Comments from advisors who’ve used the system…

Here’s what some of the advisors I’ve coached over the years have to say about me and the Whites of Their Eyes system:


“I just want to say that everybody and every industry promises you they’ll do all these things and they’re the best and everything else. This is the only place that actually delivers, and not only do they deliver, they’re always one step ahead of you and have everything that you need.”
-Steve K.

 
“Mike has completely changed my life really. I mean this system is totally, if I could describe it in one word, I would say genius. It has gone far beyond anything I have ever seen, it’s a complete turnkey operation, and anyone who wants to be successful can certainly be successful using this system. One thing I like about the drip system, is being able to capture, not just the people that go through the workshop or first, second or third meetings, but eventually being able to capture everyone who responds to our ad or interest in information.”
-Glenn R.

 
“People who come to see us need so much help and advice, but have so many bad experiences “under their belt,” they are leery and hesitant to trust anyone. Mike’s system is a breath of fresh air for them!  For (what seems to be) the first time in their financial planning life, clients are able to open up on many different levels and TRUST us.  Many clients have very personal family dynamics, which drastically affect their planning; situations that, until now, have not been discussed with their advisors. 

This has the most effective Client Building System available!” 
-Stan & Donna R.

 
“As of July, I have made around $250K using the system. Without this awesome system and support from the administrative offices, I’m sure I would be “down the river!”

My sincerest thanks to Mike & his team!”
-Sam A.

 
“My appointment percentage is now 70%. WOW! Little things do make a huge difference!”
-Kevin J.

 
“I’m a pretty smart guy, or so I thought, with over 25 years of experience in securities and insurance.  I enjoyed a handsome six-figure income and thought I had it figured out.  Then I was introduced to Mike.  He turned conventional thinking on its head and in the process my client relationships got closer, my business model got highly efficient, and my income doubled.  Nobody gets it like they do.  And I’m feeling pretty smart.”
-Mike W.

 
“Mike gave me the tools and support I needed to grow my practice into a mature business. I have seen a 45% growth rate each year I have been participating in Mike’s coaching.  Never before did I have a disciplined approach/process to grow my practice. Leveraging this process allows all of my clients and prospects to have a positive professional experience within my financial planning firm.”
-Gregory D.

 
“The true brilliance of Mike’s system is three-fold. First, there is a method and a philosophy that permeates the entire organization. The second is the cohesive, seamless organization between the staff and the leadership. Third, is the training, training, training and training.

How do you know it is working?  You know the drip plan works when you are at a restaurant and someone says, “Thanks for the newsletter, I really like it.” When your partner says “It is good to be able to pinpoint where we went wrong on that case; I wish we had known then what we know now.”

For our practice, as partners, we are going from being in debt and wondering what is going wrong to making OUR DREAMS COME TRUE. Mike is taking the science of the mind and turning it into an art to sell.

But, if you want a statistic that makes a difference in my world…my stress has dropped enough that my blood pressure has gone down 25 points…”
-Bill K.

 
“One day this past week, the overnight delivery guy (who delivers only the new policies) said to me: “You guys must be doing really well – I used to deliver to you once, maybe twice a week, now it is every day.” Mike’s system even made the delivery person notice.”
-Mike D.

 
“The 12 months prior to hiring Mike my total production was $646,300.  Over the next 12 months, my production jumped by almost 400% due to the coaching of Mike and his team.

They never stop trying to make the system better.  They have developed this DRIP marketing program that is the best I have ever seen.” 
-Phillip S.

 
“I attended Mike’s introduction and had the epiphany that this was what I had always been looking for in spades.  Now, after 30 years, it isn’t easy to teach an old dog new tricks. But, I was smart enough to realize if I didn’t copy this exactly it wouldn’t work.  I felt fortunate that they allowed me to become part of the system.  Below are the details of the results thus far.  Keep in mind that I have fun. I will be traveling a total of about 15 weeks this year and half of that is spent at my place in Hawaii.

Annuity income  Total income   Comments
$5,850                                           before Mike
$88,900                $365,007        first year with Mike
$231,960              $475,464 

I am always amazed what Mike does to help us with conference calls weekly, new materials, etc., at no cost.”
-Michael L.

 
“I immediately knew this was the piece of the puzzle I was missing.  It seemed too good to be true and it appeared to have a lot of great potential, within a month of traveling there.   I found my company in debt of around $25,000 (it may have been closer to $30,000+).  Every time I would talk to my brother (which is in the business) he would ask “Hey have you made any money yet?”  I would always reply “Not yet, but I am going too soon!”  By the end of December of that same year, my business was completely debt free and closed around $2,000,000 in premiums…all in the first six months. 

We have implemented the new epidemic marketing program recommended by Mike.  We have created quite a stir around our office with the introduction of this marketing program.  In fact, we actually had people waiting in line to receive their pedometers and all of them commented how they are really enjoying the newsletters. 

Over the past few months we have been forced to schedule appointments two and three weeks out which is truly unbelievable for this business.  To date, we are on pace to beat last years numbers and the business currently has a healthy six figure bank account.  Not bad for a couple of years in the business!  Thanks be to God and Thanks Mike!”  
-Bryan W.

 
“I came away with an idea that brought in an additional $450K of assets from one client alone without doing a workshop.

Finally, as a 3rd degree black belt instructor in Tae Kwon Do, and practicing hard in the sport for over 20 years, I realized recently that the 5 tenets of Tae Kwon Do: Courtesy, Integrity, Perseverance, Self-Control, & Indomitable Spirit run parallel to the cornerstones of Mike’s system!”
-Dan F.

 
“It used to take me 4 years to write 4 million in annuity premium – now it takes me 5 workshops.  Mike’s system challenged me to reevaluate my belief system.  Best of all, Mike’s extraordinary mentoring programs have helped me solve the competition problem.  How do I know?  I AM THE COMPETITION!”
-Charles W.

 
“Originally I guess you’d say I came from AG Edwards. I had some friends that had worked with Mike and had quadrupled their production in not even a 2 year period from where they were before. So when I came on I had no skepticism of working with Mike, but I’d say the biggest thing really is it gives you a system. I’ve tried every other marketing system, seminar system and everything like that, and there’s just nothing that you can compare to what Mike gives you, and you just have to do it, I mean it’s an awesome, awesome deal.”
-Doug C.

 
“In 25 years in the business, I’ve never seen a system so well designed. With everything I can tell, it’s a powerful system and it’s impossible to fail. Mike provides us a lot of great ideas. Ideas on both communication skills and marketing, how to read people and really build solid rapport.”
-Mike E.

 
“The professionalism and the system helps me gain clients rather than cut them.”
-Larry L.


“Mike has helped me, generally because I think he picks up where all the other marketing agents and agencies leave off.”
-Jim B.


“Mike’s organization is an aggressive and progressive company that supports their advisors in a way that I can’t see anyone else doing.”
-Jack N.


“It took me from not knowing how to sell an annuity, not knowing how to get in front of people, to writing $4 million this year, which, you know, is fantastic.”
-Bryan B.


“I like the whole focus on the psychological aspect in the sales process more so than, not just an organization that’s out there promoting product. They focus more on relationship building more so than any other organization that I’ve worked with. You’re committed to and follow through on what you say you’re going to, which is good.”
-Ted D.


“I was basically floundering and really had no direction; it was kind of a dead end type of scenario. So coming to Mike and being a part of his organization has tripled the business that I’ve written, and I look to double or triple that coming in the next year, and it’s all because of the system that’s put in place. Whether it’s marketing, whether it’s appointments, whether it’s the product- any type of thing that we need is there for us. I can’t believe the amount of effort you guys put into it. I mean, for me that blows me away that somebody does that. I’ve never been around that before, and I can say that until I retire, I’ll be working with Mike.”
-Steve R.

Posted in General | 1 Comment

Advisor questions & answers

I had a great question from an advisor, and wanted to share it with you:

Advisor’s Question: “I really enjoyed that webinar and that 5Q. But I do have just a couple questions for you, it seems like it took some time to do that 5Q process and I am wondering when you are a member how is that process accomplished. I know you took like an hour of your time to do that and now I know there were dozens of people on the call so you did what you did, but as a member how is that done, or do you actually spend that kind of time with each member to accomplish that? Also you bring up a very good point about not buying a marketing system until you see the whites of their eyes and yes I agree with you 100% but what I am asking is what does that really mean and when investing in a marketing system what should I really be asking to actually see it’s not just all talk. What do you suggest? I am enjoying your messages your material and am looking forward to hearing from you.”

Answer:

Thanks for your questions and observations.  You are absolutely right on target with your points on the 5Q. I actually only sit down and create customized 5Q USP’s with my private mentoring clients (and they pay me $40,000 a year).   Obviously, I cannot disclose their 5Qs and cannot develop 5Qs individually for when we are talking about a lot of advisors.  Your best bet is when I do another 5Q call (and I do them pretty often) be the loudest one on the call so I actually develop the 5Q using your input as the example… that way you get a customized 5Q USP without having to pay me a cent!  How’s that for a deal?

What I mean about not paying for something until you actually know it works… is simply just that.  Do not shell out a bunch of money… do not move your contracts… do not move your FMO or BD… do not take the time and hassle of flying out to see some “fantastic” marketing system… until they show you EVERYTHING… not just some teaser or promises… BUT EVERYTHING.

If what they have is great… you’ll obviously be willing to jump through whatever hoops they give you to jump through… but don’t jump through any hoops based on their teasers or promises or even testimonials (just because something worked for one guy doesn’t mean it will work for the next.)

If they refuse to show you EXACTLY how it works… it probably doesn’t work and they don’t want you to know until they have what they want from you.

Simply put… When they say, “Show me the money”

You should say… “After you show me the system.”

I totally understand your question because virtually nobody out there pedaling their miracle cures is willing to do this… but that is what advisors need to start demanding. 

Would you buy a used car based on a promise that it runs great in a want ad?

What if they gave you a carfax but wouldn’t let you see or drive the car (a carfax is only going to tell you if it’s been in an accident… but not how it runs)

What is the only proof that will satisfy you in order to give them the cashiers check?

A test drive…

And heck, with what most of these marketing companies are requiring from advisors to get their miracle cures… it could be a lot more than what a used car costs…

So why not require the marketing companies to give you a test drive, before you commit to them?

Does that make sense?

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Try this Marketing Plan to generate new money quickly

I know, I know, you don’t have time for some complicated marketing plan. You’ve got clients to see, paperwork and everything else that eats up your day. But…you need new business, how are you going to fit it in?

The biggest mistake most advisors make in marketing is focusing on the wrong place first. When marketing, most advisors go after new people first while ignoring the diamonds they have in their own back yard. We’ll talk about prospecting next week…right now; let’s talk about guaranteed new business:

Here’s a simple way to generate new business fast and continually:

1.  First do an assessment of your marketing—If you do not know these numbers, I guarantee you that your marketing sucks.

  1. How well are you doing?
  2. How many clients do you have?
  3. How many did you bring on last year
  4. What was their average case size?
  5. How many sources did they come from? (Referrals, seminars, lead generations, etc.)
  6. How many clients did you lose last year?

2.  Begin with your clients—Marketing costs money. Your clients are your best source for finding new money quickly. Find a new product or concept that you have never shown your clients…it may be a tax saving device or a new way to generate income…whatever…schedule an appointment with all your clients and review the concept. You’ll be surprised at how much it generates.

3.  Retention—Doing #2 will automatically help with your retention. Many advisors I’ve talked to tell me that they do not have a problem with retention. When we look closer at their practices, what we find is that many clients have not left them BUT they have brought on a different advisor to handle new money…that is one step from losing a client totally.

4.  Update your CRM or Database—Almost every advisor I see making less than $100,000 does not have a good database…and they don’t realize that if not the problem, it certainly is a symptom of the problem. They are not treating their business like a business. Get a good data base, whether ACT or Goldmine or whatever and USE IT! A great database is like a money machine! (We’ll talk about that in future emails)…If you have a database, do you?:

  1. Add notes about not just financial but personal things that you can utilize in the future to build rapport?
  2. Enter all future call backs and meetings so that nothing gets dropped?
  3. Have a field for employment status? This allows you to target market…retirees, pre-retirees, people that work at a particular employer, teachers, nurses, etc.
  4. Update client objectives? This again allows you to target market or generate new business by adjusting portfolios to new products that match any changes in investment objectives.
  5. Update the kinds of investments your clients have? Again target marketing. If there is a change in interest rates, the economy or something in the news, you can rapidly get hold of the right people to assist with their portfolio adjustments.
  6. Ask about investments they hold elsewhere? Oh my gosh, the least asked question that can yield huge amounts of new money.
  7. Do you send out handwritten “Call Me” notes on a regular basis to get clients that want communication to effectively raise their hand?
  8. Do you monitor those special dates for you clients so that you can schedule special meetings? 70 ½…62…65…These are dates when their benefits and incomes can change drastically. Change is a catalyst for more change. Take advantage of it!

Next week will spend more time on prospecting for new clients…AFTER you get your house in order with a system to mine the diamonds that are in your backyard right now.

Posted in General, Marketing Tips | 3 Comments

3 Steps to getting your lead gen read

How do you create a person that wants to talk to you? Why do I use the word create? Because let’s face it, no one wants to talk to us. They don’t want to hear about our great investment or service. They are suspicious of us and our motives. Caveat emptor.

So we actually have to take someone that is skeptical and help them towards wanting to talk to you. How?

First, we have to realize the old sales adage:

They don’t care how much you know…until they know how much you care.

How do we show that we care? How do we show our friends or family that we care? We contact them right? Well the easiest way to contact them is with a phone call right? But you can only make 20 or 30 calls an hour and you can only make that many because you are going to get the answering machine most of the time.

Plus by the end of the day you are going to be sick and tired of calling and you’ll be ready for the funny farm by the end of the week.

What’s the alternative? Very focused…Very personal direct mail. If you do it right, you can have a conversation with 1000’s of people in just one week. Try that with phone calls!

How do you do it right?

  1. Make it sound personal—send a targeted message to the prospect or client. If they are retired make sure the message has something to do with retirement issues. Or make it even better by targeting even more precisely…address it to the woman and make it about retirement issues for women…Or make it better yet by targeting even further…address it to the woman who retired from a teaching job…IF YOU GET IT DOWN THIS FAR…YOU’LL BLOW THE DOORS OFF YOUR PREVIOUS LEAD GENERATION!
  2. Make it look personal—send your message in a manner that ensures them that you care about them as an individual…send it handwritten. It takes time and effort to write a handwritten note…when you spend time and effort on someone they know that you care.
  3. Get it Read—The best message in the world is worthless if nobody hears it. You must make sure that your direct mail gets read. There is only one way that I know that guarantees your direct mail will be read. 100% of handwritten notes get read. There is something magical about a handwritten note, you can’t throw it without first reading it.

When you follow the 3 suggestions above, you are going to see huge returns on investment as Bruce E. did last month.

Posted in General, Lead Generation, Marketing Tips | Leave a comment

The Key to referrals from Seniors

The Key to referrals from Seniors

There are two kinds of people that advisors are interested in…clients and prospects. You need to understand how both of them think in order to create a trusting relationship.

Fortunately, they both want to be treated almost identically. So if you understand what they are thinking, you are well on your way to a greater number of referrals and clients.

A recent study confirms Seniors wants

A recent Forrester research study found that Retirees want 3 things from a relationship with their financial professional:

  1. They want to understand vs. being told what to do. They want an advisor that will take the time to ensure they fully understand something before being asked to sign on the dotted line.
  2. They want to feel confident that the advisor is there for them and is going to put their concerns and needs ahead of the advisors.
  3. Frequency of Contact—You need to contact them frequently. A CEG Worldwide showed the optimum number of contacts to be about 2 a month. That is with phone, mail or in person. Obviously, most clients don’t want to meet one-on-one monthly so most of the contacts should be via mail and phone.

Many advisors wonder what they could possible talk to their clients about 2 times a month. The first thing you should keep in mind is that the contact does not and should not be about their money. If the only thing you talk about is their money then they are going to assume the only thing you care about is their money. The CEG Worldwide study showed that the contact should mostly be about non-financial things.

Non-financial! What the heck is that all about? It’s about showing that you care about them as individuals. That you care more about them then just their money. Many advisors think this is unprofessional. I guarantee you, it is TRULY professional.

Whenever we work with a professional, a doctor for instance, we want to make sure that they care about us. We assume that they are professional or they wouldn’t have a license, what we don’t know is if they care about us.

One of the easiest ways to demonstrate that you care about someone is with contact. When you first started dating and liked someone, how often did you want to see them? If you love your wife or child, how often do you want to physically touch them? Contact is something we all crave from those that care about us.

Referrals will follow

When you look at the practice of a top producer, a producer that has a lot of money under management, you will see a producer that knows the value of contact. Contact:

  • Lowers the clients likelihood to become upset or dissatisfied—making the advisor’s practice much more time efficient. It takes much less time to contact someone with 10 friendly contacts than to handle just one complaint.
  • Increases your client’s likelihood of giving you additional money
  • Increase the likelihood that your clients will give you referrals
  • Increases the likelihood that the children of your clients will keep the assets with you at your client’s death

Contact is one of the easiest things we can do to grow our practices and sadly, one of the most ignored. Do it. Do it now. Set up a contact schedule for your clients and hot prospects and watch your practice grow and your workload shrink.

Posted in Client Referrals, General, Marketing Tips | Leave a comment

7 notes to a successful practice.

Everybody wants everything done fast!!!  Unless it is done to them.

Doctors are told to spend less time with each patient so that the hospital can make more money.  Be faster!  That’s not what the patient wants.

The customer support person on the phone when I’m trying to get a fouled up airline ticket fixed is told to hurry up!  There are more people that need help.  That’s not what I want.

A husband is impatient with his wife to get to the point or to get ready to go.  He’s got things to do!  That’s not what his wife wants.

Emails, faxes, the internet, credit cards, ATMs, drive-thru’s…everything is designed to hustle things up!  That can be good thing or a bad thing depending on what the person receiving the treatment wants.

Let me ask you a question.  How many of your clients want to be treated in a rushed fashion?  How many of them want you to hurry them through transactions and decisions?

Not a very big percentage is it?

In any profession, it may seem like the best policy is to communicate as fast and efficiently as possible, and there are certainly times that is the best policy.  However, when it comes to the overall perception we want our clients to have of us, fast and efficient can seem very cold.

Health, money, family, any of these things require the professional to slow down to show that they care about the person as much as the “ailment.”

Using fast, efficient communication can actually backfire on a professional.  Instead of being perceived as great service, it can be construed as cold and uncaring.  You need to really foster the message of caring in your communications with your clients and prospects.

How can you do that?

The handwritten note and the phone call are really the two best ways.  Given a choice between those two choices, the handwritten note is better most times because it conveys even more caring and effort needed to produce it.

I think any professional that has been around for awhile understands the power of the handwritten note but for many they are at a loss for what to put into a handwritten note.

Here are some ideas on how use your handwritten notes to create a practice where people know that you care and thus feel the need to refer to you:

  1. Say thank you as often as you can.  Thanks for coming in.  Thanks for the trust you put in me.  Thanks for sharing what was happening in your life when we got together last week.  Anything and everything.  People loved to be thanked!
  2. Follow-up on any meeting.  If you just happen to bump into someone. Send them a note letting them know you enjoyed seeing them and you’ll have them eating out of your hand the next time you do see them.  Send a note after a formal meeting noting 1 or 2 of the top things covered.  Follow-up with your accountant after he does your taxes with a handwritten note and you will have begun a whole different dynamic between the two of you.
  3. Remember client anniversaries, wedding anniversaries, and birthdays.
  4. Send a card to let them know you remember what is going on in their lives.  A note sent after their vacation hoping they had a good time.  A note celebrating the baptism of their grandchild if they brought it up at your meeting.  A note letting them know you though of them after the big storm last night.
  5. Send them a note about nothing or with a little joke or riddle to tickle them.
  6. Send them a note about a special meeting you are having or a lunch that you are hosting.  Invite them and suggest they bring friends.
  7. The more that you send and the more personal you make it…the more success you will see.

I used to send 250 cards a week.  It took me 6 hours a week to write them but it was worth it.  Before I started writing cards I had spend about 6 years as a financial advisor and I had never made more than $50,000.

The year after I started writing handwritten notes, my income shot up to over $900,000 that year.  It works.

Posted in General, Marketing Tips | 2 Comments

Become a “must have” product

I’ve said it before and I’ll say it again…Financial Advisors are commodities.  We offer the same things at the same price with the same claims to great service.  You need to tattoo this fact on your brain to constantly remind yourself that you should take every opportunity to make yourself look different.

Now the answer to making yourself look different is not all that complicated or difficult.  I’ll give you an example of a company that does it very well…Campmor.  They are one of gazillion retailers that sell outdoor and camping equipment.

They make themselves look different by sending out an inexpensive looking, black and white catalog, printed on newsprint paper.   It is chuck full of gear and gadgets.  The whole feel is that it is a no-frills, bottom-line type of retailer.  You feel like you can get the best deal from them because of this feel.

I fell for it hook, line and sinker.  After purchasing some gear from them I happened to be in a local outdoor store and saw the same gear…priced cheaper!  I did some investigation and found that some of Campmor’s gear was cheaper and some was more expensive.  Really just the same as any other retailer.  They weren’t the big discounter their packaging led me to believe.

You see, how you package yourself can make or break your business when you are in a commodity business.  So how can you package yourself differently from all the other advisors out there?  Before we talk about that, let’s talk about what you CAN’T do to package yourself differently:

  • Claim the best service (everyone claims that)
  • Claim that you can help people make better retirement decisions (everyone says that)
  • Claim that you can give them great returns but protect them from losses (a good way to have regulators paying you a visit)
  • Any claims whatsoever!!!

You need to DO…not claim.

Campmor did this with their “industrial” looking catalog.  They demonstrated their thriftiness.

So you need to demonstrate to your target market that you are their guy or gal.  If it is business owners, demonstrate that you understand them. Use their language. Talk ONLY about issues that affect them.  If your target market is widows, use stories and issues in your marketing that only affects them.

You need to demonstrate to people that you are different and that you are talking to them and only them.  You don’t want to be perceived as talking to the masses.  If you commoditize your customers….they will commoditize you and your business.

And in my opinion, the best way to personalize your marketing is through handwritten notes directed to your target market about issues that affect them everyday.  By using the handwritten note you demonstrate that you care about them as an individual and by targeting your message to issues that affect them directly, you’ve gone from a run of the mill financial advisor to a specialist that works with people exactly like them.

You’ve gone from a commodity to a must-have product.

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Do this and CPAs will refer

There are two entities that can double your business in a year with no cost…your clients and CPA’s.  If they refer it costs you nothing.  If they refer, you will double or triple you profitability…but that is a big IF.

I know of nobody that is getting 3 or 4 referrals month in and month out.  Why?

We’ll talk about clients on another blog.  Let’s talk about CPA’s and attorney’s today.

Do You have a system to get Professionals to refer to you?

Oh sure, we would maybe take a CPA out to lunch or refer a client or two to an estate planning attorney, in the hopes that they would reciprocate and refer back. However, most advisors do not set up the same type of systematic marketing for professionals that they do for the public with seminars, lead programs, and advertisements.

Smart financial advisors everywhere are beginning to realize the advantages of leveraging referrals from CPAs and attorneys.  As an industry, we have allowed them to take advantage of us for years.  We have in good faith referred our clients out for tax preparation and legal work.  We have ushered client after client out our door and into theirs.  We have become their main source of referrals and income.  In fact, many CPAs and attorneys would find their income cut in half if it wasn’t for referrals provided to them by Financial Advisors.

Yet, how often do we see referrals back to us?  Rarely.  Up to this point all we have done is whined about the unfairness of it all.  Enough is enough.  Clients regularly ask their CPAs for the name of a good financial advisor and so do attorney’s clients.  Do they recommend us?  Rarely.

Why don’t CPAs and attorneys want to refer to us?

They give us all sorts of reasons why they don’t refer.

  • I’m not comfortable
  • You are just one of the many advisors that refer to me and I don’t want to bite the hand that feeds me
  • It doesn’t come up
  • I will next time
  • And on and on

I believe the reasons they don’t refer back to us is different for CPAs than it is for attorneys.  Of course, I am making general assumptions here, but hear me out.

CPAs have big hearts

I know that we think of CPAs as being these robotic, wooden humans that are void of emotions but think about it.  CPAs protect their clients.  They are almost like mother hens sheltering their broods from the big bad world.  They do not want anything to hurt their clients.  This is to be applauded.

Unfortunately, many CPAs are not really familiar with what we do for our clients. Since unfamiliarity breeds mistrust, they feel the best way to protect their clients is to recommend for their clients to stay the course…to do nothing.

Yes, maybe our suggestion could save their client taxes…but it might lose them money.  Yes, maybe our solution is beautiful to us but it is foreign to them.  Yes, we MAY want to help their clients BUT they REALLY want to help them.

It is much more difficult to get into trouble by doing nothing than doing something (as financial advisors, we know the trouble people get into by doing nothing:  Paying too much in taxes.  Not growing their money enough.  Or trying to grow the money too fast and having a portfolio that is too aggressive during a market correction.)

However, to an accountant, we all look like money grubbing salespeople that want to get at their clients wallets to fatten our own bank accounts.  They know that a few of us are good but why take the risk.  So, just like we tell our kids, they tell their clients, “Just say no,” to whatever that financial advisor recommends.  And God forbid that they would put their clients into the lion’s den by recommending their clients come see us!

Attorneys have big egos

No surprise to most of you.  Attorneys always have to be right.  They have to be the center of attention.  Their egos have to be fed.  If you know an attorney, you know that they know everything about everything and would never stoop to having to ask for help from a mere mortal, like a financial advisor.  They feel perfectly qualified to give their clients advice on any subject from law to heart surgery to car mechanics to financial planning.

Need I say more?

Same solution works for both problems
So CPAs don’t trust us and attorneys think it is beneath them to refer to us.  Two different problems but luckily the same solution works for both problems.  In Dr. Cialdini’s book Influence: Science and Practice, he breaks influence down into 6 principles.

Cialdini and Ethical Influence

Utilizing a simple combination of five of those principles is what works.

Reciprocation – You then me, then you, then me…Be the first to give:

  1. Service
  2. Information
  3. Concessions

Authority – Showing knowing…Establish position through:

  1. Professionalism
  2. Industry knowledge
  3. Your credentials
  4. Admitting weaknesses first

Consistency – The starting point…Start:

  1. Small and build
  2. With existing commitments
  3. From public positions
  4. Once you start, deliver on time, every time

Liking – Making friends to influence people…Uncover:

  1. Similarities
  2. Areas for genuine compliments
  3. Opportunities for cooperation

Consensus – People proof, people power…Unleash people power by showing:

  1. Responses of many others
  2. Other’s past successes
  3. Testimonials of similar others

Build a referral machine
First, what is a machine? It is a device that modifies energy to perform or assist in the performance of a repetitive task.  Another definition is a device for overcoming resistance at one point by applying force at some other point.  Both of these concepts work well with how to get referrals from other professionals when combined with Dr. Cialdini’s Principles of Influence.

For years we have known the value of dripping on our clients and prospects with newsletters, phone calls and other methods.  It is a testament to how well this has worked that more and more entities use these tools.

Have you ever considered a drip program for CPAs and attorneys?  Not simply sending them the same thing you send your prospects and clients!  That does not make them feel special.  If you try to use your client/prospect drip on them it simply seems like you added them as an afterthought…that you don’t even look at them as professionals but just as some other sucker.

Feed Their Need!

By creating a systematized drip designed specifically for CPAs or attorneys you will give them both what they need.

You will give CPA’s the information they need to determine that you will not hurt their clients…that you only want to help.  By having a specialized drip program that leverages all of Dr. Cialdini’s principles, you will effectively influence accountants to begin to refer to you.  What should your CPA drip system include?

  • Reciprocation – Give them information about the financial industry that can make their job easier.  Not product information but how different tax laws are affecting investments, easier ways to get 1099′s at the end of the year, resources they may not have heard about. Give them heads up about financial scams to look for, etc.  Give them success stories about happy clients.  And give them referrals.
  • Authority – By doing the above it will also show them that you are a person that knows what’s going on and that they could count on if they have an investment related question.
  • Consistency – By doing these things in a consistent manner, monthly or bi-weekly, they will see that you are here to stay and are reliable (HUGE issue with accountants.)
  • Liking – By including things about your family and your activity in the charitable arena they will begin to know you and your values.  They will start to feel like they know you as a friend.

You will give attorneys the information they need to feel important and to feed their ego…

  • Reciprocation – Always genuinely compliment them.  Mention other attorneys that have done a great job for your clients. Make them stars. Also, give them information about the financial industry that can make their job easier. Not product information but how different estate laws are affecting investments, information on Medicare or LTC as it applies to legal advice, issues that may affect their clients, etc.  Give them success stories about happy clients.  And give them referrals.
  • Authority – By doing the above, it will also show them that you are a person that knows what’s going on and that they could count on you if they have an investment related question. This is important to them so that they can have all the answers for their clients.
  • Scarcity – By mentioning attorneys that have done a great job, it will make other attorneys want to be mentioned as well…did we talk about egos earlier?
  • Consistency – By doing these things in a consistent manner, monthly or bi-weekly, they will see that you are here to stay and are reliable.
  • Liking – By including things about your family and your activity in the charitable arena they will begin to know you and your values.  They will start to feel like they know you as a friend…and with attorneys it’s all about who knows who.

Does This Really Work?

Nope. Because nobody does it.  Yep.  Because nobody does it. I take that back.  I coach 150 of the top financial planners in the country.  These guys are easily in the top 5% in income for advisors.  How many of them take the time and effort to create and utilize these professional drip systems?  Two, even with me yelling at them monthly to do it!

These two have had terrific success with it.  They have had attorneys that they have been referring to for over 10 year without a single referral back hand over 10 referrals in a week within a month of using a professional drip system.

They have gone from being just another broker to someone that is respected and known and invited to speak at their gatherings.

They have gone from relying on the old methods of seminars, leads and ads to getting highly qualified and pre-sold prospects (I hope you already know that when an attorney or CPA refers their client, you have a 99.9% chance of getting the deal.)

Do it?

You know that this works. Why aren’t you doing it?  Too hard? Haven’t considered it before?  Don’t know how? No one else is doing it.  You have a once in a lifetime opportunity to get a strangle hold on the professionals in your town. Don’t blow it.

Few people in the financial industry go after professional referrals aggressively which is baffling.  If you asked 100 advisors in what manner they would like new people to come to see them…99 would say referred from an accountant or attorney.

Yes it takes some time to come up with a drip system skewed towards them but don’t you agree its worth it?  Sit down and think about the Principles of Influence and how you could incorporate them into regular scheduled contacts with targeted professionals in your community.  The time spent will put hundreds of thousands into your pockets.

What to Do Next

Don’t let all of the everyday hassles we all face in the financial industry everyday keep your from getting started on the above information today.  Remember the difference between urgent and important.  It is the important things like putting client acquisition strategies in place that will ensure your profitable practice…not answering the phone that is ringing on your desk right now. 

Posted in General, Lead Generation, Marketing Tips | 1 Comment

Wake up and smell the marketing!

A recent survey showed that 70% of advisors plan to spend less than $1,000 a month on marketing.  Even as 99% of advisors say they need to improve at least one of their marketing practices.

Another indicator of advisors’ troubles with marketing is expectations:

  • 52% of advisors expect 20 new clients from marketing of $1,000 to $2,000
  • Only 17% of advisors would consider an investment of $1,000 to $2,000 a success if it garnered less than 11 new clients

Excuse me as I begin my tirade… ARE THEY FRIGGIN’ CRAZY!!!!!!!!!

What is the average commission on a new client?  Geez!  Even a $25,000 investment at 4% is $1,000.  And I hope most of you aren’t accepting clients with less than $25,000 minimums or you have more problems than marketing.

If you brought in two crappy $25,000 accounts you’ve made $2,000.  On a $1,000 marketing investment…now for you financial professionals out there…what kind of return is that on investment?

100%.  How long did it take you to get it?  A month (at most).

Again, you financial professionals out there…what is the annual compounded return on a 100% per month?  That number is too high for me to calculate.  Anybody able to give it to me?

How much would you invest in an investment with that kind of return?  I’d mortgage my house! Heck, I’d mortgage my mother’s house!

And yet, only 17% of advisors would think a $1,000 investment in marketing yielding 11 new clients is a success:

11 crappy $25,000 accounts at 4% commission = $11,000 in commission

$1,000 marketing investment returns AT A MINIMUM $11,000 in commission and only 17% of advisors would think that is a successful marketing campaign.

With the math and investment skills of the remaining 83% that didn’t think that was successful…it would be safe to say, I would choose one of those 17% as my financial advisor.

Guys and gals, you do the math on your clients’ investment accounts.  Why not do it on your own investment…MARKETING!

If you invest $100 and you make back $140 in a month, what should you do?  Take the $140 and reinvest and make $196…then $274…then $383…then $537…$751 just 6 months later.  Take something that is working and keep investing more in it!

Marketing only costs you money when you make less than you spent.  Otherwise, invest…invest…invest!

Posted in General, Marketing Tips | Leave a comment

Howdy Neighbor!

Well it’s time I pulled another “highly successful…rarely used” marketing concept out of my filing cabinet for you.  What do I mean by “highly successful rarely used”?  I have coached many successful financial professionals for 8 years now.  It is amazing that the best ideas I give them are only utilized by 1% of them.  The other 99% say, “Wow! That’s a great idea!”  And do nothing.

Which are you? If you are one of the 1% willing to take action then you’ll be able to double your business in a year with this idea.

First put together a list of all your “A” and “B” clients.  Then get a cross directory (a list of people by address).  You can either buy it (www.coleinformation.com) or get it at your local library.  Then each time you meet your clients for their annual review ask them if they would do you a favor.

Pull out a postcard that you have already printed up with verbiage similar to the one below.  Let them know that you would like to send it to their neighbors and ask if they would be OK with it?  I know that the guys that have tried this, NEVER had someone say no.

Example postcard verbiage:

Do these names ring a bell?   <Your Client’s name>  <Your Client’s address>

They are your neighbors and they heard that we were doing all the things that other advisors forget to do!  At first they thought, “What things?  We’ve got all our financial concerns covered!”  Ooops! Contrary to their attorney, CPA and financial advisor’s assurances, they found out that they were missing important documents that these professionals had never discussed with them.  They had not protected themselves from ID theft and their professionals had missed over a dozen important details that could have caused major problems for them or their family.  In one short visit we filled all these gaps and they left happy, sure that now their finances truly were in order.

As our way to introduce ourselves, we would like to send you our “Financial Survivor’s Guide” that is a comprehensive guide for you, your spouse and your family should anything ever happen to you.  Call right now for your free, no obligation guide, on us!  You and your family will be glad that you did!

How hard is it to just ask your clients this simple question at your annual meetings?

What do you get?

About 1 in 4 cards that you send out will call you for the free guide which costs you about a buck to mail to them.  You then simply continue to drip on them with handwritten cards or invite them to your next seminar.

It’s not a matter of “if” they’ll become a client but instead, “when” they become a client.

Posted in Client Referrals, General, Marketing Tips | Leave a comment