Industry:
Sales – Marketing
Insurance
Banking – Financial Services
Job Type:
Sales
Insurance
Banking
Req’d Education:
High School
Req’d Experience:
None
Being a vet in the finance industry for over 15 years in positions ranging from Personal banker to Private wealth manager, I understand how difficult and challenging it can be to successfully work in this field. Not only did I have to take classes and study hours upon hours to get the various investment licenses I have, I had to deal with the daunting task of increasing my knowledge of financial products that changed every single day. I also had to ensure that I stayed compliant by following every rule and law, so my firm would not end up having to pay a fine or sued, and I would not end up in jail like so many of my former colleagues.
Imagine a financial professional with no experience soliciting you to invest your hard-earned money with them, sounds crazy huh? Well unfortunately for us it’s true, if you don’t believe me, all you have to do is scroll through the various job sites and see the many financial institutions requiring no experience to join their team. It’s not the savvy investor with $100k of invest able assets they are going after, it’s the person with limited income and financial knowledge who may not trust financial institutions but is at the point in their life where they are finally trying to get their finances in order.
Here are 5 things they are taught in training classes to help increase their chances of closing you. Make sure you understand these tactics so you won’t be caught off guard and forced to pay for something you can’t afford or don’t need.
1. Earn Your Prospects Trust.
They are taught that the ability to earn a prospects trust is a trait that the most successful sales professionals share. Because, when a prospect trusts them, they will put their defenses down and follow any advice and buy any product the adviser is selling.
2. Gain The Competitive Edge.
Since people form impressions about you based on factors such as appearance and attitude. There is nothing more favorable when it comes to building trust and rapport than making a favorable first impression. So they are instructed to dress appropriately and maintain well-groomed appearance.
3. Adjust to Your prospects Temperament Style.
Studies show that people are born into one of four primary temperament styles: Aggressive, Expressive, Passive, or Analytical. So, one would imagine that each temperament style requires a unique approach and selling strategy. They are taught that once they are able to identify each of the styles, they will be able to close more sales in less time by adjusting to their prospect’s preferred buying style.
4. Understand Body Language to Build Trust.
Body language is a mixture of movement, posture, and tone of voice. Research indicates that more than 70% of our communication during a face-face conversation is nonverbal. A prospects deepest feelings and thoughts are revealed through their body language. The key is to create a harmony by matching and mirroring your prospect’s body language and gestures. By understanding the meaning behind their prospect’s body language, they will minimize any sales pressures they may have and know the appropriate time to close the sale.
5. Look For Common Ground.
In today’s highly competitive marketplace, prospects have many options and are looking for an adviser they feel they can trust. They are taught that the easiest way to get their prospect to like them is to find common ground, so before they begin with their sales presentation, do a warm up first and make the prospect comfortable by talking about sports, weather, or a local news story. If the meeting is at their home or office look at personal items such as pictures or awards and ask them about it and watch them beam with pride.
In as little as 14 days of training, these foot soldiers will be hitting the streets hungry to add you to their book of business.
Here are 3 things I advise you to consider if you are faced with any type of financial professional from rookie to seasoned veteran.
1. They Are Not Your Friend.
And even if they are, treat them like any other adviser and compare their proposal to at least 2 competitors to make sure you are getting the best option for you and your family.
2. Ask Questions.
If you do not understand something, the worse thing you can do is to not ask a question. It could mean the difference of saying no to something you need or buying something you don’t. There are no dumb questions when it comes to your finances.
3. Don’t Be Afraid To Say No.
Don’t feel obligated to invest your money because you don’t want to hurt the adviser’s feelings, follow your gut and do not become emotionally tied to a product or a person.
I know how tough it is out there to find the right adviser, but take your time, and do your due diligence, because if you entrust your finances with the wrong financial professional there is no guarantee you will recover.
Join my movement, end the cycle of financial illiteracy!
Signed Bruce Wayne (And yes this is my real name!)