Archive for July 29th, 2010

There has been a paradigm shift in the financial services industry. While the Government is changing the landscape for large financial companies the clients are demanding a change in the way business is done on the home front.  The change is inevitable and must be embraced by every financial advisor who has a desire to continue building a thriving business.  All the statistics tell us the financial future will be in the hands of women. As with everything else in life we must begin to recognize how to address the needs and wants of women in a manner and style that is conducive to women.  Even female financial advisors who have been submerged in a male driven industry have really lost sight as to what women want.  The changes necessary starts with three simple concepts:

Instead of SELLING we must focus on INSPIRING: Women abhor sales tactics, even female advisors feel like a fish out of water when they try to apply the sales skills taught by every financial advisory firm, but not knowing an alternative they trudge through.  Instead of focusing on how to SELL the prospect or client focus your energies on how to INSPIRE the prospect or client to want to learn more.  Once inspired they begin to ask for more information followed by a commitment that will drive the process forward effortlessly.

Instead of CLOSING consider MOTIVATING to take action.  The thought and concept of CLOSING on a client feels totally impersonal almost malicious.  What we really want to do is provide the right information that actually MOTIVATES a client or prospect to take action, action designed to be in their best interest.  When motivated the prospect/client actually drives the process making the role of the financial advisor so much easier, more efficient and more certain.

Instead of PROSPECTING consider BUILDING RELATIONSHIPS.  It’s a natural for women to want to develop relationships.  Women want to know that you have a sincere interest in who they are while at the same time they want the opportunity to get to know you.  As a financial advisor, when you head off to a networking event stay focused on DEVELOPING RELATIONSHIPS, when you find yourself cold or warm calling focus on DEVELOPING RELATIONSHIPS.   By focusing on relationships first  you will develop more trust, create a stronger foundation that leads to a more loyal client who is more confident in your ability to provide for their needs all of which results in greater assets and production.

The future of the financial services industry will be in the hands of women. They will no longer settle for the kinds of business relationships they experienced in the past.  They want more.  If this approach seems a bit too personal, get over it.  Women want it personal.