The Watch Salesman Syndrome
Picture a sleazy watch salesman in a stylish jacket, desperately pushing his products. In 2021 and beyond, no financial advisor wants to be that person. Yet many advisors unknowingly position themselves exactly this way when they lead conversations with product features and benefits.
The marketplace has fundamentally changed. With education freely available through phones and computers, people are increasingly resistant to traditional sales approaches. When you start talking about investment models that outperformed the market by 11%, proprietary annuities with 6% income riders, or life insurance policies with long-term care riders, you're essentially becoming that watch salesman.
The Problem with Product-First Approaches
In today's sophisticated market, leading with product discussions creates several challenges:
- Triggers immediate defensive barriers
- Positions you as a salesperson, not an advisor
- Results in primarily low-end sales
- Places you in a commoditized market
- Creates unnecessary competition
The Power of Process-First Planning
Process is significantly harder to duplicate than product. While competitors can easily copy and undercut product features, a well-defined process becomes uniquely yours. It reflects your approach, philosophy, and value proposition in a way that products never can.
A Real-World Example
Here's how a process-focused conversation might sound:
"Mr. and Mrs. Anderson, what makes us unique is our focus on bringing proactive and holistic value to you and your family. Under one metaphorical roof, we bring you a virtual family office experience. Let me explain what that process looks like..."
Instead of jumping into product features, this approach emphasizes:
- Comprehensive planning methodology
- Team-based professional coordination
- Holistic wealth management
- Proactive solution development
- Long-term relationship building
The Five Pillars of Comprehensive Planning
A strong process encompasses multiple areas of expertise:
- Insurance planning
- Wealth management
- Legal planning needs
- Tax strategy
- Business advisory services
By focusing on how these elements work together within your process, you create a narrative that's much more compelling than any product pitch.
Creating Your Blue Ocean
When you shift from product-focused selling to process-driven advising, you move from a crowded, competitive red ocean to a blue ocean of opportunity. This transition requires:
- Clear process definition
- Consistent messaging
- Comfortable delivery
- Regular refinement
- Strategic partner alignment
Client Communication Framework
Rather than diving into product details, focus your client conversations on how your process delivers comprehensive solutions. Explain how your virtual family office approach brings together multiple professionals under one roof, all working together to provide the best possible advice and solutions.
