Tuesday, September 25, 2007

Nice guys and gals finish FIRST

by Tammy de Leeuw
Financial Advisors Netzone

DIVESTING ONSELF of a transactional mentality requires chrome-plated, err...nerves and the ability to undo years of sales conditioning. It's a leap of faith most agents and advisors have trouble making.

Given the current regulatory climate, which is starting to push its tentacles into even third party marketing to seniors, the leap is necessary. There can be no return to "business as usual" as evidenced in this recent article at Investment News.com.

Marketing firms targeting elderly draw attention from regulators

By Charles Paikert
March 26, 2007

NEW YORK — Regulators are turning the spotlight on companies that specialize in using high-pressure marketing tactics to sell financial products and services to older Americans.Some firms provide financial advisers with detailed scripts, and other marketing material, designed to intimidate — or even deceive — the elderly into buying annuities and other financial products. Others arm advisers with ghostwritten books that serve to position those advisers falsely as experts in financial planning for this demographic.

"When these people stand up in front of senior groups and hold up a book with their picture on it and say they wrote it, they are deliberately trying to mislead people into believing they are an expert and wrote a book,” said Jim Nelson, assistant secretary of state for business regulations and enforcement in Mississippi.....

(see the rest of this interesting story at www.investmentnews.com.

In the next couple of posts, I want to look at some ways you can begin to move from a transactional mindset to a client-centric one without starving to death in the process.

Till then, don't forget to sign up for the newsletter and send me your suggestions and product ideas. advisorresource@aggies.com.

1 comment:

Todd V said...


Sadly, I must confess that the "ghost written" book concept was very appealing to me when I first heard about it from NFCom... It does exactly what it is sold to do... Add instant credentials that leave the prospect with the impression that you must know stuff...

I never did it, but I was really close...

Here's an alternative for everyone (that may not get you there as quickly, but it will get you there!)... Once a week, sit down and write a two page email to your self on any financial, insurance, estate planning, etc topic that you can think of.

If you find that you are having a hard time landing on a topic, look at the Business section of your Sunday paper and look for a guy named Jonathan Clements (he's a WSJ writer)... In my opinion, he writes some of the most one-sided, simplistic articles around... His articles should give you plenty of food for thought for your "weekly rant".

After you've done this for 4-6 months, you'll have a collection of financial advice that is 100% your own that you can turn into a "book" that you can give to people with the confidence that it is all yours and nobody is going to come after you for being a fraud.

I started down this path right after my first introduction to LK's "book" (this was a couple of years ago, I think) and I now have roughly 20, 12-15 page booklets that I use as handouts at my seminars.

It does take a bit of effort, but in the end, you'll be much happier that you did it yourself!

As always, nice topic, TD.