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Clients must come before motivation for money

THE EDITOR’S COMMENT OF THE WEEK

Response to Nic Cicutti article headlined, stop the selling

The reality of life at the coalface is that it is very often our conviction for the financial solutions we offer that galvanises clients into action.

It is a fine line between advice and selling and perhaps the truth is that both are needed if some clients are to make a financial decision. The problem, of course, is too many in our industry are motivated too much by money.

That wrong focus is what causes misselling more than anything else. Selling does not need to be evil if it is motivated by righteousness. Advice is also not necessarily the “Angel of Light” if it is used as a wolf in sheep’s clothing. The key is what is the motivation that drives us. Putting our clients first, above ourselves, is what we should all be doing.

Jeremy Newbegin

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Comments

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  1. Well said Jeremy.
    Motivation and intent are very important. For me, that is what a suitability report should be able to demonstrate, the motivation and intent behind an action…. as ultimately, if advice is for the individual, it cannot come out of a CII text book as it has to be adjusted to match the client’s priorities, attitude to risk and other beliefs, which may differ to our own.
    An adviser who fails to “sell” the product he belives the client needs has potentially FAILED their client. This is why it is so important to not only have the technical knowledge (Level 50 for instance), but also the skills to “sell” the need to the client. Both skills are needed. Without the former, you have “mis-sales”, while without the latter, you have NO sales…..

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