Archive for April, 2011

In my last blog I talked about being stuck in my comfort zone.  By not pushing myself beyond my comfortable activities I became somewhat bored and unmotivated with my business. So now my task at hand is to determine what are the best activities that will help move me into the Learning Zone (where I am uncomfortable) but that will also help my business grow.  I can already tell you the answers, it’s been two areas I’ve been thinking about for some time and haven’t completed.  But before I tell you what I plan to do next I want to take a moment to clarify something.

While I have felt unmotivated for a few weeks I needed enough time to realize this lack of motivation was more than just a time of healing and rejuvenation.  For example, there are times when I come off a big project, perhaps a big corporate training job or launching a new product or service which has consumed my extra time and energy for weeks even months leading up to the event. With that in mind following the event I always give myself time to regroup and rest. I know that my body, mind and soul needs a rest and allowing myself that down time is a very important component to my ability to achieve peak performance.

 If I expected myself to be at 100% following a big event odds are I would get frustrated, anxious and maybe even disappointed with myself for not being and doing my best. But by allowing myself a short period of down time I am able to become totally refreshed and re-energized with my business.  The problem this time is it was taking more than my usual week to recoup.  That’s when I realized it’s time Adri’ stepped out of her comfort zone and into the “Learning Zone”.   OK so here goes.

My two activities that I need to focus on, the two activities that will push and force me to stretch myself into a new realm of my business is posting an article in a major magazine and re-launching my new key note speaking program.  Don’t’ ask me WHY this makes me uncomfortable, the article more so than the key note speaking gig.  I’m certain it’s some underlying “limiting belief” that is raising it’s ugly head and holding me back but like that game at amusement centers when that little head pokes up I’m going to smash it down with the foam bat. 

So this Blog is my way of saying to you, to the universe, to God and to me that I am committed to focusing my efforts in this area and spend some time every day focused on achieving these two goals.  So there, I said it now I just have to DO IT. If you are one of my coaching clients feel free to ask me about it, I double dare you!

Last night I realized I wasn’t practicing what I preach.  For the past two weeks I have felt very unmotivated which is highly unusual for me. I love what I do and so enjoy my clients but for some reason the past two weeks have been tough.  It could have been all the recent distractions, my daughter moving home from studying in Europe, two of our kids graduating college next week combined with Easter, and two more family birthdays May 1 & 6^th.  But I knew that these are constant and every day distractions. I mean really as a working Mom do you EVER experience a time when life doesn’t get in the way of your business routine?  My lack of motivation got to a point where I felt I really needed to spend some time alone to think about it, to let my body and soul talk to me.

So as I was driving to Yoga last night it hit me, I’m not practicing what I preach!  For weeks now I have been working with my clients to help them spend more time in the Learning Zone.  The learning zone is that place where you feel uncomfortable. Most of us spend the bulk (or all) of our time working hard and doing our regular routine but all of which is in our Comfort Zone.  While time in the comfort zone helps you create more discipline and enhance your skills without creating opportunities to move to the learning zone we really never grow and progress which in my case can cause boredom and apathy.

Think of it like a person training for a marathon, this isn’t someone who just wants to finish and check it off their list, this is someone who really wants to compete and has a goal.  This person could go out and run the distance day after day, this discipline is important but it also becomes the comfort zone.  Those that really want to excel will incorporate activities that push them out of that comfort zone for short periods of time.  For a runner it may be doing intervals and sprints, while painful and terribly uncomfortable this will help the runner increase their strength, speed and endurance. A runner may also spend time working with weights, pushing themselves not just for “toning” but to develop more power.  Without these activities incorporated into their training program they may never achieve what they want.

It’s important to recognize that these “Learning Zone” activities can’t be done all the time.  Like a marathoner we need to incorporate daily activities into our business that are new, force us to try and incorporate skills that we may not be so comfortable with.  These are the activities that will not only enhance your performance but it is the progress you make as a result of these activities that inspire and motivate you on a daily basis. THIS IS WHAT I HAVE BEEN MISSING! I’ve been stuck in my comfort zone. Watch for my next blog and I will share with you how I intend to move into the Learning Circle.

So here is my question for you as a financial advisor:

What activities can/should you incorporate into your daily business that will move you into the Learning Zone and enhance your skills and abilities as a financial advisor?

Stop being so NICE. I can’t tell you how many women I have coached and their desire to be LIKED is their biggest hurdle to success.  Being nice, warm and personable is definitely an asset as a financial advisor; those same skills allow you to develop relationships with prospective clients faster with a stronger foundation of trust.  The problem is you have to learn how and when to turn off Ms. Nice and turn on Ms. Serious.

There are three things that are critical in building a new relationship and turning that relationship into a new client. You must have great interpersonal skills, effective communication skills and be able to demonstrate your expertise in the business.  Where most men are great at displaying their expertise in the business and investment world they often lack the interpersonal and communication skills so needed in today’s environment.  Women on the other hand are naturally strong in the interpersonal and communication side but often shy away from coming on too strong when presenting their investment know how, a BIG mistake.

While it’s important to be liked prospective also need to feel confident that you can properly manage their millions of dollars. Without having a strong opinion and a defined approach you are denying yourself the ability to actually turn this relationship into business.  There are a few things that can help with this process:

1. Always have a strong opinion about the markets and a way to validate that opinion; this doesn’t mean you have to give a dissertation but it does mean you have to articulate quickly and concisely where you think the market is going and why.
2. Always have a product or strategy that you are excited about and can incorporate into the conversation.  Even if you use other client situations as examples you must always be able to present an idea that the prospective client can wrap their arms around.
3. You must be comfortable asking about money. Just by asking about their money, how much they have accumulated you are exuding confidence. A financial advisor asking about money is like a Dr. asking about symptoms; it is part of the job. If asking about their money is uncomfortable GET OVER IT.
4. Always make a suggestion or recommendation as to what the prospect should consider doing next whether that is meeting with you or even a CPA. You must be able to articulate what you see as a potential problem and let them know loud and clear you have the solution.  If they are sharing information with you they will be receptive to your suggestions and advise, step into this place and help them do the right thing.

How to create your Story

Developing your story is powerful tool in developing trust. Allowing others to recognize why you do what you do for reasons other than making money can dramatically enhance your credibility with a prospective client.  While this can be one of your most valuable business building tools it can also be your biggest hurdle. 

For some advisors their story is simmering just under the surface, all they needed was permission to share it.  Sharing your authentic story has not always been encouraged in such a stoic impersonal industry.  But for others uncovering that story can take extra work needing heavy drilling equipment. 

Your story is usually about why you are really in this business and why it is you are motivated to help your clients.  As a female advisor my story was very simple and clear to me from the day I started as a producer. While my target market was women I shared this story to everyone I met (even the men).

MY STORY:
“As a young girl my father always managed the finances and investments. While he wanted my mother to become more engaged he wanted her to learn it his way.  When she struggled to understand the concept of yield and PE ratio he labeled her as one who would never be able to manage finances. The worst part was she believed him.  As a result of this experience I decided years ago that I would help every woman I met become more engaged in the investment process and more confident in her ability to make great financial decisions.”

This was my story the question is what’s yours?  Most stories stem from one of these scenarios. As you try and write your own story use these 4 scenarios as your guide to develop a compelling story as to why you care about your target market:   

1. Upbringing with parents or family life.
2. Watching a friend or associate experience a life event
3.  Your own personal experience with life, business etc…
4.   Experience as a financial advisor using past client experiences

I just read a great article in the Entrepreneur magazine about Business Plans and it was music to my ears. As a former female advisor I was constantly asked to create a business plan for each year. Now I am NOT a detail person, I work based off of a vision, ideas and ACTION. The thought of putting all the details in place on paper as to what I plan and expect to do over the next year much less three to five years is like torture.  Even when considering getting a business loan what held me back was the fact that they wanted a business plan. What I read yesterday only confirmed my thoughts about this business planning process.

Now don’t get me wrong, for some, a detailed business plan can be helpful, giving you that direction and focus but to me if felt like a cage penning me in. As a business owner I must stay open to the opportunities that are presented to me.  Granted I know my strengths as a coach and I have a basic business model but that model has changed through the years, not always based on my doing but based on opportunities that were presented to me. Had I stayed true to a detailed business plan I may have neglected taking a new direction that has opened new doors and greater opportunities. This article only confirmed these thoughts and my approach.

As any of my clients will tell you I have never asked them to create a business plan but there are two components that I do expect from  every client.

1. The first is to create a vision; what they want their business to look like and even this is very difficult for many financial advisors. The industry focuses so much on the smaller activities that many advisors lack that 10,000 foot perspective.  Their creative ideas have been all but squelched and that part of their brain has atrophied. This alone can be a huge handicap.
2. The second aspect is I ask them to breakdown their existing business. By dissecting their current business I can get a better picture of what is working and what is not. Even the advisor gains tremendous value in this process and becomes more aware and cognizant of the makeup of their practice. Just by clarifying and categorizing the A, B and C clients often creates an awakening in the advisor that can dramatically impact productivity.

I think the advisors that have been affected the most by this boxed in environment are the female advisors. Not only do they experience the limited, small thinking of the industry but most of their female creativity and identity has also been squeezed out of them causing them to ignore and negate the characteristics that make them so unique and powerful.

If I had my way before coaching an advisor I would want to wave a magic wand and erase everything they had learned about how to build a successful practice. I would wash away all the industry training and protocol opening their brain to new ideas, greater opportunities and fresh creativity. It is when we are open, receptive incorporating no limits and boundaries that true success occurs.