More than a 100 years ago tyres were solid and a person needed lot of effort to ride a bicycle. Dunlop invented the inflatable tube and made life easy for us.
We (AMC's and Advisors) need a same approach towards selling. All AMC's today are advising agents to become Fnancial advisors. This needs a lot of effort by IFA's by constantly studying. Moreover the advisor has to keep track of his/her Client's portfolio, make proper asset allocation AND Marketing ! I suggest that the marketing burden can be lessened by a tire tube approach.
1. AMC's need to appoint Marketing Managers at each Branch.
2. These Marketing Managers will not do actual selling. They will gather a group of say 10-20 prospects, explain basic Financial planning and ask the prospect to meet an advisor near to his/her location.
3. In this approach the Marketing manager is not burdened with "Targets". Yes there will be targets but these will be in the form of How many prospects one has approached and how many have begun investing.
4. Advisors on their part will provide further insights into Financial Planning, Asset allocation, Time value of money etc.
5. In this way Advisors will not have to spend money and time on marketing.
6. Relationship Managers are given 'Targets" and they in turn Push advisors to sell "Schemes". I think this has to be done in a different way.
Comments and suggestions both positive/negative are most welcome. The idea is to take entire industry forward and not on the back foot which we are today.