Last week I spoke at a conference in California to a group of financial advisors from one of America’s largest banks. After my presentation on growing your business by building your relationship network, an advisor came up to me and asked, “What financial products do you think are “hot” right now? My answer was to sell a process, not a product.
The financial advisor that has long term success offers realistic expectations and has a process for managing client relationships. Some advisors are great salespeople, but their business “blows up” whenever the market changes direction, often because they were selling the “Hot Dot,” or the product that is easiest to SELL to their client. What makes more sense for the client AND the advisor is to sell them what they really NEED, and to sell it to them by using a process.
At the end of the day, we must be technically competent, and not just be great salespeople. Make sure your planning process is sound. Remember, if the track record has been great lately, you may be at the top of a market cycle. Don’t sell performance, sell your process, and sell your commitment to client success. Communicate the process to your clients, as well as the cyclical nature of the marketplace. It will pay off when the market changes direction.
Good selling!
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