Brokerage Stock
Ho Sy An
Copyright 2011 by Ho Sy An
Contents
Chapter I: Business Consulting is the "efficiency of the brokerage"
Chapter 2: The secret of success
Chapter 3: The wave of the future (future trends)
Chapter 4: Becoming a professional communication
Chapter 5: What did you say?
Chapter 6: establishing credibility
Chapter 7:
Chapter 8:
Chapter 9: Maintaining the momentum of your potential
Chapter 10: The strategy outlines the financial plan
Chapter 11: List of detailed financial
Chapter 12: What makes people buy
Chapter 13: How they are considered the world
Chapter 14: We act and react like?
Chapter 15: Combining these factors together, the preliminary meeting
Chapter 16: Getting ready sale plan
Chapter 17: Preparation - Setup - Conducting transactions over the phone
Chapter 19: Obstacles and Challenges
Chapter 20: On target
Chapter 21: X evil reinvent the size and requirements of the order
Chapter 22: The call of the (Missing)
Chapter 23: The method of allocation and active investment.
Chapter 24: Consider the "right choices" Your
Chapter 25: Right decision - the right thing (timing is everyting)
- Part 1:
The difference makes a difference
More than 25 years ago, and official studies have not focused on the official who made known in our business. When the broker is a member of "Club of the chair", "advisory council of leaders" or "executive committee", they represent the leading manufacturers of company and industry. There are certain characteristics that most, if not all, related to how they work, what they do, the language of their investment and what are the solutions for business . It is interesting to note that the broker is (20% heads) produced about 80% of commission income of the company or industry. Consider the development of these numbers.
Groups Percentage
brokers Percentage of income
The leading manufacturers 20% 80%
Others 80 20
Thus, on average, a leading manufacturer typically generate commission income for the company as much as 16 times a broker-more than 16 times normal! Of course, the brokers are not capable of more than 16 times, not smart or good-looking 16 times better, not better than the others to 16 times. So when we know someone who is not up to 16 times better, the question would be: "What is the difference that makes a difference?". We call it "The 2% difference." This represents 2% of information, have significant differences shown in the top of this broker business management, think and believe how they operate as do, and what they do. Outline of the characteristics introduced in this section and find out more detail throughout the book.
"The difference makes a difference" can be divided into the following characteristics;
• Interested in the prosperity of customers: They care about their customers and can express that interest.
• Professional ethics: They try to consistently make the right things for customers.
• Expanding investment in many areas: The leading manufacturers tend to invest in a wide range of products and services may be to (1) meet the needs of customers and (2) then is able to withstand changes in market factors.
• Languages investment: A system solution, compatible with objective investment was made.The customer understands this solution will usually follow the instructions of their broker.
• Try to achieve the persistence and encouragement for individuals: They keep trying to achieve through both successes and failures.Therefore, they are paid a lot (16 times more than others).
• They approach (business consulting).
• They (the habit of success).
The following poem shows the most important characteristics of the leading manufacturers:
I am a steadfast companion of your
I was the most help or the greatest burden
I will push you forward or pull you sink in the failure. I totally follow your requirements.
Half the things you do you can transfer me, I will do them - quickly and accurately.
I use an easy - you just need to confirm with me.
Please let me know exactly what you want is just a few words of encouragement, I will do it automatically.
I am a servant of all successful people, as well as losers.
Those who are successful, I have made the success
Those who fail, I have made the failure
I am not a machine though I work exactly like a machine plus the intelligence of a human being.
You can use me for profit or go bankrupt - and I have nothing different.
Use me, train me, assured me and I will put the whole world under your feet
For me it's easy and I'll beat you
Who am I?
I am habit.
Unknown
The habit of success is the thought process, trust, business practices, the level of enthusiasm to make all the difference in the world.
This book offers a wealth of information and practical techniques to help you achieve and maximize your ability. Many of these ideas are taken from comments on training and business management of the author and give a few measures that we have guidelines. All our technicians are carefully integrated to provide a comprehensive plan and efficient to perform well by putting the customer above all in the business of financial services. Systematic method to this success is consistent and efficient.
When we encounter a difficult situation for a certain issue, such as business consulting, we try to not be dogmatic. There are many different methods that we have not introduced and so many techniques that can and should be applied.
Chapter 1
Business consulting is "the effect of brokerage"
Business consulting is a new standard of the brokerage industry. Many different agencies and management companies are leading endorses the consultancy business. It is interesting to note that manufacturing leaders in the financial services industry have used many types of activities over the years. As you explore, the tactics they use this fact is one reason why they have achieved "star status" (success) and that is so much internal text of this book. The first chapter will provide four key aspects of business consulting, which will determine your success as a financial expert. The main aspects are:
1. Your point with customers and business.
2. The understanding of your expertise.
3. The ability to communicate their views and understanding your effectively.
4. The continuous development of individual capabilities and expertise.
1. The view you want to help their customers.
Since many different factors separately, "efficiency" of the brokerage can be identified as your point with customers and business. That sounds pretty simple, but it is an important issue, more than all the "excitement" it determines that a professional will actually successful that in each area. Try to book you a simple question like this, and please answer a completely honest: "You are nothing in this business?" or "Why did you decide to become a broker?" Is it the money? Or is it a challenge? There is an excitement? Or to help people achieve financial goals they? If your house is nearly identical to those financial professionals, you've got a few reasons to become a broker, may be, including all the above reasons. That nothing is wrong. All is but reasonable.
But wait a moment, consider the priority of the above reasons. Even without understanding them, you will also realize what is most important reasons for you in all that you say or do (or not do) in your relationship with customers. That is, if you are a top priority for helping your clients achieve the financial goals of them, you will accidentally realized that for your customers, they will trust you with a quickly. However, if you are a top priority for making money for yourself, you will also realize that you yourself will have to face a precaution from the client side, the difficulty in the sales and the reaction for growing even when you are exposed to new customers as well as when you try to sell something to your existing customers. The fact that communication skills and your sales have to be trained and more advanced.
Thousands of experienced brokers who we have provided training to improve systems of business and technical consultants have told us that they spent 80% of the time to try to introduce precautions to overcome the customer. Each time they complete our training, they are revealed to us that they finally realized that in addition to preventing unnecessary it is mainly they themselves create it when they do sales targets instead of individual sales by customer demand. Just then, they have accidentally found themselves as a sales person that the objective is to sell a financial product rather than an expert, but the goal is to help its customers . Results, it is difficult to sell, and suspicion immediately precautions customer.
Both experience as a broker as well as our experience of thousands of professionals, whose training we are just that: when you put the needs of our customers first (rather than the sales or commissions), you will not only earn more commissions than you will gain some positive effects such as:
- Hold the larger percentage of investment assets of your clients.
- Basically is selling more products to each customer.
- Faced with fewer precautions than from customers.
- Get the guide over.
- Create a platform for the loyal customers.
- Less common problem than mandatory.
- Seeing much less stressful when you communicate or sales.
In the traditional sales methods, objectives and business reasons to sell more goods as possible with the guidelines under the regulations in the business. Unfortunately, almost every method are binding on you in a relationship expert - in which customers, your job is to tell customers know what they should do so that you can make money. So, even if a broker for years, even the most experienced regular research methods to earn more money for their customers and earn more commissions for themselves. Sounds reasonable, right? But unfortunately in the process, some potential problems are inevitable:
- The broker must really be responsible for each referral and sale, including the suitability of our customers. Then, if customers feel that the sale is not satisfactory - or if they are not satisfied with the results - they always have the right to sue or at least move the business elsewhere. After all, you are an expert, who told them that you can make them if they trust you and give you their property. Therefore, the broker must take responsibility for what they are not out of control (eg, large fluctuations, unexpected in the market). In the perfect market, these loyal customers, so the sale becomes easier and the instructions are good. However, in imperfect markets, customers are leaving, selling becomes difficult and the instructions are not available.
- When the broker acts as an expert outside the field, each directed to have caused the natural room, each one of us when making something, it will impact us back from outside.
- Finally, because each broker must work as a commission rather than as an investment advisor financial savvy, most discerning customers are divided his property into several parts. In fact, not a broker is always true in all times and when a broker guide the expansion of investment assets into different investments, that means also to expansion of investment for many brokers. Therefore, very few brokers receive more than a tiny fraction of the investment assets of the client to operate from there.
main ideas and business consulting to a "consultant" for your customers to help them, it means that you work with them as a partner. When you interact with customers, to introduce ourselves as a professional for help, not as a seller of financial products that can help them make money. Try to meet your future customers and benefit for them to determine not only the nature of the financial targets but also their properties between those goals together.
The meet each prospective customer appears to be a waste of time available in sales when you can. However, keep in mind the following:
- On average it takes six calls to each contact to get the first business was a small scale. If the average call out only five minutes, it takes 30 minutes for the first time that business. With a small trial, the benefit for someone in a professional manner during the 30 minutes like that and make from three to five sales calls the next in the same time is entirely possible.
- The majority of brokers to achieve 80% of their business from just 20% of business customers. Easy to see, this is because 20% does not only correspond to the largest customer of them (it is interesting that this is not always true) but also with these customers, they have the best relationship. The most successful brokers in the financial services sector are trying to meet all its customers. The key to any relationship, especially in relationships in which you require someone in a large percentage of you in the financing of them, that's trustworthiness. You will not believe a voice features on the phone to be?
- It is easier to gain attention and sustain it not to be distracted during your exposure on all the important work to meet customer needs if they are talking to you in in your office, not in their office. The constant interruptions by their secretaries and others can make an important work of gathering information and building relationships with your customers become more difficult.
Finally, next to your views and behavior of your customers, your perspective on work and career is what? Does not have a career in which an individual with secondary school degree (sometimes even lower) can help people make more money as the work of a broker. But even with all these great opportunities also need to put a cost to hard working conditions and to develop the personal and professional. Are you willing to spend the cost of working conditions add to the evening each week to determine and adjust a base of customers, to research your career from one to three hours a day really understand their profession and continue that work when there are changes, to improve communication skills among individuals with each other? If not, you will never exceed the higher the level of ordinary people. The importance of positive attitude, want to help and encourage customers will be repeated throughout this book.
2. The understanding of your expertise.
As a financial professional, your clients will view you as a guide in matters of their finances as a doctor in matters of health. They expect you to know not only how to judgments and solve problems on the financial needs of customers, but also how to explain all of their financial situation and the solution you just show them ways they can understand. Currently, much more than before, your role as a financial professional will ask you to teach your customers v e the investment decisions that you suggested to them, so they will be "informed" about the decision. Not only are more and more customers are demanding that both the content of this nature is the same rule.
Both business organizations and national securities commission and stock exchange are fast making the required continuing education for brokers (some requirements for the insurance industry has been made over the years). In the next few years, probably all brokers will be required not only to participate in professional training each year, but also re-certification of professional qualifications in a number of years continuous.
As a professional, your understanding of this sector should include not only the extent that you provide consulting services, but also the strengths and weaknesses of the other parts. What the customer needs you can meet the needs and what is not? Who can meet those needs? You need to know not only the products and services of your own and how they perform but also how to interpret them for your customers. And you also need to know and understand the changes taking place in this industry and they will affect you, your customers and your company look like in both the short and long term. Besides, you seem to have affected an unexpected way when such changes occur. Chapter 3 will discuss the changes occurring in the industry, which will give you a better idea about some of the things you will need to prepare.
3. The effective communication skills.
Your job is a job is based on the ability to communicate effectively with customers, with the equal level and above you, and to those providing that you rely on to make his work. However, the communication takes place beyond the simple concept of words that we choose to say or write. In fact, the psychologists tell us that over 93% meaning of any communication that is conveyed by word of a no through everything, from the words they emphasis, context, meaning their own speed and level of stress to say them. Even the attitude and breath we can have a significant impact for what we communicate and how to communicate. For example, making a sign here that you will see is appropriate, namely:
I know you think you understand what I said as you are. But I'm sure you realize that what you heard is not what I meant.
While humor is a sign in someone's office will then think nothing is funny when you have to "break down" the transaction because you have heard wrong or the customer's mind when you to explain that you really could not guarantee that stock prices has advised you to never be depreciated. The difficulties in communication like this can pay the price too expensive and very difficult to repair.
The interface also includes your ability to establish rapport and trust as well as listen to important information about your customers make decisions and how they are encouraged as How. If you know how to listen to it, your customers will really tell you everything you need to know to meet these needs as well as hidden thoughts and direction to make a decision of them. Think of such information can create different effects like for any introduction and sales. Part II and III will be introduced to these skills.
4. The development of personal and professional of you.
Last aspect, equally important is the need to develop personal and professional continuity. Most people never achieve higher than normal level in any job because they never set a goal to strive in the critical period in his life. With these goals, we would not have thought impracticable is not intended as a day that we become the company's COE or earn a million dollars. As long as they can imagine thinking this is nothing more than the fantasies of a young man, unless we sit down and visualize them in full, including a plan for how you implement them. Meanwhile, your goals can become motivation to encourage and motivate you to rise up the levels as high as great in any field you choose.
When you think about it, there are three things you need to set a goal: your personality, personal development and your career. Three points will be determined on the basis of your success.
During the training managers, we are often asked senior executives about what they want when they grow up. Of course, first there are some who see it as an insulting question. But after they think about that question, we usually have a very interesting debate about the form that everyone who wants to be and what they will do starting that day. As you read through these pages of the book, think about the form the way you'll have done to achieve your goals and become the person you want and then make up some goals character and plan to make this trait.
Once you've decided what you want "when you grow up", think about the goals of your career and their position in all of your development. According to Ken Dychwald, author of Agewave, you will get results with longer duration of parents to at least 10 to 20 years. Besides an income and a certain quality of life, what you want to achieve in your career? According Dychwald, many people will start a new career in the 45-55 age range, because they will require the new challenges of their sector or major changes. You will need knowledge and skills to achieve your goals? You will have to face what obstacles you will need to do to overcome them? The personal goals of what you are? Also the way you want your life and your family like? You wish you and those things affect how well? How much you want and at any time for that? You will deal with stress related to investments like?
The book before us, the technical consulting business for the financial sector, providing information and advice for how the objectives set out in personality, personal and career as well as the management of your time effectively and deal with stress. Whether you're new jobs broker or a broker for years, this book will also be a useful document.
Chapter 2:
the secret of success
Leading brokers have special properties created from the success that is commonly referred to as "2% make up the difference." Many people have such potential, but what makes people successful while the other failed because each person knows how to develop a flexible way to do so.
In Chapter 1 we studied four aspects of brokerage which is in work attitudes, qualifications, skills and career development capabilities.In this chapter we approach the problem in another aspect is the secret of success, including:
• Understanding customers.
• Creating a healthy work environment.
• Create the passion and excitement for the job.
Secret 1: Know your customer
The home ....?........... are clearly major role of finding the needs and wants of customers. Only when customers complete confidence in you, they trust that their shares and then your work is emerging.
If a customer is unsure who trust dedicated concern for their own benefit, they would completely trust relationship between the customer and will remain so long as you have won the confidence of our customers goods. To be a trustworthy broker, you need to:
• Create a work environment reliable.
• Really understand your financial goals of customers.
• Understand what makes customers such decisions.
• Become a benefit for your customers then the customer will trust their property to you.
• Keep track of customers' investments and the impact of the financial condition of customers for the ability and economic status of their psychology.
• Knowing about the private lives of our customers.That does not mean you have to become their best friend, but you need to know the changes are of great significance in their lives.
• You still have to say things that customers may not want to hear as the identification of false financial value of their property or tell them they can not be achieved as the current financial objectives.
• Helping clients understand the profession.
• Given the nature proposed introduction, suggests more is ordered or forced.
• To diversify investments and a list of customers.
Create a work environment reliable.
"People are not interested in what you know until they know you care about the problem." This maxim always true because the attention to the interests of customers are proof of the broker interest to its customers. The broker so listen carefully, they try to understand thoroughly what the customer says. They checked to confirm that they understand their customers as much as possible. Ask smart questions can help brokers find the real needs of customers, which not everyone can do. The first broker to ponder these questions a thousand times before asking and so they probably believes in his abilities, thus creating customer confidence. We need to avoid creating the belief expressed by arrogance, hubris and just think for their own benefit.
Some people are very confident but they do not have enough expertise. Therefore must have the confidence and expertise. And sometimes also need to say: "I do not know but I will try to find out".
The customers feel confident in the broker by the reasons mentioned above, further with the broker to quickly put the relationship. We make it necessary to book the reader can proceed to study how successful people have to succeed on their journey. Theme in this book include how to establish relationships, to study the process thinking of the unwise customers find the secret to motivate buyers, determine characteristics and individual needs of each person.
Understanding financial goals of customers
When someone says, "I want a strong stock," the broker to update the latest stock hourly, daily and monthly basis. However, sometimes they ask questions like: "What kind of stock that he is thinking?" but brokers still have to find appropriate answers like: "Okay, I'll have him. Let me talk about it lightly. It is the type of securities.
The broker has become brokers of them are different, they always try to find the answer: "Then the stock" strong "sense of how you? The real goal that you seek through the sale of securities is that? The financial goals What are your other they complement each other and how? How to fit your goals. " Therefore, they will never find out the needs, desires and objectives of their clients if they do not understand them.
So we must set out the question of how to customers and how to access and handle certain situations. This section will be presented in Chapters IV and VI.
Understand what makes customers such decisions
No single customer like a customer at all. Each of our customers who have motives and different standards when making a purchase decision. Instead you need to understand each individual, to find the most beneficial way of countless ways and has to depend on the individual objectives of each client. Things seemed very attractive and beneficial for some people but it can be boring and detrimental to others.
The major manufacturers class when asked, they answered that they did not know how they do. They simply do it themselves. Of course there are successful is that they rely on intuition and experience. In Chapter 11, we will learn how to know the standards or the engine may be the customer's right and how to use that information to the process of consulting their brokers.
Become profitable customers.
More and holds assets of more customers you have the opportunity to profit for them and for yourself. Through research, we have drawn a conclusion: If a customer only once a relationship with you, the opportunity to continue a relationship with them in a year is 33%. If a customer has two times the chance for you to jump up 67%. And if there are three or more three times, up to 83% chance that they will maintain a relationship with you after a year. Moreover, if you make the income and profitability for their property, they will not only give all stocks and bonds for you. In the next decade, the most successful brokers are those who know to bring profitability and proactively handle customer assets.
Keep track of customers' investments and find out what impact the financial status of their economic capacity and status of their psychology.
If one thing is always true in life, that everything is always changing. Each of investments are to a certain financial goals, but because of the economy, the market of any risks often makes investors lost money in that situation. So brokers to help them avoid these risks.
This can be done in several ways, including a periodic review of investment, monitoring investments regularly and frequently update the plan regularly and communicate information and knowledge to customers .
It is important to succeed in making a decision to invest is to have timely decisions in certain circumstances. However, you must have authentic reasons for this change.
Knowing about the private life of customers
Although not required to become the best friend of the hotel but you need to know what you need at least one person. Knowing that the significant changes in their lives. Date of birth of child, date of death of someone they love, a career change. When there are unexpected events occur, there are situations that allows customers to make sound financial decisions rather than taking a decision is available.
Contact your customers regularly to make sure you know what is happening. Your customers will know that because it relates to their interests.
You still have to say things that your customers may not want to hear.
No one is perfect, we all had one at least once do something wrong. But very few people acknowledge their error. No one likes to say that "I was wrong." However, the leading broker for the customer to listen to the strategic investment already made and if something does not happen as expected, they need to review investment strategies in a manner thoroughly. If there is no theoretical basis required to maintain a portfolio that already made, it will be changed to the new state in which a higher likelihood of success.
"The likelihood of success" is the goal, but brokers are always pursuing. No single transaction is absolutely no risk because no one can consider all aspects of a problem. You can only perform best based on information available at this time. There are many factors that can not control is possible. A perfect strategy can become unreasonable with the policy changes of the Federal Reserve Bank or the countries issued a new law. "When there are changes in such policies, change your investment strategy." Chapter VI of the book will discuss this issue.
Helping clients understand the profession.
It is important to help customers gain enough knowledge to understand what you are not entirely advisory and trust are passive. This is important on both the legal aspects and ethics. The top brokers want their clients to achieve an understanding of financial knowledge in certain cases to give your broker or dead, business customers can continue their business or working with other financial advisors wisely. Again, the question is for the benefit of customers. This issue is a red thread throughout all activities of the consulting activities.
Given the nature of the proposal introduced, suggesting more than is required.
This "talk, but how easy is hard." Typically, from the novice broker is "Maybe they do that." Throughout the book from beginning to end, you always see "You can not do the right thing for your client."
Constantly evolving customer base and portfolio.
An extensive customer base with many potential customers will create a diversified portfolio, which will compensate for the risks and adapt to market changes.
Brokers also need to understand that regardless of whether they work effectively to where more than 20% of customers will leave them for many different reasons. So they are constantly looking for new customers.
In short, all the things mentioned on the provision of financial services consistent with professional sales consultants. If you really want to help clients achieve the financial targets they will automatically be promoted all the tools and tricks mentioned above. To help customers, you must set the question of wisdom, frequently updated ...
Secret 2: Create a favorable environment.
Environment is very important if you want to succeed. Chances are, you want a job and you are able to work, but if you do not have the opportunity to do so, all your effort is futile. The best broker is different, despite their circumstances and tries to succeed. They can change in a flexible marketing strategies.
• John Q.Public information on anything.
• Economic environment.
• Company culture.
• Work environment.
• Make the most of the time and ability.
• Create a source of diversified financial products.
As you read in the introduction, all the service activities are directed at professional financial advice or sell securities. This activity is the authorities and reputable businesses dominate. But sometimes the broker abuse their careers to seek their own interests to cause bad publicity for brokerage and so many people think that the shop was not safe for investors. Of course, this idea is wrong. More and more people realize that if your customers are satisfied, then your new job is smooth.
Risk of change remains the central trading techniques used to consume the securities difficult to sell. These strategies have adversely affected the overall good financial background, especially with the stockbroker. The banks profit through brokers charge too much, but the abuse that often occur in the banking sector.
When faced with the negative so many people give up frustrated. They can leave the job, but the leading broker always have to know to overcome all obstacles. They still do a good job (probably not in trouble before, but they know how to do better than others) because they follow these tips to lead to success. These customers know that their negative things that would never happen in the very people they trusted. Thus, the old customers will give you source new customers they introduced, they are always aware of one important thing is that they have gained confidence, they must be flexible and creative to clients with continue to share their profits.
Economic environment.
You can call this element with a name that: "the ....................."," bear market "or" A conspiracy of Democrats to defeat Republicans, "" The explosion in 1987 "but no matter how they called the economic environment has a tremendous impact in the financial services system. Confidence of investors shaken, making the sale of products and financial services market more difficult.
The broker was also struck by the changes, but they continued to sell financial products by changing strategy. They and their customers trying to figure out the advantage of current trends. In fact there are many brokers and the excellent financial and monetary markets have given up. While almost no one wants a tragedy on many people that they expect a market collapse in a long time. In that case the broker as to pull out of the market and in working to preserve capital.
An interesting fact is the market speculation, the good broker can not generate more income than others. The stock market is almost all done well. In the stock market discount brokers often experience a loss than others. Perhaps because they have learned a lot from past mistakes, perhaps they become more proficient in their work and draw the lessons from the mistakes of others. After studying the strategies of the most successful investors, we find that they have the right approach when making the decision to enter or withdraw from the market. In essence, they have to plan ahead to deal with downside occur.
Company culture.
The attitude of the managers directly affect how the brokers selected to work. People tend to do things that they benefit from it. To implement brokerage sales and maintain long-term profitability for the company, should have the encouragement and support as well as management of the senior broker in the company. Since by then all the rest follow the new.
The most important thing for companies is:
The most valuable asset for an investment organization is its reputation. We must do everything to protect that reputation chasing profits without damaging the reputation of the company. We have a sacred obligation to protect the interests of customers.
In the long term the company can survive and sustainable development is the company policy stability and the best interests of our customers first.
Work environment.
There are two aspects of work environment that need to be discussed is the attitude and work ethic.
Each agency has its own regulations on workplace culture, when you are choosing jobs, they must carefully select the work environment, you must consider carefully whether the work environment that is right for you no, it will promote your ability or that inhibit you. Even the most skilled brokers were also negative when all those around who are not qualified colleagues. Your reputation more or less affected by those who work with you, if not also be regarded as "accomplices".
Not easy to change the work environment, when you're in an environment that brings many negative elements, you must select either get rid of it or is it governed. These brokers often try to break out of that negative environment.
Make the most of the time and ability.
The leading brokers take the time to the maximum. Most of them are those who actively support (although there are some who do it all without help from anyone else). Because "time is money" and because the sale of their direct effect on earnings, they often:
• Working both wise and diligent.
• Sort using time effectively.
• Mental discipline.
To maximize your ability to have all the products and services to meet the financial needs of the market. Do not have a service that can meet all needs.
Secret 3: Creating excitement for the job.
No. 3 The secret to success is to create a personal passion for the job. This is not easy to implement but it is very important. To be able to make good the financial services, you must be patient and persistent.
Nothing can substitute for patience. U talent? There are too many people fail with their talents along with. The genius or the education and trained? Of course not enough. Just have patience and determination to have infinite power only.
Calvin Coolidge
Patience is very important, somewhat depending on a variety of the following factors:
• The real goal of the work.
• Identify your personal mission.
• Solve the pressure of work efficiently.
• Continuous development of professional qualifications.
Personal Tasks
It gives you the important differences with everyone. In many cases, your advice will decide whether a particular customer can achieve their financial goals or not. Need to recognize that most people retirement is very poor - they had to rely on government, at home, or other charitable sources to survive, so we need to know that your task is to create conditions for their existence may itself appropriately to the circumstances of each person.
The story will take a picture of a typical investor, the interpretation given why a re-investment plan can not be done, why wait until a certain time in the future .
"I can not invest now"
From 18 to 25 years: One student said, "Why invest now?I still go to school. I do not have any money to any investment. After graduation, I really start earning. I then had the ability to invest. "
From 25 to 35 years: the same people but now it is in the costume of a trader: "I just started working a few years.I must be dressed to impressed. I never had the chance to accrue extra money but I have a lot of time. "
From 35 to 45 years: ................?............... that are holding your child's toys and said, "I was married and had children ... there are too many accounts payable.Actually I do not redundant to invest right now but plan to when the kids a little older. "
From 45 to 55: The person with empty pockets.
Indeed I'd love to but I can not do it. I have to save every penny to pay tuition for the children. Even I have to borrow to pay for them when they graduate will be able to make my investment. "
From 55 to 65 years: He has the look of anxiety.Of course now I should invest immediately, but likely too tight economy. I can not continue this work at an age. I wish I invested 20 years ago. If so, now I was not in a situation like this. Oh, now I just hope something good happens it. "
aged over 65: The man bent with a look of boredom.
It's too late. We are living with you. It is uncomfortable but we know what to do now. Cash welfare benefits are not enough to live. If I just accumulate and invest the money. In no way can be when there is no investment income.
"I can not invest now."
As a broker, you have to know their duties, must explain what you are doing and what value you bring to the people you can help. This will help to motivate the work in the long term.
Reduce stress at work.
Brokerage is one of the most stressful occupations. Often they themselves caught up in work and if we go in for a long time, it will affect not good for you, the customer and the company. So to do a good job to know to create balance in their work. Studies have shown that work efficiency greatly increased if you rest after a certain number of hours worked and settle conflicts appropriately and release the pressure every day.
Chapter 3
The wave of the future (future trends)
Usually there are two methods of conducting business methods and methods of marketing sales. Marketing methods, you must find out what customers want or need, then, you produce that product and will buy them. Under the sales method (traditional method) will sell you everything that you could be produced. Sales Consultant (Consultive selling) is an extended form of rational marketing methods.Accordingly, you should try to find what customers need and then satisfy them if possible - with some of the products you have. Profit through the sale by consultants is huge. It increases:
+ Property by the management and account penetration.
+ Keep the customers and satisfy their needs.
+ Improve the performance of the broker, customer retention and satisfaction.
However, the real effectiveness of the sales consultants not only understand the real needs of customers and try to satisfy them with appropriate products. It is a unified operating rooms starting from management, capital flows through various levels and to manage the agency's lowest investment firms and their employees: the easiest way to understand the sales consultant is the secret to success in terms of price fluctuations and it always begins with the realization that we are in business and a goal and only a single goal: to meet demand financial customers and to help them achieve financial goals of his.
The problem and the cost.
The reasons are not aware of the existence of your business is an example of "Marketing myopia" (Marketing Myopia). That is the tendency that when you see something "useful, profitable," you will keep it and turn it into a business idea. In some banks, we can see that when they perceived as follows: "For our customers prefer the assurance of the account is FDIC insured, we will continue to provide only a single commodity and there is an account of FDIC insurance. " They can continue to advertise, promote more of such accounts is a positive way, even when the interest rate ............. accounts of the FDIC guarantees very low, they are no longer attractive anymore and can actually become detrimental. For every broker, the same ideas can be seen in the continued value of shares as a simple tool to satisfy most needs of all customers.
A classic example of this approach is shortsighted Marketing in the railway.These leaders think that they only work in the field of rail instead of thinking that they are operating in the transport industry. As a result, they were overtaken by the carrier trucks, planes, buses and ships. If they soon realized that their goal is to transport people and goods, they will diversify and enhance their service includes transportation by truck, bus, aviation and shipping contribute to the growth and development of this industry. But instead, they aim to compete with each other.
A typical example is Hollywood, the industry's leaders think they only work in the field of cinema instead of thinking that they are active in the entertainment industry. As a result, they were overtaken by broadcasters and media (NTV, HBO, CNN, CSPV etc. ..) and video games and generally, they were replaced by large corporations that field operation is for all recreational activities from the publication of the video game or movie to the theme park (the only exception is Disney, a company later appeared with the program their own television, fashion and the production line (children's toys and theme park).
In the five-star legislation Glass - Steagall issue, the banks think that they only work within the business operations of the bank while the brokers think they only work within the business stocks and bonds. Only a few large brokers were first awakened wisdom is that they really only deal with CP and TP which are active in the industry of financial and monetary services. Up until the year 60 and 70, if you want to buy stocks and bonds, you must go to the central broker. It is the only place that allows buy-sell securities. But two events happened in 1975 changed that. On 05/01/1975 First, the trustee for the brokerage industry was abolished. Before that, he had a few small competition within the industry (between brokerage firms together) and no outside competition. Monday, Merrill Lynch was ordered to the Stanford Research Institute to find out the needs of customers, in fact the financial services, in the 1980s. The two most significant findings were found are:
1. They want their assets managed and convenient use.
2. Customers want to have their financial plans.
As a result, Merrill has established a cash management account first (The fist Cash Management Accounts) (CMA TM) and later accounts TM The Equity Access Account and became the first major companies to provide financial wealth for Americans.The different companies will do that and at the end of 1980, other large firms become more like a "supermarket" providing financial services than those of stocks and bonds. To grant more financial services customers need. Start ....?..... financial accounts, large firms offer any form of insurance for the mortgaged property, the association and the plan is not in circulation, to each unit of the investment group. This is done with the hope that with each new position that will make customers stick with the company and hard to leave the company when the competition draws or when the broker they work for competing firms. It was the initial concept to establish the strategy to expand its operations to maintain relationships with customers.
Meanwhile, many large banks also won the opportunity to develop and strengthen the training program to make the form of professional financial advice than to attract and keep customers. Unfortunately, the continuous increase of products and services also means that the sale and mixed them in some sort of portfolio investment balance becomes very complex. The former broker simply call the customer through the introduction of buy-sell latest from the analyst, the company they now have to consider the purchase or sales of any single product which will affect the investment portfolio so. A daunting problem for even the experts are experienced brokers, have mostly happens with the new broker. It is difficult to combine two elements: First, brokers are being urged to get paid and move products and methods of measuring the success of the broker based on daily sales of more than is to keep relationships with customers. And Monday is a big part of sales training, particularly in the branch, another file on the increasing number of sales.
One problem that today's brokers, who are trained in the sales consultants face when they return to work in offices where there is little or even no orientation in counseling so they can follow. The sales managers are rarely maintained regardless of any one branch more than two years and the payment of wages, appreciation, promotion based on performance of two years. They have little or no incentive to form to develop the asset - gathering and long-term relationships with customers rather than sales in the short term.As a result, they tend to do, appreciate and promote the broker can bring big profits from the sale of a large volume products. Unfortunately, the sale is considered as a normal transaction in the profits of firms from selling consulting played an important role.
The risk of losing customers by boosting sales is causing banks to participate in the securities sector, because the primary customer of the agent bank is always an investment banking clients. If a bank's brokerage (investment dealer) to promote loss of customers due to poor products or services that the bank is also losing other business opportunities with customers.
Light at the end of the tunnel (the tunnel of light)
The issue of compensation and qualifications are also more far-sighted of the presentation. Citi Bank has been experimenting with a program of compensation for its investment criteria is based on customer satisfaction, the ability to do the office work and the ability to gather assets. This is a complex program and no doubt, it must undergo a few changes to be completed. But it is a step in the right direction. Many large brokerage firms are increasing accounts "secret" and other packaged products while exploring ways to compensate brokers based on asset management and customer satisfaction straight rows rather than pay the usual commission.
For those brokers that their income is based on a large volume of shares traded continuously, then the program more attractive. But for the brokers, they require a more consistent income with little to worry for months done by allowing the broker to focus most of their attention on customer service rather than the minute tracking of market changes. The financial plan, whether filled or services limited by the association or the circulation plan is not also offer a great value on information and guidance as the plan provides the agent for the employers in their efforts to satisfy customer needs. In a way, the financial plan is deemed to have taken the clear expression of the sales consultant (that's why most financial institutions - from insurance companies to brokers and banks - are offering some type of financial planning for clients of financial planning for their customers). In fact, the time will come when the compensation earned from the investment dealers will be determined, at least if only partially, in one way or another, he has established several types of projects financial customers and any investment is made is related to finance that project like? That is true, because even if the investment is made "good" but if customers do not understand why did I own it and it works like the satisfaction he is not a major most. Therefore, a rate of 8% is returned to a certificate of deposit insurance (which the customer can understand) may be consistent with the rate of 9% is paid from a fixed subsidy amount year, which he could not understand and can not worry about it.
An important aspect of the trend towards project finance can be understood is that it allows the investment dealer activities together and building relationships with financial advisors by their customers (such as lawyers and insurance ........?........) as was revealed in the project. It is not surprising to find that in an economy with consumers most people can not afford to meet all financial goals of them. at this point, the brokers began to help their customers to specify and prioritize their own goals and find ways to achieve them. However, this capability requires specialized training. To do this, many banks have begun to follow in the footsteps of the big insurance companies such as Merrill Lynch, Prudential and Smith Barney to review software project finance brokers to help them understand the part of property customers clearly, some people feel this will help them raise the fee income quickly.
Traditionally the new broker is often a costly investment that usually only think a little about the price for the replacement joint. Except some of the best companies, a little time and even those who have the experience, the brokers and .........KQ .........?.. is 75% of new brokers leave the industry within the first three years.According to the regular message "Perform today" (translation: "The work today"), the investment dealer subject to tension and a tremendous amount of pressure is to sell a couple of something, even anyone anything (although I could not match) just to survive.For them, the sales consultant to become a term that might need someday they will have to use.
Branch Director brokers who hold key roles in establishing the point of sale of investment dealers. Efforts to help the broker moved from a house into a business management consultant sales may be hampered by the director of the branch-oriented transactions. According to the reports of the brokers are trained in counseling, they were advised to forget what was taught in school and pick up the phone up, start selling the latest products. The branch managers must also commit to consultation meetings because they are paid to do it or because even the best investment dealers are selling their orientation is also affected by the orientation of the managers of this branch.
It is ironic that the brokerage industry is increasingly oriented consulting sales approach, many of them are returning to the traditional sales skills to enhance the proprietary funds. The risk of this approach has been to find out in detail trsong of "Bank Investment Representative" (The typical investment bank). According to Jeff Chanplin (the publishers) from the past, the banks are more favorable than the broker property to attract customers because of the significant differences in the level of customer trust for banks with the confidence of customers for the broker. Banks are generally considered conservative and business-oriented while the brokers are considered those who care mainly to the rapid acquisition and quick profit. Today, many banks are risking the loss of "confidence" by encouraging the sale of these investments represent investments in primary, isolated, personal wealth funds of the bank (often with knowledge is incomplete or lack key .....?....... about their products). Many of the program management activities of the bank-oriented, transaction brokers for securities - those that just know how sales have proved inflexible and immediately enhance the efficiency program. Thus, short-term orientation has been strengthened.
The massive shift in sales approach has made banks become much different from the broker in the eyes of customers. places are considered "compensation policies contrary to the distribution based on conventional methods and efforts to limit acute list of acceptable products" Chanplin that the end result achieve from this policy is losing the trust of customers. Before blindly plunge into these traps, the bank must review all policies and their procedures - from compensation to policy delivery method - to determine the direction consistent with the philosophy overall customer service of banks like?
The steps to set up a mentoring system sales.
Set up a counseling program for investment sales in the sales agent is more complex than simply tell them to put the customer first in any position, or even change the way compensation. If a company offers consulting sales policies, all of the unions, officials, managers and all staff will have support from the traditional system, the short-term profits to surplus recognize the fact that they are in the industry of financial services and that is the reason for the performance of their customers to survive by helping them meet the financial needs and goals of long term. These companies do not realize this will soon be taken over or excluded by these companies realize that.
Banks are faced with a series of choices as they try to determine their orientation when dealing with similar issues. Usually people are not trading for a long time has always been very much oriented that the bank considers itself as playing catch with a brokerage. To do this, many banks have tried to expand the stock market by offering a wide range of products and services from the annuity accounts and mutual funds to brokerage perfect of subsidiaries with securities companies. It also continued the dialogue about whether to let the bank employees to sell shares is better or lease brokers are experienced and better trained. Today, most banks have seen that the hiring of experienced brokers to sell to them, the more effective and faster. This is especially effective for banking organizations that encourage agents to invest in proprietary funds. However, it has its dangers as discussed previously. Is the investment of the sales agent or the hiring of experienced brokers will make the development of banking services. Here are some important steps that can improve the quality of sales consultants.
The branch managers and investment dealers have been common philosophical concept and practice of the "customer is king". This may require the implementation of training for cultural change to the investment dealer and psychological point of sale that the bank is overall.
The compensation for directors and agents can take the form of rewards sales consultants and sales incentive, which can follow the example of some larger companies.
Director of Branches and agents have benefited from training in communication, relationships and improve skills at elementary level and high level to allow them to establish relationships with reliable and long-term customers. Managers must be trained in how to encourage investment consulting agency sales and encourage sales.
Note: According to a report in 1991 of the Competition Council related financial "Upgrading the quality of the branch manager" 3 "key points of the training can make a major contribution to the quality of governance quality of the branch managers of the company; the training is effective necessary conditions for the opening of bank branches without a "raw material" 3.
Based on the type and depth of experience of both branch managers and investment dealers that will profit from additional training on information about customers and sales consulting skills. Information about customers not only effectively detect the assets of clients and plan / financial needs but also constitute the best way of sales as a typical basis between customers and agents .
Based on whether the sales agent for investment in mutual funds and annual grants or provide the perfect broker, they can benefit from training on the selection and administration of securities portfolio investment management. According to Malcolm B. Chancy, president of Liberty National, the training of 450 branch managers in the sales of mutual funds is very useful, it helps acquire the bank sales of mutual funds with the goal of one million dollars a week . 4
While competition for the right customers increasingly are seen as taking care of their property, banks still hold a slim advantage over the customer's trust. However, many of the leading brokerage firm committed to each other to develop a sales culture in which the customer really is king. So as a temporary gap in perception of real value, banks have to protect it and use it as they advertise for the programs and investment products to clients. As both a skill and as a way of thinking, sales consultants can be a tremendous resource for any company and any individual experts, with their efforts in finding new customers while still maintaining the client already has. Unfortunately, the traditional sales can easily lose the trust of customers for many years it was the loss of their business opportunities.