Apsire Partnership Brochure - page 8

The traditional financial adviser
Thesales ladder
Traditionally, in the past, a provider would create a new product where it
saw a marketing opportunity, and then contact the financial adviser to
promote it. In turn, the financial adviser would contact the customer to
give them the opportunity to buy the product. It’s a bit like climbing a
ladder. Imagine there is a product provider, a customer and a financial
adviser. Now imagine them all stood on a ladder. The provider would be
at the top, the financial adviser in the middle and you, the purchasing
customer, wouldbe at thebottom.
Drivenbycommission
Theorderof the ladder isbynomeansanunusual commercial set up. But
traditionally the financial services industry has been commission based
whichmeant that, inorder toearn anymoney, thefinancial adviser had to
sell thecustomer theproduct. This led, somemaysay inevitably, toa focus
on the saleof theproduct rather than theneedof the customer.
More luck than judgment
For years providers have offered financial products to the general public;
directly through themail or newspaper advertorials or via corporate sales
people andfinancial advisers. Andeverybody has bought some…
…With profit bonds, annuities, PEPs, endowments, guaranteed income
bonds, life cover, unit trusts…
Nowdon’tmisunderstandus, doing somefinancial planning is likely tobe
muchbetter thandoingnothingandsomeof thepurchaseswill havedone
well, especially investmentswhenmarketshave risen. But, nodoubt, a few
havenot deliveredquitewhatwasexpected, somepeoplemayhavebeen
unlucky enough to have beenmis-sold to and othersmay not remember
what was purchased, or evenwhy it was bought in thefirst place!
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