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Jboug4 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jboug4 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/14/2018 at 11:48pm
I appreciate the value people keep adding to this thread (txs d.h.k)

As far as additional stats, I’ve had probably 40-50 in person meetings all from cold calling except like 2-3 from networking, and that number is including repeated meetings with the same prospects, maybe 27 are individual. Now, 5-6 have been disqualified by me, and 7 already moved to second steps, I would say only about 2-3 have given me hard no after the first meeting and one hard no after second meeting which leaves about 15-17 prospects and a total of 9-10 mil in uncovered assets still engaged but dragging feet with proposal next steps up in the air or post proposal follow up in the works.

Why I’m in this business? My background is b2b sales. I want to develop a business with autonomy, and make a difference to my clients beyond a more efficient widget or whatever. I’m motivated by moneyand the lifestyle I could have too and I want to be top of my class in production. Even though I am capable of projecting confidence, it’s just a frustrating result after 4 months of 60-70 hour work weeks to come up with no net new business. How the heck do I gross 70,000 in the next 12 months to reach my goal.

As far as language, I speak about my role with my firms resources. I have a very specific client interview which usually goes well. I uncover the whole financial picture. I then get into their priorities and overall retirement and legacy aspirations. This meeting usually goes well and I often have them engaged enough to take the second meeting right on the spot, outside of a few circumstances - it seems like there was a few people who took the meetings because they wanted me to validate their self directed approach then refuse to answer my fact finding questions. Usually on the second meetings I bring a senior rep and we walk through the firm financial plan and proposal. Admittedly, I could have done a better job presenting where their current plan has a problem and where we have a solution. So I appreciate the feedback. Most of the prospects have high assets as their financial plans came out looking rosy.

Also - as a salesperson I’ve read a number of books and have excelled in past sales roles, but I’m still new and starting to define my value which has been a tough leaning curve because I have been spoon fed this answer in other sales roles, but now I’m having to define what it means.

I have been less than clear about my value so far, but this is what I willl shoot at - If I was articulate the value it’s behavior coaching - to stick with an investment process which produceses maximal lifetime results, goal based risk management to identify the right assets to grow and the right amount of assets to protect so my clients can sleep easy know they have enough, it’s a advocacy for thrift and delaying gratification when necessary, and knowledge on matters of estate and insurance when necessary to help connect clients with the right experience With our resources for development of the best solutions.

Am I missing my mark on that? Feedback would be helpful.

It may seem like I’m low on confidence, but I am optimistic that it will turn in my favor at some point. At the same time, it does seem like I’m in one of the darkest hours of my career now, there is no result and over 3.5 months of pouring every available ounce of time I can offer into this business.

All I can say is that I’m more determined now to squeeze out another few hours on top of my normal schedule next week. I’m set for hurdles 2 months out, and It’s just so unusual that there are no results which gives me gut wrenching uncertainty that nothing will ever close, but I channel that energy to work harder than ever before and bring greater enthusiasm to my interactions.

How the hell do I achieve 70,000 gross this year? I will do it if there is a way. I’m just cold calling now, and people in the office tell me it doesn’t work, but I sat down with a 15 mil prospect the other day off a cold call and it’s my 4th month. Now that deal is such a long shot I don’t even look at it in my pipe, but the opportunity was created by my gumption.




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RIArules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 12:22am
The next step is to ask for the sale. You need to be politely blunt at the proper point, and each and every case is different, although your mind will always tell you “next time”

Edited by RIArules - Jan/15/2018 at 12:24am
We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 12:30am
Yeah I was sort of thinking that too. Like to help, but not sure what else to say. You’ve done enough numbers and that’s most people’s problem.

Focus more on current problems, especially the lack of relationship if true. I bet half my clients felt like they were taking a leap of faith with me in my first few years. If I could read their mind, I bet they’d say “if my current advisor looked at my shit or called me every few years, I wouldn’t be meeting with this newbie.”

Like RIA says, go for it. Assume they are ready to move ahead with you. On the ones that you already met 2x and nothing happened, go back and tell them you want a shot at earning their business, “how do I accomplish that?”
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 1:00am
AFTS separates the wheat from the chaff, and keeps you from wasting time. 95% of advisors have the same portfolio with different mix of mainly the same fund families. I don’t think that even accounts for insurance guys. 92% of Advisors fail in the first 3 years. Unless you are doing institutional, you need to find where you stand fairly quickly. Thurston Howell, III will not pay the bills.
We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 1:30am
Originally posted by Jboug4 Jboug4 wrote:

I appreciate the value people keep adding to this thread (txs d.h.k)

As far as language, I speak about my role with my firms resources. I have a very specific client interview which usually goes well. I uncover the whole financial picture. I then get into their priorities and overall retirement and legacy aspirations. This meeting usually goes well and I often have them engaged enough to take the second meeting right on the spot, outside of a few circumstances - it seems like there was a few people who took the meetings because they wanted me to validate their self directed approach then refuse to answer my fact finding questions. 

Usually on the second meetings I bring a senior rep and we walk through the firm financial plan and proposal. Admittedly, I could have done a better job presenting where their current plan has a problem and where we have a solution. So I appreciate the feedback. Most of the prospects have high assets as their financial plans came out looking rosy.

Why did they agree to meet with you in the first place?  There must be some kind of PAIN issue - which was why they agreed to the meeting.  

You are following THEIR agenda, rather than putting forth YOUR agenda and sticking to it.  (Note:  Your agenda... is your fact-finder.)

The "self-directed" investors that wanted validation... want reassurance, because they are being their own planner... but they don't want to PAY you for that validation.  So it's YOUR JOB to WITHHOLD that validation until you "poke some holes" in what they have and they finally ask YOU for advice on what to do.  

Your process should be designed to help you "poke holes" and determine gaps in their planning... so that they will WANT to work with you.  If you don't have that process... you need to develop one around your fact-finding process.

If they won't agree to your process (the fact-find), then you LEAVE.  Because they want you to work with them on THEIR terms... but YOU'RE the professional... NOT THEM.  (Which was why they wanted to meet with you right?)  So they need to let YOU do YOUR JOB, YOUR WAY!  If not, you leave.  DO NOT give them their validation on their current plan/allocation/whatever.  You stick to your process... or you don't do it at all.

Don't fall prey to what THEY say they want.  They need to be SERVED... and they need someone STRONG to serve them.  Be that person.  You may need to be bold... and that's what people need.  But don't compromise your processes and standards to meet "their agenda".



Edited by D.H.K. - Jan/15/2018 at 1:33am
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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RIArules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 1:34am
Geez, and Trump is getting shit. I wanna see what MSNBC thinks about DHK!!!
We may "rob you slowly," but you're not going to see that shit.

Edward Jones Newb, Circa September 2016
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RIArules View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 1:35am
Although the only video I ever tried to watch that he posted was douchey. There is that.
We may "rob you slowly," but you're not going to see that shit.

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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 1:38am
Just remember the law of attraction - people want what they can't have.  And if you're "rude" to a girl, they want you that much more.  By upholding your process standards and sticking to it, you will get people to be attracted to doing business with you, or at least THEY WILL RESPECT YOU for sticking to your process - whether or not they actually go through that process.
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 1:40am
How do you steer the conversation back?  "Let me share with you (again about) how I work, because I work differently from most other people you may have worked with."  Then you explain your process.

"How would you feel if you met with a doctor, and they didn't take your vitals?  No height/weight, blood pressure, pulse, temperature?  Isn't that standard?  What if he bypassed that?  Couldn't that be a problem?  That's why professionals follow processes, and so do I."
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 1:44am
Originally posted by RIArules RIArules wrote:

Geez, and Trump is getting shit. I wanna see what MSNBC thinks about DHK!!!

I don't have "need for approval" issues.  I serve by drilling down.  I can create more prospects, so I don't need any one client.

And until I find the problem, there is no sale.  I don't fake myself out until I find problems that I can help them to solve.


Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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D.H.K. View Drop Down
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Develop a "Client Authority" model for prospecting and delivering advice.  This blog post will be very helpful for you:


And then there's this Michael Kitces video about differentiation that I found very helpful:




Edited by D.H.K. - Jan/15/2018 at 2:55am
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 2:07am
Now sometimes, when the picture is "too rosy", you either need to activate the PAIN area OR their GREED area.

This is an unlisted YouTube video outlining a $1 million fixed indexed annuity sale.  This worked because the advisor worked to find (or create) the pain, "break" their plan, then fix it to make it even better than they originally thought.

You and your firm may not even LIKE annuities, but the idea of how to "break their plan" is how you help to 'disturb' them... then help them to create a better plan through you and your firm.




Edited by D.H.K. - Jan/15/2018 at 2:30am
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 2:56am
One last video about "not spilling your candy in the lobby".  Don't give away your expertise until you have uncovered needs and/or pain.


Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 8:15am
Drinking it up since you’re off for MLK day?
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Originally posted by Jboug4 Jboug4 wrote:


Also - as a salesperson I’ve read a number of books and have excelled in past sales roles, but I’m still new and starting to define my value which has been a tough leaning curve because I have been spoon fed this answer in other sales roles, but now I’m having to define what it means.

I have been less than clear about my value so far, but this is what I willl shoot at - If I was articulate the value it’s behavior coaching - to stick with an investment process which produceses maximal lifetime results, goal based risk management to identify the right assets to grow and the right amount of assets to protect so my clients can sleep easy know they have enough, it’s a advocacy for thrift and delaying gratification when necessary, and knowledge on matters of estate and insurance when necessary to help connect clients with the right experience With our resources for development of the best solutions.

Am I missing my mark on that? Feedback would be helpful.

The problem with 'behavior coaching'... is that these people have FAR more assets than you do... and they did all that WITHOUT YOU.  What do THEY need 'behavior coaching' from YOU for?

This is why you are becoming an unpaid consultant.  "Behavior coaching" says "I'm smarter than you about your money than you are... and I want to keep you dependent upon me so I can keep earning all my fees."  

Be their advisor, not their mommy and daddy.  



Your job is to bring ideas to the table - ideas and concerns that they may not have thought about and how those ideas and concerns can enhance (or detract) from their ability to have a successful and worry-free retirement (or other goal).

Every viable product and service you offer SOLVES a problem.  Make out a list of all the problems your products/services solve.  Get a list of 10-20 things that your products, services, and processes helps people to solve... and now you won't have any problem having something to talk about.  In fact, this could be the agenda of your first meeting.  You may need to recreate your fact-finder based on all these talking points.

For example:  Using tactical asset management that has a risk-adjusted approach helps to minimize the risk of reverse-dollar-cost-averaging for taking income in retirement.  This means that their money will last far longer than if their assets are "just at the whim of the market".  

Maybe you use Riskalyzer (as an example) as part of your approach and services.  Why?  It's a way to measure investment risk to a benchmark (I'm told).  It's a value-add to help people determine if they are taking more risk than necessary to get a given return.  Why is that important?  Because if they are taking on too much risk, it can lead to reverse dollar-cost-averaging by liquidating too many shares and their money won't last as long.  

Everything has a reason.  Learn it and you will gain FAR more confidence in your firm offerings.

For every talking point that your firm wants to "sell" on, you need to ask yourself "why is this important?"  This is the beginning of figuring out you and your firm's value proposition and why people should listen to you.


Edited by D.H.K. - Jan/15/2018 at 10:41am
Originally posted by SometimesNowhere SometimesNowhere wrote:

Ranking careers in order of degeneracy:

1) Real estate
2) Insurance sales
3) Financial sales
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jboug4 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/15/2018 at 10:22pm
I blitzed called all day on BOs on MLK day and put a new meeting on my calendar....Drinking it up now. This is great stuff. My firms approach has been standard goals based wealth management which seems plain vanilla but also the best way to reliably serve clients.. Honestly those points on connecting all the firms wealth management process and managed products to retirement greed or fear should be the first thing that teach you in wirehouse school - I’m going to need to be clearer in my presentations (for some reason I’ve missed those points connecting the peace of mind with the plan by assuming it was common sense to them). Beyond that I ahave a missing level of acumen on the technical side which makes it a challenge to differentiate beyond basic asset allocations and dca but that’s better than most investors I meet with.. I’m resolving now to readjust my fact finder script to be more firm and revolve around my managed products and financial plan. I greatly appreciate this feedback - I was starving for advice on these topics. Just the thought of failing out is the reason I will put in 300-400 calls on national holidays and this information will go to good use. Literally every ounce I’ve got.
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Last thing. Your posts sound like you’re too smart or you’re trying to impress with knowledge. Talk to us like we’re 6 years old. Then talk to your prospects like they are half our age. Don’t assume they know basics just because they have money. Best client of mine cuts metal steel for a living

Glad you’re back on the horse
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Originally posted by bc2051 bc2051 wrote:

They don’t change advisors because your plan is so great. Fear is a better motivator over greed, so show them some shit they are doing that may get them in trouble or keep them from meeting their goals
 
 
I guess I've never really thought about it, but that's a pretty good point. It was always pretty natural for me to ask for the statements and if they'd give them to me I'd try to blow holes in it as much as I could.
 
Only problem with that though is you'll occasionally get a pretty good portfolio with a guy who charges much less than you wanted to. Be honest about it. I'll always match the fee if I think it's fair (I know some guys here would disagree).
 
You might could go the "I'll provide you better services, more reviews, etc, etc" but beware of making promises that you can't keep or worse, promises that you don't want to keep.
 
 
OP, sometimes it can be just a very small thing you are doing or can change that'll win them over. Keep trying. Be sure to ask for the business. Being direct can be beneficial.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MrGreen Quote  Post ReplyReply Direct Link To This Post Posted: Jan/16/2018 at 1:44pm
Looks like those guys above hit it on the head. Sounds like the best thing you can do is ask for the business.
 
Assume it: whip out the paperwork right there. "Alright, let's get started on the paperwork."
 
 
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/16/2018 at 2:27pm
Originally posted by MrGreen MrGreen wrote:

Originally posted by bc2051 bc2051 wrote:

They don’t change advisors because your plan is so great. Fear is a better motivator over greed, so show them some shit they are doing that may get them in trouble or keep them from meeting their goals

 
 
I guess I've never really thought about it, but that's a pretty good point. It was always pretty natural for me to ask for the statements and if they'd give them to me I'd try to blow holes in it as much as I could.
 
Only problem with that though is you'll occasionally get a pretty good portfolio with a guy who charges much less than you wanted to. Be honest about it. I'll always match the fee if I think it's fair (I know some guys here would disagree).
 
You might could go the "I'll provide you better services, more reviews, etc, etc" but beware of making promises that you can't keep or worse, promises that you don't want to keep.
 
 
OP, sometimes it can be just a very small thing you are doing or can change that'll win them over. Keep trying. Be sure to ask for the business. Being direct can be beneficial.


Damn I didn’t know we’re so close in proximity. “Might could”
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