Investment Training in a Box
We all know that one of the most exciting days for newly registered representatives is the day they pass their securities exams. Almost like clockwork, as soon as they arrive back in the office to announce that they have passed, they’ll quickly ask the question, “So what do you want me to do next?”
Learning About Products and Services Isn’t Enough
Although every organization is different and unique, most firms, whether large or small, do not have a solid response to this question. The most typical response is to direct the new rep to meet a wholesaler. Of course, the job of wholesalers is to educate new reps on their specific products. They educate them on their features, benefits, riders, varying costs and expenses, competitiveness, and who would be a perfect fit for their products.
Learning the products and services is a critical step, but it does not instill the confidence, or the competence reps need to begin to meet with potential investors. Sure, the newly registered reps learned enough to pass their tests, but they lack the insights and knowledge of how all of those concepts, techniques, formulas and products actually work — and how to explain them to a potential investor. Even those who are fortunate enough to be working with a mentor or senior advisor rarely will find that they have enough time or desire to sit down with new reps and teach them all the foundational information and details they need.
A Standardized and Engaging Training Curriculum Is the Key
In today’s world, we all have so much more to do, with so much less. Ideally, everyone would like to have a systematized process to build on the basic knowledge the new reps acquired to pass their securities exam, but who has the time to do it? I think we all would agree that it is essential to have a standardized yet engaging training curriculum to help reps understand the products, concepts, strategies and formulas of investing.
But it is more than just having another class or session to attend. New reps need and want a dynamic resource that reinforces what they have learned and quickly and easily gives them insights, answers and quick coaching moments to guide them when engaging with today’s consumers. Today’s consumers want to be educated, not sold.
A training platform needs to be dynamic, engaging and flexible, and it must be delivered in bite-sized yet comprehensive pieces because time is always a major consideration. The training must be easy-to-use, easy-to-understand and accessible on demand, anytime and anywhere.
“Give me six hours to chop down a tree, and I will spend
the first four sharpening the axe.”