Financial services products to get the marketing hard-sell
Financial Services could soon be the latest product line for network marketers similar to those who have reshaped the cosmetics and healthcare industries.
A group by the name of Profco Network has announced plans to use network marketing to distribute financial services products such as investments, life insurance, superannuation and home loans.
According to Profco executive chairman John Mitchell Adams, Profco was seeking to tap into that market segment of investors who do not go to financial advisers, but want simple advice.
Rather than buying financial products from financial planners, banks and insurance companies, Australians would be able to buy products from accredited distributors through a scheme by the Profco Network.
Profco currently operates in South Africa and Adams claims the Australian business will be based on successful operations in both South Africa and the US.
"The market in Australia is ideally placed to take up this style of marketing where word of mouth referrals are a key selling tool," Adams says.
"In a market with a bewildering variety of sophisticated financial products, it is easy to overlook the credibility that attaches to customer satisfaction through first hand experience," he said.
Profco hopes to have 500 clients by the end of June and to make $10,000 in sales by June 2000, before looking towards expansion into the New Zealand and Asian markets.
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