Cross-selling is a marketing strategy developed by many financial services companies to increase their revenue. In this approach, financial advisors offer customers additional products or services which are related to the ones they already have. This is done in order to boost upsells and revenue from existing customers.

At times, the customers may find it difficult to understand why their financial advisor is recommending these additional services in addition to what they already have in place. Financial advisors must then explain the value-added benefit of these additional services and how they can help the customer in the long run.

The success of cross-selling relies heavily on the trust and relationship between the financial advisor and the customer. It is important for advisors to recognize that the customer’s interests must always come first. Advisors are not in a position to use cross-selling as a tactic to make more money, as it must be done in a way that is beneficial to the customer. The financial advisor needs to prescribe products and services that are tailored to the customer's needs and financial situation.

There are certain risks associated with cross-selling. Unethical practice, such as upselling, can lead to customer complaints and regulatory scrutiny. Wells Fargo was subjected to such a scandal in 2017, when it was fined more than $185 million and refunded more than $2. 8 million to customers for its cross-selling.

Cross-selling is still a popular sales tactic used by financial services companies, as long as it is done with the customers' interests in mind. It is important for advisors to build trust and listen to their customers’ feedback in order to ensure a successful cross-selling relationship.