Interested in Getting Lucky?

There has been a lot of research done on LUCK.  According to research by the world’s foremost expert on luck (Richard Wiseman)—If you implement these Things… people become an average of 40% luckier!

  1. Prepare your mind—Chance favors the prepared mind.  It sounds stupid, but if you believe you are going to be lucky… you have a higher chance of that becoming true.
  2. Make Chance work for you—get out of your rut.  Try different things.  If you keep conducting your life as you are now… you should expect the same result.  You need to put yourself out there to allow luck to work it’s magic.  Think, act, do differently!
  3. Relax –If you are anxious or stressed… you’ll walk right past golden opportunities.
  4. The Biggest Factor… Get Connected! —It ends up the biggest factor to luck… by far… is how many connections you have; how many people you know; how many organizations you belong to… the more connections you have, the luckier you become.

Don’t just think about these things!  That’s what unlucky people do.  Make an action plan to implement these things… and start getting  lucky!

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Give Prospects the Gift that Costs 2 cents

First, I’m assuming that you mail your clients and prospects a newsletter, at least monthly.  If not, START!  The #1 reason people leave their current advisor is lack of contact.  So use contact to keep your clients… an to take your competitor’s clients!

If you want the recipients of your newsletter to wait at the edge of their seat for your newsletter each month… add two things in with your newsletter.

  1. A tip sheet, checklist or resource guide. Some examples are:
    What to pack for sun drenched vacations
        – How to profit the most from your garage sale
        – How to deduct the most from your tangible charitable gifts
        – What you should have in your safety deposit box
  2. Some sort of fun article or information that will make them smile.  My advisors and I use a little thing called, “A walk down memory lane.”  It’s a fun piece that we get tons of comments about.

These two things cost you only the cost of the paper it’s printed on, because you put them in the same envelope as your newsletter, so there is no additional postage.

What do you get from adding these items?  A ton.  First, they are not about the client’s money so it shows that we ARE NOT just about the money.  And second, it makes us memorable so when we reach out to them about an offer or service we have, all we have to say is… “Hi this is Mike the guy who has been sending you…”

They immediately recognize us and are OK with having a conversation.  This is a cheap, effective way to make your newsletters much more profitable!

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Is Your Marketing Focused on One of These Issues?

In order to get a response from your target market, you have to:

  1. First, understand their concerns… what keeps them up at night
  2. Make that concern an emotional need
  3. And, give them a simple solution

If you focus on the retiree market place, a recent study by Ken Dychtwald and Age Wave would be a good place to start.  Here’s where retirees place their concerns:

88%     Would like to have enough money for peace of mind

74%     Want investments that provide guaranteed income

73%     Want investments guaranteed to NOT lose value

72%     Are concerned about serious health problems

71%     Need help understanding Social Security and Medicare

64%     Worry about covering LTC costs

60%     Worry about NOT being a burden to the family

58%     Would like help with inheritance and legacy matters

54%     Would like to provide family with income when I die

52%     Are concerned about Health care expenses

34%     Worry about outliving money

21%     Would like an investment with the potential to provide high return, but with higher risk

12%     Would like to accumulate as much wealth as possible

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Your Best Prospect is Your Competitor’s client

Your competitor’s best client HAS money… and LIKES advisors.  They’re perfect prospect.  How do you get them to leave their current advisor and move to you?  Use the #1 reason people leave their current advisor… against them.   Read how in “The Guide to Whacking Your Competitor’s Achilles Heel.” My gift to you!

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People not returning your phone calls?

Have you ever left several messages and your prospect or client won’t return your call?  What do you do?  Use the technique many grandma’s have been using for years to get their college age grandkids to call them.  She’ll write a note:
Johnny, I hope college is going well!  I’d love to hear how it is going for you.  I know that cash can sometimes be short while at school, so I’ve enclosed a check for $50.  I hope you can put it to good use! 

Love Grandma
And of course… she “forgets” to enclose the check.  Do the same thing with your voice mails.  Think of something important that your client would like to have or know… and then right in the middle of your punch line, hang up so they won’t hear how the benefit you are talking about ends (like the call was disconnected).
People can’t stand an unfinished story, movie or sentence.  They need closure and there is a higher likelihood they will return your call.
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Get Your Marketing Mail Opened

What is printed on the outside of your marketing envelope?  What you print on the outside of the envelope can double your response rate… and it costs you nothing to do.
Curiosity is always an excellent tool to employ.  One of my favorites is from Psychology Today Magazine.  They printed this question on the outside of the envelope:
“Do you close the bathroom door at home… even when you are the only one at home?
What does that say about you?”
Just that one question boosted response rates by 24%… because it got people to open the envelope.  It doesn’t matter how good your offer is, until they open the envelope!
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Do This Be…”CAUSE!”

What is your “Cause?” Do you know how much money it’s worth for a company to align itself with breast cancer awareness?  Billions.  And it works for more than just breast cancer awareness.  Aligning your company with a cause has worked for shoes (Tom’s Shoes)… eye glasses (Warby Parker)… and on and on.
So, what Cause is your company aligned with?  What Cause do you give your time or a percentage of your profits to?  The local pet shelter?  The city park system?  The bike path system?  The Boys and Girls club?  The local Harley Club?

Find your passion and fuel your business.  Like attracts like.  Like works with like.  Aligning your practice with your Cause can grow your business and be hugely rewarding at the same time.
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Want Referrals? Put These 20 Things on Your Calendar in 2017

Clients don’t refer to you because you have great products or you got them a good rate of return… they refer to you because they love you!  Put these 20 “to-dos” on your calendar to show your clients that you love them… and they’ll share your love with others… i.e. give you referrals.

20 Easy Ways to Let Clients Want to Refer People to You

  1. Send them HANDWRITTEN notes or postcards… at least once a quarter
  2. Sing them Happy Birthday on their VM… no matter how bad your voice is… or how hokey you feel
  3. Track your best clients on the LinkedIn feed that notifies you when your client is in the news… and let them know you saw the article
  4. Call them at Thanksgiving and let them know how grateful you are to have them in your life
  5. Send them news or helpful information about their interests
  6. Send them news about their Alma Mater
  7. Donate your time and money to a cause they believe in
  8. Send them a funny video and why it made you think of them
  9. Take them on a Christmas Lights Tour with the rest of your clients and sing Carols and share hot cider and cookies
  10. Take them to lunch or dinner
  11. Host a Birthday lunch for them and their friends
  12. Call and ask what they wish your company would do for them
  13. Call them before the 4th or Memorial Day and ask what they are doing… and then wish them a fun safe holiday
  14. Call and ask them for advice… or invite them to be part of an exclusive client advisory board
  15. Share the things they share on their Social Media channels
  16. Have their name on the marquee when they come for their appointment
  17. Have their favorite “Keurig” beverage waiting for them at their appointment
  18. Listen and be more interested in what they have to say, rather than making them listen to what you want to say
  19. Drop by with baked goods or a 6-pack of beer on the way home from work… a little gift that goes a long way
  20. Remember the names of their kids and grandkids… and what they are doing in their lives

The only way people know you love them is to show it… the only way people are going to refer is if they feel loved.

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What Does the Name of Your Business Say About You?

What I’m about to say may upset some advisors… but hear me out before you judge.
What is the name of your business?  Does it have retirement… wealth management… financial advisor… or something similar in it?  If it does… what do people think about as soon as they hear or see it?

If you were at a party and you mentioned those terms when someone asked what you do… would people want to talk or try to get away from you?  If I don’t want to talk to someone at a party, I tell them I’m a financial advisor and they can’t wait to get away from me.   Why?  Because they don’t want a sales pitch.  Whether you plan to give them one or not, they are afraid you are going to try to sell them something.

I recommend you use a business name that people associate with top notch tax and law professionals.  Google the biggest, baddest, most respected firms in those fields… the firms that people immediately respect… Deloitte and Touch, Baker and McKenzie, Latham & Watkins, Ernst & Young…

Do you see a theme?  Two names give a firm immediate credibility… and DOES NOT sound like you are selling them something.  Now, your firm might be too well established to change at this point… but if you could?  Would you?

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Where should you spend your next marketing dollar?

Your prospects will be hit by over 3,000 advertising messages, from all sorts of media, today.  Which of those will they remember?

Half the battle in today’s world is getting your message heard… and if you sound like everyone else… your message will fall on deaf ears.

Here’s an experiment I did with one of my advisors in 2016… just to demonstrate to him the power of the handwritten note.  As you’ll see, it worked so well he quit doing it after one try.  I guess the pen got too heavy for him.

Case Study:

  1. Spend $700 on several different media types to determine effectiveness
    o  Radio – $700 for 14 commercials
    o  Newspaper – $700 for ½ page ad in paper
    o  Direct mail – $700 for 1,850 form letters
    o  Leads – $700 for 25 leads
    Total spent: $2,800
    Results: 4 prospects, 1 sale for $82,000
    Made: $4,920 in commissions – $2,800 = $2,120 profit

  2. Handwritten notes – $700 for 488 handwritten notes
    Total spent: $700
    Results: 15 calls to thank you for being so caring
    7 additional calls to set up time to meet (Generates 4 sales totaling $840,000)
    3 additional calls to refer to friend (Generates 1 sale totaling $125,000)
    Made: $58,100 in commissions – $700 = $57,400 profit (plus 488 happy people because you took the time to write them a handwritten note… something they rarely receive.)

A simple handwritten note wins hands down, but who in their right mind would write 488 handwritten, personally addressed notes?  Somebody that realizes how much impact a handwritten note has on a person.  When was the last time you received a handwritten note?  Did you read it?

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