Archive for July, 2011

As a financial advisor all of your prospecting efforts culminate in one final meeting. In this meeting you have the opportunity to present your solutions and motivate the prospect to become your client. When so much is at stake why do financial advisors spend so little time preparing for these appointments?

Last week I worked with one of my advisors by helping her prep for a closing appointment.  After spending a full hour on this process I realized in their desire to close the business many advisors often overlook the critical steps that can ultimately tip the scales in their favor.

The Appointment process can be broken down into 5 important steps:

1.    Review your findings: While prepping for the presentations write out everything you have learned and then review these findings at the beginning of the appointment. Not only does this give you a chance to get positive affirmations from the prospect but both you and the prospect will feel more confident that you truly understand their needs and concerns.

2.    Share your concerns: Based on those findings now is your opportunity to express the challenges, risks and concerns you have with their current situation. Again it’s important to get feedback from the client that they too understand these concerns before moving on.

3.    Present your solutions: NOW you can present your solutions and as you do constantly refer back to how these solutions address specific issues and concerns. It’s your job to tie all the pieces of this presentation together.

4.    Get confirmation: This is a great time to ask open ended questions. Open ended questions put the onus on the prospect and will give you more insight as to possible objections.

• What do you like about this strategy?
• How do you see this strategy solving your issues and concerns?
• What part of this strategy do you not

5.    Ask for what you want: Before you begin the presentation be very clear on what you want, open the account, transfer all the assets in, get a commitment on a product or plan. Be clear as to what you want and know how you intend to ask for it. At this point it is important to ask closed ended questions, you now are looking for a yes/no answer. If you get a yes you are on your way, if you get a no go back to step 4 and ask more open ended questions such as:

• What is preventing you from moving forward?
• What is getting in the way of us doing business together?
• What can I do to earn your business?

In addition as you prep for your appointment, make a list of all the questions the prospect may ask, do some brainstorming beforehand and go to the meeting prepared to answer any of the questions on your list. By doing this prep work first you will go into the meeting with greater confidence and your clarity and conviction alone will enhance your ability to get a commitment and the business.

Over the past few months Hannah had been doing a bang up job at attracting affluent prospects. Her seminars were creating a buzz and she was finally reeling in new prospects with millions, the problem? She couldn’t close the business.

We spent one whole coaching session focused on her ability to get the prospect to commit to doing business with her and everything we did came down to one simple statement: Ask for what you want.

As we reviewed each prospect I asked Haannah, “What do you want from this prospect?” as with most advisors she gave me lots of details without ever answering the question. I again asked “Hannah, what do you want from this client?” She then shared what she thought he should do, again I shook my head and asked “What do you want from him Hannah?” She finally blurted out “I want him to open an account with me.” I told her then ask for what you want.

That afternoon, the same day as our coaching call Hannah emailed me and told me that she got the account and it was a million more than she expected. She said she had a nice conversation with the prospect and finally said “Jim, can I open an account for you?” and he said YES. The rest is history.

How simple the process is when you know what you want, all you have to do is ask.

Take a look at your top 5 prospects and ask yourself:

What do you want from that prospect and how can I ask for what I want…. then do it.

Yesterday I participated in an amazing call. It was a follow up call to the Sacred Success Retreat I attended hosted by Barbara Stanny. Last night I listened to 10 women share their continued success since spending 3 days together at this retreat. In every instance there was one common thread that wove through each story… SURRENDER.

Each of the women were working on and learning how to surrender their desire to do, and instead begin to listen, listen to their heart. While it sounds simple it’s not. We have been so trained to believe that being busy, always doing is what creates success, but we couldn’t be further from the truth.

The state of surrender does not come easy. We think because we want it and set our minds to it that ‘poof’ it will happen. Then when we are feeling doubtful or swinging between moments of euphoria and moments of fear and doubt we aren’t doing it right, yet those are the signs that indicate we are moving closer and closer to surrender and ultimately achieving our true greatness.

As I listened to these women share their accomplishments I was reminded of all the female advisors I have coached. It is so easy for female financial advisors to get caught up in the business syndrome, taking on too much giving too much of themselves away.

Many female advisors find their lives so full and busy that they often lose sight of what it is they really want. They get so caught up in feeling busy, worrying about production and numbers that their business becomes more of a burden to their success rather than a fulfilling aspect of their life. They have forgotten that passion and desire that once inspired them and gave them focus and clarity.

This morning I went walking. I chose to not turn on my iPod and let my mind focus on my business. I didn’t have a pen and paper and couldn’t create a to-do list. I just let my mind focus on where it wanted to go and next thing you know I have uncovered a whole new key note presentation that will knock the socks off of any audience. In that 50 minute walk I surrendered and found more clarity and inspiration than in a week long program. I just had to take the time to listen and to feel what my mind, body and soul was telling me to do.

As a client I’m NOT impressed. Since I left production to become a full time coach I have worked with 4 different financial advisors and to be honest few actually provide ongoing value that is worth a dam__. I mean it, other than calling us every once in a while with a suggestion or once a year for a portfolio review how do I even know my advisor is watching my portfolio? Unless your fees are solely for performance you better wake up.

As a financial advisor you must have a process that is not just about performance. My Thematic Wealth Program is SO effective in creating a highly purposeful process for connecting with clients on a regular basis, its really so simple EVERY advisor should be using it.

Just think, if you called all your clients every quarter and had meaningful, purposeful conversation that allowed you to uncover new assets and increased product opportunities, what would that do to your business?

What if you could use that same process and give prospects a taste of what they would experience as your client? Using my Thematic Wealth Program the value is far and above anything they are experiencing now with their current advisor.

Financial Advisors often find themselves in a reactive client service mode or focused solely on prospecting, so what are you doing to enhance existing relationships and inspire referrals?

You can’t keep doing the same old thing and expect different results. Referrals are NOT about asking and Service is NOT about reacting. It’s time to try something new, something different, something that really makes a difference with every client and prospect. To learn more click here.