He purchased a list of high wealth individuals in the suburbs near his office. He has about 50+ years experience in wealth management. He no longer sells, trades, manages or otherwise represents clients in investing matters.
These days he keeps his hand in by providing second opinions. He can give you a true cost analysis of your investing plan and can tell you who you can trust.
The sample letters he passed along were atrocious. They were supplied along with the list and were all about selling products like annuities and combining funds into IRAs and consolidating everything with one broker. Little if any of the information provided was really what prospects wanted to see. I proposed a series of letters or notes that centered on the concerns of the prospect rather than products.
Stop selling, listen and start taking orders. Too often financial professionals get wrapped up in showing us their deck of cards. They forget that we want to know that we can win with their help. When they stop selling, listen and provide the assurances we need we begin asking them to purchase for us.
Your Brand is not based on the products you offer. I’ve watched certified financial planners change organizations they work with regularly to get better commission rates. It is infrequent that they change to get a better deal for clients. (but that does happen with the best of the lot.)
Your Brand trumps all the products.
- If the prospect thinks that you know your stuff, your brand is trump.
- If the prospect feels comfortable working with you, your brand is trump
- And, if the prospect believes that he/she can trust you, your brand is trump.
Your Brand is the questions you ask. Chuck’s questions, which we put into an ad for the city symphony program are like these:
- Are you really set for life?
- Will your retirement be a walk in the park or a long slog into the sunset?
- How much is your financial adviser costing you?
Your Brand is the answers you give. Being set for life depends on how long you live. In today’s world that could be longer than you think. Staying healthy makes a crucial difference in what you can afford for that last mile. Too often, your planner gets a commission continually buying and selling charging fees each time. Charlie gets no commissions, no payments out of your principal. He charges a fixed fee for his review.
It all comes down to integrity. You’ve got to have it to get to trust. Trust is the trump card and Trust is the outcome of Brand.
Jerry Fletcher, Networking Ninja, is a sought after International Speaker, beBee ambassador, founder and Grand Poobah of www.BrandBrainTrust.com
His consulting practice, founded in 1990, is known for Trust-based Brand development, Positioning and Business Development on and off-line.