Gone are the Days of “Just Sign Here”
If I am being honest, financial literacy month holds a special place in my heart and business. For so many years the financial industry has been burdened with the stereotype of being unattainable, convoluted and quite frankly, just easier to ignore than to try and learn. When I first started private practice, my goal was to change this mentality, especially for young consumer just starting their careers and growing their family lives. When I looked at my business structure, I decided I did not want to be the typical advisor who considered themselves a sales representative but rather an educator. I quickly established myself as an industry expert when it came to disability insurance, one of the more difficult insurances to understand. Over the years I have dedicated my time to making disability insurance a part of many young professionals’ insurance portfolios and a component they fully understand. With my focus on education over sales, some commonality has come to light when building client relationships, allowing me to identify 4 key components.
1) Everyone is an Expert at Something – as advisors, it is our job to understand in detail the products that best suit our clients and feel confident in providing our recommendations to them. At the same time, we must remember that our clients are also experts too, not only in their field of work but in their personal needs. It is our duty to share our expertise, outlining each product we are recommending and explaining why that specific product is best for our clients’ portfolio.
2) Encourage and be Confident Asking Questions – when I sit down with a client, I start by explicitly saying that our meeting is an open discussion, that I welcome any and all questions. In my specific situation I know that disability insurance can be confusing, and I want my clients to feel comfortable right from the get-go to ask anything that comes to mind. This not only strengthens our relationship but gives me an opportunity to truly show my value.
3) Forget the Sales Pitch – this is probably the most important component in my client relationships. At no point do I ever position a product for sale. When you remove the product and the sale you open the opportunity to teach. The education is what gives the client the confidence and the power to decide if this solution is right for them. 9/10 times if you are able to properly articulate the details of a product, and the solution it provides, it will sell itself.
1) Educated Decisions – Young consumers bring a whole new dynamic to financial sales. With such easy access to information online, most are looking for guidance and customized detail from an advisor. When we approach a new client with the concept of “just sign here”, we run the risk of building a defense wall instead of opening the doors to constructive conversations. Giving clients the right to make an educated decision provides confidence in you and the products purchased. This stems from their ability to feel connected and in control of the decision-making process.
Whether you are selling or purchasing financial advice, life insurance, disability, or wealth solutions. It all boils down to the same core value. Education. Giving our clients the right to know and understand the products available to them, not only benefits your business but strengthens the value of the financial industry in the eyes of the consumer. So, for those of you that are advisors reading, remember your job is to teach and for the client and consumer; you deserve to learn.