LIVE FROM FPA EXPERIENCE: 'Seller beware' atmosphere means need for new client approaches

Traditonally "the seller" has had more information and it's been a "buyer beware" situation, said Daniel Pink, author of "To Sell is Human: The Surprising Truth About Moving Others," at the Financial Planning Association's national conference in Orlando on Saturday. New technology is giving more power to the consumer.
OCT 21, 2013
With access to a broad array of investment information, wealth management choices and worldwide communication, clients are gaining the upperhand in their relationship with their adviser. Traditonally "the seller" has had more information and it's been a "buyer beware" situation, said Daniel Pink, author of "To Sell is Human: The Surprising Truth About Moving Others," at the Financial Planning Association national conference in Orlando on Saturday. New technology is giving more power to the consumer. "All kinds of markets have gone from those with information asymmetry to a world where consumers have lots of information, lots of choices and lots of ways to talk back," Mr. Pink said. "Now it's seller beware." Mr. Pink offered advisers a few unconventional tips for bringing today's clients on board and getting them to agree with investments and other decisions that are in their best interest. For one, he said that actually changing a client's mind on a particular issue or investment matters less than giving them a way to act on particular concerns. Giving clients a way to take a step forward with an investment or other idea may be more fruitful than spending too much time just trying to convince a client to buy into an entire strategy or concept. When "the facts are on your side," Mr. Pink said, asking clients some suggestive questions often beats providing those answers to clients.

Latest News

Carson, Lido strengthen RIA networks with bicoastal deals
Carson, Lido strengthen RIA networks with bicoastal deals

Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.

Goldman gets shareholder backing on $80M executive bonus packages
Goldman gets shareholder backing on $80M executive bonus packages

The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.