Life in the Fast Lane

Today, professionals who work in insurance or financial services live with a common reality. Everything is different.

Technology, inflation, uncertainty, and the ongoing massive transfer of wealth have made life a bit crazy. Thus, competing for engaged clients can be frustrating and protracted.

Can you say "Silicon Valley Bank…"

Confused by the torrent of news and information, making a smart choice is frequently painted with risk.

Much is at stake. A bad or impulsive decision can be costly.

Often, a client may do nothing or simply remain with the familiar and hold on to whatever they originally purchased. But what worked in the past may not be the best strategy moving forward.

Empathetic advisors see what these individuals see. But, how do industry professionals start a new conversation?

Standing alone, no product offers differentiation; when price enters the consultation (as it often does) all is lost. Commodities compete on price and loyalty goes out the window when that is the primary topic of discussion.

It's a widely-accepted fact that a specialist cannot differentiate using features or price. There needs to be another more effective component to the dialogue.

Sadly, the skill to cultivate sincere conversations that get to the heart of an issue has become a lost art.

Buried under the proliferation of product, ubiquitous AI and the need for instant gratification, we've lost sight of its importance.

That (communication) skill set demands patience. Careful listening.

It requires a mindset focused on the "why's" of today's customer.

It's worth repeating: Everything is different.

There's no scarcity of well-designed options to correct and/or mitigate risk. The shortfall is in methodologies that make a person (or family) receptive to explore intelligent solutions.

With all the uncertainty and news cycle flotsam there remains one constant.

The once-in-a-lifetime mega transfer of wealth will not be interrupted.

Where that wealth ends up is another conversation altogether.

But the professionals — and organizations — who have not adopted a clear vision and straightforward path to customer engagement will be left behind.

Business owners, individuals and the advisors who work with them cannot be distracted by the endless gyrations of prognosticators or any shiny new technology. Future success, aka wealth preservation and personal financial security, demands a sober perspective and the ability to facilitate intelligent, proactive choices.

The negative impact of not being able to motivate a client who delays will adversely affect the customer, the advisor and ultimately compromise their relationship.

If you can't get an individual to take their foot off the gas, focus and embrace the motivations behind their planning and financial decisions, (or lack thereof) you're likely contributing to the problem.

With trillions of dollars in play, nobody wants to take a wrong turn.

It's life in the fast lane. "Surely make you lose your mind."

Michael J. Mainardi is managing partner of Selling Technologies in Radnor, Pennsylvania.