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May 30, 2022
The number one reason why financial advisors are NOT calling prospects
This is a challenging time for financial advisors and wealth management. We have seen this volatility and market turmoil before, so acting on what we know and our gut instincts is a natural reaction. We talk to clients who are concerned about protecting their wealth. But there is a reason why the typical financial advisor is not calling prospects.
Why
The number one reason is guilt. They feel guilty that they should or could be doing more with their existing clients so they keep calling their clients to comfort them and themselves. I get it because as a practice management coach and trainer, I feel the same way. Get more resources for the people I work with and spend more time with them first. When I feel better I will reach out to prospects. It is human nature again kicking in. But the second reason why is you don’t have a plan, a script and compelling offers to make to ideal prospects now.
How do you change it?
Make the calls with confidence. The elite advisors I coach are confident in what they are doing with their ideal clients who have a communication plan and have already implemented it. Read my last article on client communication plans. https://www.advisorpracticemanagement.com/client-communication-planning Elite financial advisors have little guilt, as they have a plan to do the best they can with their ideal clients. They have a written scripted communication plan and go forward process with clients and prospects. Because they have called all of their clients, they now have the time to reach out to prospects. Here are some cool prospecting ideas to help you grow your business in challenging times.
Communication plans
After reading this article, fast forward to one year. You have a communication plan set up for times like these, with a proven scripted process. You practice your script so you can articulate it with belief and conviction. You can look back knowing you gave your clients confidence, leadership, and direction and you acted continuously on a comprehensive goals-based plan. Without a plan, who knows where your business will be in one year. Who leads you as an advisor during these challenging times? The elite financial professionals always turn to their coach or mentor to manage their behavior.
Video calls
First doing video calls properly with prospects with a solid value promise to illustrate online, as a presentation. Your best prospects already have an advisor, so what do you offer them? Most people answer with, a second opinion. Who has time for that, and would that be valuable to them? Make stronger offers. What are you offering ideal prospects? I will give you a hint, something valuable to them and something they are not getting and don't know they are not getting. Offer them deeper clarity around their goals, getting their complete financial life organized in all 7 areas, and a fee audit that shows them how much they have paid in dollars to their financial advisor or financial institution over the last 10 years, and what they got for all those fees? Offer a comprehensive plan or a sample comprehensive plan, because most investors have never seen a comprehensive goals-based plan, that is interactive with their financial advisor. What are your offers? Check out my checklist on how to do video conference calls effectively. https://www.advisorpracticemanagement.com/video-call-checklist
Webinars
I have to admit that sharing this idea with most financial advisors is scary, as they have never delivered a webinar before. Guess what, now is the time to learn. I do very few webinars for one reason. They work really well and I got too busy, with too many prospects and new clients. I offer corporate webinars instead. If your company wants to do a webinar, reach out. If you do group benefits, offer the firms you work with, to do a corporate webinar for their employees to help them. Offer webinars to your clients to do group communications. Offer webinars to prospects to demonstrate how people can plan and prepare going forward. I recently helped several advisors create their "6 things you need to ask before you hire another financial advisor" webinars for prospects, and are getting great results. We also created the "12 month go forward plan" webinar for clients to do communication to all of their clients instead of phone calls, and recording and sending it out, instead of making phone calls. The feedback was fabulous for the financial advisors and they received three ideal referrals as a result. This saved the financial advisor hundreds of hours on the phone. Do you have a process or program that you can share ( compliance approved of course) in a professional graphic format like PowerPoint to engage ideal prospects?
Call your centers of influence network
Have a weekly plan to connect with your COI network of accountants, lawyers realtors, mortgage brokers general insurance agents, and commercial business experts. You should have a network of 10-20 to tap into. If not, then take the time this year to build one. Most financial advisors I work with have lunch once per week with COI's and are communicating constantly with their COI network and coordinating advice. Most accountants are getting calls from business owners about planning their exit strategy. Why are you not getting those calls? Probably because you are not seen as a resource or thought leader with respect to succession taxation and transition planning. They will see you once the check arrives, you hope. How many business owner clients do you have a copy of their personal and corporate returns?
Value-added website blogs and newsletters
Add value to people by becoming a thought leader on certain topics for ideal clients. ( or hire a firm like my friend Angelina Hung at FinancialTechTools.ca ) to add to your website, to send to clients and prospects by newsletter, video post, or social media. Creating content starts by focusing on one topic. For example, I focused on cash flow for retirees as a financial advisor. Now I focus on practice management for financial advisors. Specialize first then focus on a niche second.
Getting out of your own way
Let me give you a thought. You can get a hold of people like never before with the current market volatility. They may already be upset with the lack of communication from most financial advisors. The month of June will be easier than the summertime. The time is now to get out of your own way, get rid of your guilt, and start calling people. Are you holding you back? It is like a person walking toward a mirror saying why doesn't that person get out of my way?
Get clarity and focus on your practice goals for 2022
Three people have a puzzle. One has the full picture of the puzzle on the box. One person has half of the puzzle picture on the box, while the third has no picture. Who finishes first? Get a clear picture of your future so you can finish first. Reach out and talk to your mentor or coach or call me if you want to chat for 15 minutes. Click on my calendar link here. https://my.timetrade.com/book/JMTNJ
Grant Hicks, CIM is President of https://www.advisorpracticemanagement.com/ Where top advisors go for elite practice management
How about your goals for your practice in 2022? Our Practice management checklist or fee audit checklist
While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and will they get the right help for the right part of their practice. What areas does your practice need help with? Get a copy of our updated 21-page “Comprehensive Practice Management Strategies checklist” by going to our website
https://www.advisorpracticemanagement.com/about-us or clicking here
https://practicemanagement.getresponsepages.com/
Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/
Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!
Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com
Suite 1625-246 Stewart Green, SW
Calgary, Alberta T3H 3C8
Cell 403 970 8895
Email grant@ghicks.com
PS Where do you want to be in 3 years?
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