Archive for August, 2011

This time it’s different, it seems financial advisors are finally getting it.  If you didn’t reach out to all your clients during
the recent volatility I guarantee you someone else has.  Just this week one of my female financial advisors learned this for real.  After our coaching call I sent her off to call every client in her book and soon after she sent this email.

“I was talking to my client today.  She said “funny thing.  I’ve had several financial advisors call me today asking how I’m doing in the market and if my advisor has been talking to me”.

Financial Advisors seem to be recognizing that a market down turn and volatility is a boon for prospecting and capturing new business.  Whether you are a new advisor with few clients or a seasoned veteran with and existing book today you should be calling every prospect, friend, family member and acquaintance you know, now is the time to harvest the relationships you have sown.

There is never a better time to reach out to everyone you know to present your value while ADDING value.  Don’t for one minute think that all your friends’ acquaintances and family members really know what you do.  Everyone who has money invested in the markets is scared right now; scared about their financial future, scared about the future of America , our foundation has never been so unstable.

Odds are you are doing a great job with your clients; they are well positioned based on a balanced asset allocation and good diversification. Some of you may have moved some moneys to cash or have a portion of your client’s assets in bonds or an annuity where it is safe from the volatility, don’t think everyone is getting the same value and service from their advisor.

Get on the phones today and call EVERYONE.  Let them know that you are there for them if they are concerned or want a second opinion; you don’t have to sell yourself, not now.  All you have to do is offer your opinion and engage in conversation, find out how they are faring with these markets and come ready with 3 really good open ended questions.

Here is a sample script that may help:

“Hi Mary it’s Adri at ABC Wealth Management, I’ll tell you the reason I’m calling I know there are a lot of people that are concerned about their investments right now and not all are getting the advise and value they should from their financial advisor. After speaking with all my clients I realized I needed to reach out to everyone I know just to make sure they are ok.

These are tough markets how are you and John handling it:

What is your biggest concern?

Which of your assets are in a safe place?

How is your advisor helping you?

I just want you to know I am here, I would feel terrible if anyone I knew made some tragic decisions and I never reached out to help them. “

At this point you will know whether to either offer them to come in and you will review their situation or to let them know you are glad they are in good hands and wish them well.

Now is the time when the strengths of female financial advisors really kick in.  These volatile markets creates lot’s of emotions in clients and prospects, women are naturally great at helping others work through emotional concerns, now is no different.

It’s not enough today to just give clients a regurgitated report from one of the million analysts YOU have to have be able to empathize and relate to your clients today  acknowledging their fears and not disregarding their concerns.

I heard an interesting point at a recent conference of money managers, he said “It’s not enough to just share what is happening in the markets, you have to have a plan.” I TOTALLY agree with this key point.  I realize that just because the markets are experience huge swings you can’t disregard your original plan or philosophy which supports your investment decisions but giving clients SOME other options is important.  Just as the markets are real so are their fears.

The key here is to present a plan based on further movement or triggers going forward it’s not about making changes TODAY in the heat of the moment.  Often times when you are able to delay the decision making process the emotions settle down and more rational reasoning kicks in.

And don’t limit this approach to just clients, prospects need your help now as well, this is a great opportunity to reach out to all your prospects and show them the value you bring especially when times are tough.

There is nothing more fun than watching a group of financial advisors take experiences from life and craft them into a compelling story. That’s exactly what happened this past week during my Keys to the Ladies Room presentation.

In order to connect with the female audience you must be ready to answer the question “Why do you care about me?” Most women will assume that the only reason you want her to become your client is so that you can generate more commissions. Obviously that is a component to what we do but that does not have to be the complete truth nor the primary motivator.

If you plan to enhance your relationship with existing female clients and or want to attract more female clients you must share your story that shows why you care about women. In today’s presentation we had so many fabulous stories;

• Pat had a Mother who at 36 buried her husband and delivered her 6th child all on the same day.
• Sean visited his Grandmother he loved and saw her spend her remaining years in a state run facility only to find out that with some advance planning she could have lived her remaining years in comfort and dignity.
• Lisa shared her own experience going through a divorce. As a result her desire to become more financially confident resulted in her becoming an advisor and helping other women manage life transitions.
• Carmen lost her husband at a young age and with no investment experience or financial advise she blew the insurance money on furniture, today it would have been worth $2,000,000.

As each advisor shared their story they learned how to remove all of the unnecessary information, creating a more streamlined message that made a powerful impact.

By the end of the day each advisor had an opportunity to share their final story and what we heard was amazing. The transformation in just a few hours was almost unbelievable.

They all did a fabulous job articulating why they are passionate and sincerely interested in working with the female client, now they just have to use it.