Category: Financial Advisor

Have You Neglected Your Most Important Client?

 

As an insurance speaker and former advisor for Northwestern Mutual, I know the insurance industry fared pretty well in 2020. However, many media outlets viewed life insurance through the lens of “panic buying.”

In a piece by Greg Iacurci for CNBC (October 14, 2020) entitled “Americans are ‘panic buying’ life insurance due to coronavirus pandemic” Iacurci states:

“Insurance sales have been dwindling for years. In 2020, just over half of American adults reported having a life insurance policy, down from 63% a decade earlier…But Google Search traffic for “life insurance” jumped 50% between March and May this year compared with the same period in 2019.”

He cited growth of policy sales for major companies such as Northwestern Mutual by 15 percent, however he also noted 30 percent increases in the online insurance marketplace. The jumps in policy sales were especially strong among younger Americans. Iacurci found that,

“There was a 13% increase in life insurance applications among the under-44 age group in the third quarter versus Q3 2019, compared with a 9% jump for 45- to 59-year-olds and 0.4% in the 60-plus category.”

Where’s My Boomerang?

Close to 60 million Americans have now been vaccinated against COVID-19. While there are still several pockets of non-compliance and irresponsibility, Americans are in general more optimistic. Dominic Mastroangelo writing for The Hill (March 14, 2021) said:

“A CBS News/YouGov poll released this weekend found 64 percent of Americans say they think efforts to contain the spread of the coronavirus are going well. Another 74 percent say they are excited about the prospect of businesses opening as more Americans get vaccinated against the virus.”

How then, will Americans respond to optimism in terms of insurance purchases? More importantly, how will you respond?

If the economy is projected to have more of a “V” shaped recovery and, as appears, a more optimistic outlook than at the start of the pandemic, does that mean insurance sales will see a 2021 downturn? Even if we don’t see a dramatic downturn in terms of overall sales, will online sales organizations try to crush the insurance sales rep?

Have You Neglected Your Most Important Client?

As an in-person and virtual insurance speaker and former member of the Million Dollar Round Table, I have seen the industry go through major swings.

No one in our industry can predict the future but I do know this: in 2021 your most important client is you. Unless you are completely committed to your own success, unless you have the Mindset, Vision and Grit to succeed, no economic recovery pattern will make much of a difference.

As your most important client, you must be on-board with elevating your personal brand. That means a positive mindset. Your positive mindset isn’t about being Pollyanna, for none of us can turn our backs on life’s challenges, but as a successful insurance sales rep, be aware of the trap of negative thinking. How will you, as your most important client, focus on the optimistic and not pessimistic? A negative personal brand is a virus all its own. Have the mindset that no matter what the challenge, you can be determined to overcome it.

What is your most important client’s vision for 2021? Does your client have a personal vision statement and are you ready to act on it? Why is a vision so important in insurance sales? Among many other benefits, a personal vision helps to reduce tentativeness and dread of selling and creates confidence; it reinforces your ethical principles and best of all helps you advance your sales goals.

Finally, your most important client must have grit. Grit is more than determination. It is the daily, hourly, minute-by-minute conviction that you will succeed, out-hustle, out maneuver and win against the competition.

Your most important client deserves the best. Don’t neglect them. He or she will have the best if they convince themselves to be the best no matter what this year will bring.

 

 

To hire Scott Burrows, Insurance Sales Keynote Speaker for your next in-person or virtual event, contact him today through this website or his office at: (520) 548-1169

2021 Insurance Sales: It’s About the Attitude of the Team

 

As a motivational sales speaker for insurance conferences, I know that as uncertain as 2020 may have been for the entire industry amid unprecedented changes, 2021 will test those in the insurance industry more than ever before.

Insurance industry expert Jean-François Gasc wrote an article on January 6, 2021 detailing the Top 10 most important trends in insurance sales for the coming year. If 2020 was the year of the pandemic, then we must consider 2021 the year of “trust.”

Every Team Must Buy-In

Gasc makes it clear that more than ever, trust is a non-negotiable element in the insurance industry.

“Consumers will not only expect their providers to give them good service and value for money, they’ll also require them to protect their personal information. What’s more, they’ll expect their providers to behave ethically in all facets of their businesses. Insurers that are perceived to have breached the trust of their customers risk substantial reputational damage.”

Building confidence and trust is a team effort and there must be a common mindset to protect the customer. As we have heard time and time again, selling insurance is a team effort. It is not just about someone closing a deal, but having everyone in the organization delivering world class customer service.

The foundation of the client-broker relationship must be a strong sense of ethics coupled with an understanding of the vulnerability of every valued customer. Personal information must be protected as the highest priority.

Does everyone at your agency have a vision of protecting the client?

Why is this mindset so important? Of all of the negative business news that confronted us in 2020, cyber fraud was at an all-time high. Cyber theft occurred in numerous agencies because employees let down their guards. It ranged from team members opening suspicious emails to using unauthorized websites while at work to openly sharing email addresses and sensitive data.

International cyber security expert Evez Hasson wrote (January 26, 2021):

“The pandemic has accelerated the shift towards a more digital world and triggered changes in online shopping behaviors that are likely to have lasting effects… This trend is predicted to grow in 2021. And with many businesses forced to change the way they conduct their sales; the risk of fraud is growing exponentially.”

If we combine the observations of the two experts, we can see two disturbing patterns: cyber crooks are constantly looking for ways to access sensitive files and customers need reassurance that your team is doing everything in its power to protect them.

Are You Determined to Advocate?

Insurance sales comes down to having the daily grit to place the security of the customer above all other considerations. It is a team mindset where everyone shares in that common vision. In 2021, the most successful agencies will have a positive team attitude on behalf of their clients.

Be a part of that mindset. Live that vision, and have the grit to aim for a level of ethics that will make you the industry leader.

Your client needs an advocate. Be that advocate.

 

 

To book Scott Burrows, insurance sales motivational speaker, contact him today through this website or his office at: (520) 548-1169

 

Are You Determined to Know the Truth About Insurance Sales?

 

My career as an insurance and financial services keynote speaker wasn’t something, I fell into one fine day. I learned the insurance and financial services industry from the bottom up. Despite personal and physical hardship and sacrifice, I made it into the Million Dollar Round Table in five years.

Keeping Current

It’s important to me that I keep current with the insurance and financial services industry from a motivational speaker point of view and also for my knowledge base. As I am a virtual as well as in-person speaker, I was interested in a link sent to me by an old associated that was entitled The Truth About Being an Insurance Agent. As it was published recently, I wanted to understand the current thinking.

As my passion is motivating insurance and financial services industry sales people to achieve their best, I was interested in the section in the article “Why do insurance agents fail?”

The authors listed several reasons including: unrealistic expectations due to a lack of renewals; a lack of sales mainly due to a lack of industry knowledge and sales savvy; inadequate lead generation; running a business can be overwhelming and focusing on commissions instead of the needs of the customer. While it is impossible to find fault with the points, they seem to fall short of the actual reasons for the failures.

Mindset, Determination and Grit

My philosophy of insurance and financial services sales is based on three underlying principles: mindset, determination and grit.

As to the issue of unrealistic expectations leading to a lack of sales, if this were the case, no one would go into the profession at first, nor would anyone focus on generating leads. Or, for that matter, who would create an insurance and financial services business or want to make a difference in the lives of their clients?

If a new agent has a realistic mindset about what it takes to create a business, if they are determined to go after business and to generate leads, if they have the daily grit to deliver exceptional customer service and to run an outstanding business, they will succeed.

My philosophy is not based on hollow words. When I entered the insurance and financial services business, I was still undergoing physical therapy following a horrific automobile that left me a quadriplegic.  In my recovery, I developed the mindset to see myself heal, the determination to do whatever I could to improve inch by inch, step by step and most important, to have the grit to get better and be better every day.

It’s Not Beyond Your Ability

Never think that success is reserved for other people, it is right there for you. If you are determined to be successful in the insurance and financial services business you can do it. When I was recovering from my accident, I was surrounded by many terrific people who encouraged and pushed my healing. No one pushed me harder than I pushed myself.

However, there was one type of “visitor” I never allowed in my life: negative people. On your road to success, there will be negativity.

The truth is this: you can be successful. Be determined to be successful and have the grit to build something great for yourself. Let no one tell you otherwise.

 

Book Scott Burrows, Insurance and Financial Services Keynote Speaker today, for your next convention or sales meeting, through this website or by calling (520) 548-1169

 

Staying at Home Doesn’t Mean Stuck at Home

 

In my work as a motivational pharmaceutical sales speaker, one of the most often asked questions I hear these days is, “With all of this social distancing stuff, I’m stuck at home. How can I do my job?”

The answer is that the challenge isn’t one of distance, but of mindset.

Limiting Contact, Not Determination

We are in an unusual time, between vaccine availability and rising cases. Chances are your company is asking you to stay home. As well, many healthcare providers are not only overworked, they want to limit outside contacts.

The temporary new normal turns pharma sales into a major challenge especially if you are selling a new drug and need to provide samples, demonstrate, educate or provide safety information. If things were not tough enough, we all know that patients are fearful of office visits and have cut back on them. This affects prescriptions.

Pharmaceutical industry writer Jessica Merrill commenting on the impact of social distancing on sales stated (November 13, 2020) that:

“The impact of curbing sales reps and medical liaison interactions could be felt more heavily for drugs that rely on hospital-based physicians…many hospitals are limiting access, restricting the ability of company reps to enter the facilities. Primary care physicians too are fielding increased calls from concerned patients.” The sense of urgency to see patients has lessened as, obviously, are educational dinners, trade shows and the like.

If you are allowing tough times to discourage you, it is time to reset your thinking.

Drugs are still being launched. Education is still critical. Your competition is still out there. Are you determined to sell in tough times? Do you have the daily grit to see it through?

When One Road is Blocked, Find Another

Jessica Merrill talked about “Short-Term Triage, Long-Term Impact,” and she is correct. What you do now will impact on your success in the months and years to come. It is a matter of developing a vision of success.

Now, and certainly for the foreseeable future, most sales reps will have to rely on the virtual and digital space to communicate. According to industry statistics, during “normal times,” about 50 percent of the time healthcare providers are receptive to sales calls. However, in these times only 10 percent will open a sales email. That’s quite a drop. How do you get around it?

The key is creativity. Find more engaging approaches to communicate. Out-hustle the competition through committed customer support. Work at show-casing your products in a fresher way or with a more research-based approach or a more interactive method. The point is to be determined to set your company apart and above.

Keep in mind that virtual communication is largely in its infancy. We are on the verge of change. What is necessary now may become an accepted and permanent change in the years ahead.

The pharmaceutical industry has been looking for ways to lower costs and reach more customers for years. A mixture of innovative digital approaches combined with in-person calls could move the industry needle toward greater efficiency and impact.

Through vision, determination and the daily grit to rise above the obstacles that confront us, you and your sales team may well change the sales model forever. Staying at home doesn’t mean stuck at home, it means seeing possibilities from no matter where you sit.

 

Scott Burrows, Pharmaceutical Sales Motivational Keynote Speaker is booking appointments for in-person and virtual meetings and events. Contact Scott today through this website today or call: (520) 548-1169

Insurance Industry Change: Virtually as Hard as You Make It

 

As a motivational insurance sales speaker and former member of the Million Dollar Round Table, I know that selling insurance is easily one of the world’s most intensive, public facing sales jobs. Though products vary from company to company, the most important product you can offer is you.

Then we come to the pandemic. Suddenly, your firm handshake, your trusty, effervescent smile and the friendly banter gave way to videoconferencing, email and a phone call or two. Who had time to prepare for COVID-19? No one. The screeching halt from face-to-face to virtual sales was calamitous. Some insurance industry sales reps determined to keep fighting; unfortunately, many left.

In an industry where new hire turnover rates are 30 percent after three months, once April 2020 hit, thousands of insurance sales reps joined the millions of sales reps in other fields who quit or walked away because selling was “too tough.”

What’s the Difference?

The online resource Business Process Incubator recently completed (as of July 9, 2020) an insurance industry sales survey entitled: How Difficult It Is For Insurance Companies To Go To Remote Working? The results are eye-opening but not unexpected. Let me summarize several of the challenges.

The survey found that it is hard for insurance sales reps to initially explain what was happening, but those who succeeded in overcoming the confusion during the earliest stages had more robust referral networks.

The survey found it is more difficult to sell an “intangible product” remotely. Customers and sales reps can’t share emotions. It is difficult to break through barriers. This is where a sales rep must focus on selling themselves, outworking the competition, and making a difference.

Managing data security is also seen as a big challenge. Insurance providers and their agencies must bolster security and hire more people to ensure confidentiality and protect extremely important customer information. To that end, sales reps must convey trust and instill confidence.

Working remotely is not easy for the sales rep or customer, however, sales reps can convey the convenience and the lessened stress in buying insurance online. In other words, a negative can be turned into a positive.

While some are challenged, others aren’t. According to the survey, the keys are flexibility and technical expertise. Sales reps must either embrace the challenges or get lost in the confusion.

So, what is the Difference?

It can be argued, of course, that the insurance industry and its sales reps live in challenging times, and that the changes faced everyday are enormous. But hasn’t it always been this way?

In what era has selling insurance been stress-free? In what year have so many customers flocked to us that we didn’t have to work? Truth is, there are insurance sales reps who have a winning mindset, and some who don’t.

The insurance industry has always relied on people with vision who have the determination to succeed. If we look at the points raised in the survey, it’s clear that each challenge in the present-day world of virtual insurance sales can be overcome.

The science community has shown tremendous determination and grit to arrive at several promising vaccine candidates. The challenges against them were many. Yet, they persisted and they are close to winning.

Your mission as insurance sales reps is to be inspired to rise up in a similar manner. The difference is you. Stand up to the challenges – and win!

 

Scott Burrows, Motivational Insurance Industry Sales Speaker, is available for virtual or in-person sales meetings. Contact Scott today through this website or by calling: (520) 548-1169.

In Sales, Some Things Change; Resilience Doesn’t

 

As a motivational speaker on resilience and grit, I know that of the many qualities a salesperson needs, resilience – and the daily grit to remain resilient – are never mentioned enough. Perhaps it’s because resilience, the skill of being flexible, isn’t thought of as being cool. It is, and in fact, business resilience yields huge benefits.

Get Tough

I’d like to open these thoughts on resilience and grit by quoting Gary Galvin, CEO of Galvin Technologies:

“While salespeople will find success when they lead with empathy, they’ll find greater success when they respond with resilience.”

He is on the money. When I was in the insurance and financial services industry, I qualified for the Million Dollar Round Table through the resilient pursuit of my sales goals. Of course, I was sympathetic to situations involving my clients, but it was far more important to be flexible to their needs, and to put in the effort to immediately respond to questions and changes.

If I was going to be successful as a salesperson, I had no choice but to develop a flexible mindset.

Michael F. Kay, wrote an article for Forbes magazine (11/7/17) entitled: “Resilience Is A Mindset Of Awareness And Practice.” Kay listed several ways in which this mindset can be nurtured. Among the top methods for cultivation of resiliency are increasing our sense of control: you are not powerless when your sales plans change, you can change with it; it is important to maintain perspective in a changing situation; and you must develop a positive self-concept.

I would also add that if you are part of a sales team, associate with those who also have a flexible mindset. It is easy to be surrounded by negative or inflexible people. They cannot help you. The winners on your team will see opportunity even in adversity.

Get Gritty

However, to be resilient also requires the grit to keep going and to see the big picture rather than the immediate problem. Kori Miller, writing for Positive Psychology, presented a wonderful summary of grit as a component of resiliency:

“Grit is about sustained, consistent effort toward a goal even when we struggle, falter, or temporarily fail.

Resilience is our ability to bounce back after we have struggled, faltered, or failed. It is being able to pick ourselves up, dust ourselves off, take a moment or two to collect ourselves, and then get back to the business of pursuing our goal. It involves optimism.”

We cannot be resilient without grit nor can we possess a “gritty mindset” without resilience. As any successful salesperson knows, in real life we may misquote an important benefit, miss an appointment or inadvertently park in the CEO’s parking space. Those things unfortunately happen. It is how we respond to those struggles that count, whether it amounts to making a detailed correction, profusely apologizing (without fabrication) or sending a dozen roses.

In the end, resiliency and grit are about the courage to stand up after you have been knocked down and to keep smiling.

 

To hire Scott Burrows, Inspirational Keynote Speaker on Resilience and Grit for your next industry meeting, connect with his office today through this website or by calling: (520) 548-1169

 

The Changing Landscape for Insurance & Financial Services

 

As a former insurance and financial adviser, I know much has changed in the past few years in the insurance and financial industry. Customers are more sophisticated and they want to be seen as people, not numbers.

Roi Agababa, the CEO of Novidea, a major brokerage software provider for all lines of insurance, recently wrote an article entitled “5 Key Challenges Facing the Insurance Industry.” One of the challenges he notes is that customer expectations have changed.

He points to the fact that “70 percent of customers expect [their insurance] business to tailor communications and services” based on transactions in the past. When they renew, they assume their experience will be “a frictionless experience – hassle-free, no waiting, and self-service where possible.”

This experience may sound less personalized, but it’s not. The new insurance buyers still want personal attention but on their own terms.

“Digital-savvy millennials are gradually replacing baby boomers as the main buyers of personal insurance and, with a phone always in hand, expect to transact anytime from anywhere.”

Business as Usual is Changing

Salesforce Research organization recently surveyed more than 6,700 consumers and business buyers of goods and services around the world. The results were far different than we might have imagined. Some of the highlights of what they found include:

  • When they call your office, more than 75 percent expect the insurance companies to understand their needs and expectations. This obviously requires a thorough knowledge of your products.
  • Millennials do their research. They have undoubtedly studied many aspects of your products before they call. Getting the sale means doing more, knowing more and approaching their needs without condescension.
  • Along with the point above, “59 percent of customers say tailored engagement based on past interactions is very important to winning their business.” When they ask for options or a presentation, they want it tailor-made not boiler-plate.
  • 84 percent of customers say being treated like a person, not a number, is very important to winning their business. Just because they may find you online or even prefer to correspond with you through texts and emails does not mean they want an impersonal interaction.
  • 63 percent of your insurance or financial services customers want new and innovative products; at the same time, nearly 70 percent are not impressed with ho-hum products that every other representative is offering.
  • Finally, there has been an increase of about 62 percent of concerns about cybersecurity than only two years ago. Expect your current and future clients to ask about cybersecurity within in your firm. How will you answer?

“Business as usual” will never be quite the same. The new generation of insurance and financial services buyers want seamlessness of transactions, expertise, and personalization.

In 2020, you must have the vision to meet your clients’ demands where they are, the determination and daily grit to rise above your competitors, and the dedication to being the best agent you can be.

 

To contact Scott Burrows, Inspirational Insurance and Financial Services Speaker, contact his office today through this website or by calling: (520) 548-1169

 

They Once Called Banking “Dull,” No One Believes That Now

 

As a banking & financial services change management motivational speaker who came out of those industries, I am intimately aware of the myths. The biggest myth is that the profession is dull. As we all know, nothing could be further from the truth.

Banking Exchange Contributing Editor Ed O’Leary recently wrote:

“Banking has always been primarily a relationship business…so it seems to me that in a successful commercial lending business model, there remains the need for creative intervention of a human sort…at its heart, commercial lending is a highly interpersonal business where we earn our way by being creative with our customers and their needs and with our banks in the management of the risks of financial intermediation.”

While O’Leary is clearly well-versed of the changes that digitalization has brought to the industry, he is even more aware of the unjustified perceptions that have led to a decline in the industry finding bright new talent.

“The lack of newly trained talent augurs well for lucrative careers and job security. But what might it really portend for the industry? Maybe too many people have paid too much attention to the nonsense that banking isn’t innovative or interesting. I can’t imagine anything further removed from reality.”

If commercial lenders have been wrestling with how they will meet the challenge of change, financial services brokers have been going through even more turbulent times. In fact, and in strange ways, change is forcing all of us to come together.

Are you determined to manage the changes?

Managing the Changes in Financial Services

When I give keynote addresses to brokers on how they’re managing changes within their area of the financial services and banking industry, I am often told, “Scott, it’s overwhelming,” or “You won’t believe what’s coming next.”

Twenty years ago, with the exception of science fiction writers, no one in the financial services community could have imagined concepts such as “customer intelligence,” AI, Blockchain, FinTech companies, cloud computing, robotics or cyber-security for that matter.

One of the many projected changes PWC Global envisions for 2020 is the expansion of the shared economy for the financial system.

“By 2020, consumers will need banking services, but they may not turn to a bank to get them. Or, at least, maybe not what we think of as a bank today. The so-called sharing economy may have started with cars, taxis, and hotel rooms, but financial services will follow soon enough.”

There just may be, as the report suggests, a sharing of financial sources just as we currently experience with ride sharing and apartment sharing.

The changes will force commercial lenders and financial services organizations to be more inventive, more customer service oriented and more digitally savvy than ever before. The good news is that those institutions and leaders who have the courage to envision managing these changes will be rewarded with incredible opportunities.

Are you resolute enough to embrace the possibilities?

 

Engage Scott Burrows, Banking & Financial Services Change Management Speaker for your next industry meeting through this website or by calling us at: (520) 548-1169

 

 

 

 

 

 

Overcoming the Adversity of the Online Insurance Tidal Wave

As a motivational sales speaker in the insurance and financial services industries, whenever I am asked to deliver a keynote address on overcoming adversity, I always feel like I have come home.

After an accident that left me diagnosed as a quadriplegic, I was encouraged by some incredible people to join the insurance and financial services industries. I found a new mindset and developed the resolve to thrive in this highly competitive market. Within five years, I was awarded entrance into the Million Dollar Round Table (MDRT). After a second car accident, I was once again challenged to reinvent my life and was inspired to share my story with others as a motivational keynote business speaker. My mission is to inspire insurance and financial services agents, brokers and organizations to overcome the adversity they face in the marketplace.

Fighting the Tidal Wave

Like it or not, the internet is becoming the primary enabler for how people get their insurance information. While the independent or exclusive agent has been the main channel of distribution, each year our industry is seeing a greater influence of direct sales.

According to Techcrunch.com, “While many factors are driving the tipping point in the online distribution of insurance, the thread that ties it all together is actually a simple one: changing demographics. The millennial generation has tremendous buying power, and will soon become the industry’s primary customer, whether in consumer or commercial lines.”

At the same time that the demographic is shifting to be more favorably inclined to a nameless, faceless method of buying insurance, the average age of brokers has been increasing. Insurance companies must understand that new buyers have different purchasing patterns. To quantify this pattern, let’s go back to March 2015 when the Gallup organization compared how different generations are engaged with their insurance companies.

Gallup found in comparing Millennials to Baby Boomers, 31 percent of Millennials were “Fully Engaged” with their insurance providers as opposed to 41 percent of Baby Boomers. At the other end of the spectrum, 27 percent of Millennials were “Actively Disengaged”, i.e., they couldn’t care less where they get their coverage as long as they are covered, as opposed to 23 percent of Baby Boomers.

Writer Jason Fisher in a piece entitled, “2018 Life Insurance Statistics And Facts” concluded that in 2018: “Roughly 50% of adults admitted to searching for life insurance online last year, and about a third even tried to make their purchase online.” Agents and brokers believing that internet insurance purchases are a passing trend need to reconsider their position.

Overcoming the Online Adversity

In study after study, experts found that Millennials and Gen-Xers value interaction with brokers and agents, if not in sit-down meetings, then by email, personalized text messages and correspondence through agency websites. The key is engagement.

The Gallup Poll surveyed 18,000 adults and concluded: “Insurance companies see substantial business gains when they engage customers of any generation. Engaged insurance customers are less sensitive about pricing…they spend more and buy a wider variety of products, including financial offerings.”

You can overcome challenge of the internet but it will take determination to engage your customers one way or another. Customers still want to hear from you. Do you have the grit to reach them?

Contact Scott Burrows, Insurance and Financial Services Sales Motivational Speaker through this website or call us at: (520) 548-1169

 

 

 

 

 

 

 

 

 

 

 

Year of Change Ahead for Financial Advisors: How Will You Respond?

Every one of us involved in the financial and insurance industry knows that 2019 will be a year of change.

Bob Veres, writing for Advisor Perspectives (December 10, 2018), pointed out at least five major challenges that will impact financial advisors this year. They include new “BI” or best interest standards and fiduciary oaths; planning for the coming Bear market and making clients your partners in the financial planning process; the pressure to shift away from AUM (percentage-based) portfolio revenue models to flat fees; the trend away from traditional insurance agencies to self-directed purchases; and the opportunities in utilizing customized “Robo” software within your practice. Veres concluded that change is never easy and financial advisors and insurance brokers must prepare for whatever is next.

Will You Evolve or Be Left Behind?

How will you adapt your business this year? Have you identified your strategies to meet the comprehensive financial planning needs of clients about to retire as well as younger generations embarking on their careers?

As a financial advisor, in order to stay ahead you will need to wear many hats in managing client expectations. Will you be able to show clients at all stages of their careers the value that you are bringing to the investing equation, and are you determined to make the necessary emotional investment and to be an educator as well as advisor?

In 2019, and beyond, financial advisors will need to focus on new niche markets to differentiate themselves. They will need to embrace the latest tools to set themselves apart in a highly competitive financial advisory market. It will not be a matter of offering customer service, but tapping into technology to access changing regulations and ultimately to use that information to recommend the right insurance and investment products.

The questions asked above, and many more, can only be answered by one person:  you. The expanding workload, the deluge of information, evolving fiduciary rules, the need to offer clients greater transparency, and the maze of ever-expanding investment options will require each financial advisor to have the grit to maintain their success and to rise above average. “Average” advisors will suffer from average on-line ratings especially as more millennials enter the work world. Average will mean being left behind.

Be a Student, Be Coachable

The most successful financial advisors will be those who understand that they are students and not “professors.” Being a student, even if you have been in the business for many years, means updating your practice management, understanding and employing new technologies and the educational components necessary to help your clients reach their goals. It means attending conferences that offer niche market products and opportunities, evaluating the latest practice management solutions and being facile enough to use the social media to set yourself up as an authority.

While new investors may not be sophisticated in terms of investing, they understand technology and how to access information. Financial advisors must match that intensity and sophistication and have the knowledge to answer tough questions their clients find online. It is a tall order but a tremendous opportunity.

The year ahead is where the financial advisor will be a student who is determined to learn what is needed to make the practice successful.

 

For more information on how financial advisors can develop a winning vision, contact Scott Burrows, Financial and Insurance Industry Motivational speaker, through this website or call us at: (520) 548-1169