Since this blog is all about brand love, let me begin on a celebratory note.
Edelweiss Mutual Fund gives me a strong enough reason to do so.
Starting this year, Edelweiss observed 31st March as Financial Advisor’s
Day. More so, they also urged all AMCs to join in the celebration.
Distributors play multi-faceted roles to aid decision making of investors.
They don multiple hats as financial planners, psychologists and advisors
in order to help investors meet their goals.
Companies respect this dynamism of their distributors and rely on them
to a great extent. As business partners it’s also imperative for them to
take steps towards understanding their challenges in depth, and in turn
After having partnered with thought leaders of BFSI companies, I’ve
observed several distributor-related challenges they have been facing.
- Staying in constant touch with the client – Most distributors and
agents have various means to keep in touch with their clients. But when
things are going well, the effort to stay in touch reduces. In such cases,
they can nurture their relationship by sharing knowledge, updates and
- Optimal use of information – The ocean of knowledge keeps expanding and getting deeper. Distributors are loaded with information. While smart distributors use information wisely as per the client they are dealing with, few of them dilute the information and may feed the client with the irrelevant. Companies can aid distributors with reliable data resources and relevant information which will further help clients to take informed decisions. This could be a great way of spreading awareness within the investor community.
- Maintaining Standard Communication – The products may be varied, but each one of them has its unique value proposition. The need is to articulate and communicate about the product in question. 37% investors terminate a distributor or agent due to poor communication. Therefore, in order to avoid convoluted and haphazard communication, a standard communication to aid distributors is what’s needed.
- Keeping the balance of Digital and face-to face communication – Over the years, products and markets are ever evolving. And so is technology. Digital is a way of life today. Hence, along with enhancing the personal communication skills, companies could also help advisors upgrade their technological skill- set so that they can cater to old and new generations of investors.
- Bringing the emotional connect – Most clients base their decision on emotions. On the other hand, many distributors are very logical and rational in their thinking and expression. Companies can help advisors strike a fine balance between rationality and emotions. This would aid advisors in facilitating sound investor decisions.
- Devising innovative engagement methods for Distributors – Today, many financial companies are exploring means and ways to go beyond transactional relations with their distributors and agents. Rewards & Recognition, educational and training workshops are some of the methods practiced today.
Visionaries have identified that the need of the hour is to go beyond and
build that emotional connect to strengthen relations with distributors.
When you build bonds with your partners, you build loyalties. This goes
a long way in enhancing business outcomes.
I am sure, that as a thought leader of BFSI company, the constant
thought ruling over your mind would be -distributor love ke liye kuch
bhi karega !
So, if you’re looking at some innovative ways to build that emotional
connect with your distributors, fill in your contact details below and we’ll
help you win your distributors’ hearts.
Sources – https://www.investopedia.com/articles/financial-advisor/052516/top-challenges-financial-advisors.asp https://cafemutual.com/news/edelweiss-insights/16025-edelweiss-mutual-fund-to-celebrate-march-31-as-financial-advisors-day https://economictimes.indiatimes.com/wealth/plan/do-you-know-why-71-of-indian-investors-trust-their-financial-advisers/articleshow/63653888.cms?from=mdr