Archive for June, 2011

My client called to tell me his son just admitted himself to a rehab unit. Another client has spent this month managing a manic son who struggles with Bi-Polar disorder. I have another client whose husband is about to undergo a serious spinal surgery and another that with just two days notice adopted a set of infant twin boys. That’s all happened in just one month.

Life happens to us all, whether the event is a celebration and addition to our lives or an illness causing additional responsibilities and often burdens to our already busy lives what you experience gives you a greater understanding and empathy for the multitude of unexpected events that can touch us all, even our clients. These events certainly cause us to re-evaluate our priorities and redefine our daily work schedule (at least I hope that is the case) they are also an opportunity to validate why developing a good financial plan is critical to us all.

Everything that happens to us creates an opportunity to reevaluate what we do and why. Taking that new perspective and applying it to your business can create new opportunities to develop relationships, inspire more meaningful conversations with clients and prospects and often make us much more efficient and prioritized with our time.

It’s not unusual to feel somewhat alone, isolated even disadvantaged when life reaches out and grabs us but as a coach who works with hundreds of financial advisors from all over the country I can confidently tell you that you are NOT alone. We will all be faced with challenging times in our lives, you can allow this to completely disrupt your business and your life or you can embrace the challenge and confidently make changes to your business, your schedule and your life so that you can gracefully learn and grow from the experience.

Last week on one of my Pink Office Mastermind calls a female advisor finally used it and got it. Paula was at a networking event, one of those events where you get to share who you are and what you do. While this was not a new group and she had shared her message numerous times she finally used the new script we created. Immediately following this event she was approached by an attorney who said “I finally get what you do, I’m going to have my client call you this week, she needs your help.” My client finally got it.

During our call Paula confessed that had she not used this new compelling script, had she not shared a message that was crystal clear as to who is the client that she is passionate about working with she may never have received that referral. Financial Advisors are on the eternal quest for the secret to getting more referrals and the answer is so simple. Zero in on exactly who the client is that you want them to refer to you, be specifics about their circumstances, clarify the issues that these particular clients face and you WILL get referrals.

Our desire to grow the business and generate referrals is overshadowed by our fear of denying ourselves potential prospects by narrowing our market, this couldn’t be further from the truth. Yet financial advisors continue to let this fear drive their decisions which only acts as a forcfield to any real referral opportunities. Whe we make decisions based on fear we are more often than not making the wrong decision.

Do what you fear the most and great things will happen.

Yesterday on a coaching call with a female advisor I asked her how much time she takes off a year, she said a few days here and there.  My inner voice was saying “Are you crazy?” but my outer more tactful voice said “Why”. At first she didn’t understand the question so I clarified, “Why are you only taking less than a week off each year?” She told me she is always so busy and doesn’t want to let her partner down (odds are her partner is many more vacations with many intermittent days golfing). I was struggling to control myself. 

While I would like to say this is rare it’s not really. This is a common phenomenon more frequently experienced by female financial advisors.  Their desire to be all and do all for everyone often causes them to lose sight of their priorities. 

This client is a working mother (as are most of my female clients). She comes in early and stays very late, always feeling there is more to do. While she is actively booking appointments her appointments are two hours long.  She hesitates to shorten the appointments thinking this is how she adds value.  Basically she is in her comfort zone when she feels busy and feels needed.

So I had to ask her, “What are your 3 top priorities in life in order of importance?” Without hesitation she said her kids, her marriage and then her business.  I then asked “Why are you putting your business above everything else?” she looked at me perplexed.  I told her there was no need for her appointments to last more than an hour, the next time she went over an hour I wanted her to realize she was stealing time away from her kids, “You have to ask yourself is this person valuable enough to my business to steal time away from my kids?” I saw the light bulb go on.

We then focused on her time management I encouraged her to evaluate every activity she does in a day and ask herself is this worth taking time away from my kids?  I told my client there is no reason why she can’t be home every evening at a normal hour, even if she has to stay late one night then leave early another and give your kids the time they need, want and deserve with their mother. 

We then talked about vacations, she should be taking a minimum of at least 4 weeks off a year, not only do her children need that time with her but SHE needs it to refresh and replenish herself.  While for years in the corporate world women had to prove they could compete, as a female financial advisor the only person you are competing with is yourself. For centuries women have been paving the way so you could do and have it all, so why do we continue to sacrifice what we hold most important?

No client will ever gain more value nor appreciate the time they spend with you than your children.  You only get one chance at raising kids; you have many opportunities to grow your practice. Clients will come and go but your kids are yours for LIFE.

If your website is like most financial advisors it’s boring and does nothing to help you build your business. I am often asked to review the websites for my financial advisor clients.  They are all basically the same, some perhaps a little more creative than others but I use that word lightly as most of my clients or right brained. 

When evaluating your website the first thing you have to ask yourself is what I want this website to do for me.  You can spend a lot of time and money creating the site but if no one ever visits the site what’s the point? And if they do visit but you don’t capture their information where is the value?

When I started my coaching practice (coming from the financial services industry) I did the exact same thing. I hired a web designer, worked on my message and developed a very professional looking site.  I was proud of my site but it was doing nothing to help me grow my practice. I spent all that time energy and money and all it did was act as a business card.

Over time and by attending some coaching conferences I finally learned what I was missing and it was a lot.

1.  I had no idea when someone was visiting my site, without this information how could I follow up?

2.  I had no way of capturing the information of those that visited my site, my database was stagnating.

3.  I provided no real opportunity for the visitors to experience my value, they came knocking but I never invited them in!

All I had was a pretty website that acted like a business card, something to be looked at once and then soon forgotten; chances are your website is not much different.

6 years later I now have a website that tracks my hits, has added well over 1000 names to my database, has consistently inspired Advisors to become my client and has actually generated new business and speaking opportunities.

As you look at your website ask yourself what you want it to do for you and consider the following questions:

1.  Does my message clearly state what I do and who I do it for in a way that is personal and compelling?

2.  How can I add a short video or audio message that gives visitors a taste of who I am and what I can do for them?

3.  What can I offer as a free gift that will motivate the visitor to sign up so that I can capture their information?

4.  What is my on going drip marketing process to try and generate more interest after the gift is sent?

5.  How can I track my traffic and identify what is the source of traffic (referrals, internet, and associations)

In this world of technology a pretty website will do little to grow your business but an active website can produce leads, elevate interest and inspire new business. So if you’re serious about growing your business maybe it’s time you put some time and energy into creating a website that actually works for YOU.

As I watched my son develop during his 16 months in Iraq I realized it wasn’t just the military experience that made the difference it was the sense of purpose he had in what he was doing that accelerated his growth and maturity. This same sense of purpose created a focus and drive he never experienced before. His experience reinforced my belief that we can only achieve our greatness when we are driven by a purpose bigger than ourselves.

As a financial advisor while you may not be dodging bullets or marching in cadence under the American flag you are performing a purpose that goes beyond your own life. As a Financial Advisor you are helping your clients enjoy the freedoms and opportunities that America provides.

While your role as a Financial Advisor may at times feel like just a job yet it too comes with a tremendous responsibility. As a Financial Advisor you become the guardian to your client’s financial future. You chart out their path that will lead them to financial security, independence and for many prosperity.

It’s easy to get caught up in the day to day routines, answering emails, processing documents, prospecting for new business, losing sight of the importance of your job and value you provide. Take some time this week to reflect on your role with your clients, the value you provide and the sense of satisfaction you gain when you see your clients living a prosperous and fulfilling life. Remember that you are making a difference every day with every client.