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Product Push & Transaction Drive to Competitive Advantage

Edward Ketterer • November 24, 2020
Managing Expectations Article

The changes that were needed and wanted. A necessary transformation to build a business through the development and maintenance of your client relationship by addressing needs and wants on an ongoing basis.


Historically there has been a tendency for financial professionals to offer products and proffer transactions to clients that reflected the best revenue generator for themselves. In some cases, it could be a product or transaction that was or is solely offered from their institution or firm. 


There has been a slow but strong move from this type of activity as the realization struck home that pushing a specific product or driving a transaction can be counterproductive to developing a relationship with the client and potentially detrimental to the long-term development of the client relationship.


The changes from this type of activity has come from the realization by clients, financial professionals and government regulators that it's not sustainable for all concerned.
For clients it did not necessarily mean that the product or transaction addressed or meet their needs. For financial professionals this made clear that a business model that did not address the sustainability and development of the relationship could have a direct impact on the operation of the business. For government regulators it became clear that through complaints by the investing public there was a need for change.  

As a result of these realizations a move away from a product push and transaction driven business model became key to maintaining and developing the client relationship. This change took the form of providing financial advice and the development of strategies that looked beyond pushing a product or driving a transaction. It became obvious that a broad-based holistic approach into the needs of the client and the appropriateness of a given product or transaction needed to be backed up with a comprehensive understanding of what the client wanted and needed.

Hence the creation of the financial plan that addressed the client’s wants and needs, outlined as a structure that focused on how these wants and needs would be approached with various options for choice and then provided an action plan to put the chosen option or options of the financial plan into operation. 

Top the financial plan with ongoing advice and periodic reviews and you can start to see that this business model is far more sustainable as it works towards the development of the client relationship which in turn provides the financial professional with opportunities to address the future needs of the client.

In the articles to follow I will outline a version of this process and then proceed to break the process down into four modules and in turn breakdown each module.

In many ways the video on the “4 Guarantees” included with in the website outlines some of the challenge’s clients can face and touches upon how a financial professional can assist when developing a financial plan. The “4 Guarantees” represents some of the elements that are considered with in a financial plan.

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Copyright © Edward Ketterer 2020

Edward Ketterer has asserted his rights to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988.

All rights reserved.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner.


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