by Tony Vidler
Research out of Australia confirms what many have understood intuitively for some time: a LARGE part of the marketplace WANTS advice from trustworthy professionals.
Some 49% of the consumers in Australian market would welcome an opportunity to obtain financial advice from a trusted professional, and over 70% of those have nobody particular in mind. So over a third of the consumers out there are open to an approach from a trustworthy professional – in fact they are more than open to it: they want it.
That does not mean they are standing by their phones wanting to do business with any stranger right away though….the key word that comes through is that they are looking for someone they can TRUST. Generally consumers do not give their trust immediately to a stranger so you have to be prepared to approach prospects in a professional and credible manner, and then engage with them in a manner that enables them to build trust in you, as discussed previously here in Patience Pays Off!
The research cited in How to Keep and grow your client book – and steal clients from others breaks up Australian financial planning clients into three core groups: “bonded” – those who will never leave their adviser; “loose” – those who might consider leaving their adviser; and “at risk” – those who actively want to leave their adviser. Apart from the 1 in 3 consumers without an adviser who would like one, there are more than 50% of the existing clients of the advisory industry who are open to switching to another adviser they can trust more, largely because of poor communication or a lack of the personal touch.
The bottom line is that there is an enormous proportion of the population who are receptive to a trusted adviser helping them improve their financial position. That’s a fabulous message to begin 2014 with!0