A New Paradigm for Sales Seminars?
Posted on March 16, 2009
Filed Under Sales |
It’s amazing how quickly words become toxic. Given everything that’s happened in the economy recently, you better be careful uttering the words “bailout” or “bonus.”
Another untouchable term is “free lunch seminar.” Remember those? Until last year’s regulatory offensive, financial advisors touted such seminars as a way for pre-retirees and retirees to learn about retirement planning, among other things, while enjoying a free meal. But now that FINRA, NASAA, and AARP have targeted such seminars, it appears that the industry is banishing the term from its vocabulary.
Which leads me to ponder what’s next. One local financial planner may have stumbled on the answer: hold town hall meetings. These are primarily question-and-answer sessions similar to what politicians hold during election time. They’re fairly unscripted and heavy on speaker/audience interaction. And their main goal is to let people speak their mind and get answers, while allowing advisors to demonstrate their expertise.
I think the concept might have legs. Not only does it greatly minimize the potential for abuse, it also is perfect for the times. Consumers are angry about their portfolios imploding. They have lots of questions about what’s likely to happen next. They want guidance, dammit! Plus they want to vent. A town hall seminar will give people what they want now—advice and support—in a no-hype setting. Plus, it will convey the notion that advisors are there to listen, not to explicitly sell.
So maybe we should test out this idea further. Wouldn’t it great if advisors could get exposure, consumers could get guidance, and regulators could stop worrying about predatious seminar presenters? Talk about a game winner! But would Compliance mind the absence of a script? Not sure, but given the alternative, I think we should give it a shot.
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