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3 Steps to Open the Door to Opportunity

 In the financial services industry, advisers need to find all possible opportunities in order to take their business to its next level. I believe that opportunity can find you while you are busy working harder and smarter. In other words, your productive activities attract opportunities that can ultimately result in future successes. Conversely, hoping that an opportunity will fall from the sky is wishful thinking.

Thomas Edison perhaps said it best when he said, “Opportunity is missed by most people because it is dressed in overalls and looks like work.”

Edison is widely attributed to have said this, and if he did actually say it, it comes from a man who is reported to have unsuccessfully invented the light bulb some 10,000 times. However, most people remember him for his successes, not his failures.

Let’s take a look at a step-by-step approach successful advisers use to continuously generate opportunities:

Step 1: Know What You Want

It may seem evident but in order to get what you want you have to first know what you want. In Edison’s case, he wanted to invent the light bulb and he was willing to keep trying until he did.

Here is a real time example of how one financial adviser client of mine used this type of process:

Tom P. was a newer financial adviser with less than five years in the profession who was struggling to determine how to best build his business practice. Our coaching conversations first began with the end in mind, so we discussed what a successful business would look like to him. By doing this exercise he got clarity about his target market, yearly asset goals and type of investment products he wanted to provide.

Step 2: Know What to Do

The next step is to know what to do to get what you want. The key is to not try and reinvent the wheel. Having coached hundreds of financial advisers, I have a few solutions in my toolbox.

Tom and I mapped out a prospecting process for who to call, what to say and how to handle objections in order to get appointments. We also mapped out an effective referral dialogue. We role-played each of the two campaigns and soon after Tom quickly started setting appointments. Next, we continued honing his first appointment and closing script. He applied these processes and his pipeline started filling up.

Step 3: Know How to Track Progress

The final step is to know how to track your progress. Edison not only did this, but he changed his definition of success every time his experiments didn’t work by stating, “I have not failed. I have just found 10,000 ways that won’t work.”

Tom took every “failure” as an opportunity to learn by tracking his activities and results. We would discuss what was working and what was not until we refined his processes. Granted, this takes time and is an ongoing task, however I believe that all advisers with the right attitude can actually uncover their challenges, learn from them and discover and implement solutions.

So, what happened to Tom?

I recently received an email from him in between our bi-weekly coaching sessions that said, “Just wanted to check in and let you know that my pipeline is full. I opened two new accounts this week by both cold calling and asking for referrals. It is working!”

Why a Step-by-Step Approach to Success Works

Too many times, we as financial advisers lose sight of what it takes to get that big break. Instead, we see others landing a huge account or gathering millions in assets and find ourselves asking, “Why didn’t I?” The reality is that those who are successful do the necessary work in order to open doors. Opportunities sometimes walk through those doors unexpectedly and oftentimes don’t “look” the part; the reality is that in order to open the door to opportunity you must put in the effort and energy to approach them when they do show themselves.

If you would like a free coaching session, email Melissa Denham, director of client servicing.

Dan Finley
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.


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Creating the Ultimate Toolbox

How do you know that you are using the wrong tool for a particular challenge? Many financial planners run into similar situations—not knowing what tools they need and when to use them in order to be successful. So why is understanding what tools you need so important? Because financial planners and agents who do not understand the appropriate tools to use, why and when to use them and how to use them effectively are doomed to come up against repetitive obstacles.

Abraham Maslow said it best when he said, “If the only tool you have is a hammer, you tend to see every problem as a nail.”

Creating the Ultimate Toolbox

Recently, I’ve had a number of my clients request the Advisor Solutions’ “A-to-Z” Assessment Test which is an assessment to help individuals determine which tools they need in order to overcome their particular challenges. It has become abundantly clear that it doesn’t matter if I’m speaking to a first year rookie or a twenty-five year veteran, everyone has challenges but they don’t realize there are solutions.

Let’s take a look at a step-by-step approach to creating the ultimate toolbox.

Step 1: Confronting the Challenge(s)

Few planners want to confront their business challenges head on. The following is an example:

Marie is a rookie planner with less than two years in the industry, who after taking the assessment test admitted that when a prospect tells her that they “already have a planner” she simply asks if she can keep them on her quarterly mailing list. In other words, she is not getting past this objection which makes her sales efforts that much more difficult.

Jayne is a financial planner with 30 years of experience who spends most of her day putting out fires and dealing with client servicing. Whenever a client calls and needs something she stops what she is doing to address the client’s request. In other words, she is not prioritizing her interruptions which make her time management system reactive rather than proactive.

Although each of these clients is very different in terms of experience and client base, they do share a commonality: they have accepted their challenge as “just the way it is” and believe that there is nothing they can do about it.

Step 2: Search for the Solution(s)

Unfortunately, both of these planners would have continued in their limiting belief of accepting their situation had they not yearned for solutions.

After several weeks of coaching, Marie ended up with a system for handling objections using a tool called the Objection Resolution Model, a four-step process for overcoming any objection. Once I explained the model and role played numerous objections for her she realized that this was a much better solution than simply keeping people on her mailing list.

Jayne now has a system for prioritizing interruptions and tasks using a tool called the Adviser Solutions’ Time Matrix To-Do List which labels whether tasks are now, today, this week or whenever items.

It didn’t take long for each of them to realize they could take control of their situation by simply finding the correct tools.

Step 3: Applying the Tools and Evaluating the Results

Knowing what to do and actually doing it can be two very different things. That’s why it is so important to apply the tools that you find right away and to continue to use them until they become a habit.

Next, you must evaluate the process. Both planners did and have now created a new normal.

What’s in Your Toolbox?

The aforementioned tools are just two of 26 I’ve explained in my book 101 Advisor Solutions: A Financial Advisor’s Guide to Strategies that Educate, Motivate and Inspire! Just think what you could do once you mastered all of these tools. So, what’s in your toolbox? If you still have challenges than you need solutions for now is the right time to create your ultimate toolbox.

If you would like any of the tools mentioned in this piece, request them for free from our Melissa Denham, our director of client servicing.

Dan Finley
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.


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5 Steps to Run Your Business with Positive Intention

Years ago, when I was a rookie, I was running out to an appointment with a client I was hoping to close, when a colleague wished me good luck. My immediate response was, “Thanks, but he’ll probably have to think about it.” My peer replied, “You’re right—if you go into the meeting with that intention.”

On the ride to the appointment I thought about what my co-worker had said and realized that I needed to run my business by going into each phone call and every appointment with a vision of a successful outcome rather than with my existing, less enthusiastic mindset. I quickly changed my focus—which had been negative—and instead worked on how to handle any possible objections that might arise during the appointment.

The result was one of the smoothest presentations (and closes) I’d ever experienced. Afterward, I made the connection: the reason my meeting went so well wasn’t because my change in focus was attracting success but because I went into the appointment expecting success.

The following are the steps I’ve used in many situations, in business and life, to increase my probability of success. Apply these steps and watch how your business and life can transform for the better.

Step 1: Believe in the outcome you want. When I look back at the aforementioned story, I realize now (20 years later) that although I knew I wanted to close that prospect, I didn’t believe that I would. Knowing what outcome you want and believing in your ability to achieve that outcome can be two entirely different thought processes. That’s why it’s so important to address any doubts you have by asking yourself, “What is the evidence that this is true?” And, in my case the follow-up question was simply, “Have I ever closed a prospect before? If I’ve done it once I can do it a thousand times more.” By questioning a negative belief system you are in fact decreasing its validity and increasing your own belief in yourself.

 Step 2: Know where you are now. On the ride to that particular appointment I had a revelation that I needed to run my business with intention. Up to that point I’d actually run my business by winging it. Believe me, I’ve coached hundreds of financial advisers and insurance agents since 2004 and one thing I learned early on is that winging it doesn’t work. That is why you need to get crystal clear on where you are now and where you desire to be. In other words, what have you been doing that has been preventing you from reaching your full potential?

For me, it was taking the time to prepare recommendations while neglecting to prepare for the presentation and any objections.

Step 3: Decide what to do and do it. That appointment was a turning point in my career because I realized that people don’t want to be corrected, they want to be connected. In other words, people don’t like to be told they have been doing something wrong with their investment strategy but they do what to know that you care about them and that you have their best interest at heart. In order to show them that, you need to ask questions to help prospects see that they have a challenge (if they do) and to realize that you have the solution.

So, I decided that I would focus on having a process for my presentations, ask better questions and lead them down a path to understand what value I could offer them.

Step 4: Prepare for possible pushbacks. In business, as well as life, we’re all faced with the possibility of pushbacks, those unforeseen obstacles that prevent us from reaching our desired results. In the case of presenting the prospect with recommendations, it’s highly likely that they will have objections. That’s why I decided to study a process (and actually develop a system) to handle any type of objection. When you prepare for possible pushback, you increase your likelihood of success because you are ready for the inevitable obstacles.

Step 5: Evaluate the process. A simple barometer for understanding how well your process is working is to observe the results you’re seeing (or not seeing). If you’re obtaining your desired results, than keep doing what you are doing, but if not it’s time to go back to the beginning and start over at step one.

Why Positive Intentions Work

The more often you go into any situation with an intentional, positive attitude and a plan, the more likely that it will become a habit. If you begin each interaction knowing what you want to happen, believe in the outcome and prepare your dialogue for inevitable objections and you will no doubt increase your probability for success. The reason why running your business with positive intentions works is because it’s the antithesis of “winging it” or leaving your business up to chance. Instead, expect success by preparing to succeed.

Schedule a complimentary 30-minute coaching session with me by emailing Melissa Denham, director of client servicing.

Dan Finley
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.