Establish Training Programs
Advisors must reposition themselves as experts and not as product pushers or transaction specialists. --George Walper and Catherine S. McBreen
Advisors should keep the following three points in mind. First, they must position themselves as focused on an investor's life needs, not on investable assets. Second, they must reposition themselves as experts and not as product pushers or transaction specialists. Third, as investors become more sophisticated, advisors should be available on the Internet to answer their questions. Why is this stock right for them? What does it do to their portfolio? What are the tax implications? What do you know about the company that is not readily available? To meet these client needs, advisors should establish training programs.
-George Walper and Catherine S. McBreen are president and managing director, respectively, of Spectrem Group, a research and consulting firm that specializes in the affluent and retirement markets, in Client Loyalty On the Way Out
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