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March 30, 2005 at 07:00 PM
Use it to develop trust and establish rapport with clients
By Marty Kennedy
The onslaught of attention to the sales process brought about by the National Association of Securities Dealers and other regulatory bodies has multiplied the number of education and disclosure requirements needed to complete a sale. As a result, many producers now feel challenged to overcome a mountain of paperwork. In reality, these disclosures are a wonderful opportunity to develop trust, deepen your rapport and strengthen relationships with clients.
The insurance community tends to treat disclosure as though it were specific to our industry. But disclosure is part of our culture, from the tag on the hairdryer in your hotel room that warns you not to use the device in the shower to the sticker on a baby stroller that tells you to remove the infant before folding for storage.
Disclosure permeates every element of our lives. So, when a consumer decides to give a stranger several hundred thousand dollars, he or she expects to see paperwork that ensures everyone is on the same page.
When I broke into the financial services business, I shadowed more experienced representatives. Invariably, they delivered prospectuses in an apologetic or light-hearted manner, offering suggestions such as, “Here is something to read in case you cant sleep one night” or “Here is the lawyers description of the product. Let me know if you can understand anything.”
They seemed embarrassed. Instead of apologizing, embrace disclosure.
Most broker-dealer disclosures list product characteristics that are important to the consumer. Disclosure represents an opportunity for you, the producer, to connect with clients by telling them, “It is important to me that you completely understand what youre purchasing.”
