Don’t be ashamed of selling!

I was with an adviser some time ago who ticked me off on a couple of occasions when I mentioned the word selling. He contended that he is an adviser and not a salesman. I say that you need to be both…

 

There’s nothing wrong with selling!

For some people, selling is a dirty word. Particularly so when you are dealing with financial services. That’s understandable I believe when it comes to mis-selling, however this is an experience being suffered thankfully by fewer and fewer clients today. Financial advisers have really raised their game, industry standards have increased, and compliance oversight has increased too – all of these factors resulting in fewer incidents of mis-selling. Yes, there have been a few high profile cases unfortunately in recent years that again undermine trust, but these are not representative of the market in the main.

In fact these cases increase the need for selling! Not of financial products though, instead there’s a need to get out and sell the value of doing business with you!

 

Selling is exchanging

The Wikipedia definition of selling is; “Selling is offering to exchange an item of value for a different item”. A key part of your job is to convince your clients to exchange your item (advice, guidance, expertise) for their item (commission, fee). So selling is not passé. The financial advisory business model still needs selling.

The old days of “the insurance man” out selling products are thankfully long gone. This was where the seller was very transactional focused, having access to a very narrow range of (poor) products and their role was to convince people to buy these products, whether they really needed / wanted them or not.

The difference today of course is that the process starts and ends with the client. The transaction (if needed at all) is only a means to an end, a mechanism which helps clients to meet their own specific financial objectives. The value that the client gains is the advice, leading to better financial and life outcomes for them, rather than the product itself. Of course nothing stays the same as well, so advisers also need to sell the benefits of ongoing monitoring to ensure their plans stay on track to achieve their objectives.

 

Selling is necessary

Independent financial advisers provide a really valuable service to their clients. However prospective clients who haven’t experienced your service and seen the value being gained, may still be living in a world of mistrust of all financial advisers. So you’ve got to convince them otherwise and sell them the value that they will derive from having an expert on their side of the table, guiding them through the complexities of the world of personal financial planning.

To do this, you need to have developed a very robust proposition for your clients and then be able to communicate this in a very engaging way. If you can’t do this, they won’t see the value that they are getting and of course there is no way that they are going to part with their hard earned cash to buy your services.

 

Don’t be ashamed of selling, it’s a very noble pursuit when carried out with the right intentions! You can be very proud of the product (advice) that you provide and of the value that clients get from exchanging value with you. So get out and shout it from the rooftops!