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How much of financial planning is sales?

Discussion in 'Financial Planning' started by samaka, 30th Apr, 2009.

  1. samaka

    samaka Well-Known Member

    30th Sep, 2007
    Hi all,

    The 'planning' part of FP really appeals to me. Developing investment strategies, helping people create budgets and structuring their finances is what I want to do. I like the problem solving part of it all!

    However, I get the impression that (depending on who you work for, and how they structure it) there can be a lot of pushy sales involved as well.

    Obviously business doesn't just walk in the door - but I certainly wouldn't want to be in a job where I'm going to be required to cold call people for appointments - or where the majority of the renumeration is commission from signing up customers.

    What's the industry really like? I'm guessing working for a bigger company may be better in this sense - as you only have to do the actually planning, meetings and appointments - and other departments are responsible for bringing those leads in.
  2. Young Gun

    Young Gun Guest

    Financial planning like it or not is sales based. It's not selling a particular product, but you are trying to sell people your time and expertise.

    Your 100% correct that people don't walk off the street and it will take many years before you have a client base big enough that word of mouth will bring you in referrals.

    Until then you will have to generate your own leads, which means networking, cold calling, minning your own businesses existing client base and establishing centre’s of influence with accountants and solicitors etc.

    Working at a larger organisation might mean someone does the cold calling for you, or at a bank the tellers may provide you with leads. But if someone is providing you with leads like a bank they have high targets which they expect to be met and will be quite harsh on given the current environment.

    most remuneration for financial planners is built around a base salary + a share of commissions or a bonus for meeting targets.

    To be successful you have to be comfortable with generating your own leads.