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You Hate It – So Why Do It to Your Clients?

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You Hate It - So Why Do It to Your Clients?

There was a time when asset firms trying to sell their products to financial advisors was the norm. They’d show up with a PowerPoint presentation on their newest fund and talk factor investing, management style, star-studded returns and they’d tout the portfolio manager du jour.

If your supplier is still flogging their products that way, you should probably get rid of them… because they don’t have your best interests at heart. It’s pretty obvious that they are primarily interested in getting you to buy their product on behalf of clients – after all why wouldn’t they – that’s how they get paid.

But what’s in it for you? You know that there are already too many products for you to choose from and that one day a portfolio manager is the star, the next day the villain. You are not easily fooled – so what should you do? Confront them up front – say, “no product talk – just tell me what you know about my business and how you can help me get new clients, more assets or raise my reputation.” The good ones will know lots about you and your business and how to help you. Fake ones won’t have a clue.

If this doesn’t work for you – why would you do it to your clients?

This is what the shoe on the other foot looks like – Women investors tell us that they hate being “sold to” that they often feel like their advisor’s only interest in them is to get them to buy the newest product. We say the same thing to them – confront these advisors up front – tell them “no product talk, take the time to get to know me and help me attain my financial goals.” We say, “demand more and you just might get it”.

You know what you want from someone selling to you – and that is someone with your best interest at heart. In the same way, as an advisor, you have to be ever cognisant of your clients’ needs. That means knowing lots about them and genuinely caring about their wellbeing, not simply selling them product.

You Hate It — so Why Do It to Your Clients?To learn more about how to be the best advisor you can be read our latest book INVEST(in)HER – one advisor who read it claims it “should be required reading for anybody who deals with clients – male or female!”

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Related: To Attract Female Investors, You’ll Have to Do More Than Just Pink Your Practice

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