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Life Health > Annuities

How to incorporate suitability into your selling approach

By Daniel Williams

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Senior Market Advisor recently contacted some top advisors to figure out how they’re working an ethical approach into their sales strategy. Below, we’ve included some highlights from the responses we received.

Suitability is paramount. I make sure a client is able to separate “R” money (Reserve) from “DNN” money (actual investment capital) to make sure they identify liquidity needs. I then help them to determine their risk tolerance so I know how much of their investment capital should be safe versus having market risk.
–Mark Sorensen, Sorensen Tax Advisory Group

As a fiduciary, I utilize a five-step process when working with potential new clients; I do not ask for business until the third meeting, and I do not present a detailed investment plan until the fourth meeting. This gives me ample time to truly get to know the client and their goals and concerns, and thus be certain of the suitability of my recommendations.
–Jim Brogan, Brogan Financial

Absolutely crucial. We always do an in depth discovery process with potential clients. We are looking for solutions, not ways to sell products. When these folks talk, we truly listen. We want them to go forward with the least amount of financial stress possible, and the most benefit based on what is important to them.
–Mike Suttle, Suttle Financial Group

Suitability is the most important part of what I do and I believe this is what separates us from other advisors – I do not sell products, I sell concepts. I do an in-depth information gathering process that is split up between three appointments before any recommendations on specific products are made. From the information we gather, myself along with my case-design team, I put a plan together that is the most suitable for each one of our clients, depending on their risk tolerance, income needs, lifestyle goals and liquidity needs. Since I am my own RIA, this allows me to have access to fulfill whatever needs my clients have.
–Chad Slagle, Slagle Financial LLC

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