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The essence of professional selling today is building
and maintaining of high quality relationships, based
on establishing a high level of trust and credibility
with the customer. Your job is to create and keep a
customer indefinitely. You keep your customer by continually
investing in maintaining the quality of your relationships.
You should approach your clients as consultants and
not as vendors and help them achieve their financial
goals.
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Selling Models ¤ |
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The Selling Process ¤ |
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Knowing your client is a strategic
step. Clients may vary. Their financial
needs and choice of investment differs
depending on their age, earning capacity,
family commitments and ability to
take risk. Some of the categories
are given below
Young and Accumulating: These
clients are typically under 40, seeking
capital appreciation. They are willing
to take high risks for high returns.
Middle aged with family commitments:
Ideally between 40-60 and looking
at stable investments and lower risks
Retired: They are above 60
years seeking income to meet their
regular expenses. Safety of their
principal is their prime concern
Institutions and high net worth
individuals: These include corporates,
banks, trusts and wealthy investors
who seek an appropriate combination
of tax efficient growth and income
depending upon their return expectation. |
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There are three types of prospects
- Receptive, potential and independent
minded. The earlier you identify which
of these you are talking to the more
productive will be your selling efforts.
Receptive: They are clients
who will work in close association
with you to develop a financial plan.
They have the discipline to invest
regularly and believe in the merits
of professional financial advisors.
Potential: They are the people
who have neither the discipline nor
the patience to invest but do have
the desire to become a successful
investor. Working closely with them
could make them Receptive clients.
Independent minded clients:
These are clients who prefer investing
directly and do not use financial
advisors. They can be cultivated over
time. |
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| Understand
your Clients needs |
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| Help
them choose their investments |
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having understood your client's
needs, priorities and financial
goals you have to advice him on
where to invest. Your relationship
depends a lot on the advice you
give to your client. You should
be honest and straightforward.
Be completely focused on helping
your client to make a good buying
decision. Here are some of the
alternatives that can be presented
to your client. |
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| Encourage
regular investment |
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| You
should ask your clients to start
investing early and invest regularly.
This will help them to make more
money because of the power of
compounding of the rupee. |
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best investment advice and investment
plans are a waste unless they
are backed by the commitment of
the client to invest. Be sure
that the client gives you his
commitment to invest. Go a step
further and be ready with all
kinds of paperwork, application
forms and other documents required
for the sale. Try and help him
in any way you can. |
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| Provide
personalized after- sales- service |
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The last and the most important part
of the sales process is the augmented
element. These are the extra things
that you include in your service that
go beyond expectations.
It is in this area of exceeding expectations
that you can set yourself apart from
other distributors.
It is by doing the things that go
beyond what the client anticipates
that you build high levels of goodwill
that leads to testimonials, resales
and referrals to other prospective
clients.
Some of the personalized services
that you can provide are as follows
Making periodic calls to see
if your clients need any help with
their investments.
Getting in touch with them when
there is a lot of fluctuation in the
market prices and advising them accordingly.
Continuously assessing any change
in their personal circumstances and
recommending a change in investment
plan if
need be.
Keeping your clients updated
of the new schemes and products, which
could be useful for them.
Since you represent the interest
of both the investor and the mutual
fund you must regularly follow up
with the mutual fund if
your clients have experienced any
service related problem.
At the end of all remember the golden
rule. Treat every client as a special
and important person. Be thoroughly
prepared and knowledgeable. Be completely
honest and straightforward. Focus
on helping them achieve their financial
goals and see the results.
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