Advisor Speak: Straight Talk

9 points to convince clients about staying back

Brijesh Dalmia, Dalmia Advisory, Kolkata

23rd January 2017

In a nutshell

Some uncomfortable client conversations have begun after commission disclosure in CAS statements have been enforced, and it is reasonable to assume that such conversations may increase in the coming months. The alternative of cheaper direct plans almost always crops up in such conversations. In this context, Brijesh spells out 9 points that you may want to highlight about why your clients should continue to avail your services. We are good at selling our plans but perhaps not as good at selling ourselves - these 9 points will be a big help in this context.

It is expected that some of clients will be uncomfortable with the commissions IFAs get and may wish to invest directly. An IFA can put across the following points to convince them.

Integrity

I work with integrity. I place your interest above mine. I don't compromise on the quality of advice. With time, as you grow; you will need a trusted advisor. You can depend on my advice. It may be difficult to put a value on this.

Expertise

I know my subject well. I keep myself updated with the developments with respect to your investments. There are thousands of schemes to choose from. I do all the hard work to select the best schemes for you. I am sure my suggestions will help you make more money than the additional cost you incur on hiring me.

Service

I give you great service. I and my office are always at your service. While it may not be evident but it costs money to provide excellent service. Timely service adds great value.

Review

I review your portfolio regularly even when you are not aware. I do this as a routine for all my clients. Review doesn't always mean action. I suggest you changes/action only when necessary.

It's mutual

I can grow only if my clients grow and stay with me. Therefore, I make sure that I give you the best advice and service so that you stay with me for long term. I try to do my best so that you get much more value than the cost you incur. Unless I do this, I won't be able to retain you. So, I work hard to ensure that I give you much more value in return. It's mutual. My life depends on my clients and so you can expect that I will do the best so that I have you as my client long term.

Protection

I protect you from taking wrong decisions. I manage your emotions which can drive you to make mistakes. A great amount of value is added when I say 'no' to many things which you/investors want to do which could negatively affect the portfolio. It is difficult to put a price to this.

Limited clients

I work with limited number of clients so that I can give my complete attention to them. This means I am betting my life on the clients that I have.

Other investments

Being associated with is beneficial in many other ways. Apart from mutual funds, I answer your queries on several other day to day investment queries that you may have. You get authentic response from me. I solve many other issues that you face with your investments.

24/7

With me, you have a person who is available to serve you 24/7 for years and decades to come. Today, you may think you can do it yourself but tomorrow you may again need someone to advice you. You may find other advisors but trust factor may be missing. With me, trust is already established. The cost you incur on my services is a very small price to pay for my integrity, expertise, service and trust.

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