on the end-goal. The main stages of negotiation are:
When and where a meeting will take place etc.
Putting forward and understanding of a situation
- Clarification of goals
The discussion of goal interests and viewpoints
- Negotiation towards a win-win situation
Seeing what would be valuable to both parties
Once everything has been agreed
- Implementation towards a course of action
Carrying through with the agreement
A good negotiator possesses the following key traits:
- Understanding the negotiation process
Negotiation is always about give and take.
- Focusing on a win-win for both the client and themselves
This is the end-goal of any negotiation – value for both parties.
There are always going to be clients that have different views from you.
Tailoring a plan/portfolio for the individual investor/client is of utmost importance – everyone has a different risk appetite etc.
A good private banker always possess a healthy amount of confidence – this comes with experience.
- Ability to listen
Listening to a client is as important or even more so than up-selling the latest financial product at any cost.
Although there is more to being a good negotiator, such as having good EQ and the ability to be accommodating under challenging environments, the list above covers many of the basics to give you that advantage in the private banking world.
What one always has to keep in mind is that good negotiation is a learning process over a period of time. The experience gained interacting with clients from various backgrounds in a field such as private banking allows confidence and industry knowledge to grow, improving one’s negotiation skills at the same time.