For those who may not be familiar with the organization, Million Dollar Round Table (MDRT) membership is recognized internationally as the standard of sales excellence in the life insurance and financial services business. Therefore I was delighted to be selected as one of 100 speakers for this top-producer event.

Titled “One Size Not Fit All” the talk provided practical, high-value content to help advisors choose the best growth strategies for their specific stage of business.

Using the metaphor of golf from my ebook (Ace Your Financial Advisor Game)….the session highlighted how three advisors dramatically increased revenues – with less work – by focusing on the most productive strategies for their specific practice, instead of the latest quick-fix solutions that failed to deliver on promised results.

The audience liked what they heard… and MDRT chose to highlight my session in their July issue of Round the Table. This attractive digital publication is filled with great ideas from top financial industry colleagues and business strategist… I am including the link for your enjoyment and knowledge enhancement.http://tinyurl.com/cw8nd2n. Enjoy!

• “I’ve spent hours with this prospect and she still isn’t budging – how do I get her to make a move?
• “My high net worth clients have pulled hugh sums out of the market – and I can’t get them to consider better alternatives.
• “How do I respond to comments that lump me in with “greedy Wall Street”  or “evil insurance” crooks?
• My former client’s heirs have been unwilling to meet with me – and seem ready to transfer their assets elsewhere.”

These remarks are from some of the financial professionals I know frustrated by the number of people resisting their advice right now. The problem is, it’s not their fault – the economy is wildly unpredictable and investors are more wary than ever.

However, some advisors have unlocked the key to client trust, and are enjoying more business than they expected.

What turns a reluctant into an eager client? It isn’t about products or investment strategies, although of course, that is what a competent advisor offers.

It is about the questions and conversations that get prospects and clients to take the leap of faith required in today’s uncertain economy. And. top advisors know the quality of conversations they have with clients starts with the ones they have with themselves…

“Whether you say you can, or say you can’t…either way, you’re right!” – Anonymous

Your most difficult clients can teach you where you may have some gaps in your self-talk – and how to rethink your approach. Let’s take Charles, on of my RIA clients. He was frustrated because a particular business owner was dragging his feet on an investment move that would help him shelter significant business income. Charles had presented what he believed was a sharp, well-documented case to the client – and – nothing! I asked Charles about what he believed was causing the delay from the client:

How we see it = how it is:

1) He thought the client didnt understand the value of risk-mitigation
2) He was concerned that changing his previously successful, low-key approach to business clients might come across as “pushy”
3) He thought a more emotional case would be viewed as unprofessional
4) He felt defensive from critical comments fueled by retirement portfolio losses and ongoing bad press about the financial services industry.

In looking at each of assessments, we discoverd they came strictly from some of Charles’  interpretations. These opinions revealed some of his basic values, including for the scientific method, for low-key behavior, and for technical information.

The new normal

These values had served Charles well in the past. However, while they had their positive impact on his life, they didnt take into account the “new normal” of fear causing clients to want more than facts to reassure them. Even business clients today want an advisor who “gets” them – and who is willing to connect in a more personal way.

Charles realized that this “difficult client” was calling for a different approach. He could see he was holding himself back from conveying passion and a sense of urgency. Charles recognized he’d made some assumptions about the client’s reactions that might not be accurate,

From risk-mitigation to game-changing…

We developed the following 5 strategies to help Charles ask better questions of this particular client:

1) Start with “beginner’s mind”. Charles thought this was alittle woo-woo at first, until he realized his preconceived notions of the client were getting in his way of discovering the real reasons for the client’s hesitance.
2) Start seeing himself as a “game-changer” instead of just a “risk-mitigator. Charles could feel the difference in the power of a few words – and so could his client.
3) Be emotionally courageous with the client. Charles realized he needed to take a risk himself – to show empathy and even vulnerability with the client  – to help the client open up about what he really wanted to discuss, but had not felt comfortable admitting.                                                                                                                                                             4) Display a physically calm and powerful presence with the client to establish a safe atmosphere for the client. We worked on some body language positions that would align Charles’ words and behavior for a more effective presentation.
5) Respond to cynical comments with more curiosity, instead of defense, to learn more and diffuse hostility. Charles realized he could learn from others anger, and perhaps diffuse tense situations by not reacting or trying to be “right”.

The bottom line:

Charles new “tools” in his communication kit allowed him to increase his close rates – especially with clients who seemed the most reluctant. By expanding his view, Charles not only retained his personal standards of excellence, he started attracting more high net worth business clients looking for an advisor who would help them address the concerns they cared about most, but didn’t know how to raise.

Do you need to add to your communication toolkit? Like Charles, if your clients are resisting your advice, chances are, they teach you to do just that – and get “A-grade” results for your effort.

The number one business survival skill… is not sales, marketing, financial or time management. It isn’t emotional intelligence or customer service. And, it’s not social media savvy.

“Learning is not compulsory. . . neither is survival.” Dr. W. Edwards Deming

You may recall Deming as the father of quality improvement, which helped transform Japan from a struggling post-war economy to its current position of global economic leadership.

The ability to adapt quickly is never more important than during times of upheaval.

How one financial advisor doubled his GDC production by  learning “how to learn”:

At $200,000 in GDCs,  James already had a pretty good handle on his sales, marketing and operational functions.

However, Jame’s former strategies were not producing the numbers he needed to hit his goal. He scheduled a strategy session with me to  help him think through ideas to yield his $400,000 GDC target.

Jame’s main challenges:

• His high net worth boomer clients were reacting negatively to his investment suggestions.
• His “fact finder” process was not working as well as before with prospects.
• Networking events were producing fewer and fewer quality leads.
• He was exhausted by increased demands from “ needy” clients.
• He didn’t know how to conduct liability insurance risk discussions with his physician clients

After working together James realized he needed to learn more about what his clients really needed from him, that was different than what he had previously offered.

Five keys to learning

Here is what James learned to improve his results:

1)Be curious. As successful business owners, our rapid-fire responses and solutions help us succeed, sometimes get in the way of the truly brilliant idea waiting for an opening. James realized one of his blind spots was his opinion that he “should already know” what to do or say based on his experience.
When clients expressed frustration with their investment losses, James found himself defending his position. James saw that if he could allow himself to “not know” a little longer than usual, he could have a more productive conversation with an upset client, and have a better chance of retaining him.
Demonstrating curiosity while maintaining credibility takes learning and practice. James and I worked to help him have more skillful conversations with boomer clients. 

2) Listen completely without being distracted. Through our sessions, James’s realized his tendency to “multi-task” was causing him to miss some questions his prospects wanted to know, but were afraid to ask. He found that he was relying too much on the structured fact-finder. James learned to improve his use of the fact-finder to have the conversation his prospects really wanted to have with him.

 3) Be open to new perspectives.  It takes a conscious decision to really be open so you don’t automatically dismiss someone else’s ideas.  James realized he had ignored some of the suggested methods for building relationships in his networking groups. James committed to learn one of the strategies to attract more referrals.

4) Demonstrate respect for a teacher. In martial arts, the student is required to “surrender” to the master, or sensei. The purpose of this is to consciously allow to be taught. James realized he needed new tools to deal with the “neediness” of his clients, and so far, had not decided to trust any of the teachers he had met. His lack of trust related to some incompetent sales trainers he had experienced.
 After brainstorming several qualified teacher candidates, James opted to join a small study group I was facilitating where he could actively learn and practice difficult client conversations, in a safe and respectful peer environment.

5)Learn to ask for help. One of the biggest mistakes adults make that stops them from learning is to refuse to ask for help. James realized this blind spot wasn’t working for him now, and so we worked to help him learn to ask for help within his network.

Here are the tangible results that helped James reach his $400,000 GDC goal:

• He increased his referrals from formally angry clients who appreciated him for not giving them boiler-plate responses
• He doubled his fact-finder close rates with new prospects.
• He tripled his referrals by better using his networking time.
• His where he generated more ideal client referrals as a result of being invited to speak at a physician symposium about liability risk management.

The bottom line: learning how to learn pays off ! How good are YOUR survival skills? Click here if you would like to receive a complementary strategy session.

Here are 5 questions to ask yourself that may reveal a new approach:

1. What are the reasons for my unsatisfactory sales results?
2. Of those reasons, which ones are subject to interpretation?
3. How are my interpretations negatively impacting my conversations with clients and prospects? 
4. What do I need to let go of that would allow me to change my conversation for a better result?
5. If I could let go of that, how would it change my possibilities?

Asking these questions with an open mind can open up new solutions you had not considered. Here is an example from a successful wealth advisor who discovered how his blind spots affecting his sales:

John was a highly successful advisor with a mature practice whose marketing and sales came mostly from high net worth client referrals. He came to me because of two concerns impacting his revenues: 1) Several clients had retired or passed away, liquidating or transferring assets in the process, and 2) client referrals were down significantly. John was unsure of the reasons for this, or whether he had any control. He believed that his business strategies had taking him many years to cultivate and had worked well until now. He was worried about the long term impact of changing direction in his marketing now.

By answering the 5 questions and doing some other work with me, here were some “blind spots”  we uncovered:

• He was having the wrong conversation with prospects
• He was afraid of risking “good” for “great” marketing strategies
• His analytical approach was keeping him from connecting on a personal level with his key clients

By looking at his business through a new lens, John was able to shift his perspective – leading to a more authentic sales approach that generated over $10 million more in assets under management from his ideal clients.

He was amazed at how just small changes in his internal conversation yielded such a huge financial benefit. Moreover, the skills he used to enhance his wealth practice helped him with his personal relationships, too.  That’s because, unlike typical sales techniques, the skills learned in ”blind spot removal” work from the inside out, benefitting every aspect of life.

If you to start changing your results, I offer a private strategy session for financial advisors who qualify. Take this free, online assessment to qualify for a Top Advisor Strategy Session with me:  www.masterfuladvisor.com/quiz/index.php/5 It will take less than 10 minutes, and give you instant, custom feedback and strategies to remove your business blind spots.

While this report may not directly apply to financial advisor and investment firms, it points to a new and largely untapped referral source for savvy financial advisors.

Here are 7 steps for a successful – and compliant – Facebook Page for your business…and turn on your referral engine:

For those who may be new to social media and Facebook Fans, a FAN page differs from a private Facebook page.  Fan pages are corporate or professional pages that a business can set up, and used to promote business (versus personal) interests. A Facebook Pages (formerly referred to as a “FAN Page”) is distinct from the regular Facebook personal pages that most people know. Here are some tips for financial advisors who want to leverage this potential referral source of new prospects and ideal clients:

1. Set up a Facebook Page for your independent advisor firm (or see if your corporation has a Facebook page already)
2. Commit to having an active social media presence  with weekly posts (not just a static ad)
3. Invite your most influential clients and relationships to ”Like” your page (Facebook will help you do this)
4. Choose your fans wisely – avoid the mistake many people make of adding fans who are not relevant to your business.
5. Keep those relationship in your personal Facebook page.
6. Post valuable, compliant information for your audience.This can include current news, discussion questions, or other helpful information.
7. Make sure your posts are done within the requirements of your corporate and regulatory guidelines. Socialware is a company that specializes in helping regulated firms with compliant social media policies and practices.

Search on Facebook to see how other advisors are successfully using this new media to grow referrals and retain clients. Facebook is definitely here to stay, and is the new “word of mouth”.

How are you using social media? Share your comments and pass this article to your friends. Oh, and Id love it if you would “like” me at my facebook fan page, http://bit.ly/9hbS7s

5MKRG25ZDFMJ

• “…advisors are in the business of learning and sharing learning with others”
• Hallmark now prints birthday cards celebrating 100 years old
• Key to longevity: avoiding rather than surviving disease
• By the year 2030, 20% of the population will be 65
• Weekly and daily headlines are rich with relevant examples for boomer health and financial security issues – make better sales materials than data sheets
• Boomers have more likelihood of needing long term care and options for retirement income than previous generations.
• Don’t be afraid to share personal stories and examples with clients

Advisors who are able to reach out, connect on a personal level and become the expert who confidently advises clients, have a fantastic opportunity in today’s unprecedented times of change.

How prepared are you for the challenging conversations in your practice?

Chances are, you are suffering from a blind spot.  Exactly what does that mean, and why should you care?

Been There.  Done That.

• Maybe you’ve purchased courses, books, DVDs or CDs on the topics.
• Maybe you’ve paid expensive fees to a consultant promising “immediate, guaranteed results!”
• Maybe you have even decided to implement specific ideas for your practice – and yet, for various reasons, you have not yet taken action.
• Maybe you’re jaded…Bottom line is, nothing you have done so far has worked.

If any of these are true, then chances are that you have a few “blind spots” keeping you from taking the actions you know will help.

A Real World Blind Spot Example…

John, a successful Financial Advisor once told me, “I have a file full of ideas on Client Management Systems, and even one that I can get at a discount through my company.  I know a better CMS would really help my practice grow. I just have not found the time to decide.”

Rather than give John yet another idea to file, I asked him what he was saying to himself as he explained his reasons for not having a CMS system in place.  After thinking for a second, he realized with some surprise that he was really thinking that he did not like dealing with CMS, and that he would probably make a mistake in the decision.

Although he was very effective in managing his business, he realized his concern for “getting it wrong” combined with his aversion to all things computer, was making him procrastinate.  A common Blind Spot.

Insight, then Action

Once he noticed how this Blind Spot was getting in his way, he made a few adjustments in his approach and was able to finally choose the right system for his practice.

If this sounds simplistic, it is…and it isn’t.

On the one hand, once a person sees an ongoing problem with “new eyes,” it often allows for flashes of insight that seem to come from nowhere.  These insights create new energy and motivation to change.  On the other hand, it can take time for new habits to replace outmoded ones.  This is where practice, follow-up and accountability are crucial for lasting success.

It is the difference between “knowing” and “performing.”

Try this:

1. Sit down with a sharp person from another industry.
2. Describe the details of a goal or a problem you are working on.
3. Ask them to point out opportunities you might be missing.
4. Switch it up and do the same thing for them.
5. Did you notice that “fresh eyes” can recognize opportunities and challenges much easier than the person in the trenches?

If you would like more indepth look at your specific business,  Click Here  

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The GIVE:  In prior posts, I’ve noted I’m a member of NAIFA-Tampa, a financial advisors professional association. They recently asked for my help at their recent charity golf event for Epilepsy (see picture). I’ve also pinch-hitted as a speaker and moderator for them a couple of times. Not big investments of my time, and a nice way to personally connect with my target market.

The GAIN: In casual conversation with one of the group’s leaders, he suggested linking my free online advisor assessment to their website as a member benefit. But there’s more: here is what he wrote to me after his meeting with the board of directors :

“Your reputation and hard work with the association made it so easy to get approval.  Those who know you simply said this is good and let’s vote.” 

The purpose of my sharing this is not to toot my own horn, but rather, to share an insight that could help you. Here’s the insight” my ”hard work” has been anything but – I’ve enjoyed every minute and see it as “playtime” away from the office! And, talk about free advertising right to my ideal market! It doesn’t get any better than that.

And,here is an excerpt of the intro letter written by the association president-elect – again, you can’t get a better endorsement ”from the horse’s mouth” like this:  

“..  In short,  the “Advisor Blind Spot Assessment”  throws light on some areas of our business we might otherwise want to ignore. Take a few minutes to ….. take the assessment.  The time you devote to this survey and implementing the recommendations will be rewarded by increased effectiveness. ”

The best part for me was that these “gains”  were unexpected and easy, and simply grew out of my willingness to show up and give alittle of my time. I know you will agree that this way of “selling” is much more fun and effective - than the pushy, hard-sell tactics we all hate.

By the way, if you want to shed light on your advisor practice…just click on the link at right for your own, free custom Advisor Blind Spot Assessment. You’ll receive instant results online and via email.

How about you? – What examples can you share of your own” Giver’s Gain” experiences? We all learn from each other’s lessons. Oh, and feel free to pass along this article to your friends to inspire their creative giving!

As a member of the Tampa chapter of NAIFA, I recently moderated a panel of advisors who were honored by their peers. You can read about it here:  http://bit.ly/byYdT1

Which groups do you participate in and support with your time and contributions? How do you benefit from them?

Please share your comments here in the interest of professional development.

Thanks!