Continue Reading "What is Your Networking Attitude?"]]> A friend of mine booked me to speak at his networking group. In doing so, he was nice enough to introduce me to his counterpart who runs the group (there are many of them) based local to me. Hey, it was the networking thing to do! An introductory email was sent to all parties and the wheels were in motion. All I needed to do was respond and set up some time to speak with this new connection.

Well, he beat me to the punch! My new connection sent a follow up email offering several options as to when we could meet. At the time, I was in the midst of business travel and upon my return needed to take a five hour drive for a funeral.

I responded to the email suggesting that a call might be better, at least initially, given my busy couple of weeks. He responded with another email. This time, his tone was defensive, immature, and unprofessional. He suggested that maybe he wasn’t important enough to meet and that a phone call is not the same as a face to face meeting. After all, as a networking expert, I should know this. That was the gist – complete with sad face emoticon.

When I received this response, I was actually at the funeral. The comments were so surprising to me that I stepped outside to call him and potentially resolve this misunderstanding. I left a message (which he never returned) and followed up with him again by phone the next week. He took the call not knowing it was me. Despite my upbeat greeting and apology for any misunderstanding, his tone and responses were defensive and out of line. (It made me glad I didn’t waste my time meeting him in the first place!) Did I mention this guy runs a networking group? My friend who introduced me in the first place was embarrassed and let the guy (and the organization) know it.

How can a guy with this kind of attitude lead a networking group?

When it comes to relationships, attitude is everything. It drives opinions. It drives behavior. It drives reputation. It drives like-minded people to you. It drives business to you. And it can drive business away from you. If you want to better your business, job search, or social life, you must have the right networking attitude.

Hey, it’s not easy to adjust your attitude. It took a long time for you to get this way! Attitude is influenced by the upbringing you had, the experiences you encountered, the friends you made, the challenges you faced, the successes you’ve had, the people you hang out with, the books you read, the shows you watch, the movies you like, and the things you do. Heck, there are plenty of therapists that are paid to help make sense of all that stuff. But to give you a jumpstart on how to attract more of the right people to you (rather than repel them from you!), here are some approaches to think about and practice regularly.

Make it easy for others. Give the people you meet for the first time the benefit of the doubt. Remember, everyone is different. Drive the extra mile, be the one who makes the phone call, initiate the follow up, and pick up the check. It makes a great first impression and creates an attraction. Over time, it should go both ways. If not, go your separate ways.

Have respect for other people’s time. I know someone who is late for everything. Late for business. Late for family gatherings. Late for dinner. And late for letting you know that he’ll be late. Everyone’s time is worth something so show gratitude for being a part of someone’s busy day. Get there early, shut down the iPhone, set expectations, establish time constraints early on, and make it a benefit to the other person.

Look to give rather than receive. If you have a good vibe after shaking someone’s hand, ask about what they do and what they’re looking to do. Offer to help. If your vibe is correct, they’ll ask you the same questions right back. Then figure out next steps and how you might stay in touch to continue helping one another. And that’s networking!

Be a connector. Be known as a resource. If you’re in the business of connecting like minded people with like minded people, they will return the favor. This can be done through LinkedIn, Facebook, and other social media but it’s the most fun when it’s done the old fashioned way – live and in person.

Be careful with email. Email should only be used to give information, guidance, and positive recognition. Anything negative and critical may be better served with a conversation. Remember, email and other online correspondence last forever. There is no such thing as a delete key.

Ask great questions. What brings you here? What type of work do you do? Do you like what you do? How did you learn of this meeting? Who do you know here? Who are you looking to meet? Do you have a target market? How will I know if I meet a potential prospect for you? How do you market your business? What do you do for fun? How can I help you? (This should get you started!)

Those you network with are not your prospects. Unless they tell you they are! A prospect is someone who knows you or knows of you. A prospect is interested in hiring you either today or in the future. How do you know this? They told you! Got it?

Do your homework. There is no excuse to not do your research before meeting with someone. Go to Google and press the buttons. It makes a great impression when your reputation precedes you. Besides, how else can you prepare yourself with great questions?

Return all messages. Voicemails within 24 hours (I mention this on my greeting). Emails within two days. If you’re awaiting information before responding, leave a message saying you’re working on it and be specific about when you will be back in touch. And then get back in touch.

Be clear about expectations. I know a financial advisor who was trying to build a relationship with an accountant. The advisor referred the accountant a ton of business but never received any in return. He became frustrated and eventually confronted the accountant. He learned that the accountant’s brother is a financial advisor and all related business got referred to him. Be upfront about expectations and next steps. The best relationships are always win-win.

Generate referrals for others. A referral is someone expecting your call with the prospect of hiring you. If you can provide this for others they’ll provide it for you. If not, see above.

Follow up. Establish follow up before the conversation ends. “I’ll be back in touch tomorrow to coordinate when it might make sense to meet. Does that work?” You should always walk away from a conversation knowing next steps – if in fact there are next steps.

Stay in touch. Be proactive about staying in touch with the right people. An occasional email, phone call, and handwritten card works best. Blogs, newsletters, and other social media simply help prime the pump. Don’t rely on mass mailings and auto responders to take the place of a thoughtful personal message. Let everyone else do that!

So what’s your networking attitude? And where do these approaches fit in your day to day business practices? How many people do you know that think like this? Act like this? Are like this? Do you?

If you think like a networker, you’ll act like a networker. If you act like a networker, people will return the favor. And that’s the stuff that brings more business, lands more jobs, builds more relationships, and creates more fun.

You won’t click with everyone you meet. But if you have the right attitude, you’ll click with those that count the most.

Continue Reading "Be True to Your Goals"]]> So I’m at the gym, just another day at 5AM. I have a set routine where every Monday I work chest, Tuesday it’s legs, and so forth. But here I am second guessing my routine because of the volume of people that are here. Did I mention it’s 5AM? Where did all of these people come from? Welcome to early January in any fitness center! My gym added more than 60 memberships in December. All those New Year’s resolutions, fitness goals, and promises to lose a pound, gain a pound, lift a pound. I guess all of these new comers have the intention of hitting the gym every day at 5AM. Good luck!

Don’t get me wrong, this is good news. I admire people that want to improve themselves and get in better shape. But here’s the bad news. By the time February rolls around, I’ll never see these people again. Happens every year. So what does my gym do to keep these people motivated, focused, and retaining their memberships? Nothing! Big problem. Bad business. And so it goes.

In the insurance industry the exact same problem exists. Hire new people, lose new people. In fact, every 9 out of 10 financial advisors hired will fail. This is not a January thing, it’s an industry thing. Here’s the answer. All new financial advisors (and gym members) should be made to establish specific goals and held true to them. I know it sounds like common sense but in all the firms I’ve worked in, this doesn’t happen nearly enough. Advisors get licensed, learn about a few products, and then it’s off to the natural market to sell.

There’s nothing new under the sun and the concept of goal setting has been around forever. But most financial advisors are bad at setting goals and even worse at achieving them. So a goal becomes more of a cliché than an important part of a business plan. In order for goals to work, they must be focused on the right things, for the right reasons, and be part of your every day. If they’re not, you won’t achieve them. Simple as that.

In the spirit of being true to your goals, let’s discuss the importance of setting what I’ll call True Goals. It’s January so tis the season. True Goals are focused on what you want to accomplish with a result in mind. Here are some guidelines to follow when establishing True Goals.

Be SMART about them.

Your True Goals must be SMART which is an acronym for Specific, Measurable, Actionable, Realistic, and Timed. Specific enough to be understandable, measurable enough to be tracked, actionable enough to prompt activity, realistic enough to be achievable – but just barely, and timed enough to have a start date, end date, or both.

Be held accountable.

How will you hold yourself accountable? Advisors notoriously struggle with this. I’m very visual so I keep whiteboards loaded with names, companies, and initiatives that I must keep top of mind. (In fact, I’m looking at my True Goals for the year on my whiteboard as I write this.) Even my workout routine is posted on the wall. If you need to, have a fellow advisor hold you true to your goals and you can do the same for them. Certainly, your sales manager could be involved too. What gets measured gets done.

Write them down.

Do this the old fashioned way – grab a pen, pencil, or Sharpie and write your True Goals down. That’s what the whiteboard is for! There have been studies that suggest that actually writing your goals down (pen to paper) make you five times more likely to recall and act upon the information. There’s something about the touch and feel of your goals that make them true. Did you jot that down?

Make them visible.

You have to be constantly reminded (as I do) about what you need to do and by when. I have a copy of my True Goals where I write my daily agenda. Having my goals on hand forces me to read them and insure my daily agenda is on track. (Yes, I read them every day.) Somehow, someway, my daily tasks better be linked to my True Goals or there’s something wrong. You can post your goals somewhere in your office (again, the whiteboard), hang them on your bathroom mirror, or keep a post-it with your goals on your GPS in your car. You don’t have to get crazy but you get my drift.

Be passionate.

Passion is simply excitement about something. Many advisors are passionate about golf. They’ll move time just to play, invest money and energy to get better, feel a sense of loss when they’re reminded that they could’ve be even better, and get excited just talking about it. Do you feel that way about something? That’s passion! Imagine what you can accomplish if you feel this way about your True Goals?

Must be aligned with self image.

If there is some aspect of your business that you don’t like or bothers you in some way, your goals can’t be focused on it. For example, if you have no interest in delivering seminars due to a fear of public speaking, your goal can’t be to deliver more seminars – unless you’re passionate about overcoming that fear. I was once asked to help a new advisor that had an extensive background in public relations and an impressive body of work. As we were discussing her goals, she shared with me that she can’t believe she’s selling life insurance. I told her there was no point in setting goals because she wasn’t going to succeed as a financial advisor. She lasted three months.

Be about process, not results.

Your goal can’t be about earning a certain level of income, commission, or premium. You can have those numbers in mind but that’s the result of doing other things consistently well. What are those other things? That process reflects the True Goal. An advisor that wants to deliver four educational seminars a month has an ambitious goal. But it ends there. What needs to be done from a marketing, compliance, and logistical standpoint to make that happen? And by when? Those are the True Goals.

Here are some examples:

Implement a social media campaign focused on promoting my financial seminars to the manufacturing associations in the New York tri-state area by February 1^st.

Establish a target market within the health care community by developing business relationships with the hospital administrators in the 3 local hospitals, 5 physicians, 5 surgeons, 5 nurses, and 5 pharmaceutical reps by March 1^st.

Hire or establish a partnership with a junior financial advisor to manage 100 of my smallest accounts by April 1^st.

All of these True Goals will provide smaller tasks or action steps which become part of your daily activities. And all three of these True Goals will result in more business.

True Goals can have a tremendous affect on other aspects of your life as well. They can focus on your personal relationships, finances, sense of adventure, health and fitness, sports, and professional development. I wouldn’t have too many goals, probably up to five if you’re going to expand into other areas of your life.

Make a note for yourself right now to create up to three True Goals. Yes, do it now. If you’re in the middle of something, write out a post-it indicating that on Friday (or whenever) that you will set aside some time to re-read this blog and handle the True Goal thing (a True Goal in and of itself). Hold yourself accountable. Stay focused. See you bright and early at the gym.

Continue Reading "How to Network at a Holiday Party"]]> Holiday parties are great! Whether it’s your company party, your client’s party, or a party with family and friends, it’s a chance to have fun and get into the spirit of things. Of course, there are also some great networking opportunities to be had. Especially if you’re a financial planner or advisor looking to help people get a fresh start for next year.

Networking at holiday shin-digs may be a bit different from the usual chamber meeting or networking event so here are some quick tips on how to “work the room” while socializing and celebrating. Cheers!

Keep it light!  Yes, it should be light fare. Probably not the best time to get into heavy conversations about mergers, long term care, annuities, the economy, or anything else pressing. It is a time to get to know people and to have fun conversations about the good things happening both in and out of work. Keep it light, fun, and positive.

Know who will be at the party. It’s important to learn about the people that may attend the party. Who do you need to meet? Who should you reconnect with? Who do they need to meet? How can you help one another? The more you know the better you can prepare.

Have your tools of the trade. Leave the tool belt at home. Best to have business cards, a couple of throw away pens, index cards (so you can jot things down), your Blackberry, Smart Phone, or whatever (just don’t use it when speaking with others face to face), maybe some breath mints, a name tag (worn on the right if possible so it’s in eyeshot upon shaking hands), and some holiday cheer!

Initiate conversations. It’s always a great thing if you can initiative a conversation rather than waiting for someone to come over and meet you. Especially when there’s so much holiday cheer so spread the word! I think when you initiate a face to face conversation with someone you don’t already know, you can set a nice tone while showcasing your confidence and smarts. (I’m confident of that!) Also, if you can help make someone who’s standing alone feel more comfortable, you’re both ahead of the game.

Have questions to ask others – especially about big plans for the coming year. So what type of work do you do? Where do you work? Do you like what you do? What kind of year did you have in your business? What’s in store for next year? Any big plans for the holidays? Who else do you know here? From a business standpoint, is there anyone here I can introduce you to?  How can I help you in your business? (Only if you like them and can truly help.) Of course, any questions about current events and light social banter are always welcomed.

Ask to be introduced. In knowing who might be at the party, you can always ask for an introduction. Perhaps a good business contact, someone that has insight about a college you’re researching for your kid, or someone who targets the same markets that you do. I find the best way to ask for an introduction is to offer one – if you can. Or simply let the person with whom you’re speaking know what type of people (industry, profession, whatever) you’re ultimately looking to connect with. Be careful to never disrespect or downplay the conversation you’re currently in.

Be polite in terminating conversations. In a business networking setting, I generally don’t speak with people longer than about 8 minutes (without ever looking at my watch!). But at a holiday party, I may be a bit more relaxed about timeframes as conversations typically have more of a social flair – which is of course fine. When you want to end a conversation say something like, “It was great getting the chance to chat and I look forward to seeing you later (or again soon).” 

The only thing you are selling is you. I was at a holiday party last year and there was a guy that was there for the sole purpose of generating venture capital for a product he was developing. He wasn’t looking to establish a rapport or build a relationship. He was simply there to see if anyone was interested in a “business opportunity”. I was speaking with him for about two minutes before he hit me with a pitch – and an awkward good bye. So remember, marketing collateral, PowerPoint presentations, and sales pitches are a big no-no. There should be no fact finders or mention of products and services. The only thing you should be there to sell is you. 

Have a specific objective. What’s on your mind and how can a contact that you make be a resource?  It could be a business objective or perhaps a personal one. I’m always looking for advice, insight, and recommendations on my marketplace, networking organizations, books, articles, and newsletters. I’m also happy to talk about personal interests like sports and any books that might be out there that I should know about. The more I can learn about the people I meet the better.

Have your elevator pitch handy.  An elevator pitch (it should really be a positioning statement) is something you should always have top of mind – even at a holiday party. When someone asks you what you do be specific and clear. If you can have a prepared (not rehearsed) statement about what you do, whom you help, what you know, and what you’re after, you might meet someone that can help you. If you’re not prepared with such a statement, you may never know.

Be positive! Look to meet with those that aren’t complaining about how bad things were this year. Between Occupy Wall Street, scandals at Universities, political debates, and Occupy Iraq, it’s been a tough year for many. That said, who wants to hang out at a holiday party with a bunch of whiners? Answer – a bunch of whiners. It’s always a great thing to chat it up with professionals that love what they do and want to meet others that love what they do. I particularly enjoy meeting people that have big plans for the New Year – starting a new business, expanding into a different marketplace, planning a big vacation, buying a new car, joining a gym, running a marathon. When people are excited and passionate about what they want to do, I get excited and passionate about talking to them. I also get that much more excited about the things I’m doing. Excitement is contagious – or at least it is when you’re not complaining. Meeting great people is always much more productive and fun than hanging out with whiners.

Offer help. You won’t hit it off with everyone at a networking meeting or holiday party.  But when you do it’s always great to offer help. After learning about what someone does for work and what their initiatives are for the New Year simply offer to be a resource.  That’s what networking is all about! By offering to be of help to others they may return the offer right back. That’s how it works!

Plan to follow up. Whenever you meet someone at an event, this is just the start of what will hopefully be a long lasting relationship. This is where handwritten “nice to meet you” cards, invitations to LinkedIn, and future meetings come in handy. Certainly, send an email or make a phone call to learn more about their business (as in the other person) and see how you can help one another. If you made a promise to connect someone to someone else, send an article, or provide further information, make sure you live up to your word over the next 24 or 48 hours.

Have fun! Ever meet someone at an event that simply doesn’t want to be there? Maybe they needed to go because their firm made it mandatory. Hey, it’s a party! If you can’t have fun at a party, where can you have fun? If nothing else, make it a point of having fun. Others may look to talk to you and be part of the action. It’s party time!

The big payoff from networking doesn’t happen overnight. It does take time and work.  Remember, it’s net-work! Hey, you might make a friend as you take on the New Year. Prepare your list, check it twice, and have fun. Just avoid the eggnog and the venture capital guy!

Continue Reading "What is the Best Way to Grow Your Business?"]]> Delivering a killer seminar – hands down! Can you think of a better way to showcase your skills, value, smarts, and market your business? Seminars work even better if you have an audience! People that actually want to listen to you, learn from you, work with you, refer you, and even invite others to your next seminar. Does it get any better than that? Heck, it can even be fun!

I have an absolute blast when I deliver presentations as part of agency kickoffs, corporate initiatives, new hire trainings, top producer roundtables, recruiting focus groups, or sales meetings. I’m telling you, if I were a financial advisor, insurance agent, broker, producer, rep, manager, or whomever; I would be delivering presentations to audiences on a regular basis. When I say regular basis, I mean up to three talks a week!

So why don’t all advisors deliver seminars? What gets in the way?

Yesterday I delivered a seminar on public speaking to a firm. I asked them similar questions.  The attendees were advisors at all levels ranging from brandy new to conference qualifiers. Here are some of their responses:

I need to overcome my fear of public speaking. I lack the knowledge of my topic. I don’t know how to make my topic interesting. I don’t know how to begin and end my presentation. I’m not sure how to engage the audience. I have a fear of being asked questions I can’t answer. I’m not sure how to ask my audience to hire me without being too salesy.

Here are a few concepts that may put these concerns to rest:

Overcoming Your Fears

Yes, public speaking is ranked as the number one human fear according to The Book of Lists. Death ranks seventh. So as Jerry Seinfeld says, at a funeral you would rather be lying in the casket than delivering the eulogy. I digress. Anyway, how do you overcome your fear? First, you have to know your material backward and forward. Insurance, retirement, annuities, long term care, whatever it is, you must know your stuff cold! If you don’t, you have no right to be speaking to an audience. It’s a waste of your time and theirs. You may want to co-present with an advisor that knows more than you so you can learn the ropes. Once you know your content, then practice, get feedback, and practice again. Getting feedback is important because if you just practice, you could be rehearsing your mistakes over and over again. Not good. Get feedback on your material, delivery, and rapport with the audience. Toastmasters Inc. is an excellent resource to get your practice swings in.

The Elephant in the Room

One of my favorite approaches to speaking is introducing the elephant in the room upfront. By “the elephant”, I mean concerns that may be on your audience’s mind. In most seminars offered by financial advisors, the audience knows that you’re looking to sell them something – that may be your elephant. This notion may create tension and prevent the audience from being more engaged. Simply address concerns at the beginning, right after your big opening (discussed below). You may say something like, “Let me be upfront. There are two reasons I’m delivering this seminar. I love to teach and help people with financial matters because I’m good at it and it’s important – especially these days. This event avails me the opportunity to do so. Also, I’m a financial advisor and business person, and therefore always looking for clients that I can help. I’m not here to pitch or sell you anything. I will remind you again at the end but if you think I can help you in any way and you’re interested in discussing that with me, that would be great and I invite you to do so. However, if you’re here to learn, get your questions answered, and get a cup of coffee out of the deal, that’s great too. I only request that you refer others to my monthly seminar if you think it’s of value and it can help someone.” How’s that for an introduction?

Beginning and Ending Your Presentation

Depending on the length of your presentation (we’ll base this on a one hour talk), you may want to have only 5 components – your open, 3 main points, your close. Make sure your open is about the best thing you can deliver for your audience and for you. Try not to begin your presentation with, “My name is….” Boooooring! Your opening has to be a message that you know you can deliver flawlessly. Confidence is high here. Make your open a compelling quote, statistic, or ‘did you know’. (“Did you know that 68 million people in the U.S. are uninsured or underinsured according to LIMRA?”) I like to use opening stories or a question that I can pose to the audience that’s interactive. (“There are only 5 reasons why people network. What are they?”) Your 3 or so main points should be succinct and important. (1 – Why do you need life insurance? 2 – Different types of life insurance. 3 – Best life insurance coverage for you.) Your close should be powerful and all about inviting your audience to take action. You should not demand your audience to hire you as their advisor. I know advisors that do this and it compromises even the best presentations. Simply invite them to do so. If there’s value, they will!

The truth is if public speaking was easy, everyone would do it. But it’s not easy. It takes a lot of work and practice. Being a successful financial advisor isn’t easy either but delivering a great presentation almost guarantees you of being successful at both. Get practice, get booked, and get good!

What’s more, when you’re networking, you won’t be looking for your next client, you’ll be looking for your next seminar. And that’s the elephant in that room!

Continue Reading "Your Un-Natural Market"]]> One of the very first things asked of new advisors, brokers, and agents is to compile, organize and ultimately sell to their Natural Market. In case the term isn’t used in your firm, your Natural Market is a list of family and friends (and countrymen) that you can sell insurance products to. Some firms may call your Natural Market your Project 100 (or 200) depending on how many names you have on your list. Catchy, isn’t it?

I’ve discussed some of the best ways to work with your Natural Market in the past. But how much attention do you give to your Un-Natural Market? You may not be as familiar with this phrase as I just made it up. Well, I didn’t just make it up but you know what I mean. Anyway, your Un-Natural Market is a list of those that pay you money because you’re their customer, client, patient, member, or whatever. Your Un-Natural Market is typically made up of business people so they’re more apt to think like, well, business people. So how often do you talk about your business with them? Answer – probably not enough.

What professions might make up your Un-Natural Market list? Your primary care physician, a medical specialist you might be working with — physical therapist, chiropractor, dentist –property and casualty insurance agent (if that’s not you!), realtor, mortgage banker, banker, title closer, home inspector, architect, interior designer, landscaper, contractor, electrician, handyman, plumber, real estate attorney, estate planning attorney, other attorneys (I don’t want to know why), and of course your accountant. I’m sure there are more but you get the idea.

Compile a list of your Un-Natural Market. Call it your Un-Project 100 if you like. (Kidding.) Remember, your dealings with your UM is typically focused in other areas so the key here is for you to make a specific request that’s out of the norm. Give them a call (or an email if that’s easier) and say the following:

Doctor Brown, I hope all is well! I would like to set up a brief appointment with you. It’s not for medical reasons so no need to charge me a deductible. (He’ll laugh.) I’ve been a patient of yours for as long as I can remember. Given our relationship, I want to meet for business reasons, one business owner to another, and explore how we might help each other in our respective businesses. Perhaps we can both gain from one another’s advice, insight, and recommendations!

Your UM will make the time to speak with you because they already have a relationship with you (presumably good) and they probably don’t want to lose you as a patient or paying customer. (I wouldn’t say this to them but you catch my drift.) Keep in mind that the purpose of the meeting is not to sell your products or services. Process that. Think networking. This is an opportunity to let your Un-Natural Market know about your target market, true prospects, and goals. You should ask about theirs too!

Make your meetings a “we” thing (how can we help one another?) rather than a “me” thing (how can you give me more business?). Schedule these meetings, be authentic, let your UM see you in a different light, do a better job staying in touch and see what happens. You may generate a referral or two. Some members of your UM may even become clients.

We leave opportunity on the table every single day. There are people we associate with in the different facets of our lives and rarely think of them as business associates. It’s much different than thinking of ways to simply sell them.

But I guess that’s just Natural.

Continue Reading "5 Things Advisors Don’t Say to Their Clients – But Should"]]> Heck, most advisors don’t even talk to their clients unless they have to! Unless it’s time to renew something, or up-sell something, or be referred to someone for something.

It’s always something!

It’s no wonder the number one reason clients jump from one advisor to another is because they don’t hear from their advisor enough. Your clients are looking for something too! Yes, even the clients in your “C” drawer. Clients want to know that their advisors are looking out for their best interests and keeping them informed about what’s going on and what should be going on. This is especially true when the Dow and Nasdaq are dropping by hundreds of points and political parties are rocking the economic boat. This has become our daily economic climate. Yes, your clients (and even your prospects) need to hear from you now more than ever.

Maybe you’re afraid you might scare your clients. Even scare them away. Or appear too needy and overbearing. If you’re coming from a place of service, integrity, rapport, and mutual benefit, you have nothing to fear. And if you lose a client despite this, believe me, it’s a good thing.

By not having a process for reaching out to your clients regularly (many advisors don’t reconnect with their clients at all!) you leave opportunity on the table every day. I mean every day. The opportunity to retain them as clients (out of sight is out of mind). The opportunity to do more business. The opportunity to generate more referrals. The opportunity to answer more questions. The opportunity to present more solutions. The opportunity to build more rapport. The opportunity to learn more. The opportunity to teach more. The opportunity to get to know your clients better and help them in ways beyond the scope of a financial advisor. The opportunity to make a friend. The opportunity to have more fun.

So the question is how? How do you reach out to your clients? Here are five suggestions you can implement immediately that should handle most scenarios.

Reconnecting with a client after a long period of time. “Hello Paul! It’s Michael. I hope all is well! It’s been way too long since we’ve spoken. Listen, I have to apologize for not doing a better job staying in touch. I’m making a concerted effort to get to know my clients better and stay in closer touch. I always thought you were a nice guy and it would be great to get together over the next couple of weeks and catch up. It would be a good opportunity to get to know each other better and see how we might help one another.”

Updating a client on the market, products, or other business. “Hello Paul! It’s Michael. I hope all is well! I was just working on an account for another client and her situation reminded me of you. I would love to get together and discuss your long term care coverage and some other ideas that might be very beneficial to you and your family. It may even save you a few bucks. It would also give us a chance to catch up!”

Business reasons. “Hello Paul! It’s Michael. I hope all is well! What does your next couple of weeks look like? Well, I have an idea. I know that we can be tremendous resources for one another. I would love to get together as two business owners and explore how we might refer business to one another. How does that sound?” (If your client is not in business, simply explore how you might help one another as it relates to work or career.)

For the fun of it. “Hello Paul! It’s Michael. I hope all is well! How would you like to grab a Mets game before the season is completely out of reach? It would give us a chance to blow off some steam while getting the chance to know each other better?” (This could also be dinner, breakfast, golf, whatever.)

No particular reason at all. “Hello Paul! It’s Michael. I hope all is well! I’m calling just to check in and see how you’re doing. How’s your family? Business? Golf game? How have you been spending your summer? Any big news?”

What would happen in your practice if you made one phone call a day with the above in mind? Better question – what happens if you don’t?

If you’re an experienced advisor, then you have a book of business and can touch base with your clients regularly. If you’re a new advisor, simply apply the approaches above to your natural market and those you already know.

Keep in mind that as time goes by your clients (and their families) are experiencing the circle of life just like you. There’s always an engagement, a marriage, a divorce, a kid going away to school, a sickness, a death, a birth, a job loss, a job offer, a sale, a purchase, a new venture.

By reaching out to clients on a more regular basis, you just might establish a great relationship. Now that would be something, wouldn’t it?

Continue Reading "Out of Sight is Out of Mind!"]]> Believe it! If you don’t have deliberate (and creative) ways of staying in touch and reminding prospects and clients that you’re a valued resource, they won’t call you. Well, they may not call you. Odds are they won’t call you. Everybody is busy and rarely does it occur to your prospects that they should be getting in touch with you. It’s a case of staying top of mind!

In the spirit of OOSIOOM (see the catchy title), here are some approaches you can put into practice to jump start your OOSIOOM strategy.

Make your calls.

Way back when, I worked on Wall Street as a broker which is to say I was a cold caller. This is before the Federal Trade Commission and Do Not Call list made things interesting. I was lucky enough (or unlucky enough) to work directly for the CEO and make all of his calls which amounted to 250 calls a day. Think Glengarry Glen Ross leads, The Boiler Room, and a Rolodex. I got pretty good at making calls but was ready to snap after 6 months. I don’t want to see this happen to you as an advisor. Make the same amount of calls every day but keep the amount of dials modest. The idea is to gain momentum and get good. Make 20 calls, 30 calls, or whatever the number is at the same time of the day, every day. Preferably the morning, say between 9-10:30AM. Get it over with and go into the rest of your day with momentum. Remember, there are different types of calls. You may be looking to set appointments, follow up, return calls, or create alliances. Whatever your purpose, make a specific amount of revenue producing (RP) calls every work day. Learn from the best phone person in your office or look up Gail Goodman and learn from the best phone skills trainer in the industry.

Send a card.

Hand written cards that is. When was the last time you received a handwritten card in the mail? Exactly! Think of the reaction from prospects, clients, and networking connections when they receive a handwritten card from you? Nothing salesy or pushy, just warm and engaging. You’re just looking to touch base in a warm and personal way in an effort to compare notes and catch up. Start your day off putting anywhere from one to five in the mail every day. One a day is five a week, 20 a month, and 240 a year. That’s a lot of touch points! Keep it simple. Purchase blank cards in bulk. This shouldn’t be time consuming or a lot of work otherwise you won’t do it. Make it fun!

Mail an article.

If you stumble upon an article in a business magazine, newspaper, newsletter, or blog, why not forward it to those you think will appreciate it? Best if you can snail mail it with a personal note on a post it.

Hey Barney! I hope all is well! Read this and thought of you! Let’s catch up soon.

Develop a blog.

Why not develop a blog (like this one!) targeting an industry where you do your most and hopefully best work? Blogs are fun to write and usually contain quick and timely information. If you provided one that discussed different types of insurance or financial planning approaches, you could position yourself as a resource and “go to” person within a specific niche. You would be viewed as an expert and ultimately position yourself to do more work within that niche. Blogs can go out every couple of days, every week, or every other week depending on your purpose. Naturally, you’ll want to coordinate with your operations or compliance department before sending anything out.

Write an article.

Come up with the top 10 or so biggest issues that your clients ask you about. Now you have the topics for 10 articles that you could write quarterly. Again, get whatever you write approved by your firm. Articles don’t have to be lengthy but they should be packed with great information. Magazines and business journals are always looking for great content to publish. Simply contact the managing editor and see if and how you can be a resource. Imagine if you were able to develop a column on Long Term Care insurance or Financial Planning for the Medical Professional? How credible would you look to prospects and clients if they received your articles?

Break some bread.

One of my favorite OOSIOOM strategies for both social and business reasons is to have lunch or dinner with at least one client (or prospect) a month. It’s a great way to get to know one another, have some laughs, learn, and create alliances. Just don’t use this as an opportunity to sell your stuff. This is not a scheduled sales appointment. But this is an opportunity to learn more about each other’s business (or in some cases personal) objectives and see how you can be of service to one another. The more specific you are about what you’re after the more successful you will be! (Important note: Same approach on the golf course.)

Social Media

Linked In, Facebook, and Twitter are dicey areas to discuss because firms have so many different guidelines. Some firms won’t allow advisors to use social media at all. Others are starting to come around. Wherever you’re at with social media, stick with the concept of being a resource, adding value, and contributing something that’s good enough for others to become curious about you.

Some or maybe all of these approaches may not be new to you but the real question is how good is your OOSIOOM strategy?

Continue Reading "Canvassing"]]> As in canvassing the neighborhood.

The activity of soliciting votes and locating supporters. Traditionally done by tramping the streets from house to house, culminating in persuading those who have previously promised to support one’s party to come out and vote for it. That’s according to Wikipedia (the resource for everything by the way).

Is that you? Do you want it to be you? Tramping the streets going from house to house (or business to business)? After all, this is why NO SOLICITING signs were invented.

There are lots of creative signs out there. Here’s my favorite.

But I digress.

Now don’t get me wrong. I believe canvassing is an excellent technique for getting business provided it’s done properly. Think about it. How much more success would you have if you viewed canvassing as a marketing approach, rather than a sales approach? Again, a tough sell I know.

If you’re already having great success (as in writing lots of business) canvassing while having fun, great! Keep on keeping on! If you’re struggling and need some direction, listen up. Because walking into a business (that’s not yours) in the middle of the work day to sell stuff that they probably don’t want (not a prospect) and didn’t plan the time to think about, well, that’s a tough sell.

Do you want to get more yes’s while canvassing? Feel better about yourself? Gain more credibility? Develop more confidence? Have more success? Set more appointments? Build more relationships? Do more business?

Here’s how.

Change your mind set. You have to stop thinking about yourself (sell my stuff) and start thinking about them (help them; add value; develop a relationship). Think about how great it would be to develop a relationship with a business that is in or connected to your target marketplace (assuming you have one!). They could introduce you to people that are actually interested in financial planning, life insurance, or whatever your product or service might be. Who knows, after proving your worth, they could become a client too!

Pitch something other than your product or service. You are not there to pitch your wares. Repeat after me – I am not here to sell you anything. This is tough stuff I know. You are there to introduce yourself, make a great impression, and set an appointment for a return visit. That’s it!

No don’t get too excited. Your return visit is not a sales appointment. (Of course, it is if that business you called on makes it one, but that’s another story.) Your appointment is simply a scheduled time to collaborate about each other’s business and discuss how you can best be resources for one another. Basically, how can you help each other? Your language can sound something like this.

Good afternoon! My name is Michael. I’m sorry to bother you but I wanted to take the opportunity to introduce myself to you. I’m not here to sell you anything so please don’t panic. I’m a financial advisor with BBC Financial Group. In growing my business, I pride myself on developing relationships with successful business owners in the area and ultimately referring business back and forth. I don’t want to take up your time today as I’m sure you’re in the middle of a million things, but would you be open to scheduling some time with me over the next couple of weeks to discuss further?

Now, most likely, you’ll have a scheduled time to exchange ideas, talk about the type of business you’re both looking to do, and the best ways for staying in touch. Think process, not event.

Develop a strategy for establishing credibility and likeability. The best way of doing this is to be nice, interested in others, respectful of people’s time, great about following up and following through, reliable, honest, being a connector, and referring business. If you do all of these things, you’ll get the same thing right back. It’s that simple! You may not click with everyone but you will click with most. Just keep in mind that the more specific you are about what you want, the more successful you will be.

Going door to door ain’t easy. Try these approaches over the next couple of weeks and see what happens. Offer value, develop important relationships, and build your confidence and self worth.

How would you like it if I knocked on your door?

Continue Reading "Just One Thing…"]]> I’m asked by financial advisors (and other sales folks) from time to time if there was just one thing that needs to be done to grow a practice, what would it be? Kind of reminds me of that classic scene in City Slickers. You know the one!

Jack Palance (Curly): “Do you know what the secret of life is? One thing. Just one thing. You stick to that and the rest don’t mean ****.”

Billy Crystal (Mitch): “But, what is the one thing?”

Jack Palance (Curly): “That’s what you have to find out.”

Well, I’m not sure what the secret of life is but I do know it takes more than just “one thing” to be a successful financial advisor. So here are six things you can do immediately to attract more business!

Create your vision. What do you want your practice to look like in the next two or three years? What kind of business will you be doing? Who do you want your clients to be? How would you be helping them? What value will you be providing? What will your branding look like? How will your clients, prospects, and competitors view you? If you consider this stuff now, you’ll always know if your day to day is on track. Remember, what you do today can impact what you want to do tomorrow. That’s the way it works. Just saying.

Focus on a target market. Who do you serve best and wish to serve most? And how will your target market impact your vision? If your vision reflects a financial planning practice that works mostly with the physician marketplace, you’ll know that your target market is now physicians, surgeons, and other medical professionals. This means you’ll also want to meet nurses, pharmaceutical sales reps, hospital administrators, as well as attorneys and accountants that may also focus on the same marketplace. Having a target market helps you determine where to go, what to say, and with whom. How simple is that?

Communicate. You must have a strategy to communicate with and about your target market. Some might call this an elevator pitch. I prefer positioning statement. In fact, if you can come up with a 20 second paragraph that explains your profession, expertise, target market, and who you’re looking to meet, you’ll be in great shape! Just don’t make it salesy or pitchy.

Fish in the right ponds. Location, location, location! Where do you need to go to meet those you need to meet? In sticking with the physician marketplace theme, you may want to attend professional association meetings geared towards medical professionals and healthcare. (You probably can’t attend the same meetings as doctors.) Of course, you could always ask your own doctor (and others you know) how you could create gravity in their industry. Do not under any circumstances try to “sell them” or you won’t be invited back.

Make a list. Be diligent about compiling a list of all the doctors, nurses, administrators, and other health care professionals, as well as the centers of influence you’re meeting. It’s important to stay in touch with them to continue to get their advice while offering yourself as a resource. “As I continue my research and learn more about being a resource in your industry, if I can ever be of help to you, please don’t hesitate in contacting me.” Hey, you just might get hired.

Implement a system. Create a system for staying in touch with your contacts, attending relevant meetings, learning about your marketplace (physician or whatever), and being as visible as possible. The key is to get involved and put specific activities on your calendar ahead of time. Maybe you can create a model week – Mondays you make calls, Tuesdays you research local activities that involve healthcare professionals, Wednesdays you attend your networking meeting, Thursdays you make more calls and get connected to centers of influence through networking, and Fridays you network with other advisors or planners in your office that might have important answers to your questions. Maybe all of your afternoons are devoted to sales appointments. The point is to put a system into your calendar and follow it.

Just one thing. You stick to that and the rest don’t mean ****.