How A Bank Took Over The Relationship From My Financial Advisor

I had a call from my 'personal banker' Steve a few yeas ago. He said: "Can I practice a new sales approach on you please?" "Sure, why not", I said. "I've just been through a financial planning course and we were told to phone a couple of friendly clients or mates to practice a new type of approach on."

"Can I start by asking what your short-term financial goals are? What I mean is do you anticipate making any large purchases in the next 2 to 3 years such as a new house or car or overseas holiday?"

"Yes," I said in surprise at the question. "I intend buying a new car early next year and taking an overseas holiday later in the same year." "Great," came the response.

"Now can I ask you what your 10-year goals would be? Is there any one significant change that may occur such as kids going to University, you going into a business venture or changing houses?" "Yes, I suppose 10 years from now we might look to change houses."

"Now, can I ask you how much longer you will probably be actively earning before you retire?" I was impressed with this new approach and replied: "I imagine that I'll be working for about another 20 years."

"So in summary, you will be buying a new car and going overseas next year, changing houses in about 10 years and want to retire in about 20. Do you have a written plan as to how you would achieve these at all?" "No" I said, very curious as to what he would say next.

"I would be keen to make a time to sit down with you and your wife to work though a plan so that you can achieve these things. Your mortgage is with us, so we have a recent snapshot of your financial position as a starting point. What is a good time for you both?"

I was in stunned silence at this point, not knowing if he had really been 'practicing' on me or if this was a genuine sales pitch. After a second or two, he said, "are you still there?" "Yeah, sure, sorry, I was just thinking."

"Well Paul, do you think that this approach would work with many clients?" As I put the phone down, I could only be impressed with this most un-bank-like sales approach to my money. The point that struck me most was when he said "Your mortgage is with us, so we have a recent snapshot of your financial position." This puts the bank in a very strong position to extend its reach into the financial lives of its clients.

It clearly reinforces the need for you to have a strong client contact management plan to ensure that this approach will NOT work with the bank's clients. The rules have changed. Quarterly newsletters won't cut it anymore. Contact must now be monthly. NOTE: If that was only a practice run for young Steve, what is he going to be like in a few months after he gains a bit of confidence?

Paul Watkins has helped financial advisors grow their businesses for nearly two decades. The secret to growth is not a single silver bullet but appreciating that the best techniques are simple, small, inexpensive activities that can mostly be put on auto-pilot. Paul has more details on his web site http://www.financialadvisormarketingtips.com

Article Source: http://EzineArticles.com/?expert=Paul_E_Watkins

Article Source: http://EzineArticles.com/6803579