Referral and Access Strategies: Accessing the Executive Suite Bill Walton, President ProDirect July 30, 2008.

Referral and Access Strategies:Referral and Access Strategies:Accessing the Executive SuiteAccessing the Executive Suite

Bill Walton, President

ProDirect

July 30, 2008

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About Bill Walton

• President, founder ProDirect

• Nationally Recognized Sales Authority (CNN, SKYRadio, SalesRep Radio)

• Featured Speaker:Ameriprise Financial Producers Conference, Legg Mason Asset Management/SMA Conference, Merrill Lynch Producers Seminar, Worldwide Assoc. of Business Coaches, International Quality and Productivity Center, New York University, International Speakers Bureau, American Hospital Assoc., SellMasters® Podcast: Sales Management, Avis Budget CIO Forum

• “Meaning More to Clients” as Core Philosophy

• Sales Training and Practice Development Experts

• Offices in Princeton, Palm Beach and Ridgefield, CT

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Clients Served: Sample List

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Agenda

• About ProDirect

• Referral Rationale

• Connecting with VIPs

• Messaging

• Touch Management

• Q & A

• Close

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Prospecting

21,726

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Accessing the Executive Suite:Meaning More to Prospects

Session ObjectivesSession Objectives:• Generate qualified new relationships• Referrals: prioritization, messaging, touch management • Save time, increase impact

Learning OutcomesLearning Outcomes: Do prospecting better Stand out Develop a crisp pitch you and others love to tell Make Process your Product

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Program Summary

A Simple 3-Step Client Approach StrategyA Simple 3-Step Client Approach Strategy

1. Prioritizing Prospects

2. Creating an Elevator Pitch

3. Developing and Implementing a 7-Touch™ Strategy

1: Prioritizing Prospects

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Business Challenge

Gaining access can’t be about closing anymore…

It’s about opening opening – earning the right to get senior, influentialinfluential people to open up their organization to

you for mutual benefitmutual benefit. For you, for them and their people.

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4 Approaches: Gaining Access

Implement an

overt approach

via phone or

“stream of

consciousness

” touch plan

Overt

Use a credible

sponsor within

the client’s

organization to

help secure

access

Sponsor

Treat the

gatekeeper

(AA, secretary

or the like) as a

resource and

use them to

help secure

access

Gatekeeper

Use a referral

(someone

outside the

client’s

organization),

such as a

consultant,

business

associate or

friend

Referral

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Cold is Cold

The 22 biggest mistakes in the prospecting game:

Not confident in

my pitch

Not confident in

my pitch

Not sure who to callNot sure

who to call

Source: ProDirect, 2004

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Prioritizing Criteria:Shape your prospect focus

Assets: Greater/less than FA’s average account ? Does this get FA closer to goal?

Likeability: Is this someone that will value the FA’s work?

Servicing: Will this prospect be a high or low maintenance?

Prior Success: How much success has FA had with similar prospects? Process Fit: Do they see value in the FA’s approach? Do they “get it”?

Growth Potential: What is the asset growth potential over the next 3 years?

Buying Style: Is this a one-time transactional opportunity or a longer-term partnership?

Competition: How much competition does FA have for the business? First Choice?

Profitability: How profitable will the account be?

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Rating VIP Prospects:Knowing Why You Want Them

Name Asset Size

Growth Potential

Profitability Competition Process

Fit

Likeability Servicing

Needs

Prior Success

Buying Style

Tot. Rank

Jim Pappas 5 10 8 2 5 10 8 2 8 58 2Mary Abbot 7 5 8 8 9 2 2 10 8 59 1Advent

Cardiology8 9 2 2 10 10 2 2 8 53 4

The Pittman Group 6 5 5 5 10 8 10 5 2 56 3The Birch Family

5 10 10 2 5 10 10 5 2 53 5MSG Imaging

9 5 10 2 5 4 5 2 10 52 6The Ray Foundation

10 5 5 2 2 5 5 10 5 49 7

1.) List prospects 2.) Score on 1-10 for each criteria (10= highest) 3.) Rank high to low on the total

2: Crafting Access and Referral Pitches

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The “Pitch”

Focus more on them and less on you.

Make it easy for VIPs to say yes and refer you

• Establish who YOUYOU are• Describe your BRAND of advisement• State specifically why OTHERS have chosen you• Align with what the PROSPECT cares about/needs/wants

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The PitchThe “I/WE/YOU”

SEGMENT PURPOSE EXAMPLE

I Describe who you are, where you’re from.

“My name is Frank Dash from CBA Securities. As a Financial Advisor I help clients do more with their

wealth”

We Describe what you do and why other clients consciously

chose to work with you.

“We do this through a branded process of investment policy, asset allocation, and manager

selection. Clients work with us for the high level of involvement they have in growing their assets”

You Let the prospect know that you’ve researched them, been

thinking about them, and have a strong idea as to why they might

be interested in meeting you.

“I thought You might be interested since providing for multi-generational wealth is one of your top

priorities.

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Your Opportunity:The “You” Statement

Purpose Your Pitch

I Describe who you are, where you’re from.

We Describe what you do and why other clients consciously chose

to work with you.

You Let the prospect know that you’ve researched them, been thinking about them, and have a strong idea as to why they might be

interested in meeting you.

Referrals

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4 Approaches: Gaining Access

Implement an

overt approach

via phone or

“stream of

consciousness

” touch plan

Overt

Use a credible

sponsor within

the client’s

organization to

help secure

access

Sponsor

Treat the

gatekeeper

(AA, secretary

or the like) as a

resource and

use them to

help secure

access

Gatekeeper

Use a referral

(someone

outside the

client’s

organization),

such as a

consultant,

business

associate or

friend

Referral

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Referrals:A Giving Hand is Always Full

• It’s a “Giving” Game

• VIP’s: Help them Get What They Want– Influence

– Change

– Confidence

• Have you earned the right?

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Referrals:4 Methods

1. Seed Planting Approach:“John, we are going to do such a good job for you and your partners, you're going to sing our praises from the highest mountain!”

2. Body Double Approach:“Jane, we love working with you and the other lawyers in your practice. As part of our efforts to grow our presence in the legal space, I’d love to find someone just like you who gets and appreciates our process…”

3. Coach Approach:

“Rob, can I get some advice? If you were me, who would you be calling on?”

4. Down Slope Approach:“Corinne, can you think of other people we should be working with? Would you be willing to write or call him or her on my behalf?”

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Networking Your Market:Other Learning

• Specific steps and inner mindset

to reach out and connect people you’ve helped and who’ve helped you.

Networking your market is based on

generosity; helping friends connect

with other friends.

Building genuine relationships vs.

the crude, desperate glad handling

3: Developing and Implementing Your 7- Touch Strategy™

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The 7-Touch Strategy™

Market research shows that VIP access is granted

after six to seven contacts. You need to “touch”

your prospect frequently with meaningful contacts to:

• Grab their attention Grab their attention • Earn the rightEarn the right• Communicate prospect is important to youCommunicate prospect is important to you• PurposePurpose

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The Odds are WITH you…

It takes on average 7 touches to reach a coveted prospect… Most FAs (85%) stop at 3.

Source: ProDirect, 2007

Prospecting Effort: 85% of FAs Stop at 3 Touches

85%

15%

Source: ProDirect, 2004

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7-Touches for Access

CallCall

ArticleArticle

FaxFax

LetterLetter

EmailEmail

EmailEmail

Follow-up tied Follow-up tied to VIP’s to VIP’s “center-of-“center-of-

plate” issuesplate” issues

It takes multiple touches to gain access…..

Ongoing Touches

90 90 DaysDays

CallCall

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Corralling the Coveted Prospect: The 7-Touch Strategy™

• Meaningful “Touches”

• Breaking Through the Clutter

• Stream of Consciousness Contact Management

• Adding Value at Every Turn

• Establish a Platform for Dialogue

• Dropping Value “Nuggets” Over Time

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Keys to EffectiveTouch Management

• System you’re comfortable with (Outlook, Salesforce.com, Filofax®)

• Each touch must be distinct

• Space touches strategically

• Match touch to goal & align with target prospect

• Custom plan for each prospect running on 90-Day cycle

• Keep realistic contact load. Add 5 prospects per month

• No need to go it alone

• Once you start, don’t stop

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Sample “7-Touch” Plan 90-day Plan 90-day Plan

forfor : John Smith

Contact Touch Date

Scheduled/ Completed

Responsibility

Intended

Outcome Results

Day: 1 Phone Call 3/2 1/30,3/2 Jane Invite to Seminar Accepted Invite

Day:13 E-mail 3/14 1/30,3/14 Jane from me Confirm attendance,

Sent directions

Day:25 Seminar 3/25 1/30 Me Hear expert on economy

John said he loved it!

Day:37 Book 4/6 1/30,4/6 Jane w/ note from me

Relationship building

John left v-mail thank you

Day:49 Lunch 4/18 1/30,4/18 Me Talk about investments

JS interested. Transfer assets

Day:61 Golf 5/2 1/30, 5/2 Me/Jane book tee time

Day:74

Invest. Strat.Meeting

5/16 1/30,5/16 Me and Jane Get Invest. Policy statement done

JS transferred his and wife's accts.

Opportunistic Follow-up info

3/29 3/25,3/29 Jane FU to John’s quest. On Value funds

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Q & A

THANK YOU!