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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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The Reality of Creating a Record-Setting Year

Do you believe that achieving a record production year in your business happens by chance or by design? If you said design, you are right. However, while most advisers start off a new year with big dreams, few finish reaching them. The reality of creating a record-setting year is more than just great intentions and luck, you need thorough and consistently used systems.

As a rookie financial adviser more than 20-plus years ago, I struggled my first year. During my second year things were a bit better because I gathered three times the assets but I was still in no position to stop eating ramen noodles. It wasn’t until my third year that I made a commitment (and a plan) to create my success. As a result, I tripled my income from the previous year. I then repeated the process the following year and was able to double my income following the exact same system. I’m telling you this not to impress you but rather to impress upon you that you cannot leave success up to chance.

The following is a brief outline of how you too can plan for your success with a little upfront work:

Create an Unwavering Commitment

It was a simple statement to myself— “I’m never going below $10,000 gross per month this year,”—that led me down a path to changing my belief system that I could actually do it. I used this same strategy years later but doubled the number and hit a personal record high production in month five out of the first six months of the year. Why? Merely because I choose to believe that it was possible. Remember, the more you believe in your own potential the higher the probability that you will hit your goals.

Daily Discipline of Prospecting

Part of that unwavering commitment was to start every day prospecting. This may seem like a no-brainer but it’s not easy unless you do one important thing, learn to enjoy doing it. It might sound crazy but if you make a game out of how many dials, contacts and appointments you do while prospecting, it can actually become a lot of fun.

A Systematic Way of Selling

Although hope is a good thing, it’s not the best strategy for sales success. Instead, you need a systematic way of selling so that you can duplicate every step of the way, from the initial contact to closing the sale. In my third year, I also learned from a top producer how to cross-sell to my client base. This opened my eyes to how to gather additional assets and commissions but more importantly to increasing my value to my client base.

A Detailed Tracking System

In order to keep the momentum of activity and results going it was important for me to create a great tracking system that was simple enough to fill out during the day but effective enough to keep a tally and tell me if I was going to achieve my monthly goals. I created a daily score card that tracked my contacts, presentations, orders asked for and gross commissions. Next, I created a sales pipeline of prospects and clients so I knew how many people and how much potential business was possible. Finally, I tracked daily gross production and knew exactly if I was above or below my goals at any given time. When you make tracking a priority you get excited to achieve more.

A Strong Reward

At the end of my third year I was shocked at the amount of success I had achieved by greatly surpassing my goals. Looking back at it now, it’s not about the numbers it’s about all of the other things that are obtained when you surpass what you believe you are capable of, confidence, pride and increased self-esteem to name a few. However, that’s not to say that you shouldn’t have a strong reward system. In fact, I went from eating ramen noodles the previous year to buying my first house! When you have a strong reward system you have an extra added incentive to achieve your goals.

Old Dogs CAN Learn New Tricks

2016-02-28_finleyBy now you might be saying to yourself, “You can’t teach an old dog new tricks.” If so, just know that isn’t reality. In fact, in my book 101 Advisor Solutions: A Financial Advisor’s Guide to Strategies that Educate, Motivate and Inspire, I tell a true story about my client Gale Z., who after 25 years was forced to realize that she was barely hitting the corporate minimum production standards at the end of a year. We applied the aforementioned strategies and by the end of the first quarter she was the top producer in her region. She exceeded her numbers by reaching 66 percent of the previous year’s production goals.

If you read this article and need help creating a record-setting year, email Melissa Denham, director of client servicing, to schedule a free complimentary consultation.

Dan Finley

 

Daniel C. Finley
President
Advisor Solutions
St. Paul, Minn.

 


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Where are You on the Adviser’s Rejection Spectrum?

During one of my laser coaching sessions titled, “The 25 Most Effective Ways to Conquer Rejection,” I came to an amazing realization. Although we had marketed this two-part series to thousands of advisers and agents, only two actually registered.

Was it because today’s advisers and agents don’t have a fear of rejection? No, I don’t believe so. In fact, the fear of rejection is just as much a challenge today as it was over 20 years ago when I started in the financial services industry as an adviser. Perhaps I may never know why we had such a low turnout, but what is more important is the “a-ha” moment I had during the first session.

The two advisers who signed up could not have had more polar opposite experiences in their careers: one was a veteran adviser in his 60s with 33 years of experience; while the other was a woman with less than four years in the industry. What I came to understand was that although they had vastly different ages, product knowledge, communication skill sets and years in the business, they had one very important thing in common: a fear of rejection.

Following my initial session with them, I coined what I now call “The Adviser’s Rejection Spectrum” which says, “No matter where you are in your career path you may be subject to a fear of rejection, however you may have it for very different reasons and consequently you may need very different solutions to overcome it.” The following illustrates what I mean by that statement.

Spectrum No. 1: The Rookie Adviser
I wasn’t surprised when my rookie adviser explained that she was taking rejection personally. She had spent many hours cold calling and had come up against rejection numerous times. That is what her perception was until I explained what she had really experienced.

The solution was for her to realize that rejection is not the same as handling objections which are a natural part of the sales process. Since prospects didn’t know her personally they weren’t personally rejecting her. Instead, they were rejecting the value that they thought she could bring them and they did this by using excuses in the form of objections such as, “I am all set, I’m busy and let me think about it.”

Once she understood this difference, I shared with her three strategies to better manage objections and that’s when she had a paradigm shift, “I can’t wait to try these strategies out,” she said.

In other words, she now had far less fear of rejection.

She now understands the difference between working harder by doing more of what she was doing and working smarter by having a system for when objections arise.

Strategy No. 2: The Veteran Adviser
I was surprised to hear my veteran adviser tell me that although he had spent 33 years working in financial services he had not prospected in the last five years. I was not surprised by the reason why, he liked talking to clients rather than speaking with prospects. He went on to explain that when he would prospect his natural market they rarely wanted to do business with him. He said he found it discouraging to have longtime friends and acquaintances reject him.

The solution was for him to also understand that these people were not rejecting him personally but instead rejecting the value they perceived taking his advice would bring them. He was too busy telling them what they should do instead of asking the right questions to help them come to the conclusion on why they should do it.

In other words, he was trying to sell them his recommendations instead of helping them understand why they should accept his recommendations.

“Wow,” he said. “All I have to do is to learn how to ask better questions so they understand how I can help. Why didn’t I think of that?”
Where are You on the Rejection Spectrum?
As you can see, both advisers were taking rejection personally but each had a different solution for overcoming their fear of it. Can you relate?

At some point in every adviser’s career they develop some degree of a fear of rejection. Don’t wait until it paralyzes you to do something about it, accept that you are on the rejection spectrum and do what it takes to find the solutions to get yourself off of it.

If you read this blog and need help getting past your fear of rejection, email Melissa Denham, director of client servicing at melissa@advisorsolutionsinc.com to schedule a free complimentary 30-minute coaching session with Dan Finley.

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