The Cold Call
This isn’t a popular statement to make, particularly in the UAE, but the cold call does still work.
Are you still reading? Please don’t start writing your hate mail just yet, hear us out.
Let’s be honest, no one really likes the cold call. Not the person making the call. Nor the person receiving the call, especially if they’re in the middle of a busy day at work, rushing to a meeting or clearing through a never-ending to-do list.
But the fact remains – this approach does work. That one person in a hundred calls will bite and agree to a meeting, and that’s the overriding objective for the budding financial advisor who has been handed a list of telephone numbers and told to start punching numbers into his iPhone. “Just get them to agree to a meeting”.
Let us be clear on something though. At Berkeley Assets, we obviously don’t cold call, but the cold call does impact our business because it damages the reputation of those who work in finance and that can be tiresome to deal with.
Anyone in the ‘finance world’ in this region is usually greeted with wary skepticism, a narrowing of the eyes and the accusatory – ‘oh, you’re not one of them are you?’ whenever you tell someone your area of business.
And we get it.
Our approach to money is different in the UAE than it is in Great Britain. In the UK, there is very little sales attached to the duties of a financial advisor, but in the UAE, the mentality is so different.
IFAs have to fight hard to combat the reputation that precedes them because the industry started here with the introduction of the cold call. In the UK, people seek financial advice at their own accord, and usually to help with a specific requirement. Usually, wealthy people or high earners will also ask for professional assistance because they don’t want to leave high volumes of cash in the bank.
In the UAE and other new economies, there is a culture of financial advisors chasing for business, and everyone knows someone who was sold a product that they don’t necessarily need. Everyone from school teachers, middle managers, business owners and CEOs will have advisors but it would be unlikely you would find many school teachers in the UK seeking financial advice.