Of the many challenges facing you in today's complex world of financial services, the most fundamental involves the concept of value - Your VALUE - as a solutions provider to the multi-dimensional aspects of affluent investor's personal finances. Wow! That's really a mouthful, I know.
It has been my experience in working with stockbrokers, financial planners, insurance specialists, and other financial service providers that most are only scratching their potential. And most would like nothing more than to get closer to maximizing their potential. Right?
All of which has forced me to re-evaluate the model required for both delivering what people need, while still providing what they want, and exceeding their expectations on a real-time consistent basis. One of the problems is that each specialist has mastered their area of specialty, learned how to sell this area of specialty, and turned a deaf ear to the remaining world of financial services and thus limit their value.
But mastery of the entire world of financial services isn't necessary. Rather it's properly utilizing your professional talents, but simply re-aligning them for the 21st Century. Hence I've created structure out of an abstract concept; talent and potential. The words have nice ring to them, but what do they really mean to you? How can you, as a stockbroker, translate these abstract concepts, amidst the changing landscape of the financial services world, into your working reality? In other words, how can you profitize on all of this?
To help guide you toward putting this in perspective, read the following seven questions and think carefully about your answers. These questions are rather primal, but address the heart and soul of most performance issues. Think through your responses with a professional mind-set and an eye toward your future.
- What do you do best?
- What do you like to do?
- What do you do that brings in your serious money?
- How much time do you spend doing the activities required to bring in serious money?
- What else do you need to do to bring in more serious money in the future?
- What are you doing to keep your serious money?
- What do you need to do to keep your serious money in the future?
If you sense a Zen-like quality combined with a futuristic slant, you're right. The idea is to make certain you are completely aware of what you are doing, how you are doing it, your priority tasks of yesterday, the required priority tasks of tomorrow, and the allocation of your time. The ideal is to spend all of your time doing what you love, which is also what you do best, which is also what brings in, adds value, and exceeds the expectations of your serious money.
Rest assure, this is the ideal. We are all imperfect creatures and no broker is operating the perfect business. The challenge is to be fully engaged in a process of ongoing improvement. The good news is the sea of change within your industry is forcing your hand - you don't have a choice. The bad news -
ditto. You no longer have a choice. If you are not striving to self-actualize, to maximize your talents, correct any performance specific weaknesses, and further enhance your value, you will find yourself seriously challenged.
My recent research project (Capturing The Affluent Investor - November 99, Registered Representative) uncovered many of the hot-buttons affluent investors are focused on. It also uncovered areas where there was dissatisfaction with enough statistical significance that everyone should pay attention. Why? Because about one-third of these clients, affluent investors, are at risk of dissolving their existing relationship if improvements aren't made.
No longer can a stockbroker avoid the multi-dimensional aspects of personal finances. Let's take the area of planning as a perfect example. Your affluent investor wants planning, they will get planning, and your challenge is to make certain you are part of that solution. But today's affluent investor also wants a true knowledge worker, not someone who knows how to "sell" a financial plan. They will insist on a solutions provider who is fully knowledgeable of all the intricacies of financial planning -- they want VALUE!
As Bob Dylan informed us back in the 60's, and has been reminding anyone who will listen for the past forty years, the times - they are a-changing. Our real-time data informs us that there is a growing perception amongst affluent investors that they are not getting value for fees and commissions paid. This
creates a tremendous opportunity for any stockbroker who is willing to address these seven questions and commit to raising the VALUE bar. For you - the future is now!
Incidentally, 88 percent of those surveyed from our sampling of 10,000 use a financial services provider and 77 percent use this individual exclusively.
Within the Financial Services Industry Matt Oechsli is considered one of the top experts on Management & Leadership Development (performance coaching), Business Development / Team Building, 21st Century Sales & Marketing Model, Process, and Facilitating Change. He is also the premier Executive Coach within the industry.
His most recent research project was a 1999 survey, sampling of 10,000 affluent investors, to determine Affluent Investor Expectations. From this real-time research Matt has created a 21st Century Model of a Financial Advisor / Consultant / Stockbroker that is rapidly becoming the model for Wall Street. Registered Representative is running a feature article written by Matt, sponsored by John Hancock Funds, titled Capturing The Affluent Investor. Based on his findings and interpretation of this most recent research -- this article is the context for his upcoming book Capturing The Affluent Investor – The 21st Century Model. Matt has been a monthly columnist for Registered Representative for over 10 years – this is his third major research project.
Matt has authored two best selling books within the Financial Services Industry; Winning The Inner Game of Selling and The Intangibles Process; The Psychology of Marketing, Selling, and Servicing Intangibles. Currently he is working on a new book based on his research on the Affluent Investor Expectations due out in early summer 2000. He has spoken from Sydney to Wall Street, to executives, branch managers, brokers, wholesalers, and support personnel.
With an MBA in Marketing from Anna Maria College in Paxton MA, a BS from the University of Arizona, certification through the Albert Einstein College of Medicine in clinical hypnotherapy, and a former counselor of emotionally disturbed youths in New York City – Matt’s background is unique, to say the least.
For the past 20 years he has served as President of the Oechsli Intitute in Greensboro, North Carolina, a firm specializing in counseling / consulting / research within the Financial Services. Matt lives in Greensboro, North Carolina with his wife and three children.