What advisor practices of all sizes want is a cost-effective, front-to-back solution that serves as an alternative to the fragmented transactional selling approach used by financial institutions of all sizes.
This presents a great opportunity for asset managers and platform service providers who can apply a consultative selling process to demonstrate how a whole organization combines its individual products and services with those of other providers, to support every aspect of a well-run advisory practice with a focus on efficiency and outcomes.
As financial services and technology continue to converge, selling a single remedy without considering the whole solution becomes increasingly more challenging. Think about the mutual fund guy selling a small cap fund solely on its performance–not working so well these days, is it?
What does work is to bundle offerings to meet a broader need in a unique and valuable way that competitors can’t easily replicate.i
Going forward, any company selling financial products and services will benefit by thinking of the entire organization within each of the individual products and services it offers (the whole within the parts) — as opposed to seeing its whole organization consisting of a series of separately managed products and services.
This change in thinking applies the principles of self-organization and has the potential to transform a business to adapt to continuous change. It has the potential to do away with the kind of fragmentation that plagues far too many companies today.
Best of all, thinking of the whole within the parts can have a profound impact on sales growth by promoting heightened awareness of what is emerging in the market place – and this, in turn, leads to actions that serve and are supported by the whole organization at the point of sale.
i From “Challenger Sale”, a book by Matthew Dixon & Brent Adamson on new and innovative was to sell products and services