Adaptation or extinction: The choice is yoursBlog added by Paul Wilson on August 14, 2009
Paul Wilson

Paul Wilson

Denver, CO

Joined: May 30, 2007

Regulation (and threat of even more regulation) is on everyone’s mind in the industry these days. Between 151A, the increasing role of the SEC and FINRA and a mountain of imminent legislation, the financial services are in the midst of a major upheaval. Does the ongoing turmoil keep you up at night? How are you going to manage in this strange new world? Will you be able to survive and even excel or will you be swept out of the industry by the new wave?

According to Michael Lovas’ new article, “The death of selling as you know it,” “The new sales process will be more like selling a hand gun than a product. It's likely that you'll have to recite legal language similar to the Surgeon General's Warning: "WARNING: This product is either appropriate or inappropriate, and you will know soon enough if you have wasted your money and sabotaged your future. Further, said product cannot protect all people in all situations or guarantee any returns. Believe none of what you have heard, and only half of what you saw, and no matter what, sign nothing and keep your hand on your wallet!" - The Administration.” Not a very pretty picture, to be sure. So what’s the next step? According to Lovas, the only way to survive is to adapt. In fact, there seems to be a growing number of industry experts who are focusing on adaptation , rather than resistance.

To quote Ed Morrow’s article “Prospering from adversity,” “You cannot change the actions that may be taken by the IRS, SEC, Congress or the President. You cannot change what is being done in other countries. However, the financial tsunami will not wipe you out if you focus on client retention and new client attraction. This means frequent, attractive, informative communications. This evidence of your caring will increase your revenue and referrals. If you have not sent out some type of broad scale massage in the past two weeks, do so now. Not next week -- now!”
So, what’s your plan? Are you one of the growing number who are starting to focus on the future and working on an adaptive strategy, or are you still focused on fighting tooth and nail against Them for the industry you love?
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