We surveyed over 1,000 people between the ages of 50 and 70 with an average of $500k in net investable assets, and Iโm going to share the ๐๐ต๐ฟ๐ฒ๐ฒ ๐บ๐ผ๐๐ ๐ถ๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ ๐น๐ฒ๐๐๐ผ๐ป๐ that every financial advisor and institution needs to know.
#1: Youโre competing with more people than you think. 70% of the people surveyed said they vetted two to three advisors before picking one. And 20% said they interviewed four or more! Are you aware of who youโre competing against, and should you be altering your approach as a result? The better you can deliver a simple and trusted solution the more youโll break through a crowded field to prospectsโฆand itโll make you more successful with referrals. ๐๐น๐๐ฎ๐๐ ๐ฎ๐๐ธ ๐๐ผ๐๐ฟ ๐ฝ๐ฟ๐ผ๐๐ฝ๐ฒ๐ฐ๐ ๐๐ต๐ผ ๐๐ผ๐โ๐ฟ๐ฒ ๐ฐ๐ผ๐บ๐ฝ๐ฒ๐๐ถ๐ป๐ด ๐๐ถ๐๐ต.
#2: It takes longer than you think for someone to make a decision. 2/3 of respondents said it took them ๐ผ๐ป๐ฒ ๐๐ผ ๐๐๐ผ ๐บ๐ผ๐ป๐๐ต๐ ๐๐ผ ๐ฝ๐ถ๐ฐ๐ธ ๐ฎ๐ป ๐ฎ๐ฑ๐๐ถ๐๐ผ๐ฟ, and 1/3 said it took ๐บ๐ผ๐ฟ๐ฒ ๐๐ต๐ฎ๐ป ๐ฏ ๐บ๐ผ๐ป๐๐ต๐! We need to remember that WE are on THEIR timelineโฆnot the other way around. The better you understand ๐๐ต๐ฒ๐ถ๐ฟ timeline the more likely you will be to close them. Too many advisors give up too quickly because they think thereโs a lack of interest. On the other hand, some prospects might want to be closed faster and donโt want to sit through a long and complex process. ๐๐๐ธ ๐๐ผ๐๐ฟ ๐ฝ๐ฟ๐ผ๐๐ฝ๐ฒ๐ฐ๐ ๐๐ต๐ฎ๐ ๐๐ต๐ฒ๐ถ๐ฟ ๐๐ถ๐บ๐ฒ๐น๐ถ๐ป๐ฒ ๐ถ๐ ๐ฎ๐ป๐ฑ ๐ต๐ผ๐ ๐๐ต๐ฒ๐โ๐ฑ ๐น๐ถ๐ธ๐ฒ ๐๐ผ ๐ฝ๐ฟ๐ผ๐ฐ๐ฒ๐ฒ๐ฑ.
#3: Consumers arenโt convinced they know how to pick the right financial advisorโฆ And theyโre right โ Itโs confusing. 2/3 of those surveyed said theyโre โunsureโ or โonly somewhat comfortableโ when it comes to selecting the right advisor for them. We have a rule at Lone Beacon when talking to our clientsโฆ ๐ง๐ฟ๐ฒ๐ฎ๐ ๐ฒ๐๐ฒ๐ฟ๐๐ฏ๐ผ๐ฑ๐ ๐น๐ถ๐ธ๐ฒ ๐ฎ ๐ป๐ฒ๐ฟ๐๐ผ๐๐ ๐ณ๐ถ๐ณ๐๐ต-๐ด๐ฟ๐ฎ๐ฑ๐ฒ๐ฟ. People need a simple solution and they need to know what they should be expecting and when it will be delivered. ๐ง๐ต๐ถ๐ ๐บ๐ฎ๐ธ๐ฒ๐ ๐ฒ๐๐ฒ๐ฟ๐๐ผ๐ป๐ฒโ๐ ๐ท๐ผ๐ฏ ๐ฎ ๐น๐ผ๐ ๐ฒ๐ฎ๐๐ถ๐ฒ๐ฟ.
Lifeโs too complicated already and there is too much information and too many people handing it out, so it just becomes noise. The common denominator here is, we need to be more aware of consumer trends than ever. Our world is changing. Buyers have more choices than ever. Our prospects are getting WAY more conflicting stories than they ever have before. And as a result, itโs eroding their confidence in making a decisionโฆand their ability to trust. Understand how consumers buy, and adapt.
About theย Author: John grew up in Schenectady, NY & received a scholarship to Norwich Academy. He began his broadcast management career at WOR, learning spoken word marketing from the best in the business with a specialty in financial and long form. John managed broadcast sales for some of the best known sports teams in the world, at the most legendary stations. However his true passion is in the world of direct response advertising to baby boomers and their parents. In this space he has worked with some of the best brands in America. John lives in Boston with his wife, Melissa who is also a broadcast executive, and French Bulldogs Lou and Sal.