In the financial services industry, advisers are surrounded by clients’ fears—fear of the market going down, fear of the economy not recovering and/or fear of making the right investment decisions, just to name a few. For some advisers, handling clients’ fears can feel like a daunting task while for others it’s all in a day’s work. For the latter, the formula for managing fear is increasing knowledge.
If this has happened to you, take comfort in knowing that your clients hired you because they like you, trust you and believe that you have their best interests at heart. Prove your clients right by believing in yourself, in your integrity, your honesty and your commitment to helping them. When you focus on things that you can control, you harness the power of belief.
Ralph Waldo Emerson said it best when he said, “Knowledge is the antidote to fear.”
So how can you face your fears, increase your knowledge and be the adviser that your clients want you to be?
Let’s take a look at a step-by-step approach for building up your “business fearlessness.”
Step 1: Acknowledge Your Current Business Concerns
The first step is to get completely honest with yourself by asking, “What am I most concerned about in this business?” Sit with the question for as long as it takes until you find a truthful answer. Next, ask, “What do I need to know in order to overcome this concern?” and “Who has the information that can help me?”
Take Michael S., a veteran financial adviser with five years of experience who had noticed he was holding himself back from working with higher net-worth clients. After he asked himself these types of questions he realized that he didn’t feel qualified to help them because he hadn’t done enough research on what product and services this niche demographic would be interested in much less had done some inquiry to confirm what issues/concerns they might have. Thus, he had spent five years building a business of hundreds of clients with very little in investable assets.
Step 2: Become the Expert
The next step is to do the research and make some calls to find out who could assist you in your desire to work with a new demographic. I have found that the best way to become an expert is to find a mentor in the office who has accomplished what you would like to accomplish.
I recommended to Michael that he make a list of the most successful advisers that he knew (in his office or elsewhere) that work with high net-worth clients. Then, approach the one person who he felt closest to and ask if he could take that person to lunch or for coffee to understand more about how he/she had grown their business. Take notes about their process and research all the types of products and services they mention. Michael did this and was ready for the next step.
Step 3: Be the Message
The final step is get your message heard! It’s one thing to know what to do but it’s another to be doing it. That’s why you need to take deliberate action steps.
Once Michael got direction from a mentor in the office, we mapped out what to say to potential clients, how to frame it, how to handle objections, what the first appointment process as well as the second appointment process. We did all of this before he ever picked up the phone to make his first prospecting call. As a result of his due diligence and efforts, within weeks he had built a huge pipeline of qualified prospects and now has a thriving practice.
Why Being a Wealth of Knowledge Works
The foundation for making any sound recommendation is based in the amount of information or knowledge that you have for your clients. The more informed you are, the more confident you will be when sharing those recommendations. Clients need, want and deserve a well-informed financial adviser. So the next time you find yourself with fearful clients or faced with fears yourself, take the time to query the reasons for your decisions, support them with facts then share this insight with your clients and watch their fears (and subsequently yours) subside.
If this blog resonates with you and you would like to have a free consultation with me to see if professional coaching is a fit for you, email Melissa Denham, director of client servicing for Advisor Solutions at firstname.lastname@example.org.
Daniel C. Finley is the president and co-founder of Advisor Solutions, a business consulting and coaching service dedicated to helping advisers build a better business.