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Doctors have a long-standing reputation for being overworked, impatient and consumed more with science than a patient’s feelings. But according to a recent article in The Atlantic, the mindset of doctors is changing. Empathy skills are no longer dismissed as a "good bedside manner." Indeed, advisors can improve their own empathetic skills by looking at advances in medical training.
Doctors are improving their empathy skills
Empathy is a cognitive attribute and not a personality trait, according to Mohammadreza Hojat, a research professor of psychiatry at Jefferson Medical College in Philadelphia. This is good news because it means you can improve your ability to empathize.
Part of the credit for the new focus on physician empathy is owed to Duke University. Duke developed a required course for its oncology fellows called “Oncotalk.” The purpose of this revolutionary course is to teach oncologists "clinical empathy," or "the ability to stand in a patient’s shoes and to convey an understanding of the patient’s situation as well as the desire to help."
Empathy is now considered an important part of medical education. Courses to increase empathy skills incorporate training in emotional recognition and self-monitoring. These courses require physicians to observe patients’ facial expressions and monitor their own emotional responses. This training is contrary to “data dumping,” often assumed to be the natural inclination of doctors. As one of Oncotalk’s developers noted: “Doctors are ‘explainaholics.’ Their answer to distress is more information."
Sound familiar?
The impact of increased empathy
Studies have linked empathy to "greater patient satisfaction, better outcomes, decreased physician burnout and a lower risk of malpractice suits and errors." That's a pretty impressive list.
In one study involving 100 residents, doctors taught to be more empathetic received higher patient rankings for understanding their concerns and making them feel comfortable.
The importance of empathy for advisors
In a previous article, I discussed the importance of empathy for investment advisors. While addressing this topic, I referred to studies showing the positive relationship between increased empathy and more sales. A study published by The Wharton School at the University of Pennsylvania and sponsored by State Street Global Advisors reinforced these points.
The study found that "trust is the foundation of the advisor-client relationship." To establish this relationship of trust, it’s critical for the client to trust the ability of the advisor to deal with sensitive information "with empathy and tact." This requires adding a “personal dimension” to your relationship with clients. Unfortunately, many advisors are more comfortable with data than with feelings.
According to Barbara Kahn, a professor of marketing at Wharton, "Clients are looking for advisors whom they trust enough – a trust grounded in the rapport established – to make difficult decisions for them." That’s a tall order.
How to improve your empathy skills
It’s surprisingly easy to articulate how to establish trust with prospects and clients. Stop talking and start listening. As Dale Carnegie famously noted, "Rapt attention is the highest form of flattery."
But implementing this simple directive can be more challenging. Advisors – like doctors – tend to believe that disseminating information is an effective way to establish their expertise and win over their audience.
In my coaching practice, I find it helpful to engage in a form of shock therapy. I require my advisor clients not to make a single statement that ends in a period in their initial session with prospects. They must only ask questions. The only exceptions are when the prospect asks them a question. If that occurs, I tell them to respond as briefly as possible and to end with this question: Have I answered your question or would you like more detail?
Prior to every meeting with prospects, I counsel my advisor clients to prepare a list of at least 10 questions. A minimum of five of these questions must be unrelated to a prospect’s financial situation. These questions are intended to assist the advisor in getting to know who the prospect is as a person rather than focusing only on finances. When done correctly, these initial questions will change the meeting from a stilted lecture to a meaningful conversation about what makes the prospect tick.
This is not a manipulative technique. It works only if you have a genuine interest in the feelings of others. If you find this process difficult, don't despair. If doctors can learn how to be more empathetic, surely you can too.
Dan Solin is the director of investor advocacy for the BAM Alliance and a wealth advisor with Buckingham. He is a New York Times best-selling author of the Smartest series of books. His latest book is The Smartest Sales Book You'll Ever Read. He limits his sales coaching practice to advisory firms that advocate evidence-based investing.
Read more articles by Daniel Solin
