The ride slows. The lights rise. The restraints release. The attendant repeats, "Exit to your right."
Off you go, straight into the…souvenir shop.
There's no avoiding it. No matter how scant your interest in keepsakes, you ride the ride and, ultimately, must run the retail gauntlet. The park operator directs you exactly where they want you to go.
For amusement parks, that may work. For financial professionals, not so. Not in today's world.
The ride is over for cookie-cutter approaches and hard sells. Information is everywhere. Empowerment is key. Customers no longer accept "one size fits all." Twenty-first century consumers expect control, flexibility and customization.
What works are solutions—personalized, well-considered, carefully crafted solutions. And embracing that reality is crucial to consultative selling.
What clients really want
Clients look to you for financial solutions that fit their lives—today and down the road. Crucial to helping them pursue their goals is managing fundamental "LIFE" retirement risks, such as:
- Lifespan – As the longevity carousel goes on and on, can your income keep pace?
- Inflation – The cost-of-living sky ride gradually lifts prices higher and higher.
- Fluctuation – Assets climb, plunge and loop on the market volatility rollercoaster.
- Experience – As surprises await in the life events funhouse, can plan flexibility respond?
Unearthing the facts of a client's situation, and the motivations that have brought him or her to you, isn't easy. Many people aren't at all confident in their understanding of financial matters. On top of that, financial affairs are deeply personal. People have a hard time discussing them with anyone.
That's where consultative selling makes the difference. Characterized by the use of fact-finding techniques to gain deeper knowledge of clients, consultative selling—also called relationship selling, needs-based selling or customer-centered selling—isn't new. Perceptive businesses understand that content selling doesn't connect with consumers. Financial services providers have observed that reducing products to a laundry list of features and benefits fails to motivate prospects.
The answer? Gain personal knowledge of the client. Build confidence by making a real connection on an individual level. And from the insight gained, tailor an individual solution. When your client feels as though you understand them, confidence has reached the tipping point.
Getting to know you
