Top 5 'dos' for financial advisors

3. Present quality products that deliver reasonable value.

Gordon Gekko got it all wrong in his famous speech: Greed is definitely not good for financial advisors. In fact, greed — or me-first selling — is the ultimate trust destroyer. Consumers want to know you are on their side, and the way they will know this is if you recommend high-value and low- or moderate-cost products. You may get paid less now, but you’ll make more later.

4. Close through education, not intimidation.

Fear mongering (see page 1) is an anemic sales tactic and the lowest form of selling. Here’s why: Highlighting the benefits of a product makes customers really want to buy. People who buy out of fear feel they have been forced to buy. When weak agents resort to this tactic, their sales lack depth and staying power, resulting in “buyer’s remorse.” Instead, become an expert on product changes and government programs, so you can proactively educate clients and help them take the right next step.

5. Strive for equitable compensation over time, not maximum compensation on the first sale. Sell only the products you truly believe in. Be protective of your clients’ assets, and fight for them when others attempt to harm them. And, don’t just position yourself for your next sale. Do what’s required to survive long-term in this business — sell truthfully.

For more from Steven McCarty, see:

• Bad bosses
• Five-star ethics 
• Get strong: How authenticity builds closing power