Jeff Strese of Jeff Strese Consulting Group - Why Emotional Intelligence Is Important for Financial Advisors

May 23, 2023

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Making financial decisions can be a stressful and emotional experience for clients. Plus, with the increasing complexity of financial markets and the growing diversity of clients' needs, financial advisors have to develop new skills to remain relevant in the industry. Beyond their traditional financial, technical, and legal knowledge, advisors have to incorporate emotional intelligence to provide better advice and create stronger relationships with their clients. But what exactly is emotional intelligence, and how can it help advisors create the most favorable outcomes for their clients?

In this episode, Rusty and Robyn talk with Jeff Strese, Principal at Jeff Strese Consulting Group. Jeff has over 25 years of experience working across industries in leadership development, organizational effectiveness, and family dynamics. He is passionate about helping family businesses and organizations create clarity out of the complex as well as inspiring leaders from all backgrounds to develop and master critical skills like coaching, communication, and emotional intelligence.

An executive coach and consultant to multi-generational family enterprises, corporations, and mission-driven nonprofit organizations, Jeff talks about what emotional intelligence is and why financial advisors need to understand it. He also discusses incorporating emotional intelligence, active listening, and other qualitative skills in financial services to improve practice and strengthen client relationships.

Key Takeaways

[04:33] - How Jeff got into leadership development and family advisory services.
[06:27] - The meaning of emotional intelligence and why advisors should have it.
[09:32] - Why active listening is important in today's advisory practice.
[10:49] - What emotional hijacking is all about.
[12:36] - What overgeneralization and labeling mean in organizations.
[14:43] - The blame game and personalization in organizations.
[16:38] - What discounting the positive means.
[17:28] - The concept of Wealth 3.0 and how advisors can put it into practice.
[21:11] - Jeff's favorite investment idea.
[22:55] - How Jeff maintains his ability to perform at his best.
[25:40] - People to whom Jeff is grateful on a professional level.
[27:49] - Jeff's recommendation for content.
[30:07] - Jeff's insights on AI in financial advice.

Quotes

[06:45] - "In the financial advising space, having a baseline of financial, technical, and legal skills is an incomplete package in this day and age. When you begin adding other kinds of qualitative skills like emotional intelligence and active listening, you have a very well-rounded, seasoned advisor." ~ Jeff Strese

[11:00] - "The first and basic line of emotional intelligence is around self-awareness. That's the ability to understand how your communication style impacts other people, particularly under stress or tension." ~ Jeff Strese

[14:08] - "Advisory firms need to see themselves as learning organizations. If the insides and culture of the organizations do not match the outsides, it ultimately will dumb down the effectiveness of the overall firm and its growth and potential." ~ Jeff Strese

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1157-OPS-4/24/2023