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Create the Courage to Make Lasting Change

During recent group and individual coaching sessions, I’ve noticed a common denominator between those who have experienced success and those who haven’t. Successful individuals are able to embrace change—be it the activities they are incorporating into their days, their acquisition of new skill sets or an increase in their overall awareness and accountability—and how it affects their business. Those less successful tend to fear change and mask their fear with excuses or procrastination.

In order to gather the courage to implement change regularly into the way you manage your business, you must first make a choice that where you are now isn’t where you want to be. You then need to decide to find alternatives to what is currently not working for you. Next, you must take action and tweak and evaluate on a consistent basis in order to end up with positive outcomes. All of this might seem simple in theory, but in reality, it’s difficult for many people I know.

3 Steps to Create Courage to Make Lasting Change

The following discusses each step. See if you can relate to what the adviser is going through when applying the process.

Step 1: Choose to Change. I have countless stories of advisers who say, “I know what I need to do, I just need to do it,” but then don’t. The interesting thing about this statement is that it actually reflects two important points. The first, “I know what I need to do,” reflects a level of awareness of what their solution is. The second part, “I just need to do it,” reflects the fear of not implementing the solution.

So why do people let fear paralyze them? Let’s discuss.

Take Bill K., a 25-year veteran adviser client of mine. In our initial coaching session he admitted that he hadn’t prospected in over a decade and that any new business that he had gotten was from clients as referrals. After additional conversations, he realized that he’d become comfortable only working with his client base and the thought of prospecting again filled him with anxiety because he remembered the amount of rejection he had experienced in his earlier years. Unfortunately, Bill didn’t have a choice because his employers had created new minimum gross production levels and he was never going to reach those targets unless he gathered additional assets.

Now, he was faced with two options, he needed to either prospect or eventually be forced to find another job. So, he chose to change and add prospecting back into his daily work.

Step 2: Find Direction. When faced with this type of situation, most advisers know the outcome that they want but don’t know the required steps to take them there. That’s why Bill called me. He needed a step-by-step process for gathering assets.

We first discussed his current business model and I was surprised to learn that he had virtually no assets in a fee-based platform. His concern was that he didn’t know how to convert his book so he’d never even tried. After reviewing his book, he determined that he had 72 households that would be good candidates to convert to fee-based and if that happened it would increase his turnover ratio which would get him ¾ of the way to his production goals for the following year. So we mapped out a process for converting his book.

Then, we strategized about his referral campaign to try and duplicate his top clients. We role-played a client-centered dialogue and he eventually felt like he had direction.

Step 3: Take Massive Action. All the planning in the world won’t help you if you don’t actually move forward with it. So, I decided to turn Bill becoming overwhelmed by compartmentalizing his goals into daily action steps, then even further into hourly activities so that he could focus on each campaign every day while still doing his regular business.

After Bill had his fee-based conversion campaign down he began converting his book. In addition, he used the client-centered referral dialogue that we had role-played, which got him actual referrals. Within three months he had transitioned most of the households earmarked for the campaign and was gathering assets from new clients. Taking massive action paid off for him.

Why Courage is the Key

The most important piece about Bill’s story is not his destination, but his journey. He began by realizing that he was being forced to get out of his comfort zone. It took real courage to reach out to me and admit that he didn’t know what to do but that he was willing to change. He was open to learning new processes and desired to take a leap of faith and apply them.

If you are ready to take your business to the next level, 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.

 

 


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5 Signs It’s Time to Move On from a Prospect

Have you ever had a high net worth prospect who seemed semi-interested in working with you but you just couldn’t quite get them off the fence? You’ve called several times; maybe you’ve even met with them and offered recommendations, but something is holding them back from taking that final step to becoming a client. Then, your prospecting efforts become unreturned voicemails or vague replies to your emails. If this sounds familiar, maybe it’s time to acknowledge the signs and realize it’s time to move on.

Following is a brief overview of what I tell my clients to look for and how to know when to let go.

Sign No. 1: A Family Member in the Business

Most experienced advisers and agents know that when a prospect says, “I have a brother in-law in the business but I’d be interested in hearing what you have to say,” it probably means that they don’t completely trust their relative, however it doesn’t guarantee that they’d change anything. Instead, they most likely will consider your recommendations, talk it over with their relative and still not end up working with you. The reason is because relatives are just too awkward to walk away from when it comes to business dealings.

If you run across this type of prospect, qualify them right away by saying something like this, “If we identify some need for changes in your portfolio, are you in a position to do business with me?” This will help you identify how serious they are about working with you.

Sign No. 2: Wanting to Split their Business

Some prospects may like your recommendations but not want to sever ties with their current adviser or agent. The reason is simple, it’s because they are familiar and have established trust with that person. They don’t know you but they might consider working with you on a trial basis.

Unfortunately, many times they are doing this with the caveat that they can compare results and then let go of the adviser/agent that doesn’t do as well for them. If this scenario is offered—working with you to “see what happens”—it’s important for you to reply like this, “I’m sorry but the clients I work with need to provide reasonable time for my process and recommendations to come to fruition.” When you stand by your value, you may lose a prospect now and again but you maintain your self-respect. As a result, you also build a better client base.

Sign No. 3: They Took Your Recommendations and Bought Online

Years ago, I had a prospect take several of my recommendations and purchase them in an online account. He felt there was nothing wrong with it since it saved him money. I on the other hand believe that if the relationship starts off on the wrong foot, it will end up remaining that way. This type of prospect is merely showing you that they don’t value your services. If this happens, you need to be ready to walk away.

Sign No. 4: You are Chasing a Ghost

At some point, you will have a prospect that needs to “think about it” or “review things.” When you follow-up they may not return your calls. The reason is because they didn’t see the value in your recommendations in the first place.

There may have been a concern or objection that you didn’t address. If this happens, simply leave a message like this, “Hi ______, this is _______ with _______. I have a quick question that only you can answer. Could you please call me when you hear this? My number is _________.” This is what I refer to as the “curiosity message.” If they aren’t curious enough to call you back, they really aren’t interested in doing business with you. If they do call, you need to ask them something directly like, “Are you still interested in (insert three benefits here).” If they are, then set another appointment with them to do the paperwork.

Sign No. 5: You Just Don’t Like the Prospect

If you find yourself dreading any type of communication with a specific prospect (email, phone call or appointments) then you certainly do not want to work with them. No matter how much business you think they can provide, inform them that you might not be an appropriate fit and they could be better served by someone who could provide more of what they are looking for.

Why Watching for Warning Signs is Important

This is not an easy business but when you make a conscious choice to work with people who want to work with you, you can make things much easier on yourself. That’s why it is so important to watch for warning signs that it’s time to move on from a prospect. Life is too short to chase those who don’t see your value.

If you are ready to take your business to the next level, 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.

 

 


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Seize the Summer with These 3 Growth Activities

Summertime can be a wonderful time to relax and recharge your batteries after a tough spring. But it can also be a great time to grow. Many advisers and their staff have excess capacity at this time of year, as clients are off on vacation. So, before you leave work early, stop and think about what a productive summer could mean for your business. You could be in high-growth mode come September instead of looking at a long list of tasks you need to complete before year-end. Here are three ways to help you get there.

Here are three growth activities you can do this summer:

1.) Connect with clients. Summer offers many opportunities to strengthen relationships with your best clients. Be sure to actively listen when clients talk about their vacation plans. If they are traveling to a particular destination, follow up with an article or item geared toward their trip. For example, clients going to a cooking school in France might love a whisk, along with a note saying you hope they whip up some wonderful summer memories. Clients heading to a national park might be thrilled to read a timely article on the “10 Things You Didn’t Know About Yellowstone.” These types of gestures could get clients talking about you, leading to introductions to potential new clients.

There’s another benefit to active listening: the ability to source names to follow up on at another time. Who is on the client’s tennis doubles team or golf foursome? Who will be at the lake house? Who’s coming to town for the family reunion? Be sure to add these names to your CRM system or database to keep your pipeline of prospects full and healthy.

2) Get to know clients’ families and friends. Are children, grandchildren or other relatives coming to town? Mention that you’d be delighted to meet them. Perhaps clients are hosting a barbecue you could attend. Or maybe there’s a Little League game in your area where you could watch their son or granddaughter pitch. Imagine their surprise and delight to find you in the bleachers, cheering on their young ones. And if you bring along a small cooler with popsicles or ice cream treats for after the game, you can quickly get introduced to a large number of players (and their parents) and make a great first impression. It’s a great way to turn clients into advocates for you.

3) Leverage community events. Many cities and towns hold free summer events that you can spin into your own unique entertainment offering. Invite clients to attend an outdoor movie in your community, and bring along blankets, popcorn, movie treats and soda to hand out. Or suggest clients come enjoy a band concert in the town square with you, and offer them wine and cheese while they relax to the music. (You’re likely to have clients introduce you to others, too, in a casual setting like this.)

Remember to take pictures (get permission, of course), and leverage the event even further by sharing those images on your website, blog or social media channels. The opportunity to delight your clients and meet potential new ones is all around you this time of year.

Make this summer fun—but make it matter to your business. When you prioritize connecting with clients, and getting to know their friends and families, you’ll create a pipeline full of prospects that can propel your business forward. And you’ll be well positioned to capture business leading into the end of the year.

Kristine_McManus_2_lg
Kristine McManus, is the chief business development officer of Commonwealth Financial Network.