Clients Appreciate Honesty with Peter Savage
Sam Panetta and Peter Savage of Savage Money on why clients appreciate hearing what they need to hear, not what they want to hear.
The bank might say yes. Peter will still tell a client when it’s a bad decision, and clients appreciate it.
1) What you see is what you get
Sam has heard Peter on the phone with clients: he talks to them exactly the way he talks on the podcast. There are no two different characters. Peter admits it makes for long, tiring days of talking to people.
- Be the same person with everyone.
- Authenticity builds trust.
2) Say what they need to hear
Peter isn’t afraid to tell clients what they need to hear rather than what they want to hear. Most people will just say yes, yes, yes. He’ll say: “Yes, you can borrow, but that’s a terrible decision because of what you told me.”
- Need to hear beats want to hear.
- Point out when plans don’t align.
3) Ask questions that let them see it
When a client doesn’t want to hear it, Peter asks really good questions they have to answer out loud, until they realise for themselves that it’s a bad idea.
- Ask, don’t lecture.
- Let clients reach the conclusion.
The biggest lesson from Peter Savage
Clients don’t need a yes-man. Being the same person on every call, and telling them when a loan is a bad idea, is what earns their trust.
