Communication is one of the most important skills for a financial advisor. While technical expertise is necessary to formulate a financial plan, being able to clearly communicate the findings to a client can make all the difference between whether or not the client will understand and agree to implement the advisor’s recommendations. Many advisors are accustomed to using verbal communication with clients (e.g., in client meetings) and written communication (e.g., through the delivery of a written plan), however, some concepts are difficult to explain and understand through these means. But by using visualization aids in their communication, advisors can clarify complex information and generate better conversations with clients.

According to one learning model, there are four basic categories of learning styles: visual, auditory, reading/writing, and kinesthetic. Research suggests that communication and education are both more effective when multiple learning styles are incorporated because an individual’s preferred learning style often varies day-to-day. Furthermore, presenters who use visualizations can tend to be perceived by their audience as better prepared, more professional, and more interesting than those who rely only on text-based presentations. Taken together, these findings suggest that using visualizations when presenting information to clients using other modes (verbally in meetings and through written plans) can be a good way to demonstrate expertise while building rapport with the audience.

When considering how to use visualizations, it is important to recognize that different styles of visualizations can be used to meet different communication objectives. For instance, visualizations can be categorized based on their content (conceptual or data-driven) and purpose (declarative or exploratory). By considering the nature of the content and purpose of their message, advisors can choose an appropriate style of visualization to implement. For example, data-driven, declarative ideas can be conveyed by ‘everyday data’ visualizations, such as a chart or graph objectively illustrating relationships between facts and figures (e.g., the S&P 500’s performance during the past year). Alternatively, a conceptual, exploratory idea would be better conveyed through an ‘idea generation’ visualization, such as an array of ideas that encourage brainstorming ideas. Conceptual, declarative ideas are best conveyed through visualizations that illustrate difficult concepts, and data driven, exploratory ideas can often be conveyed by combining visualizations merged together from multiple sources of information to encourage identification of new trends or themes.

Advisors can choose to create their own visualizations (such as a simple Venn diagram), but can also opt for turnkey software solutions or white-labeled products for more elaborate visualizations. Whichever option an advisor chooses, there are key design principles to keep in mind. For example, the thoughtful use of lines, colors, shading, font size, and other visual elements can help to communicate ideas and draw attention to key aspects of the visualization.

Ultimately, the key point is that visualizations can be a useful tool for improving advisor communication and client comprehension. Given the data-intensive nature of financial plans, visualizations can serve as a useful complement to written and verbal communication from the advisor and can provide clarity to clients, which can give clients more confidence in their plans and in their advisors!

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Dealing with the grief of losing a spouse creates several challenges for recent widows and can change the dynamics of many of their relationships. For example, widows often note that they were previously ‘couple-friends’ with someone, but the relationship dynamics have changed such that it is now uncomfortable to spend time with them as a single person. This dynamic also can apply to financial advisors; in fact, up to 80% of widows leave their advisor within the first two years of becoming a widow. Which means that it is important for advisors not only to thoughtfully reengage with a recently widowed client, but also to explore how they want to be communicated with and what they want the planning process to look like going forward.

Given the significant amount of change occurring in the life of a new widow, a good way to address their circumstances and meet their changing needs proactively is to have multiple ‘re-discovery’ meetings to intentionally learn about their new preferences and goals. The process begins with the initial meeting following the spouse’s death, where the advisor can cover three important topic areas: 1) identifying the client’s current communication preferences while recognizing that these can change as they continue the grieving process; 2) discussing the idea of recurring re-discovery meetings so that the client knows what to expect; and 3) reviewing the client’s important action items, letting the client decide whether (or to what extent) they want the advisor to take the lead or handle the items themselves.

The first re-discovery meeting can be held six months after the initial meeting with a newly widowed client. In addition to checking in on the client’s communication preferences (which might have changed in the previous six months!), a goal of this meeting is to brainstorm ideas to identify new goals and information that are important to the client during this period when so much in their lives may be changing. There is no pressure for anyone to do anything (unless important action items already discussed are looming); the key is simply to create the time and space to give the client a chance to think about things and recognize changing needs and priorities as they arise.

The aim of the next re-discovery meeting, ideally held approximately one year after the initial meeting with the new widow, is to revisit newly identified goals and to focus on implementing them. In addition to revisiting goals that may have been identified in the last re-discovery meeting, advisors can start asking the client to consider a detailed, actionable plan that outlines how they will actually tackle their tasks and establishes a timeline for getting things done.

Ultimately, the key point is that as a widow navigates through the difficult transition after losing a spouse, an advisor can be one of the most sustaining relationships in their life. By doing their best to mindfully communicate with recently widowed clients about their changing values and needs in a genuine, honest, and compassionate way, advisors can help them effectively plan for and support their changing needs!

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