One of the most successful financial advisors we know doesn’t get better results or give better advice than her colleagues – yet her practice continues to grow exponentially.
Why? Because she is great at selling and she focuses her efforts on women.
She recognized early on that as women become more financially empowered and as male boomers begin to die and the family wealth is transferred to their wives, her best opportunity to grow her business rests with women. But she also realized that prospecting, and especially selling to women, required a different approach. So she took the time to learn about marketing to women and upgraded her selling skills. Now, a few years later, this prep work has served her well.
Just being a good financial advisor isn’t enough anymore – arguably having good sales and people skills is just as important.
Like most of us, financial advisors work hard at their business. Understandably, they want to do well but doing well traditionally meant excelling at delivering good rates of return for their clients. So many advisors still focus on becoming licensed as portfolio managers and earning educational credits to become experts in asset allocation, portfolio optimization and risk management which are important skills to have in managing the money. But before the money is in their hands, they need to attract clients. So why do many advisors put less thought into developing skills related to building strong relationships with people, which is the cornerstone of any successful practice?
To be fair, yours is a profession where interpersonal skills have often taken a back seat to investment management. But today, prospecting and selling is all about having good interpersonal skills -- and by prospecting, we don’t just mean hobnobbing on the golf course with buddies.
The thinking has always been that if you are good at what you do, clients will come to you, referrals will flow and business will be great. And, while that may have been true in the past, it is no longer the case. Today, you have to be pro-active in meeting and connecting with people on a personal level, especially if you want to connect with women.
Unfortunately, we encounter far too many financial advisors whose practice is floundering and they don’t even know why. They truly believe that working hard at delivering results is all they need to do. They seem surprised to find that just as they had to learn to manage money, they also need to learn good selling skills, which includes listening to and understanding people as well as reaching out to them effectively.
To some of you it may seem like too much effort. But consider this: competition is fierce and getting clients, especially the next generation of investors, you need to provide a different experience. But fear not, it isn’t all gloom and doom. For those willing to take the time to learn how to present themselves as a person, rather than an investment machine, and are willing to spend the money to reach out to women in their environment, there are tremendous opportunities, not only for today but well into the future.
Related: Want To Win Female Clients? Stop Leading With Your Credentials