You have heard me articulate many times the importance of communicating your competitive advantages effectively and distinctly!
To do this it is imperative that you make an emotional connection to the client/prospect.  According to the latest study by Edelman Trust Barometer, Honesty and trust are more important to consumers than the quality of the product (and) consumers simply will not buy products from a company (or person) that they do not trust.* 
Translated to your business; this means that if your clients and prospects truly know you and trust you then they will not only do business with you but they will speak kindly about you when you aren't even around! 
In this paradigm shift, it is more important than ever to be totally transparent with all your communications with clients and prospects.  Remember it is okay to not have all the answers all the time but be willing to be a comprehensive resource for them and through proactive and meaningful communication and comprehensive service remind them that you are there to stand with them and assist in any manner possible, whatever the market does!
 
If you still are struggling to find your competitive advantage, become a member of The Weylman Center For Excellence in Practice Management™  today and take our online course, Discover Your Competitive Advantage and utilize the step-by-step process to  set yourself  apart from the competition. 
 
*Private Wealth Magazine, Leveraging The Brand, May/June 2010, Pages 41-42.

Some financial professionals are just naturally able to connect with everyone they meet.  They are relaxed, out-going, and friendly.  But for many of us, these qualities don't come naturally.  Here are some thoughts on how to connect with others without feeling uncomfortable:
 
1. Just be yourself.  It can be very obvious when you are trying to be something you're not - so don't even try! 
2. Don't hurry through a conversation or meeting, but don't waste time either.  Allow time to connect personally first and the business connection will come without trying.
3. Be professional.  In your attitude, your appearance and your service, be sure you always put forth a professional image.
4. Listen!  I've said it many times and will say it again - it is important that you listen closely to what your clients are saying.  Your entire focus should be on them, not on what you are going to say next, or worse yet, what you are going to have for lunch!
Over and over again studies and statistics have proven that clients do business with people they know and trust and who they feel really understand and respect them.  Make that personal connection to your clients to foster that trust!

Are you really committed to succeeding at what you do?  The large majority would say "yes", but do their actions support that?  To truly be successful you must establish and commit to your goals 100%.  Anything less will not allow you to achieve what you desire.  You must have the mindset of "no excuses-no exception" - that separates the failures from the successes. 
If you refuse any thought of an "escape plan" or alternate outcome, you then focus all your energy on going in one direction only - forward to success!
 
You must be 100% committed to achieving your goals.  Under no circumstances, no matter what opportunities arise to be distracted, should you stray from your path.  Be sure before you commit to your goals that they are also supported by the significant people in your life such as spouse, family and staff.  Once you make the commitment, though, never look back.
 
You must also be 100% committed to continually improving.  Learn from those around you, other more successful business people, reading on various business subjects, and even listening closely to your clients.  Continual improvement will assure that you will not be "left behind" with yesterday's technology, business model, and products.
 
One last thing - surround yourself with people who think positively.  Negativity is not an option for those who are truly successful!
 
Thanks to Anne Bachrach for her thoughts on this subject.

It seems like it would be common sense that making your clients feel appreciated would be good for business, but unfortunately, most of us are not doing as good a job at it as we should be doing.
 
Here are some ideas on how to easily accomplish this task and help stabilize the relationship with your current clients:
 
1. Tell them you appreciate them and their business.  This sounds too simple but can make a big impact with very little effort.  During any and all communication with clients, be sure to include a comment about how much you appreciate them choosing to do business with you.
 
2. Make your top clients feel they are part of an exclusive group.  Host special events for them - several a year - and allow them to bring friends and family as guests.  This serves two purposes - you give them a great experience, and you make contact with prospective new clients who are in the same financial category.  Just make sure the event is unique and unforgettable!
 
3. Listen to what your client wants.  Most clients will show a deeper faithfulness to someone who really listens to their needs and acts accordingly, than to someone who responds according to what they think the client needs.
 
4. Make your time spent with clients enjoyable for them.  Show them respect, listen attentively, communicate well and let them see that you enjoy what you are doing, and spending time with them, also!
 
5. Make them feel important.  As I mentioned a few weeks ago, Mary Kay Ash of Mary Kay Cosmetics, followed this life philosophy:  "Pretend that every single person you meet has a sign around their neck that reads, 'Make me feel important'."
 
We sometimes get so involved in running our business that we forget that our clients are our business!  Start today implementing these ideas to make your clients feel appreciated, and you will see unbelievable growth in your business!

The year is half over!  What are you doing to make your vision a reality?  To solidify growth in life and business requires a clear vision of your goals and dreams.  It is vital that you define and continually expand your goals and dreams for your life and business.  Begin by taking inventory and answering these questions:
1. Why am I doing what I do?
2. Who am I doing it for?
3. Two things I would like to stop doing are . . .
4. Three things I would like to learn to do well are . . .
5. Two areas where I would like to expand my knowledge are . . .
6. How much more of a difference do I want to make in my own life and business?
Once you have completed your inventory, then create goals and action plans accordingly.  A goal should be something that is clearly defined so it can be definitively measured.  An action plan divides the process into smaller, easier steps to accomplish.
The key to achieving your goals and visions is to invest the time and resources necessary!

Because it is human nature to hear what we want to hear, most of the time we aren't even aware that we're not actually listening.  Also, instead of really hearing what our client or prospect is saying, we are thinking ahead to what we want to say next.  Listening, really listening to what is being said rather than what we want to hear, is something we have to learn to do.  Practice the following actions to become a better listener, rather than just a "hearer."

Concentrate on the person - this is hard to do in the beginning, but the best way to be a listener is to consciously concentrate on every word your client says.

Focus on context and agreement - pay attention to what they are saying in context and be sure words and body language are in agreement.  Are there any hidden meanings or subtle messages involved?  Clarify if you think there might be more to what they are saying.

Pause before talking - allow the other person to complete their thought, then pause a moment before responding.  This is an indication to them that you were actually listening, and now are thinking about your own response before speaking.
Restate your client's statements - Re-word what you just heard (or thought you heard) them say and repeat it back to them asking if you are correct in your understanding of what was said.
 
Listening is a skill we can - and should - learn!

Adapted from The Elite Advisor Marketing Newsletter, May 5, 2010.

What are you doing to "elevate the experience" for your clients and prospects?  The large majority of clients who leave their financial professional do so not because of anything to do with the product or investment plan being offered, but because of the service (or lack thereof) being offered.  I recently read that a well-known cosmetics mogul followed this life philosophy:  "Pretend that every single person you meet has a sign around their neck that reads, 'Make me feel important'."
How can we do that with our clients and prospects?  Here are just a few ideas:

1. Be responsive to all inquiries and answer within 8 hours whenever possible.

2. Set up a system to send notes, flowers or gifts on a client's special days, such as birthdays, anniversaries (wedding & business), to recognize accomplishments, etc.

3. Set up a personal communication plan for each individual client.  Let them decide how often they would like to be contacted and how, and then schedule those contacts on your calendar so you are sure to remember.

4. Create an "Owners Manual" for each client giving them important information they need such as a list of people to call for various services within your office.

5. Remember - pay attention to the little things and they always lead to bigger things!
 
Be sure to make your clients "feel important" and it will create great loyalty in return!

 

Here is a great acronym to use when speaking with clients.  If you are having a hard time convincing them to set priorities and stay on target, tell them their "fate is in their own hands". F-A-T-E being:
Focus
Accountability
Tracking
Execution
 
Talk about their need to "focus" to stay on track with what they want to accomplish in the future.  Without focus they are just stumbling in the dark with no clear direction.  They must also establish some "accountability" in their efforts.  They should have someone outside (you) asking the hard questions designed to keep them moving forward with their plans.  It is very important to "track results" otherwise there is no way to know whether or not they are accomplishing anything.  And, most importantly, they must commit to "executing" what they say they are going to do, such as consistently fund their plans.  Without a firm commitment to execute, it is impossible to move forward and accomplish anything!
 
Adapted from Dick Harris, coach for Richard Weylman, Inc.

One of the negative side effects resulting from the current market climate is burnout.  It is an issue that has been around for years but has become more prevalent in recent days.  Here are some symptoms to watch for and ways to counteract them:

• Fatigue or exhaustion - Be sure you are making time for rest and exercise.  We are tempted to skip these in order to spend more hours working, but in the long run that is counter-productive.

• Emotional exhaustion - You might find yourself lacking enthusiasm or even feeling emotionally cold.  If you are unable to take time off for a vacation (the best remedy) at least make time for doing things you enjoy and that help you "de-stress".

• Isolation - If you feel isolated from others or disconnected from those around you, make a point of initiating contact by complimenting co-workers or family members for their positive achievements and contributions.

• Feeling unappreciated - When you feel overlooked or unappreciated the negative effect on your morale can then affect all other areas of your life.  Look for ways to let your accomplishments be known without seeming to be egotistic.

• Obsessive - When you find yourself focusing on only one project or area of work it is important to take a break, do something different and restore balance in your life.
 
Don't allow the current market condition to ruin all other areas of your life.  Fight burnout and find ways to ride out the negative times, looking forward to better times to come!

It's no surprise that many of our clients are scared in the current economic climate.  This fear can make it difficult for them to make any decisions regarding their financial position.  It is important that we are prepared to help make the decision making easier for them.  Some ideas to help with that:

1. Allow extra time in client meetings so clients feel relaxed and safe enough to express their concerns and ask questions.
2. Always be sure to ask (if they haven't already expressed) if they have any questions or concerns. Some aren't sure how to approach this and need some encouragement to discuss their fears.
3. Another topic they might be hesitant to bring up, but that must be covered, is how secure their finances are with you (think Madoff). Be proactive in discussing this.
4. After the meeting, be sure to send a copy of the meeting notes to your client. This alone can answer many of the questions they might have later.
5. Be aware of and considerate of their current financial position. If their business is struggling or they have had their income cut you don't want to suggest costly changes.
6. Be selective about the clients you accept. This sounds counter-intuitive in this economic climate, but will be easier and more profitable for you in the end.

 Your clients and their sense of economic and emotional security should be your primary focus, especially right now.  Be the voice of calm and reason that they need during this stressful time! 

Years ago when I was marketing Rolls Royce Motor Cars, a client told me why I should have a client advisory board.  He said, "Richard, we don't care what you think will work, what we want you to do is ask us so you will think like we think."  This was tough yet sage advice, and I quickly learned the value of a client advisory committee.  The net result changed my thinking - and it changed my business.
Here are some tips to help you set up your Client Advisory Group:
 
1. Limit the group to five clients, as you want well-rounded ideas and participation from all.

2. You can have multiple groups based upon your niche markets - one for each market.

3. Meet bi-monthly or quarterly for breakfast or lunch.

4. Have an agenda and focus on one main topic per meeting.

5. Have a set time frame for the meeting - keep it moving so as to not waste time.

6. Be sure to take good notes. Have an assistant sit in on the meeting to take notes for you, if necessary.

7. Ask board members to serve for one year. Rotate members to keep things fresh.

8. Do something special for your advisory board at the end of the year to say thank you.
 
A more in-depth look at this subject is available on DVD with me giving very specific details on creating an advisory board. 

Just meeting your clients' expectations is not enough.  You must elevate their impression of you and your firm and exceed their expectations!   Here are some ideas to help you position yourself as distinct:
 
1. Build trust with your clients.  People do business with people they trust.
 
2. Be passionate and enthusiastic about what you do.  It will rub off on your clients and even generate referral business for you.
 
3. Treat your clients the way you would like to be treated - in other words, follow the Golden Rule!
 
4. Know the details of the charities and organizations that your clients are passionate about.
 
5. Listen!  Start the conversation with a few good questions, and then be quiet and listen carefully to their responses.
 
6. Use good manners.  This is something that is sorely lacking in our world today.  Be sure you say "please" and "thank you" and even send them a hand-written note.  Thank them even for saying "no"!
 
This subject is addressed in detail in our Elevating and Exceeding Client Expectations curriculum, available on DVD and the Online University in The Weylman Center for Excellence in Practice Management™  

Most people think they don't have time to do all they would like in their business.  But you can find the time you need if you manage your time a little better.  Take a day or even a half-day and get away from all interruptions in order to do some planning.  You might not think you can afford to give up this time but in the end it will pay off.
The first step is to make a list of the projects you would like to complete or goals you would like to meet.  Prioritize them in order of importance.  Then, starting with the most important and working down through your list, create an individual plan for accomplishing each one.  It is important to break down each project/goal into small "do-able" pieces and then schedule those pieces by the week or month to be accomplished.  The key here is to review your plans and the scheduled items weekly or even daily. 
If you are diligent and disciplined to follow through in this planning, you will be amazed at how much more you will be able to accomplish this year.  To make your planning easier, I have created a 90-Day Plan tool that is available within several of our different curricula, including Accelerate Your Growth in the Affluent Market, and also on our soon-to-be-launched online university,The Weylman Center for Excellence in Practice Management™. Contact our office for more information or if you would like a copy of this tool via email!
Promise yourself that this will be the year you accomplish more than ever before - all it takes is a little planning and brilliant execution!

I have always said that part of your value in the eyes of your clients is the number of times you contact them through the year.  Every client is unique, and you should have an individual communication plan in place that meets their needs.  You might contact some monthly, some quarterly, or some only twice a year, but it is important to base those contacts on the client's wishes, not on your preferences.  Having regular contact with your clients helps to build their trust in you.
 
Another thing to consider is what makes you distinct?  You should always be able to articulate what makes you unique in your field.  You should also be able to answer the question, "Why should I do business with you?"  To prepare yourself to answer these questions, think through every little thing you do for your clients and then list them in a logical order.  You might want to even write them out as a "client business plan" that they could take with them to read through.  If you are unsure what practices clients might possibly value, then take the time to interview some of them to find out.  One simple way to do this is to use our Best Client Survey tool.  This may be found in our Accelerate Your Growth in the Affluent Market curriculum, or it is available in the Community Resource Center on The Weylman Center for Excellence in Practice Management™. 
 
Regardless of what tool you use, it is imperative that you stay in contact with your clients and keep reassuring them of your continued vigilance!

In our relationships with our clients, trust is imperative.  If your client doesn't trust what you tell them, or your judgment in a situation, you will not be able to achieve a positive outcome for either of you.  Trust can be built through the use of specific questions that "dig deeper."

Ask questions of your clients that give you a detailed clear picture of their hopes, dreams, and desires.  This demonstrates to them that you truly care, and allows you the opportunity to determine how "realistic" their expectations might be.

Have a conversation with them about what they are looking for in their relationship with you.  How would they measure success in their relationship with you?

Ask about their financial successes - and failures - and what they learned from both.

Find out where their personal interests lie.  Do they enjoy certain sports, volunteering in service to others, travel, etc.?

What changes do they anticipate in their life in the next 5 years?  10 years?

Do they have a retirement plan, and if so, what is it?  How can you help them achieve it?
 
 Trust is only built through sincere, consistent, open communication.  Resolve today to start building trust with your clients!

Much can be learned from the collapse of GM and the ongoing growth at Ford.  GM kept their strategy of all things to all people through multiple brands even though the market had changed drastically.  GMAC, their finance arm for vehicles, jumped into sub-prime loans with both feet.  Ford, on the other hand, changed CEOs and executed a change in strategy.  First they shed markets and brands they couldn't support (Jaguar, Aston Martin and soon Volvo), focused on building stronger relationships with target consumer groups they knew they could excel with products and service.  Ford Motor Credit refused to chase sub-prime loans and saw it as being all things to all people.
 
We all know the results - GM's results are essentially catastrophic while Ford has been hailed for their clear focus on markets and delivering the brand which has given them excellent ROI.  So what is your strategy?  Are you focused on specific target markets where people network and communicate so you can become part of the network?  Or, are you still hoping that doing more of what you used to do, as in marketing to anyone who may have money, will bring you your best year yet?
 
GM and Ford - a clear picture of the results received based on the choices you make.

In times like these, when investors' emotions and competitiveness can easily replace good sense, it's so important to have a consultative process in place. 

Industry research confirms the very real impact that spending time with clients has on advisors' incomes.  Research shows that fewer than one in ten advisors spend more than 60 percent of their time in front of clients.  Most advisors spend between 30 and 60 percent of their time in front of clients, while a substantial minority (28.1 percent) spend less than 30 percent of their time with clients. W

When we take a close look at those few advisors who do spend more than 60 percent of their time in client-facing activities, we see an impressive result: These advisors enjoy annual incomes that are more than three times that of advisors spending 30 to 60 percent of their time with clients and nearly six times those of advisors who spend less than 30 percent of their time in front of clients.  The upshot: If time truly is money, then time well spent with clients is big money. 

From Journal of Wealth Management Consulting, December 2009

The economy has declined as a big worry among the affluent, according to a new survey.

The "Affluent Barometer" survey by Ipsos Mendelsohn, completed in October 2009, found that 20% fewer affluent investors identified the economy as a top concern in October compared to a month earlier. The survey respondents consisted of people in households with more than $100,000 in annual income.

About 40% cited the economy as a top concern in October, compared to 60% when the survey was conducted in September, according to Ipsos Mendelsohn.

Even with the falloff, however, economy still topped the list of concerns among the affluent. Health care came in second at 38% and unemployment and jobs was third at 34%-results that were unchanged from the September survey results.

The survey also showed that 56%of survey respondents were somewhat to very optimistic about the economy's future.
 
From Financial Advisor, January 13, 2010

Whether a referral, warm introduction, or cold contact, your first step to connect is always to do some preliminary research.  Why?  Three reasons:

 What you don't know can and will hurt you.

 It sets the stage for intelligent, cogent discussion.

 It gives you the ability to personalize and humanize your conversation and make a true personal connection.

 Conduct a Google search using keywords that identify with your prospect.  For example, if you are meeting with an interior design head in Chicago, a search using "Chicago Interior Designers" yields the website of the Interior Design Directory of the Illinois Interior Designers, as well as several local and regional interior design merchants in Illinois.  Drilling down for a few minutes gives you great insight into their world (issues, lexicon, etc.).  Searching their name individually also yields key insights about them.  Their contribution to and involvement in the community are readily available online.

To discover more keys to unlock doors of opportunity in this post crisis era attend one of our upcoming Regional Conferences on February 23 & 25.

With seven weeks already gone, it is not too late to make 2010 your best year yet. Come spend a day with my team and me at one of our Regional Conferences.

Enough data has been collected, articles written, surveys taken to clearly illustrate that a definitive change has occurred in the affluent person's mindset and decision making process since the meltdown.  The economy, the market, and the future outlook has, metaphorically, locked into place a different set of parameters to gain access to and build trust with high quality prospects. 
 
Thus, many of the old "keys" to success simply don't unlock opportunities as they once did.  As a result, new "keys" must be used to grow your practice and to retain clients - new keys such as demonstrating a genuine interest in the people, not just if they have money or a pre-judged need for your services.  Or, believing that the articulation of your qualifications is compelling enough to open doors.  Even the old key of "good service" no longer unlocks opportunities. 
 
Today's affluent want a much different approach and an elevated level of total experience from first contact to ongoing communication.  Ask yourself - are you learning, implementing or, if you will, cutting the new keys to unlock growth opportunities?  Doors of opportunity stand ready to be unlocked but only to those who re-engineer and re-tool using the new keys to growth.  If you have done so, congratulations - a bright future is in store for you!  However, if you are determined to know more and do more to unlock the future, spend a day with my team and me at one of our February Regional Conferences.

Despite high expectations, you can disappoint yourself and others by quitting, by not pulling hard or harder than other winners or by giving into fear or complacency.
 
To achieve greater success in life or in business and avoid disappointing yourself and others who count on you - practice self-discipline rather than self-indulgence.  What is the difference and how do you stay disciplined?  Here is a key thought process:
 
Self-indulgence says: I will think → About how I feel →Decide if I will act or not → and worry about the consequences later.
Self-discipline says: I will think → About the consequences → Decide what action to take → and feel good about my decision.
 
Taking personal responsibility and accountability to elevate your success is a choice each has to make.  Yes we all experience losses, defeat, rejection and uncertainty.  However, if you learn from your mistakes, avoid confusing the terms "fair" and "equal" and practice self-discipline, you will take your business and yourself to a whole new level.
 
Speaking of consequences, be sure to attend one of our upcoming Fast Start Regional Conferences.  Let's spend a day together!
 
After all, there is a consequence if you do or if you don't! 

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