You could fix your prospects greatest worries…so why not tell them?
Best Practice Advice & Sales & Marketing for Professional Services & Sales Tips

You could fix your prospects greatest worries...so why not tell them?

June 15, 2015

by Tony Vidler

“Investors spend 475 hours a year worrying about money”.

Well I bet the people who don’t have enough to be considered “investors” spend a heck of a lot more time than that worrying about money….but still, this is about 20 days each year spent just thinking or worrying about money – and I stress, this is the average affluent consumer.

Of particular interest to financial advisers should be the top 3 concerns of these consumers:

” Catastrophe, Longevity, and Income Are Top Concerns The top three issues investors fear could prevent them from living the lifestyle they want later in life are:

1. Having a catastrophic event (i.e. illness, injury) that uses up my retirement funds

2. Living longer than my retirement funds last

3. My income won’t keep up with inflation.”

Ref: News Release from Legg Mason

For the typical consumer, as opposed to the affluent, there is even more stress and it is about the mundane day-to-day issues, such as having enough emergency funding and managing debts (especially credit cards) with 86% .  Yet, some 75% of those surveyed indicated that if they had a plan to manage it they would feel less stressed.

Ref: CFP Board Stress Awareness Month Survey

One could go on with examples as there have been any number of surveys about consumer attitudes to money, and what they worry about.  There are some fairly clear conclusions from all of them though as far as I can see:

  • Most consumers spend a lot of time worrying about money
  • Most of their worry is about there not being enough of it.  Whether that is enough to pay the bills next week, or enough to last 20 years in retirement, it is still mostly about there not being enough of it
  • Most consumers who have gone through a good planning process for their money feel more confident and less stressed about it. They have a sense of control.

So why aren’t more financial advisers putting forward a strategic value proposition that addresses these concerns head on?

If we keep getting told that this is what consumers worry most about, and we have the ability to help alleviate that worry, then why aren’t more advisers letting their potential prospects know that in their marketing?  It seems the easiest strategic value proposition to me for financial advisers by far.  Using the skills, process and at times product solutions that we have available, just promise to provide:

  • Control
  • Certainty
  • Better quality of life

I reckon that is a message which will resonate with many consumers, and a value proposition which most advisers could easily deliver upon.

You may also find this post useful: This is what your customers really want

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