“You talk to people who will never be rich, but who don’t deserve to be poor,” Joe Jordan told attendees of his workshop, “Back to Basics: Surviving in a Post-DOL Environment,” at NAIFA’s Performance + Purpose conference.
The DOL fiduciary rule is likely to make it more difficult for advisors to serve middle-income Americans, but these are the people who may need their services the most. Commissions are under pressure and advisors and financial firms may need to find new ways to operate, but Jordan says they must find a way to not leave their smaller clients behind.
To be fulfilled as a professional, he said, advisors should get inspired to create a purpose that creates value for someone else. Once their purpose is established, they should take action to make a commitment to that purpose.
Most advisors hate prospecting, but it is important. There are three types of people, Jordan says: those who listen to your advice, those who do not listen to your advice, and those who have not heard your advice. The first step to doing what is best for your potential clients is to make sure they at least have a chance to hear what you have to say.
“You can’t control the results, but you can control your effort,” Jordan said.
Advisors can connect with clients by creating trust and building relationships. Tell them your stories and connect emotionally. “These are things roboadvisers will never do,” he said.