Archive for December, 2007

Asking Your Friends for Referrals

Thursday, December 20th, 2007

Hello Bill, Thank you as always for the great tips! 

As a financial planner, it is imperative to ask your immediate circle to keep you in mind for new business.
 
At the moment, I am trying to prepare a letter to go along with my new brochure to send to my friends, family, loved ones for the new year.  I am asking for your assistance with a one sentence that politely asks for their recommendation or referral to people they might know in need of financial advice. Any suggestions are greatly appreciated!!!  Kindly,  
A
lbert

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Albert, 
Thanks for taking the time to write. How about a PS on your letter?  Here are a couple.. PS – Please don’t keep the important work we do a secret. PS – We’re never too busy to see if we can help any of your friends, colleagues, or family members. 

OR  In the body of your letter, you could say… “You may be surprised at how many successful people – your friends and colleagues – who are getting bad advice and incomplete advice and don’t even know it. It’s important for you to know that we are never too busy to see if we can be a trusted resource for them, as we have been for you. We promise we will treat them like royalty.”

Obviously, you need to make this fit your style and that of your clientele.

I hope this helps a bit,
Bill 
 

The best way to keep track of your Introductions

Monday, December 3rd, 2007

 Question for you regarding the use of your version of an Introductions book

I set up meetings as “brainstorm” sessions. In the meeting, I let the person know that we’re just trying to put names down, then we’ll go back and determine if it makes sense to contact them. In doing so, I often get a lot of names, several of whom won’t be called for whatever reason. By doing it this way, it seems it’s quite a waste putting the names into a book when only a percentage will be contacted. Instead, I’ve been using a sheet of paper to create the list. Your thoughts? - TS

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T,

Use a legal pad (or other note pad) for the brainstorming.  When you go back to learn more, pick up the Introductions Journal.  Quickly qualify them for your practice. If they seem like a good candidate, log them into the Journal.  Similar to what you are doing now.  Make sense? 

You can also use a pencil for the book, if you like. 

Think of it this way… Even if you end up wasting 20% of the pages of the book, you’ll be getting so many more referrals, you’ll easily afford your next book.

Hope this helps!  
Bill 

Tricky Follow-Up

Monday, December 3rd, 2007

I recently visited with a prospect who was referred to me by a young Trust & Estate attorney from the largest law firm in Bflo. I visited w the prospect at her home and I thought I developed decent rapport with her. She absolutely meets my optimal client profile.

The prospect told me that she was meeting with one other advisor and we agreed to speak the week following that meeting. I got a voice mail from her over the weekend that she has decided to select the other advisor as he works on an hourly, fee-only basis and will teach her how to do the investing, etc on her own.

I charge a fee for investment management but it is 1% of AUM in perpetuity.

What would you do in follow up if you were me?

Thanks,

Will

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Will, 

I think I’d wish her well, let your referral source know, and then maybe check in with her in 4-6 months (or sooner if you think that makes sense).  You might see what the attorney has learned and what he advises – based on what he knows about her. I wouldn’t totally let go of her – yet – but I wouldn’t spend too much time on her either.  Things change, and it would be good for her to remember a very favorable impression of you. 

Make sense?  Bill

What Is Your Relationship to Fear?

Monday, December 3rd, 2007

   If you’ve heard me speak, then you know that the underlying theme in all my programs is “courage” -the courage to overcome every day fears, doubts, uncertainties, and mistaken assumptions that keep people from mastering the referral process.

  In my interviews with hundreds of top performers, there seem to be a few “common denominators” of success. When I ask a top producer about their “secret”to success, they invariably say, “There is no secret. I just have a good work ethic.”  A good work ethic is truly one of the common denominators of success.

  But, I believe, there IS a “secret” to success that most people know about - on some level - but very few people talk about. I think one of the most fundamental differences between top producers and the pack of wanna be’s, is their relationship to fear.  Let me explain…

  About 2 years ago, I interviewed a very “heavy hitter.” He’s been the #1 or #2 producer in his company for over 14 years. I asked him what motivated him. He said “fear.” As successful as he has been, he admitted he was afraid he might not be able to duplicate his success. Fear, gave him the impetus to take action.

  Everyone feels fear - and the self-doubt and awkwardness that accompany it. Regardless of their level of success, even very top producers feel fear - on a daily basis. 

  Is fear a good thing or a bad thing? I’d say it’s a natural thing. But to be successful you need to be able to answer the question, “What is your relationship to fear?”

 

  As animals, built into our “old brains” is the instinctual response to danger called “fight or flight.” When faced with physical danger, every animal,including humans, go to this instinctual response and then act accordingly.

  But what about “psychological danger” like asking for referrals?  I think the same “fight or flight” instinct comes into play. We feel a sense of fear about asking for referrals (or other aspect of the sales process) and we’re faced with a choice. Do I FIGHT through this fear and take action anyway?  Or do I take FLIGHT from the fear, but not taking action?

  Top producers have a different relationship to fear than the pack. They feel the same fears as the rest. In fact, to obtain their success, they probably put themselves in a position to feel more fears than most. But unlike the rest of “the pack,” Top Producers FIGHT through the fear and do what they know they need to do to be successful.

  So, what is your relationship to fear? When you hit those moments of awkwardness or self-doubt in the sales arena, or in your business as a whole, what is your predominate response?  Do you get energized by the fear? Does it spur you to take action?  Or do you cower from the fear?  Be honest with yourself. How you respond to the everyday fears in life (business and otherwise) will make a HUGE difference in how successful you become -with referrals and with everything else.