Made in China Spells Opportunity

Like most Americans, you’re probably worried about the safety of toys, medicine, tires, food, and God knows what else made in China. No wonder. The media have been full of accounts of dangerous Chinese products that have reached our shores with little or no oversight by Chinese safety regulators.

The good news: You have an opportunity to make lemonade out of Chinese lemons.  Here’s how:

1. Ask your prospects whether they’re concerned about buying Chinese products. If they answer “yes” (and they will), explain to them that American products and services are fortunately much better regulated. Then mention that one industry in particular has multiple layers of oversight in order to protect consumers: financial services.
2. Next, explain how the Federal government regulates banks and securities firms, brokers, and investment advisors and how the state oversees insurance agents, brokers, and investments advisors.
3. Position this regulatory framework as being effective most of the time, with occasional lapses. But even at its worst, it is head and shoulders above the type of regulation that occurs in China, which is often corrupt or nonexistent.
4. Finally, mention what it takes to become an NEB member. Then explain how that provides extra peace of mind to consumers at a time when it’s hard to know what or whom to trust in the marketplace.

Now, praising the virtues of financial regulators may not come easy! But give it a try. Because compared to their counterparts in China, U.S. financial regulators create consumer confidence, not undermine it.