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Put Me In, Coach: How to Improve Like An Athlete

Being a financial adviser is a lot like being an athlete. If you have ever played on a team you can probably relate to the feeling of anticipation while waiting to play and all you wanted to say was, “Put me in, coach!” Once you got in the game it was up to you to make the most of the moment and shine.

One example of using this analogy is Amy, a ten-year veteran adviser who wanted to succeed and she needed my help to do it. As her business coach, I helped her determine what her goals were and what actions it would take to work smarter rather than harder. Next, we practiced by role-playing so she could get back to actually prospecting. However, it didn’t take long for her to realize that she was not applying what she had learned because her fears where getting in her way and thus she would rather sit on the sidelines than risk losing the game.

Let’s look at the steps I utilized with Amy to create her amazing comeback:

Step 1: Be All-In
What Amy was experiencing is very common for veteran and rookie advisers alike. It’s easy to want to win but it’s not always easy to risk the possibility of defeat. Many advisers choose not to even try. In other words, it’s like asking the coach to put you into the game but you choosing not to be all-in and not playing the best you could once you were in because you didn’t want to make a mistake and contribute to a loss.

The first step with Amy was to get her to commit to taking action and being dedicated to being all-in when it came to her own success. So, I had her make a list of reasons why she wanted to get to the next level and what would happen in one, three, five and even ten years from now if she continued not prospecting. After realizing the pleasure she would have by being a top producer and the pain that she could have by being a low level one, she committed to getting back to prospecting!

Step 2: Think on Your Feet
All athletes know that sometimes plays don’t go as planned. You may practice the play over-and-over again but on game day anything can happen. So too is practicing for an appointment and realizing the conversation isn’t going in the direction that you want it to. That’s why you must be able to think on your feet.

Amy realized that setting appointments with new prospects was getting easier but from time to time she was getting caught off guard with specific objections. I assured her that this is natural and all we needed to do was to increase the tools, techniques, strategies and solutions to handle any objection that came her way. It’s not about memorizing what to say but understanding the formula of how to say it. Once we did this, she could easily adapt to any conversation path.

Step 3: Assess Your Actions and Results
All great coaches know that the best way to take their players to a higher level is to help them assess their actions and results. Most teams watch game films so they can duplicate their successes and learn from their errors.

Within weeks, Amy was excited to tell me that her pipeline was full. She had eight appointments set for the week and had already turned a few prospects into clients since our last session.

Wanting to Win
Amy knew that just getting into the game wasn’t enough. Instead, she had to focus on her desire to win. If you take a page out her playbook you too can create this level of success.

If this blog resonates with you and you would like to have a free consultation with Dan Finley, email Melissa Denham director of client servicing for Advisor Solutions at melissa@advisorsolutionsinc.com.

Dan FinleyDaniel C. Finley
President
Advisor Solutions
St. Paul, Minn.


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To Improve Client Relationships, Turn the Light Inward

Because of the crucial role financial advisers play in the lives of their clients, they must be able to effectively manage both their clients’ emotional and financial demands. This is easier said than done, especially during times of financial turmoil, when it becomes particularly challenging to remain calm, focused and available to help clients face their fears. Inability to do so is often perceived as lack of leadership on the adviser’s part.

It may sound surprising, but leadership qualities can be developed and reinforced through mindfulness. Mindfulness is the practice of slowing down and devoting undivided attention to what is taking place in the present moment, ignoring the outer noise and noticing instead our thoughts and emotions arising. This practice fosters increased calmness, clarity and deeper concentration.

Mindfulness allows us to transform personal experiences, narratives and emotion from distractions into valuable tools. During a client meeting, mindfulness will give you the clarity and openness you need to understand the emotional and physical sensations both you and your client experience while working on a financial decision. Ultimately, mindfulness arms you with a compass to identify the best course of action that truly reflects your client’s goals and aspirations.

Below you will find some mindfulness concepts that can be beneficial to the client-adviser relationship:

1. Turning the Light Inward
Dogen Zenji, a thirteenth century Zen philosopher, referred to mindfulness as the process of “turning the light inward”—returning our attention to the source of consciousness. Turning the light inward enables us to pay less attention to the myriad distractions, preoccupations and delusions we experience, and observe instead our mechanical reactions, mostly driven by our anxiety. An unanticipated difficult question from a client can pose a threat to our expertise and undermine our security. Consequently, we rush to deploy an automatic reaction to annihilate our anxiety. It is only by taking a step back and shining the light inward that we can see how emotions and fears are driving our responses.

2. Mindful Presence and Listening
The highly competitive and fast-paced environment in which you operate, success and oftentimes survival appears to be a direct function of your ability to multitask. Regrettably, this is pretty far from the truth. A study by Stanford University concluded that multitasking lowers efficiency and performance, as our brain can only focus on one task at a time. In addition, an article in McKinsey Quarterly titled, “Recovering from Information Overload,” debunks the myth of multitasking in favor of mindfulness. Mindful presence and listening opens the doors to a new way of being fully present and hearing in a way that fosters a natural propensity to remain objective and gather good intelligence about what clients worry and care about. Ultimately, it enables advisers to better facilitate their clients’ pursuits of financial freedom and even dispel some of their fears. During a client meeting pose a question, such as “What are the most important challenges our firm has helped you successfully address?” and then, commit yourself to mindfully listen to every word your client will say. Her answer may yield valuable information you may have missed in past conversations.

3. Achieve Higher Effectiveness
The Internet is rife with information about the benefits of mindfulness. A Harvard Business Review article titled “Mindfulness in the Age of Complexity states that mindfulness practice helps “to reduce stress, unlock creativity and boost performance.” The majority of the public is not aware that while carrying out a task “on average, our minds are wandering involuntarily from what we are doing 46.9 percent of the time,” (from A Wandering Mind Is an Unhappy Mind by Daniel Gilbert and Matthew Killingworth). Some of the leading corporations in the world are making significant investments in mindfulness for their employees to enable them achieve higher effectiveness, improved focus, heightened self-insight and increased cognitive flexibility.

4. Beginner’s Mind
The busyness of our Western culture forces us to consistently approach people and situations with an expert’s mind rather than a beginner’s mind. Though an expert mind unquestionably serves it purpose it far too often triggers in us the very familiar “been there, done that” response. Shunryu Suzuki in his book Zen Mind, Beginner’s Mind, stated “In the beginner’s mind there are many possibilities, but in the expert’s there are few.” So, with a beginner’s mind we actively listen to a client or prospect to gain more knowledge and learn about their fears, needs and goals—wholeheartedly and refraining from quickly passing judgments or rushing to offer solutions until we have absorbed all there is to absorb.

Claudio PannunzioClaudio O. Pannunzio
President and Founder
i-Impact Group
Greenwich, Conn.

 

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FPA Retreat 2016 Attendees Rave, Can’t Wait for Next Year

_MG_5050 -h WEBDespite it being one of the last sessions of FPA Retreat 2016, the session presented by Daniel Crosby, Ph.D., President at Nocturne Capital and author of The Laws of Wealth: Psychology and the secret to investing successwas packed.

His dynamic presentation on how to help clients follow your best advice had attendees listening and laughing.

“Any presenter will tell you that (s)he feeds off of the energy of the crowd,” Crosby said. “No group is as informed and engaged as the folks at FPA Retreat.”

That’s the thing about FPA Retreat—its intimate setting is an ideal environment to share ideas, experience interactive learning and re-energize planners. This year’s conference—which was focused on storytelling for business—was well-received by planners who attended.

“We shared our stories with each other and reached a deeper level of understanding and friendship with our colleagues,” said Clare Stenstrom, CFP®, CFT™, with Luesink Stenstrom Financial. “It helped us get to know the new attendees and bring them into the Retreat family.”

Another session that was a hit was the session on story-based marketing by Shelley A. Lee, founder and creative director of Ashworth-Lee Communications. Yusef Abugideiri, CFP®, financial planner at Yeske Buie, said Lee captured the importance of storytelling for business.

“The exercises she had the audience do … challenged us to think about what the most important parts of the story are and how to engage with clients such that we learn the most important parts of their story,” Abugideiri said.

IMG_0347Stenstrom said the session by Jeff Belkora, Ph.D., author of DEAL! Discovery, Engagement, and Leverage for Professionals, and its interactive session were helpful.

“Belkora was fantastic and he stayed for the remainder of Retreat enriching our discussions,” Stenstrom said.

“Those who attend Retreat will find themselves richly rewarded by an inclusive community that is eager to share its collective knowledge,” Crosby, who was also an attendee, said. “The focus on self-development at FPA Retreat is unparalleled. All conferences seek to educate the participants, but Retreat goes one step further and aims to change participant behavior from the inside out.”

Stenstrom added, “Can’t wait for next year.”

Did you miss FPA Retreat this year, or just want to register for 2017 early? Join us next year at Château Élan in North Atlanta, Georgia April 24-27, 2017. Use the code PARET17 for $100 off if you register before May 31, 2016.

AnaHeadshot

 

Ana Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.