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Process first, not product

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A successful financial services practice or firm is founded on three very important beliefs: (1) the process is as important as the products; (2) educating clients is imperative; and (3) the needs of the clients come first. 

Why do I share this?

When you look at the landscape of financial service firms today, most fall into one of two categories. Their roots are either in the investment camp or insurance camp. Neither model is better or worse.

What’s most important for those in either area to remember is that clients have a myriad of needs and, many times, their future goals cannot be best supported by one investment strategy or one insurance product alone. Often times, it is a carefully constructed combination of the two. 

My plea to all financial professionals is to put the process first and let the products and investments follow. Listen to the facts and suggest a comprehensive planning strategy to analyze a client’s situation. This strategy should cover a client’s financial situation in total, so a financial professional can uncover different strategies to help secure their present and improve their future. 

The key is making sure the analysis leads the discussion. If you do this properly, clients are set on a path to meet their goals. Most importantly, clients will be happy because they will have gone through a process that focused on them and not the latest investment or product.

For more from Matt Dobbie, see:

The Solution for Retirement Woes?

Help College Graduates Start on the Right Financial Foot

The Most Valuable Asset


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