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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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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.


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Developing Real Relationships with COIs

Financial planners often ask about how to build better relationships with centers of influence (COIs). By “better,” they generally mean “more productive,” and by “more productive,” they are usually referring to reciprocity. Their most common complaint is that, while they have sent X number of their own clients to a certain COI, they have never received a referral in return.

Let’s first examine why and how professionals provide referrals.

A referral occurs (or should occur) when one professional believes that his or her client’s needs can best be met by the specific expertise of another professional. So, for example, if your physician referred you to a specialist, you would reasonably expect to be referred to the one that your doctor considers the very best for your situation—in other words, the one with the best knowledge and most experience in treating your illness or injury.

Likewise, your clients should reasonably expect that you would refer them to the CPA or attorney with the best knowledge and most experience in addressing what they need, correct?

If you agree, wouldn’t you also have to acknowledge that a CPA or attorney who wanted to refer one of their clients to a financial planner would choose someone they believe had the best knowledge and most experience?

And so the question becomes, how can you best develop a relationship with a CPA, an attorney or any COI, such that they really know you, having had the opportunity to gain a clear understanding of and appreciation for your knowledge and experience?

Put more simply, how can you develop real relationships with centers of influence?

The answer is quite simple, but it takes an investment of time and effort. Just as any relationship, they must be developed over time and start with becoming acquainted, sharing some basic information about yourselves and your background and getting to know each other.

As you begin to recognize what you have in common (a personal connection, such as shared interests and personal rapport; and a professional connection, such as perspective and philosophy), you can build on that base by orchestrating purposeful opportunities to get together and—even better—to work together.

In other words, look for opportunities to collaborate on client situations. Don’t simply tell COIs how you work with clients; show them. Don’t simply send over a client; set up a joint meeting along with the client and the COI.

And most of all, don’t assume reciprocity. Build the kind of professional relationships that will lead to opportunities to work together for the recognized value each of you brings to serving your clients.

susan-kornegaySusan Kornegay, CFP®
Consultant/Coach
Pathfinder Strategic Solutions 
Knoxville, Tenn.

 

Editor’s Note: Read more of Kornegay’s blog posts at the Pathfinder Strategic Solutions “Perspectives” blog.