Just imagine, you have a severe stomachache and you go to see a doctor. The doctor instead of discussing your problem, rather talks about the instruments he uses in your diagnosis and the effectiveness of the medicines he gives. You'll be like confused, you want to know the cause of the ache, and how soon will you recover, and what is happening is, you are being pestered with information on medicines and equipments.

Similar is the advisor client story. The client wants to know the solution to their needs, how can they reach their goals, and what advisors in general tell them is the features of the product they are selling.

Consider the following statements:

Statement 1: This is ABC Mutual Fund scheme, it invests in a combination of Stocks and Debt securities. This scheme has historically outperformed its peers and the benchmark. After 5 years, you can redeem this Mutual Fund and actualize your goal of buying a house.

Statement 2: For your goal of buying your house after five years, you should invest in ABC Mutual Fund scheme. Since it's a Balanced Mutual Fund scheme, it will grow at a better pace than your FD as well as the risk will be controlled. Considering your investment horizon and goal amount, it is a good fit for your goal.

You know, which sales pitch would be more engaging for the investor and Why. The latter focuses on the Solution, the former on the Product. In your profession, you must sell products, the difference that the latter creates is, you are not selling a product, but a solution.

You might feel that the end result is the same, the products are actually solutions to the investors' needs, but in our business, ends don't justify the means. The solution the investors are looking for is a link between the need and the product, you need to connect the dots for them.

As advisors, we are tempted to talk about the products and the services that we are offering, but this is not what the investor is looking for. He/she is looking for a solution to his/her need, a way to reach his/her goal. Product selling is Seller centric while Solution selling is Client Centric, there is a thin line between the two, and once you are able to identify the line and adopt a client centric approach, you have got it all.

How do you sell Solutions?

We have penned three key points which can help you understand and implement a solution oriented approach:

1. Listen: You'll be able to provide an appropriate solution only when you understand the problem. Listen carefully to the client's problems and needs, ask questions to get clarity, and then create a connection. Offer a solution which meets the needs, apprise the investor that how your products can help them in achieving their goal and how it is better than the alternate products available in the market.

2. Highlight the value creation: Returns, yes you'll talk about returns, you'll do return comparison, the investing convenience, liquidity, you'll talk about all of that. But all of this is ancillary. The primary focus should be on the value that's being created and how it is contributing to the betterment of the client's life. For Eg. An SIP of Rs 10,000 a month in an XYZ Mutual Fund Scheme will enable the investor have Rs 25 lacs, 10 years later to pay for his daughter's higher education. This is the value you are creating. You cannot skip talking about the product, but it's not the only thing you should be talking.

3. Marketing: One of the most impactful Indian Ads Maggi, it doesn't talk about the noodles, rather it showcases, a kid comes running into the house and says “Mummy bhook lagi” and Mummy says “bas 2 min” and quickly comes up with a bowl of Maggi. Or the Asian Paints Sunil Babu Ad, where the car and the Mrs grow old, but the house is as new as ever. These Ad's only concentrate on the value or the purpose of the product, rather than the product. Customer doesn't buy your claims, till the time you are only focusing on your products, no matter how aggressive marketing you do, won't attract people to your door. The value you bring to the client's life must be communicated through your marketing efforts as well.

Customers, no matter which field it is related to, are looking for customized solutions, and businesses are on their toes offering them the same. Even the mutual fund industry is not behind, they are coming up with targeted mutual fund schemes, like Retirement funds, children's education funds, monthly income funds, etc., to cater to the unique needs of investors. To let your growth know no bounds, a solution oriented approach should run in the blood of your organization. Sell the problem you solve, not the Product.

In this article, we will discuss about of some of additional roles which financial advisors should think to play with their clients and other stackholders. Financial advisors often wear many different hats while practicing. The roles can be broadly described as – Sales & Operation, Marketing, Administration or Advisory in nature. Most of the roles are very basic or primary to the nature of our business. However, to excelling as a financial advisor to a client means a lot more than handling queries and submitting application forms. Financial advisors will need to act and be financial guides or mentors to their clients. Let's Look into this in detail....

Primary Role:
Before we start talking of the 'other' roles, here is a brief listing of the primary role /responsibilities which advisors are expected to play. These roles, depending on your business practice, should never be ignored or compromised for any reason.

• Identifying risk appetite

• Managing asset allocation

• Ensuring protection

• Helping in tax planning

• Handling grievances

• Doing Financial Planning

• Distribution of financial products

Other Roles:
As earlier said, financial advisors also need to act as financial guides /mentors to their clients. It is something which is very subjective and wide in scope. Here is a listing of the roles/responsibilities which trusted and skilled financial advisors can play with their clients.

• Financial literacy : Financial advisors are expected to help clients become savvy investors with adequate financial literacy. One is expected to help client become aware of areas like – asset classes, investment products, insurance coverage types, tax saving avenues, comparison between different financial products and so on. One is also expected to help clients become careful and smart enough to not fall prey to the many online scams, phishing accounts, identify theft, etc. in an era where e-commerce has gained prominence. One is also expected to help clients become aware of ponzi, quick-money, multi-level marketing schemes which make huge promises.

• Regular communication : This is something that forms of the essence of a relationship. A powerful, relevant, informative, interesting, regular and brief communication strategy has to be adopted by advisors. The communication strategy can cover different modes /channels where appropriate messages/contents will be communication for purpose of information/updates or promotion.

• Putting financial records, accounts & documents in place : A financial advisor must follow this important bit of role wherein he helps consolidation of all information, records and documents in place for the clients. One can effectively use online Client Desk for consolidation of financial records. Beyond this, one can also guide clients in managing/ updating accounts w.r.t. - nomination, joint holding, contact information, etc. Consolidation of documents can be done as per convenience/scope of engagement with the clients.

• Controlling emotions : The real role of the financial advisor is actually controlling emotions of the clients. It is about making him act rationally and logically, even in face of extreme scenarios. Controlling emotions will require skill, confidence, facts & proper communication from the advisors.

• Encouraging Savings : All advisors carry this role of encouraging savings behaviour in their clients. And it is time that we advisors adopt a proper strategy and pitch in order to do so instead of trying to firing on all cylinders.

• Helping out of debt : As a financial guide, one is expected to help clients avoid debt trap and to payoff debts as soon as feasible. Given the credit savvy generation with high income, this becomes an important role of advisors. One should again prepare and follow a proper method of comparing and evaluating debt repayment strategy for clients.

• Handling issues in financial products : It is obvious that advisors will be handling queries/issues in financial transacted through them. But how about helping the client & family for such complaints/issues which are through other financial advisors? This is a good way of winning the trust of clients and many advisors are very happy to play this role.

• Ongoing financial guidance : As a financial guide and mentor, you should be the go-to person at the top of the mind for the client for any matter where an expert opinion is required on any financial matter. On an ongoing basis there are many things where the financial advisors can be of help, provided that some prior study and research is done by the clients. With proper inputs, financial advisors can help clients to - decide between options with varying financial implications (ROIs), do cash-management, do repayment of loans, make buy /rent decisions for properties, structure salary packages, decide on choice of home loans and so on.

• Help in tax fillings : Beyond tax advice, clients would also appreciate if we can help them in filing tax returns by informing of due dates, assisting with online filling, etc. Some advisors often also help clients register and enter records on many online sites offering tax return preparation /submission services.

• Writing of Wills : An important element in overall wealth management is wealth transfer. Financial advisors should also help clients in this aspect, subject to the nature of relationship and engagement enjoyed with the client. An advisor can help in creating awareness, updating records in the accounts with financial institutions, preparation of Will, playing the role of an executor to the Will, and so on.

Conclusion:
Carrying out the 'other' role by the financial advisors helps one to build trust, get closely involved with the clients and their family and ultimately become financial guides & mentors to the families. This should be the aim for any financial advisor. However, it is something that will take time, will need effort and hard-work and will also need better time management and organising skills. To begin with, we should first decide to what level we wish to extend the scope of our services /relationship and how do we plan to make sure the expected results are delivered to the clients? It is something that needs good thought and planning on your part. The possible benefits though are attractive enough for those who can answer the questions in the most cost-effective, productive and planned way.

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“A new year is like a blank book. The pen is in your hands. It is your chance to write a beautiful story for yourself.”

New year is the time to make new beginnings. Try to make it more awesome than the last year. 52 new weeks of opportunities are lying ahead in your way, make your mark. Plan now to exploit the opportunities and give wings to your business. You have to develop a Plan of Action for the 365 days, and you must include the following points in your blueprint:

• Set Definite Targets: A year must begin with setting newer and higher goals. You must know what you are working for. Setting goals will help you track your performance in relation to the targets, find reasons for deviations and help you get back on track. It is not just important to set targets, but to set clear and exact targets. “I will work very hard this year”, “I will take my business to newer heights this year”, “I will add more clients this year”, these are good ideas and you must base your targets on these notions. However, it does not give a clear picture of what exactly you should achieve. A target can be “I will reach an AUM of Rs 100 crores by the end of this year” or “I will add 100 more clients this year”, these are definite targets. So if by June, you are able to add 40 more clients, you know that you need 60 more clients to meet your target.

• Social Media: If you have not been using Social Media to promote your business till now, start now. Social Media Platform has the biggest audience, it's cheap, effective and is the best way to endorse yourself. There are different portals like Facebook, Pin Interest, LinkedIn, WhatsApp, etc. If your target audience is corporate professionals, go via Linkedin. Almost everyone use facebook and Whatspp. You can share videos, banners, form social groups, have a facebook page and communicate about your products and services effectively.

• Go Digital: The present era demands a quick solution to all problems. So, if you have been using physical means of getting clients on board, filling forms, meeting clients for every petty thing, and if your office desk has a big pile of papers and files, start cleaning the mess. Take a New Year's resolution that you will get all your clients on E-Wealth Platform, and no more physical forms filling. This will reduce a lot of redundancy, save time and will leave you with more time and space, to expand your business.

• Connect with your Clients: It is time for making new beginnings, it is time you must connect with your clients and review their financial plans. They'll have newer goals, new investment requirements. Check if their tax saving investments are on track, since only three months are left. Now is the time to align their investments with their financial plan. You must also remind your clients that with an increase in their income, they must increase their investments.

• Try something new: Find out newer ways of conducting business and tackling problems. For this you have to go back to the previous years, recollect the problems you faced, how they were solved or not solved, gauge how can you do things better this year. Try new techniques of handling clients who have proved to be difficult over the years.

• Work Hard: Working Hard is the Mantra for Success. There are no shortcuts, you have to toil to reach your big goals.

“The harder you work for something, the greater you'll feel when you finally achieve it”

So, start making a plan of action keeping the above points in mind. Put in your heart and soul. We wish you best for all your endeavours. Have a Happy and a Prosperous New Year!