Very often, I come across advisors who claim that they are not sales guys. They probably believe that this disavowal strengthens their credentials to be recognized as “ADVISORS”. After talking to them, I observed that talking sales is something they are not comfortable with and some of them really lacked the qualities which a good salesperson should possess.
During my interaction of over 12 years with advisors, I have discovered that the best financial planners are great sales guys. Someone who is able to convince a client to give her/his hard earned money to manage has to be a great sales guy. The product is the advisor herself/himself. Whether one calls herself/himself a financial planner or distributor, the fact is there is a sales guy in each one of us.
If you are not getting the 100% or near 100% allocation of client’s money, the financial plan made by you is not likely to achieve its purpose. Hence it leaves you neither a successful financial planner nor a sales guy.
The fact is that selling is inherent in all of us. In our everyday life we try to convince and influence others - educate our kids and try to buy their support or understanding of spouses and parents.
Somewhere related to this is mis-selling. I am yet to understand fully the perception or understanding of people about mis-selling. If someone was sold equity mutual fund with a view of 5 years or more and the fund didn’t give any return for the first three or four years and client changes his/her stance, is it mis-selling? Best products from best of the AMCs have given negative returns over 3-4 years sometimes even in 5 years. Does that mean someone who sold these products has done mis-selling? The answer can be ‘YES’ and ‘NO’.
As long as the distributor/advisor/planner/agent understands the risks and opportunities attached to the products and is able to communicate it to the client and reinforces it in each follow ups, he/she is a good planner as well as a good sales guy.
There is a great need of a good sales guy in a great financial planner.
The views expressed in this article are solely of the author and do not necessarily reflect the views of Cafemutual.
