Have you ever noticed how good you feel when someone remembers something special about you?  It might be a waitress in your favorite restaurant remembering what you prefer to drink and bringing it without being asked.  It might be someone you know professionally remembering your birthday, anniversary or special nickname. 

Think about your business information gathering system.  Do you have a method of recording client/prospect preferences to aid in rapport building and creating an exceptional experience?  At your next office meeting, present these questions to your entire staff and take notes on their responses:

 What do you do for recreation?
 What are you involved in outside of work/business?
 What is your favorite charity?

This will help you and your staff begin to think in terms of information gathering with your clients/prospects, rather than just business as usual tracking assets and products purchased.

An important goal you should strive for is to be a financial resource to your clients.  This requires that they see you as someone to call when they have a financial question or issue that needs to be addressed.  Even though you might not always have the answer to every question, strategic alliances with other professionals in various disciplines provide you with the sources to provide answers. If you want to serve your clients at an elevated level it is important to cultivate relationships with tax attorneys, CPAs, estate planning attorneys, trust department officers, mortgage brokers, property and casualty insurance providers, etc.  This will increase the clients' perception of your value to them and make them more willing to recommend you to others.

 What are you doing to elevate your clients' experiences?  Ask yourself:

 1.     In what areas can you form strategic alliances with others to increase your ability to be a resource to your clients?

 2.     Whom do you already know, or can you establish a relationship with, in these areas?

 3.     Do you have a plan in place to nurture a relationship with a strategic alliance in the near future?

 4.     What cross-marketing opportunities are there with your strategic alliances?

 

A small amount of time spent on establishing strategic alliances can reap great rewards!

 

 

 

 

 

Most of my life, I’ve been told to set realistic goals – “consider all possibilities, but realize there are issues and challenges ahead, so be realistic.”  Realistic goals are ridiculous!  I am thankful I have never followed that advice.  If I had I would still be a victim of my circumstances.  Realistic goals limit your creativity, your vision and your accomplishments.

Most advisors have goals they are really “aiming for” but end up with realistic “settle for” goals.  Instead of limiting yourself with realistic goals, let’s set BIG goals with realistic time frames.  Want to double your production?  Many would say this is unrealistic, but not if you break it down into realistic time frames.  If you do it in 4-5 years, that is a 20-25% increase per year to double your production.  This is a realistic time frame!

So what’s your goal for this year?  Next year?  Have you set realistic goals – or realistic time frames?

More women than ever are involved in investing, either on their own or with their partner.  While the products and services they require might be the same as their male counterparts, the approach to reaching them can be very different.

1. Women tend to shy away from financial advisors because they are afraid they won’t listen and will talk down to them.
2. They are all unique with different needs, wants, and fears and they need their financial professional to recognize that.
3. Women want to be made aware of what their choices and options might be both now and for the future.
4. Women are looking especially for someone they can trust and who will be honest and up-front with them.
5. Never assume that the woman you are advising knows everything about investing – give her all the information she needs without talking down to her.  Women are less likely to ask questions than men are.
6. Because women tend to form long-term relationships, they look for someone who will listen, ask questions, offer solutions, and have their best interests in mind.
7. Because women have unique challenges it is important to understand their needs, passions and goals and be able to assist in those areas.

Don’t miss out on this expanding market – it could provide many new opportunities for you!

One of the most important things to keep in mind when working with the affluent and wealthy is this:  They are looking for a financial professional who will truly listen to them.  Here are some keys to becoming a more effective listener:

1. Find out some of their areas of interest – ask them questions about their interests and listen for opportunities to connect with them.
2. Pay attention to what they are saying rather than how they say it.
3. Concentrate on finding a central theme in what they are saying – where is their greatest passion or need?
4. Be flexible – follow their lead in the conversation, not your pre-conceived agenda.
5. Use good body language to show you are actively involved in listening – lean toward the person, keep good eye contact.
6. Repeat back what you have heard in the form of a question to clarify and be sure you understand.
7. Resist being distracted – work on concentrating on the other person regardless of what is going on around you.

Practice becoming an effective listener – you will reap great rewards from the effort!

A recent study commissioned by Vanity Fair magazine found that 28 percent of American citizens between 21 and 54 with an income of over $100,000 could be classified as “cultivated consumers” as opposed to “conspicuous consumers.”  This shift – which is a result of world events, the economy, and information overload – has led to a reevaluation of priorities. 

This new class of consumer has a more global viewpoint and is more likely to desire “authentic” experiences.  As an example, when traveling they are more likely to leave the beaten path and become immersed in local culture.  When shopping they look for things that are unique and that set them apart from others.

When marketing to a group such as this it is imperative to make them feel unique, offer personalization, offer opportunities for them to feel good about themselves and what they do, and show respect for them and their singular way of life.  Knowing what they do for a living is important, but understanding their special interests and life passions is vital to connect with them and be distinctive!

Vertical marketing into a niche is narrowing a market field.  The benefit of doing this is a niche market is easier to market to and become well-known to those in that niche.  Use the following ideas to be sure you “hit your niche” and penetrate it effectively:

 
1.     Invest time researching your niche market via the Internet so that you know the lexicon, issues and opportunities.

 

2.     Get to know the industry media – they are looking for informative articles, tips, etc., and it’s an easy way to become known.

 

3.  Infiltrate the industry and their events – get involved in organizations and associations that support your niche market, and attend meetings and events.

4.     Publish approved articles in your niche market publications – you have enormous credibility when you are published.

5.     Have a clear picture of the products and systems you already have that “fit” your vertical niche market.  You may not have everything, but market what you do have.

6.     Create and use approved “how to” support tools such as tip sheets or checklists.

7.     Offer services – approved webinars, seminars, speaking services etc.

 

There are literally hundreds of ways to “hit your niche!” 

 

 

 

 

 

 

 

  

 

We all realize that time is precious – especially the time we are allowed with a prospect.  Because of that, we must make the most of the short time we have to connect with them.  Don’t spend time talking too much about yourself, your credentials, the weather, politics, or small talk; instead you should ask questions to help you discover their issues and ways you can serve them in their needs.

 Some “magic” questions to use:

          1. What prompted your call today?

          2. What are your company’s needs right now?

          3. What are three things you are most concerned about right now?

          4. What caught your eye on our website (or mail-out, or brochure)?

          5. What are three things you wish were different in your current advisory relationship?

Then keep asking questions to focus on the issues or desires that surface during your initial questions.  Remember – it’s ALL about them – NOT you!

The unanimous Declaration of the thirteen united States of America

 

When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

 

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.  That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. 

 

Celebrate our independence with joy!

At one time or another, we have all felt the “butterflies” that come when we have to address a group of people.  By learning some communication skills used by well-known communicators, not only can you overcome your fear, but you can increase your self-esteem and self-confidence.  Here are 5 tips to practice:

1.       There’s nothing wrong with being nervous.  Nervousness produces adrenaline which can help you think faster, speak more fluently, and with enthusiasm.

2.       It’s OK to not be perfect.  Once you accept this fact, you can relax and “be yourself” which makes it easier to connect with your audience.

3.       Be well-versed on your subject.  You need to know more about your subject than your audience.  This will give you the confidence you need.

4.       Have your audience participate.  Ask questions or have them complete an activity.  This helps hold their attention and increases their retention.

5.       Focus on your message rather than your nervousness.  Your message is what is important.

Adapted from David Greenberg’s Presentation Tips. 

For many around the country, summer is outdoor time.  If you want to create a fun client/prospect event to help develop your relationships during the summer months, plan a client and prospect picnic.  Here are some tips:

1.       Know your audience and promote variety.  Have plenty to do for the kids, from face painting to old-fashioned dunking for apples.  Also think about activities for adults that foster and encourage group participation.  Be sure there is something for everyone.

2.       Provide incentives.  A good way to attract more clients and prospects to your picnic or outing is to offer appealing prizes for different categories, such as: the largest family, greatest face painting, best good sport, etc.  Think how you can make a summer activity a memorable relationship builder.  Offer appropriate and fun gifts, such as: movie passes, restaurant meals, or gift certificates.  Partner with another advisory team or product partner to leverage the event.

3.       Be sure you have a well-organized and detailed plan.  You should have a pre-event strategy, a detailed plan for the event itself, and a post-event strategy for face-to-face follow-up.

Frequently I hear “things are slow in the summer”, but not if you promote in the summer!

 

 

How often do you take on more than you can possibly handle?  Unfortunately, this seems to be the “norm” in our world today.  Attempting to do more tasks than you have the time or ability to handle can lead to missed deadlines, less-polished or sloppy work, and missed opportunities.

 Missed deadlines – When you take on more than you can handle, you will miss deadlines on a regular basis.  Missed deadlines and less-polished or sloppy work can adversely affect your service image with your clients and prospects.  They will lose faith in your ability to deliver the level of service and communication they require.

Missed opportunities – When you live your life always on overload, it doesn’t allow you to take advantage of opportunities that arise in life and business.  You might be given the opportunity to meet and/or network with someone important in your business – but if your schedule has no “give” to it, you could miss out!  When scheduling your day, allow some extra time for each appointment.  If you don’t need the extra time with that client/prospect, it becomes bonus time you can use to brainstorm possible new ideas!

 We are all given only so much time each day – be sure you are investing yours wisely!

 

We always want our clients/prospects to see us as being a “cut above” our competition.  One way of doing this is by upgrading our language to demonstrate a more professional style.  Here are some specific terms we may want to re-consider using:

1.       Use “may I” instead of “can I”.  Clients/prospects appreciate the fact that we ask permission before launching into a presentation.  Using the term “may” demonstrates a more refined use of language.

2.       Use “process” instead of “deal”.  When we use the term “deal” it appears that there is negotiating to be done.  Using “process” gives the impression that negotiating is not an option and psychologically moves people ahead.

3.       Use “presentation” instead of “pitch”.  As with “may I”, this just demonstrates a more refined use of language.  It is also a more positive-sounding term than “pitch.”

Evaluate other terminology you or your office staff may be using, and seek ways to upgrade or refine your language.  A small amount of time spent on research can yield big results with your clients and prospects!

 

There is a new class of individuals emerging that have been labeled the “middle-class millionaires.”  These are HNW individuals with $1-10 million in investable assets.  They are the subject of a new book, The Middle Class Millionaire: The Rise of the New Rich and How They Are Changing America, by Lewis Schiff and Russ Prince.

They identify four points they call “millionaire intelligence”:

   1.       These individuals work harder and longer hours.
   2.       They are “networked” and involved with social groups.
   3.       They persevere in their jobs.
   4.       They make career choices that pay bigger salaries.

This is a growing class of individuals who are in need of financial professionals to help them invest and grow their assets.  Take some time to research ways to become visible and establish relationships with individuals in this new social class – it would be well worth your time!

Memorial Day

This coming Monday, May 26th, we will celebrate a holiday we know as Memorial Day.  How well do we understand this day and what it means?

Memorial Day was originally known as Decoration Day, a day to remember those who died in service to our country, a day to “decorate” the graves of our fallen soldiers.  Memorial Day was officially proclaimed on May 5, 1868, by General John Logan, and observed on May 30, 1868, when flowers were placed on the graves at Arlington National Cemetery.

On this day of remembrance and honor, we remember those who sacrificed everything to guarantee our freedom.

There are many traditions related to Memorial Day and its observances.  For more information, investigate the Internet links printed below.  Above all, let us each be grateful for the opportunities we have in this great land!

 

General Logan’s General Order

 

How to Observe Memorial Day

 

Taps Information

 

Flag Rules and Regulations

   

Richard Weylman Inc.                                                                                          
Elevating your success in the affluent marketplace

Wealth management clients fall into one of three categories:
•  Advocates – 43%, content with their firm, invest large part of assets
•  Apathetics – 17%, not “delighted” with their firm, open to competition
•  Antagonists – 40%, vocal about their dissatisfaction, few assets invested

This provides an opportunity for financial professionals to convert their apathetic clients into advocates.  The key is establishing a relationship with your clients outside the office.  How can this be done?  Try some of these quick ideas:

1.       Research important dates in the life of your client – birthday, wedding anniversary, business anniversary, children’s milestones, etc. – and send a card, or if appropriate, a small gift.

2.       Send industry-related or thought-provoking articles that you know, through research, would be interesting to them.  Set up a Google alert account to capture industry-related articles.

3.       Get involved in their recreational activities by sponsoring an event, providing a trophy, donating food or prizes, etc.

 

These are just a few ideas to get you started.  There are hundreds of opportunities to move your best clients to delighted advocates – just use your imagination!

Adapted from Private Asset Management, March 10, 2008

There are several lessons that we can learn from Google.  They work to give their team members:

1. A sense of purpose – Regardless of what job they are doing, Google employees feel that their work can change the world.

2. A sense of power – Prospective hires are asked, “If you could change the world using Google’s resources, what would you build?”

3. A sense of universality – Google sees information as a natural resource that should be mined, refined, sorted and universally distributed.  It is a necessity, like clean water.

4. A sense of obligation – Google demonstrates a deep level of trust with their employees,leading them to questions: “Are we taking advantage of what we’ve got here?” “Are we doing enough?” “Are we doing everything we can?."

5. A sense of openness – Google works hard to protect people who argue.  They argue about everything – but in a supportive way.

6. A sense of creativity – They let engineers spend 20% of their time working on whatever they want and trust that they’ll build interesting things.

7. A sense of significance – Their attitude is to pursue ideas that another company dismisses as outside the realm of possibility.

8. A sense of self-direction – When they hire someone for a specific position, they let them “run with it” – they don’t get in his way or micromanage.

Review this list and adapt it to make your entire team stronger.  Your clients and prospects will be glad you did.
 Adapted from Fast Company, March 2008

 

Set a positive tone for the day right from the moment you walk in the office – your employees or team members will take their cue from you.  If you come in with a smile, greet people as you pass, and seem up-beat, the others in your office will mirror that image and pass that positivity on to the clients they interact with.

Remember what Willie Nelson says, “You’ve got to accentuate the positive, eliminate the negative, and latch on to the affirmative. Don’t mess with Mister In-Between!”