Candid Culture: How to Take (and Give) Constructive Feedback

Every interaction we have with somebody trains them what to do with us the next time. That is part of the core of the message Shari Harley, founder and President of Candid Culture, delivered in the latest NTSA Podcast, “Candid Culture: How to Take (and Give) Constructive Feedback.”

The human brain doesn’t like to fail, said Harley, and when our mistakes are pointed out it’s natural to become defensive. And the prospect of such a reaction compounds the problem. “People are incredibly afraid of our defensive reactions,” she remarked.

“The number one thing I always teach the folks I work with is that at the very beginning of the relationship is that you’ve got to tell people that you want feedback. And you’ve got to promise them that you’re going to make it easy to give [feedback], and you’ve got to make it easy to give. Then you need to periodically ask for feedback about how things are going, and then you need to take it graciously. Because the better you take it, the more you’ll get next time.”

Her suggestions for advisors include:

• In handling negative feedback, don’t take it personally and remember that information is power, and power is control.

• Train yourself that the right answer to feedback is “thank you”; that validates the other person, lets them know they’ve been heard, and buys you some time.

• Never underestimate the power of the ego.

• At the first or second meeting, ask the client how often they would like to meet, how they would like to meet — in person or over the phone — and how detailed the information you provide should be.

NTSA Net podcasts feature the latest industry intel in an easy-to-digest audio format. You may either stream them or download them to a personal device.

Other podcasts include:

• Robo-Advisors: Threats and Opportunities” — NTSA President Kent Schutte discusses the challenges that robo-advisors pose to 403(b) advisors, along with the ways that their growth can actually help plan professionals grow their businesses.

• Making Yourself Accessible to Your Clients” — Ellie Lowder and Jill Snyder discuss the ways advisors can make themselves more accessible to plan sponsors and their employees.

• Social Media Best Practices for Advisors” — Mike Webb of Cammack Retirement Group talks with Jon Hall of PlanMember Services about the best ways for advisors to leverage the growing popularity of social media to enhance their businesses.

• What Does the DOL Fiduciary Regulation Mean to You?” — with NTSA Executive Director Chris DeGrassi.