I attempted to a very interesting conference about the market and how we can sell more products (yup, banks didn’t learn the concept of conflict of interest… what do you want 😉 ). However, they were talking about something much more interesting than sales; why people buy.
Yeah, that’s true; we keep asking ourselves how we can sell (I keep asking myself how I can help my clients with true financial advices, but that is another story 😉 ). But we never spent a second thinking about why people buy. And this is why people buy that makes the whole difference in the story!
I actually realized that I was unconsciously using several ways to make my clients feel comfortable and that I was trustworthy. And this is why they “buy”. I also realized why people are having so much frustration and why it was so easy to transfer accounts to my book these days: because we failed as financial advisers!
When I say “we”, I am talking about the majority of financial advisers who were there for the quickies and the free lunches. With an “unstopping” market as we knew between 2003 and 2007, several people were simply “getting the client on board” for basically any products they could show double digit returns. There were no relationship, only transactions and yield. Today, we can see how bad financial advisers did and why people are so pissed.
Would they have got better returns in their investment portfolios? Probably not if they were well diversified (some financial advisers are simply clowns!). But, they would understand what is happening and they would trust their financial adviser with their original plan… oh wait! Most financial advisers didn’t do a freaking plan to their clients! Remember, they were there for the free lunch… to for cleaning up the mess after the party. Well this is what is happening right now, the party is over and it is time to clean up the mess 😉
For those who are looking for a financial adviser, I wrote an interesting series about how to find a good financial adviser in 5 parts:
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