Research Base First Awareness of Advisor€¦ · • Build Your Base Through Community Prospecting • Leverage Your Connections Through Personal Introductions ... Great impression
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Recommended by a friend or family member 33.9%Recommended by another professional 21.1%Other 16.1%Online search 11.5%Similar social circles 7.4%Saw their advertisement 7.0%Saw their office building 3.0%
Came highly recommended 32.8%Great impression during meeting 19.4%Worked for large institution 18.4%Knew them personally 15.1%Lowest fees 5.5%Worked for smaller institution 5.5%Other 3.3%
Example 1:“Whew! I just met with this widow who lives here in town - such a sweet lady. Her husband passed away 6 months ago and she was basically oblivious to their financial situation. She had no idea that all her assets were basically tied up in two stocks.”
Example 2:“It blows my mind, the amount of people who don’t have any sort of succession plan. I just got out of a meeting with a business owner who has never even considered an exit strategy, but wants to know if he can retire.”
• “What’s your advisor been telling you?”• “Has your advisor reviewed your financial plan recently?” • “How’s your financial plan holding up to this volatility?”• “See if you’re moving in the right direction”• “Be a sounding board”• “Let me put my professional cap on”• “Another set of eyes”• “Stress test”• “2nd opinion”• “Risk analysis”• “When’s the last time you met with your advisor?”
• Socialized with client• Know names, ages, and interests of children• Know important dates• Know recreational hobbies• Know pets names• Know charitable interests• Know Alma Mater (college attended)• Know favorite restaurants/foods/beverages• Interact on social networks (FB, LI, TW, etc.)• Have invited to dinner at my home
• Who do you know that I should be working with?• Who could you introduce me to at your club?• I get paid in two ways…• Give these business cards to some of your rich friends.• Who is (power player friend) working with? • Use this form to write down the names of 10 people…• Who else might want performance like this?• How would you rate me on a 1-10 scale? (If 8-10, ask…)
• “Matt, we’re looking to get a foursome together for golf this Saturday. Would you want to join us? (Pause) Do you think your colleague Stephen would want to play?”
• “Matt, next time you and Stephen go fishing, would you mind if I tagged along? I would really like to meet him.”
• “Matt, I’m looking forward to attending the fundraiser. Could you seat me next to your colleague Stephen and his wife?”
• “Matt, LinkedIn keeps popping up that I might know Stephen Boswell – I don’t, but maybe I should. If I saw correctly, he’s one of your connections – how do you know him?”
• “Matt, is that your colleague Stephen with his wife over there? Could you introduce me?”
• “Matt, why don’t you invite Stephen and his wife to join us at the wine tasting on Friday?”
• “Matt, I’ve got two extra tickets to the xyz show, do you think Stephen and Heidi would want to join us?”
• “Matt, I’d like to meet your colleague Stephen. What would be the best way for us all to get together socially?
• “Matt, I saw that you’re connected to Stephen Boswell online – how well do you know him? Could you introduce me?” (follow up statement) “Let me know if you ever want to meet any of my connections.”
• “Matt, you mentioned Stephen’s going to retire soon. You probably should introduce me to him – just to make certain he’s got his bases covered. That’s exactly what I do.”
Great, thank you so much. How did my name come up? When was that?Why don’t we all grab a lunch? These things work best when we get to know each other first before diving into business.
Client:
Advisor:
I gave your name to my colleague Kevin. He’s a great guy and said he’s going to give you a call.
“Jim, we’re considering holding a handful of intimate social events this year for our good clients, friends, and professional partners – it will be all fun – no business.
We’re considering a number of venues such as wine tastings, golf clinics, cooking classes, or tours of local craft breweries. Do any of these sound appealing?”
Select Venue• Fashion and Finance• Antiques Roadshow• Barbeques• Car Demonstrations• Sporting Events (Spectator)• Cooking Classes• Golf Clinics• Zoo Day for Families• Art Gallery Events• Cigar Night• Fly Tying Class• Tea Parties• Gardening Events• Trivia Night for Law Firms• Valentines Day Events for Widows
• Batting Practice at Minor League Park• Hunting/Fishing Trips• Museum Tours• Retirement Parties• Birthday Parties• Holiday Parties• Chocolate Tastings• Ballroom Dance Classes• Outdoor Concerts• Theater Night• Scotch Tastings• Wine Tastings• Fitness and Finance• Economic Summits• Apple Store Events
We scheduled a wine tasting for (INSERT DATE) at (INSERT LOCATION). We have some excellent wines lined up and I hear the facility is top notch. Do you think you and (SPOUSE) can make it?
This event is going to be all fun, no business. Maybe you could bring your partner from the law firm, Jim, or one of the guys from your golfing group?
“That’s great. I really appreciate you reaching out to Jim to see if he and his wife can join us. I know you’re busy, so if it’s okay with you, I’ll give you a call on Friday to finalize the guest list.”
“Great to hear Jim can make it. How long have you known him? Can you tell me more about him?”
If they CANNOT bring the guest you sourced:
“Sorry to hear Jim can’t come. I had two extra seats reserved for you. What about the other couple you mentioned you frequently go to dinner with? Would they enjoy this event? (WAIT FOR RESPONSE) Who else do you know who likes good wine?”
Step 1: Engage Your Best ContactsStep 2: Schedule a Meeting Step 3: Master the First Meeting Step 4: Showcase Your Practice Step 5: Engage in a Social InteractionStep 6: Manage the Relationship Step 7: Official Review Meetings
“We’re always looking to build relationships with a handful of good CPAs in the area that we can refer our clients to. I wanted to ask you, who do you use?
On a scale of 1-10 how satisfied are you with the relationship?
How long have you used them? How well do you know them?
• What are your areas of expertise?• What are the main services your clients are asking of you today?• What type of clients do you serve best?• Where do you get most of your new business?• How did you build your practice/firm?• What is your view of accounting firms handling investments?• Have you worked with advisors in the past? What has worked well?• What has not worked well?• What are some of the common mistakes you see advisors make in
• How long have you been in the business?• What’s your ideal client?• What's your minimum?• How many clients do you have?• How do you charge for your services?• What other professionals do you work with?• What opportunities are you seeing in the markets?
The Concept: A professional business meeting that enables you to review your mutual clients as well as the structure of your professional relationship
The Script:“What I’ve found helpful with the other professionals I work with is to meet quarterly to catch-up, share information, and review mutual clients.”
The Subliminal Message: High-level professionalism and reciprocity
3 Types of Contacts1. POTENTIALS • You’d like to have them as clients.• You’ve never approached them about business.• You don’t know if they’re interested.
2. PROSPECTS • You’ve had a business discussion.• They were at least somewhat receptive. • You think they qualify.
3. PERIODICS • They’ve opted not to move forward right now.
Examples• Example A: You have a friend who’s a local business owner.
He’s asked some innocuous questions about happenings in the markets, but it’s never gone further.
• Example B: You know an attorney who’s mentioned a client of hers that she’d like you to meet. You know who this person is, but have never connected with them.
• Example C: Someone fills out a lead form from a Facebook Ad, but you’ve not been able to speak with them to determine their wealth or desire to engage with you.
Potentials Into ProspectsSocial Contacts: “You and I have never had a chance to talk business. Would you be open to getting together?”
Sourced Names: “I’d like to meet your colleague Rick. What’s the best way to introduce us socially? Lunch? Drinks?”
Referrals:“Great, thank you so much. How did my name come up? Why don’t we all grab lunch? These things work best when we get to know each other first before diving into business.”
Online Leads: “I’m glad we were able to connect. I’d like to learn more about your family and to see if we’d be able to help. When’s a good time for me to have you into the office?”
• You’ve talked business. In order for someone to be considered a prospect, a business conversation must have taken place.
• They are receptive. If at any point they tell you, implicitly or explicitly, that they aren’t interested, they aren’t a prospect anymore.
• You perceive that they qualify. While you may not know every detail regarding their financial situation, everything from assets to attitude needs to be pointing in the right direction.
Begins Once you’ve scheduled a discovery meetingEnds Once you’ve completed the discovery meeting
The discovery meeting is used to help you qualify your prospect by learning more about their financial situation and to present yourself as a consummate professional.
DiscoveryBuild RapportUse any intelligence about your prospect to get them talking. Reference people you both know, hobbies you both have, groups you are both involved with, etc. • “Tell me about yourself. Tell me about your family.”• “How do you know (person who introduced advisor and prospect)?” • “How did you two meet? (if couple)”
Establish a TimelineAsk your prospect how much time they’ve allotted for the business discussion.• “I want to make the most of our time today. How much time did you reserve?”
Use an AgendaHaving an agenda is professional and helps keep the conversation on track. It also shows the prospect that you’re prepared.
DiscoveryPurpose, Benefit, CheckWith a bit of rapport-building complete, use this model to get down to business: • Purpose: “The purpose of our meeting today is...” • Benefit: “Through this process we’ll...”• Check: “How does that sound?”
Use Reverse PsychologyWhen you hunt, people run. But the opposite is also true. You might say:• “There’s no need to make any commitments today — this is a time to make sure
we’re a good fit together...”
Uncover their MotivationIf someone has made the conscious decision to spend an hour with you to discuss their financial affairs — there’s a reason. Ask questions like: • “What’s on your mind financially?”
DiscoveryPresent your True DifferentiatorsEvery advisor should have a handful of true differentiators that are unique to them. They should be able to articulate them with natural confidence.
Check-InBefore suggesting next steps, it’s important to check in to see what they’re thinking: • “So, how do you feel about all of this?”• “At this point, how do you feel about where we’re headed?”
Mini-CloseWhen your prospect is bought into your process, go ahead and close them for a second meeting. You might say something like... • “I’d like to take some time to analyze all that we’ve talked about and see how we
can help. Can we set aside some time next week to go through my proposal?”
Present Your RecommendationsRe-state the financial priorities you uncovered in your first meeting. Take frequent pauses and ask for their input.
Gauge the SituationThis is another important time to see where you stand. Here are a few questions to leverage: • “Now that we’ve gotten to this point, what’s on your mind?” • “How comfortable are you with what we’ve discussed here?”
ProposalMini-CloseWe use the term mini-close in reference to closing them for the next step in the process, whatever that step might be.
• If you sense they are not ready…“Mr./Mrs. Prospect – I know we’ve covered a lot of ground today. Let’s schedule a time to get back together in a week or so. Then I can answer any questions you might have. Fair enough?”
• If you sense they are ready…“Mr./Mrs. Prospect – I am confident that we would work well together and that we’d be able to help you. All we’ll need to do is sign a bit of paperwork. Does that work for you?”
The Silent TreatmentStrategy 1: Shoulder the Blame“Hi Kathy, I just wanted to reach out and apologize. Since we haven’t been able to connect, I feel like maybe I’ve missed something along the way or I didn’t fully understand your needs…”
Strategy 2: Take it Away“Just a final message here to say that I know you’re busy and I’m going to leave the ball in your court…”
Strategy 3: Time is Money“Hi Kathy, hope all is well. I don’t want to keep contacting you if this isn’t a priority right now. If this project makes it back to the top of your to-do list, please reach out to me directly.”
The ShopperThere are occasions when someone tells you “I’m still interviewing a few other advisors.” Consider these questions:• “How will you know when you’ve found the right advisor?”• “How do you normally go about making important decisions?”• “How would you describe your ideal advisor relationship?”
PeriodicsThis list is for when someone expresses interest, but then decides not to move forward.
Avoid these common pitfalls: • Following-up just to follow-up• Not following-up at all• Using the same approach over and over• Giving the cold shoulder