Marketing Financial Services By Hooman Estelami

Estelami, a Fordham professor, states the most obvious problem with marketing, which is that you can’t visualize every product. Take financial services for instance; there’s no way to get a photo of a stock, mutual fund, or pension. He advises the reader to include the combination of three factors, and they are monetary input, time, and risk. This can be used to compare two different pensions or insurance policies.

A chapter is devoted to the different kinds of financial services and the factors that influence consumer choice. He covers the usual bank accounts, certificates of deposit, and loans, then breaks them down into categories for the different kinds of loans. For life insurance, he goes through everything that the salesman must consider when marketing the policy. First off, there’s the risk factor, such as the customer’s lifestyle and health, and profession. Does he/she have a hazardous job? Are there any dangerous hobbies, such as skydiving? Second comes the financial input, which will be influenced by how much the customer can afford to pay. Finally there’s the time frame, regarding how long the customer needs the policy, and whether or not it will eventually pay back any annuities.

This book is for serious financial marketing, and anyone currently working as a stockbroker, mortgage broker, or insurance salesman needs to read this book. It will eliminate the time wasted on pitching, and allow you to focus on serious customers who really are interested.