The Role of Product Education in Client Service

Part One

There’s an advertising campaign that’s been around for years with the tagline, “An Educated Consumer is our Best Customer.” The company using it is actually selling men’s suits, but the concept applies to financial services as well. Your clients typically come to you for advice and your hard-earned expertise, but both you and your clients benefit if they are active and informed decision-makers in their own investment decisions.

We’re bombarded day after day with news stories about scam products and malfeasance in the financial services sector. Because your clients count on you as a reliable source of information, you are in the best position to provide them with information, and they are more likely to read and digest the information since it is coming directly from a trusted advisor.

One of the most talked about issues right now is the conversion opportunity from a traditional to a Roth IRA. While it may not actually be the best choice for some people, it seems like everyone is asking about it. This is a great opportunity to connect with your clients by providing them with a simple fact sheet on the subject and then taking the time to discuss other strategic investment decisions and product ideas. In doing so, you reinforce your position of trust and may find new avenues of business with your clients.

Look for Part Two: The Action Plan on Wednesday

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