Of the more than 500 people who took part in this year’s first Advisor Survey, many had pertinent (and sometimes frank) comments to add to their evaluation of the state of the industry, their hopes for the future and their feelings on products, sales tools and selling strategies. As an extrapolation of this month’s feature on the survey, here’s more of the verbatim feedback provided our readers.
- Andy Stonehouse, Managing Editor, Senior Market Advisor
Do you support SEC 151A?
Simple. It’s not a securities product. It is a foot in the door for another industry for the Fed to take over
What keeps you up at night?
Competition, new tech, legislation have always been factors. Change will always prevail. I worry about who I will talk to tomorrow!
Worried if I’m going to be able to stay in business, and if not, will I be able to find employment during these current times?
Qualified leads are harder and harder to come by nowadays as many people are bombarded with information that oftentimes doesn’t even relate to their personal situation. On top of unscrupulous sales practices, and with the huge economic downturn, people are weary of trusting anyone, and rightfully so.
We’re all gonna need to “run” a lot faster to keep up with the changes just over the horizon.
The vulnerability of everyone’s finance is somewhat disturbing. Waiting for the cycle to change is tough.
Having qualified prospects is always the issue for any agent that wants to excel in this industry. Some veteran agents are accustomed to the art of asking for referrals, while others are not. Lead companies are varied in their approach to selling lists to agents. We find that most of the so-called leads are general and incomplete, when it comes to calling the prospect. To have a qualified lead, you need to “scrub” the phone number, disclose the criteria of the lead and know whether or not your lead is “exclusive.” Having enough resources for success is and always will be the challenge.
I SLEEP WELL SINCE I CONTROL MY DESTINY.
What marketing strategies to gain clients are working for you in the current economic climate?
I compete against representatives who show little willingness to go out of their offices and be where the people are. I love to be “on the scene” with my logo t-shirt on, telling people what I do to help families.
Getting to know people personally. Advocacy works for me. My clients realize how valuable my services are, appreciate what I do and refer me as a great advocate for what they need.
Picking up the phone, making those calls on a disciplined, regular schedule. Letting those I meet and those I know know what I do for a living.
Referrals – REFERrals – REFERRALS! Advertising, you can buy. Referrals have to be earned…
Community involvement helps because I am able to reach those that are in need of my services faster. Also the more often they see me, the more likely they are to think of me when it comes time.
E-mail works very well for efficiency and follow-up, with clients and prospects. E-newsletters, like the community involvement, helps because of the number of times clients and prospects see my name, my company’s name and my contact information.
What marketing strategies to gain new clients are not working for you in this current economic climate?
Direct advertising through any medium is ineffective at best. People want to buy from those they trust, not from a product brochure or banner ad.
People get too much junk mail. Electronic or snail mail, unless they are already a client, they just don’t read what we send.