“The times they are a-changing” but are you?

So said Bob Dylan in 1964.

If you get a chance, review the lyrics from this anthem song of a new generation. It captures the inevitability of change, and the need to recognize it and adjust your own thinking, “or you’ll sink like a stone.” A bit dramatic perhaps but change is occurring in the financial services industry today too and those who don’t adapt will likely suffer the same fate.

There is little doubt that the financial community has suffered from negative publicity over the years. While enjoying huge profits, the big banks are often accused of dubious sales tactics and not acting in the best interest of their clients. Is it any wonder that consumers question their motivation when providing advice? Unfortunately financial advisors are being tarred with the same brush. Advisors who would rather avoid the reality of reputational risk are likely to suffer the same consequences.

Second, and this is a good change, there is a huge cohort of women with significant investible assets who are looking for financial advice, but not so good news is that they say the financial community, as it is today, does not serve them well.

These are events / “changes” that can either be viewed as negative or they can mean an opportunity for smart financial advisors willing to embrace change head on and step out of their comfort zone.

Why not set yourself apart as an advisor who puts his clients’ needs first? Why not learn more about what women want and reach out to them to deliver advice in a way that better meets their needs and expectations? Women especially, but in fact all clients, will value your honest service.

Ask yourself:

  • Did you fight for your clients with the “corporate establishment”?
  • Did you make an exception on their behalf?
  • Did you talk them out of something in the past that would have made you money?
  • Or talked them into something once that made you no money?
  • Was the client aware of your efforts?

If yes, you’ve got a good foothold as an advisor who cares more about the client, than you do about your personal income.

We’re reminded of a story about a big-time stockbroker whose smallest client needed money quickly from her account. The client was insignificant by all measures. That broker and his assistant spent two plus hours figuring out how to get this small client the money she needed without ever putting her out of her way. They issued a check and physically walked it to her bank so she wouldn’t have to travel to their offices.

Now that’s service above and beyond. Did she remember? Over time, she gave them more than a million dollars based on that one favour. Coincidental? No. Earned? Absolutely. The experience was proof of their commitment to what mattered to her. If she could trust them with the smallest of things, she could trust them with the most important.

So while there is negativity swirling around you right now – embrace the change and do the right thing and take some liberties with Dylan’s words, “the loser now…will be later to win.”

Learn more about how to Retaining Female Clients through this online course and earn CE credits.


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