Archive for August, 2010

Female Financial Advisors can Delegate with Linked in

I recently began using Linked in more actively and I am totally impressed with the results.  I asked two questions in the answer section and received great feedback.  Using linked in is like having the answers come to you instead of you doing the research.  

Before using Linked In I had been  searching for a good resource for webinars.  After learning about the Q&A section of linked in  I posted the question and ended up getting about 10 emails from experts with great information.  Not only did I learn the most commonly used resources but learned about some brand new programs that I may have never uncovered on my own.  I compiled all the answers in a single document and now have a complete line up for Webinar services.

 I posed another question recently looking for exercises for new journalers.  I believe journaling is a valuable exercise especially for female financial advisors who are consumed within a man’s world.  It’s not only a great emotional outlet but allows you to stay focused on what is important to you while keeping your creative female energy alive and well. 

Again the response to my question has been excellent, in fact I was referred to a great resource called Journal Prompts http://journalingprompts.com/  When you hover over a star a question pops up that you can use for journaling, really cool and just what I was looking for.

If you haven’t tapped into Linked In I would encourage you to do so. Most female financial advisors are already managing multiple responsibilities with barely enough time to do the daily tasks, who the heck has time for research? Well think of Linked In as your new research assistant.   In fact most all advisors should be using all three of the social media resources,Linked In, Face Book and Twitter.  If you are like me and find yourself a fish out of water when it comes to technology then go to www.WiredAdvisor.com  tell them Adri sent you and learn how they can help you too master the social media landscape.

Not long ago, I was working with “Sara,” a $500,000 producer who obviously had the income to afford a professional coach. Looking back now, I knew from the first moment we spoke that she was not an ideal client, but I engaged her anyway.

With each call, Sara complained bitterly about her environment and wasted a great deal of time, constantly diverting the conversation from the candid moments that make coaching so valuable. She found it difficult to be receptive, or to acknowledge others, and over time this relationship brewed a cloud of negativity so strong that it really got under my skin. I would steel myself for her calls, and before long, I didn’t want to get out of bed on those days. (This is the risk you run when working with a client who is NOT in your tribe.)

One night, venting to my husband, he asked me, “Why do you keep working with her?” That stopped me in my tracks. Staring back at him, I realized two things:

1.     I really wanted to make it work. I wanted to throw every skill and tool I had at her, and see her move from denial to honesty and success.

2.     I really wanted the revenue.

When I really got honest, I realized this relationship with Sara was draining my relationships with other clients. Those calls that came before and after Sara were never up to my standards.

It was costing too much, on too many levels. I finally recognized that my time and my contribution to others are far too valuable to throw at the wrong target, and I graciously concluded our work together.

WHAT A RELIEF! You never really realize the impact of these negative relationships until you let them go.

We have all had “Not so Ideal Clients” who are you working wtih now that is draining your energy?

If most Female Advisors are like me ( which I believe they are) creating a time blocked schedule is not always easy.  It would be one thing if as women we had control over our time but there is nothing more frustrating then having this beautiful time blocked schedule and then get a call from a sick child, causing your schedule to go to h_ ll.  You come in the next day determined to make your schedule work and something else comes up again changing the course of your day. If you are a working Mom I’m sure you know what I’m talking about.

As a coach to female financial advisors this is a common frustration but the problem is not the interruptions but the unrealistic notion that a time blocked schedule will work for you.  When I went through training as a financial advisors I was taught the mans way of time management, blocking out every hour of every day, I could not get this to work and it only made me more frustrated.  The reality was I would continue to have disruptions to my day as long as I continued to be a Mother (not really an option.) So I had to find another way.  Today in my work as an independent coach I find DAY BLOCKING as a fabulous alternative which I recommend to all my clients.

Day blocking gave me the freedom and flexibility I needed while still addressing all the important priorities in my business. If something got left out I was able to choose what was eliminated from my day.  The whole concept behind day blocking is to create structure with flexibility.  In my practice I encourage my female financial advisory clients to adopt the following day blocking schedule; all of them have found this process SO MUCH more conducive to their other responsibilities in life.

Mondays – A great day to decompress from the weekend and plan and prepare for the week.  I was told to do this on Friday’s but I was always so fried on Friday it never got done.  When I stopped holding appointments on Monday and gave myself a day to regroup the rest of my week was so much more productive.  On top of that I didn’t feel so stressed and anxious Sunday night which always seemed to flow over into my family life.  Think of Mondays as your administration day, prep-day, planning day.  By the time you leave the office on Monday you are excited about the week ahead and feeling totally prepared for any upcoming appointments.

Tuesday – Wednesday-Thursday: These are great appointment days.  Stop trying to accommodate everyone else’s schedule, let them work around your schedule, you are worth it.  Be willing to limit the number of appointments you have each day, if you could schedule 3 each day that would be 9 for the week with at least 50% with new prospective clients.  Always give yourself some extra time to return calls from the day and address issues that become urgent.

Fridays – This is a great marketing and follow-up day.  This is when you can review your appointments from the week, meet with your assistant or team and summarize the activities and progress from the week.  Friday is also a great day for marketing, being creative and research interesting ideas and articles to send to clients; an easier way to engage a brain a little weary for the wear.   

Regardless as to whether you use day blocking or time blocking the key is to realize that life happens. As much as we would like to control our day and our time most of us are wives, daughters and mothers first.  A better way to gauge your progress is how well you are able to bob and weave around life’s’ events and come right back swinging…

We all have our own little secrets and systems in managing our time – what is yours? 

I can’t believe it is still happening. When I ask a financial advisor to tell me why I should do business with them they always fall back to the products and services available through their parent company.  When are they going to learn that for most investors this means NOTHING? The real value, what really has an impact, what prospective clients want to learn more about is YOU.  That is why it is soooo important that you really come to understand who you are, what you believe and what you really hope to accomplish in this business.  If your answer is to make lots of money then don’t bother reading further. Making money is the bonus to building a purposeful practice.

In order to build a successful practice, you must spend time getting to know you, learning all about you, gaining insight on what makes you tick, what motivates you, what comes easily and what doesn’t. It is this deep probing that helps us uncover why you are in this business and who are you truly driven to help.

This is not an easy process; it isn’t something that can be accomplished with a thorough questionnaire. But it is a process worth doing, because once you do, you can begin to create a purpose-driven practice – where everything you do revolves around the things you care about and find fulfilling. It is this knowledge that creates the power in your message.  Being able to articulate what is important to you is a powerful remedy to an ethically challenged industry.  This alone will set you apart from all other advisors in the industry.

Because of the shift toward relationship-centric business, building trust is your Number One priority. It is the foundation that new business is built on today – not the reputation of your company, or even your knowledge base. People want to trust you more than they want to hear what you know. Here’s what they look for:

1. Authenticity – Being true to one’s own personality, spirit or character, despite pressures. Living one’s life according to the needs of one’s inner being, rather than the demands of society or early conditioning. Authenticity leads us to open up and share, and through our shared experiences and stories, clients begin building trust and confidence in both your ability and your sincere desire to do what is right for your clients.
2. Transparency – No hidden agendas. Full disclosure of all features and fees on products and investments, and full disclosure as it relates to your experience, areas of expertise and capabilities. Knowing what you will and will not do, and your sense of integrity are critical to building solid relationships that stand the test of time.  
3. Education – Blind trust is a relic of the past. Today, clients want to understand their decisions before they make a commitment, and they expect their Advisor to take the time to discuss concepts and strategies.
4. Personal Relationship – While clients used to identify with the firm they worked with, now they identify with the Advisor. The personal connection has grown more significant than the brand.
5. Communication – Clients expect quick and easy access to news and information, and they look to their Advisor to filter out the noise. They want regular communications regarding the markets, the economy and their portfolio.
6. Value – It must be tangible to you and your clients. Performance is a given; but what value do bring to those you work with? How are their lives better as a result of your work?
7. Ethics – A word that has slipped through the margins of profits, it is coming back to the forefront. Understanding the values and principles you live by and how those principles are applied to your business sets the bar for what the client can expect.
8. Partnership – Collaboration is now mandatory. As an advisor, you have a responsibility to engage every client, regardless of his or her desire or interest. Working with them means understanding them.