Sales and Sales Management Blog

August 14, 2007

Ah, The Smell of Fear is in The Air!

Filed under: prospecting,Uncategorized — Paul McCord @ 3:59 pm

The market is in turmoil.  Credit markets are headed for even more difficult times.  More and more mortgage companies will bite the dust in the days ahead.  Soon, small securities brokers will join them.

Investors are turning from greed to fear.  The bear isn’t only raising his head, he’s preparing for a rampage, at least many investors think. 

What a perfect time to be in the securities industry.  Whether you sell individual stocks, concentrate on debt instruments, focus on mutual fund sales, or drive money into managed accounts, you’re looking at probably the best time in years to find and bring on new accounts. 

For the past few years, anyone with a dart could make their clients money.  The question wasn’t whether their clients would make money, the question was how much.  In a market like that, few people move their accounts.  Why risk it?  The company they’re with is making them cash.  Who knows about the new guy or the other company? 

But when the market turns, the flight begins.  And the flight isn’t too something, but away from where they are.  The tendency isn’t to move rationally, it’s to escape the hell they’re in. 

The same bloodbath the mortgage industry is experiencing with companies going under, thousands being laid off, loan officers scrambling to find another occupation will be hitting the financial sector soon. 

Yet, for those advisors who are prepared, this is a golden opportunity.  This is the time to be aggressively marketing yourself.  This is the time to be expanding your training and marketing budget, not reeling them in. 

Take this market for what it is—not your death, but the best opportunity you’ve had in years to gather new clients.

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