Spectrem released a study on successful sales techniques – “Preferred Sales Approach: Capturing the wealthy investor”. In this study participants were asked a variety of questions relating to their expectations, likes and dislikes of financial advisors. When asked about the most important factor in considering a financial advisor, “expertise” came out top. Interesting to note, only 37 percent of investors listed this as their number one trait. This means that almost two-thirds of all participants considered other aspects of an advisor’s presentation to be more important.
The second-most popular response, selected by 25 percent of those surveyed, was that the advisor should be ethical. In other words, almost 62% consider either Expertise & Ethics to be the most important variable in choosing a financial advisor to work with.
What makes this finding quite interesting is that these are the characteristics of a successful marketing strategy. Consider the following formula: Value + Goodwill = Expertise + Ethics = SALES
Goodwill is cultivated by setting out on a deliberate journey to make a positive difference for your client. Value is imparted by educating your client on various strategies and products.
Advisors and intermediaries always need to keep in mind that, often subconsciously, potential clients have these questions.
What is he/she about to sell me (i.e. your investment product)?
Is this product good for me?
Does my advisor have my best interest at heart?
Can I trust him/her?
If your potential client can answer “YES” to these 4 questions, you would have won him/her over.
Therefore, any advisor looking to grow their client book would need to do the following: A mindset dedicated to client service & satisfaction. A business approach that includes constantly researching new products and strategies to introduce to your client base. A relentless focus on these two elements will result in increased sales.
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