KNOW: We’ve been talking about rebuilding trust with clients for over a year now. But do you know how to do it? The new MDRT Generational Financial Confidence Study offers some important clues.
DO: You don’t earn trust these days by being the best or most experienced, but by delivering honest, knowledgeable and straightforward advice to clients.
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KNOW: Language matters when talking with clients of different generations. The MDRT Generational Financial Confidence Study reveals that older clients want to hear about their financial future and investments. Younger clients want to plan for retirement and get insight on how to make money.
DO: Customize the words you use with the different generations. Only those at retirement age are ready to talk about “financial plans.” Most younger clients want to plan for their “retirement.” And younger clients want help making money, not managing investments, the term preferred by older clients.
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KNOW: The MDRT Generational Financial Confidence Study reports that the immediate term opportunity for new clients is with ages 30 to mid-50′s, those Gen Xers and younger Boomers. Some 35 million are looking for help in all things financial.
DO: Invest time in getting to know your clients better. It is something they want to a higher degree than advisors are currently delivering.
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KNOW: New MDRT research reveals that that consumers today have a “risk-averse” mindset about financial products and services; there is a “new normal” for financial thinking.
DO: Advisors and agents need to understand how this thinking isn’t being matched by behavior. In fact, you need to inform clients and prospects about products so their fiscally conservative thinking becomes fiscally responsible behavior.
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KNOW: New research from MDRT & the Boomer Project reports that almost 90 percent of clients of all ages are ready to talk about plans and planning.
DO: Focus calls on the confidence issue. Ask clients and prospects, “do you have a plan?” Don’t be discouraged if they tell you they already have one. Simply ask if they are confident in that plan. Many are not.
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