Most advisers believe they must be good at sales in order to be successful in the financial advice industry.
Approximately four out of five advisers (79%) voting in our latest poll have answered ‘yes’ to our question:
Do you have to be good at selling to be a successful financial adviser?
But one in five advisers disagrees with the contention that being good at selling is a pre-requisite for success as a financial adviser. One respondent, Millennium3’s Leonard Whittaker, suggested that advisers should re-consider their approach:
Selling is a fundamentally flawed paradigm
“Selling is a fundamentally flawed paradigm that has significant downside consequences to the customer and the seller. What is needed is a new paradigm that respects autonomy, where advisers see themselves as educators, as coaches. Where they help customers buy and not to be sold.”
On the other hand, the independent Chair of dealer group Synchron, Michael Harrison, had this to say, in support of the question:
Anyone who thinks selling is not an essential part of the advice process does not understand the role of the adviser.
“Anyone who thinks selling is not an essential part of the advice process does not understand the role of the adviser.
“Good advisers assist their clients to make the correct financial decisions (to suit their individual objectives). If they don’t have the ability to SELL the solution by educating and persuading the client, they are wasting their time in the industry.”
Mr Harrison’s comments reflected the majority of opinions, which included:
“You can have all the technical and product knowledge in the world, but if you can’t sell the concept and benefits of your recommended strategy to your clients, you won’t be successful.”
“Anyone can give good advice. But if you want [clients] to accept it, it must be sold.”
Do these comments coincide with your own point of view? Or do you see things from a different perspective. We are keen to hear from you…
This conversation on the link between selling skills and adviser success has coincided with Synchron’s 2012 Conference, held last week in Hawaii. The Conference devoted an entire day to addressing adviser selling skills, during which world-renowned sales trainer, Tom Hopkins, took delegates through the numerous elements of the sales process in his presentation on Champion Selling Strategies. The Synchron view is clear: that great sales skills are integral to the success of financial advisers and their businesses.
Of course you have to sell. First you sell yourself, then you sell the solution. It’s a given that a good adviser is technically competent.
I’m surprised at Len Whittaker’s comments. Len has been in his role with M3 for many years and still says what he does here.
It’s like this in nearly all cases: ‘people don’t buy life-risk insurance, they have to be sold’ – Anonymous. Yes, people realise they need it, but don’t rush out and buy insurance.
If that’s true, and I believe it to be, then how it is that people carry life-risk insurance? They didn’t go out and buy it themselves, someone must’ve sold it to them – with their consent though.
Michael Harrison’s remarks are closer to the mark than Leonard’s here.
Selling is a psychological process; it is the transfer of emotions. It requires the adviser to become effective at building relationships. It means connecting with the prospect or client on an emotional level. Relationships are the result of broad, complex strategies filled with specific skills and knowledge.
We are all really selling trust, reassurance and the vision of what someone gets when they buy. But at the end of the day, if the prospect doesn’t have confidence in both You and themselves, they won’t buy, won’t believe or do anything.
Nothing comes about without a whole lot of selling involved. No hospital, no school, no museum or theatre funded, no orphan fed or clothed, no dog rescued, nothing.
Nothing you see or touch, nothing you own or benefit from, nothing standing in your community comes about without money – that came about by sales and marketing people just like you and me – selling. That’s where all the funding comes from!
In addition, pretty much everything exists because somebody sold others on the idea, the plan and either investing in it or donating to it. We who sell are it. Without us, everybody else’ll quietly be sitting on the ground, naked, shivering.
Confusion sets in when you’re not sure if your product or service is bought or sold, or worse, if you are a salesperson just waiting for people to buy.
My odd idea: knowledge should precede opinion.
The above comments support the ‘Yes’ case.
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