Adam Fayed, CEO of adamfayed.com, discusses the importance of valuing time in the financial services industry and breaking industry norms to be more productive and successful. He emphasizes the need to move away from offering free services and discovery calls, as this can often lead to wasted time and lack of commitment from potential clients. Instead, Fayed suggests adopting a more strategic approach to client acquisition and setting boundaries to ensure that only serious prospects are brought on board.
Fayed highlights the concept of reciprocity and how offering free services can create a sense of obligation for potential clients to proceed, even if they are not truly interested. He shares his own experience of trying out a gym with a free session and then feeling obligated to book more sessions, despite knowing it wasn’t the right fit for him. This example illustrates how human nature can influence decision-making in the financial services industry as well.
To differentiate themselves in a crowded market, Fayed recommends focusing on credibility and transparency. By providing free content, being featured in the media, and showcasing client recommendations, financial professionals can establish trust with potential clients without having to offer free services. Enhancing transparency through detailed FAQ sections on websites can also help streamline the onboarding process and eliminate the need for lengthy discovery calls.
In order to implement changes to their processes, Fayed advises financial professionals to be willing to lose clients who may not align with their new approach. It is essential to overcome the fear of loss and focus on attracting clients who are a good fit for the company’s values and mission. By setting clear boundaries and communicating expectations upfront, financial professionals can ensure that they are working with clients who are committed to the partnership.
While introducing paid consultations or online decision-making processes may not work for every client, it is important for established companies to prioritize efficiency and value their time. Fayed shares his own experience of transitioning to an online model in 2018, which initially led to some client losses but ultimately allowed for greater productivity and growth. By taking calculated risks and adapting to changing industry norms, financial professionals can position themselves for long-term success.
In conclusion, Adam Fayed emphasizes the importance of treating time as a precious resource in the financial services industry. By challenging traditional practices and adopting a more strategic approach to client acquisition, financial professionals can create a more efficient and transparent business model that attracts committed clients. By valuing their time and setting clear boundaries, companies can position themselves for growth and success in a competitive market.
