I'm a Salesman. And you should be, too.

Most financial advisors are deluding themselves. They think they can singlehandedly follow the markets, build customized portfolios for clients, handle compliance, prospect for new customers, and develop talent on their teams. It’s all WAY too much for one advisor to master, and that shows in the service they deliver. In reality, many clients are paying them a fee to guess about what is going on.

Advisors may not want to hear that, but many know I’m right about this. When I give talks to them around the country, I ask, “If your clients knew how you spend your time—vs. how they perceived you spend your time—how many of you would be embarrassed?” Typically 80 or 90% of the hands shoot up in the air. But they continue doing what they’re doing.

"Insanity is doing the same thing over and over again and expecting different results."  
- Albert Einstein

It doesn’t surprise me to see advisors fall into this trap. I started my career thinking I had to know everything and do everything for my clients—and I worked around the clock to do that. It took me years to realize I could better serve my clients by being a librarian and not a library.

My company now coaches more than 1,100 financial advisory firms in the U.S. The very best advisors among them have figured out the secret to building their business and delivering true value to their customers. These advisors realize the highest and best use of their time is being a salesperson. They cultivate that talent.

Selling has negative connotations in our society, but I believe selling is a noble profession. Being able to persuade people to do what you really believe is in their best interests is very important. It is different from manipulating them into taking an action where you will be the beneficiary—like buying an overpriced service or one that they don’t need.

Years ago, I tried to persuade someone from my community to let us manage his portfolio. He had most of his assets in Enron stock, and I knew he should diversify them. He resisted my advice. Years later, when his holdings were worthless, he told me, “Ron, every time I see you, I wish I had taken your advice.” What I thought was, “I wish I had been a better salesperson.” I’ve made sure that I am now.

When you’re got a strong value proposition behind you, you need to know how to tell your story in a way that persuades people to let you protect and take care of their wealth. You can’t create value for clients if you are not able to do that. But you also need to deliver the value, too. It is hard to find both talents in one person.

"Alone we can do so little. Together we can do so much."   - Helen Keller

I recently had a prospect come to our office. The prospect was evaluating our firm vs. another that promised a customized portfolio.

“When you say customized, what do you mean?” I asked.

“They will buy securities for us based on our needs,” the prospect told me.

“Do they do this for everybody?” I asked.

“Yes, they do this for all of their clients,” the prospect told me.

“Well, how big is their research department?” I asked.

It turned out they didn’t have a research department. It was a single person advisory firm.

I have a research department of 29 people. They spend day in and day out following the positions we have. I don’t have the bandwidth to build customized portfolios. So how can a single advisor do that successfully?

The best financial advisory firms deliver both sizzle and substance to serve their clients well. The salespeople who bring in clients are usually not the best researchers in a firm. Brilliant research directors generally are not great salespeople. But together, they make an unbeatable team.

If you’re the rainmaker in your firm, own that gift and use it to attract clients you are in a position to help. Find a way to team up with others who have talents in areas where you are not as strong—either by hiring them or by joining a professional alliance. That way, you can truly deliver service that is worth the fees you’re charging.

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ABOUT THE AUTHOR

Ron Carson is the founder and CEO of Carson Wealth, one of the largest wealth advisory firms in the country, serving clients through holistic financial planning, disciplined investment strategies, and proactive personal service. In 1993, Ron launched Peak Advisor Alliance as a way to share his insights and formulas for growing an exceptional advisory practice. Ron also founded Carson Institutional Alliance, a partnership that equips elite advisors with the tools they need to communicate with their clients on a deeper level including co- sourced investment management, an integrated marketing strategy & customized materials, an on-demand succession solution and more.

He is one of the most celebrated and respected financial advisors and executives in the profession and is a sought-after speaker, thinker, and investment strategist. His bestselling books include Tested in the Trenches and Avalanche. Ron has written for, or been covered by, US News & World Report, CNBC, The Wall Street Journal, Forbes, The Washington Post, Barron’s, Investment News, RIZBiz, and Omaha World Herald.

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