The Great Advisor
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The message is clear: Transactions are out. Advice and relationships are in for today’s investors and financial professionals. The old ‘greed them in and scare them out’ transaction model is fast becoming an absurdity. Technology has already made transactions a low fee, commodity business. Moreover, the complexity of client needs is creating an extraordinary opportunity for those who can truly advise. Yet today’s clients need more than a personality, a product pitch and a crushing close. They need real advice from professional advisors who will get them to do what they ought to do, when they are reluctant or afraid to do it. They need a Great Advisor. The change in business models has been occurring for a while. Advertising slogans ooze with client concerns, focus on fulfilling client dreams and allaying client fears. Business cards now say ‘Advisor’ or ‘Consultant’ rather than ‘Stockbroker’, ‘Investment Sales’, or ‘Rep.’ Still, this evolution from a transaction mindset to that of Advisor will take more than a new marketing plan. It requires firms to change their training, fee structures, compensation schemes, and attitudes. To their credit, firms are making these changes and that is no small accomplishment. Now comes the hard part: Firms and clients alike must ‘get it’ below the neck — in their culture, their heart, their core, and so on, right down to their DNA.
© 2006 Palgrave Macmillan Ltd 1363-0539 $30.00
Vol. 11, 2 95–98
A ROLE MODEL Let’s examine the existing role models. Who are the most trusted advisors at work today? Even with the tendency toward internetdriven self-diagnosis, by far the most trusted advisors in society are medical doctors. Doctors tell us what to do in matters of life and death, even when they may not be 100 percent sure of what they advise. Medicine is, after all, part science and part art. Doctors understand that they must take educated risks because human nature leads people to ignore vague ‘maybe/possibly/sortof ’ treatment recommendations. Therefore, even in the face of malpractice suits, doctors have the courage to tell us what to do. The respect that patients give their doctors is impressive. And the model they use can greatly benefit the Advisor. The key is to follow The 7 Rules of Selling.
Rule #1: Establish Your Credibility Medical doctors have credibility and their clients tend to listen. So, establish credibility with yourself first and then with your clients. Remember: When they think you know the answers, they don’t ask the hard questions. Credibility is the critical context of communications and relationships. It is the foundation of successful sales relationships and winning relationships for financial advisors. Credibility creates a condition in which you can control the process. With credibility, people listen. Without it, they hesitate, question, discount, and sometimes just walk.
Journal of Financial Services Marketing
www.palgrave-journals.com/fsm
95
Editorial
Genuine long-term credibility comes from being honourable, reliable, trustworthy, and, of course, de
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