Baseball season is finally upon us. As many of us spend time at the ballpark or enjoy a game at home with our family and friends, we also can learn much about the way we approach the affluent market with our financial services.
Think about the pitcher on the mound. He looks to the catcher, manager and pitching coach for help in developing a winning strategy. And he knows that, during the game, he may need to let a teammate with different strengths take his spot on the mound to help win the game.
How many times have you stepped in front of a client and not only leveraged the guidance you’ve received from a manager but also asked another expert to help when you see financial needs that require the skills of a lawyer or another advanced markets professional?
Today’s financial services professional is confronted with myriad financial products and services, expertise, and specialties, not to mention an evolving client base that is more educated about his/her financial landscape. As baby boomers focus more on ensuring their retirement savings last for their lifetimes, we must position ourselves to provide the solutions they require.
These are some of the reasons why mentoring and teamwork are essential to building professionalism and relationships in financial services. In short, we need to recognize when it’s time to acknowledge the value of a seasoned veteran.
The mentor and the team
In today’s complex financial environment, the role of the mentor has evolved through the team-selling approach. The financial planner has a team of in-house financial and legal experts who can provide client support and professional guidance.
In the affluent market, financial planning solutions such as qualified, estate and business succession plans involve complexities that require not only a financial planner’s skills and professionalism but also an understanding of certain legal issues. So, a financial planner must not only build his or her own expertise and experience but also have a strong support base to ensure the quality of advice.
Batter up: the effect of team selling