What is the One Characteristic that Most Billionaires Have?

Just Google “Billionaire failure”… you will find resource after resource detailing how billionaires failed before succeeding.  Now, here’s the important part… when they failed, they tried again, but in a very specific way.  They tried to do the EXACT same thing but incorporating what they learned from their previous mistakes into their next attempt.

As humans, when we fail, we tend to want to say, “Oh I’m no good at this.  I should try something completely different.”

No!  The key is to try the same thing, but to not make the exact same mistake again!  You might make a different mistake, and then learn from that one and try again.  Then, keep doing this until you finally succeed!

That is exactly how I went from making $50,000 a year, to well over $1 million a year.  I came up with a script for my first meeting with clients… and a script for my closing meetings with clients.  Then, I started to record all my meetings.  I listened to them with the express purpose of looking for something in the meeting that did not work.  

When I found it… I came up with a different approach to try on my next meeting.  If it worked… TERRIFIC!  I kept it in the script.  If it didn’t work… I kept revising it until I found something that did work.

Fast-forward 20 years… not only did the script that was created by doing this process work for me… it has worked (and continues top) for hundreds of advisors who have used that exact same script to triple and quadruple their production.  Some have even seen 20-fold increases in their incomes. 

This is all because of a script was devised by fixing one failure after another, until there were no more failures to fix.

Are you learning from your failures?

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How to Leverage Your Expertise to Find New Clients

How do you effectively let people know that you are an expert?  How do you let them know how you can help them? 

People will just assume you are like all the other advisors out there unless you can demonstrate what makes you different… why meeting with you will put them (the client) in a better position.

One way to demonstrate your unique expertise and difference is to write an eBook.  eBooks are a great way to both generate and convert leads.  You can use eBooks to educate clients and encourage them to give the eBooks to friends and relatives thus boosting referral opportunities.  And eBooks can give you credibility which can be leveraged by distributing them to local newspapers, TV, radio and podcast outlets.  If it is interesting, you may just get some great advertising for free!

Writing an eBook is not as daunting as you might think.  It doesn’t have to be long to be effective… in fact, shorter is probably better.  Also, there are many resources that can make writing your eBook a snap.  Here’s a link to a great resource to get you started!


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Grab Their Emotions

A Stanford University Study found scientific evidence that emotionally compelling messages work better than just presenting straight facts.  Yes, we all know people buy on emotion vs. facts… but when I look at advisor’s advertising… guess what it is full of?  Facts.

A very successful Carnival Cruise magazine ad campaign featured a couple embracing on the deck of a cruise ship.  It was shot so that the only part of the ship you saw was the railing they were leaning on… and the beautiful blue sea and sky beyond.

It had NO headline… but instead just a list of phrases:

  • Mike and Sandy Moore
  • Thrill seekers
  • Piano bar regulars
  • Dancing fools
  • Fine dining aficionados
  • Underwater explorers
  • Sun lovers by day
  • Star gazers by night

These are 7 emotionally motivating reasons to take a cruise.  Not a factoid to be seen.

So, how do you advertise?  Facts or emotions… 

Here is a few ideas to get you started:

  • Best grandparents in the universe… took their grandkids to Disney World
  • World explorers
  • Conquerors of their own destiny
  • Sleep easy every night
  • Not a care in the world… when others are fretting over retirement
  • Excited that they found a way to take a 6-month European trip and it didn’t put a dent in their retirement… they found the money!
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Find Money for People and You’ve Got a New Client

Leading advisors find creative solutions to their clients (prospects) problems.  They create plausible avenues of escape from financial shortcomings.  Very successful advisory firms have been built around this concept.

How can you do this?  One idea is to develop strategies that can help clients liquidate nontraditional assets to help those struggling with retirement.  Focus and become an expert on ways to creatively convert assets into retirement income and you’ll have people seeking you out and then sending friends and family.

Here are some ideas to get your creative juices flowing…

  • Become an expert on Reverse Mortgages and how they can boost people’s income by 25% or more
  • How to take loans against anticipated inheritances
  • Converting unneeded life insurance into needed retirement income
  • Family business succession planning or sale
  • Farmland and undeveloped land conversion
  • Estate sales planning and assistance

Find a niche… become your area’s foremost expert… and you’ll never struggle for new clients

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You Gotta See the Big Picture

Movie theaters are big.  Movie theaters are empty.  Movie theaters are hungry.  And your clients are longing for something to do.  Yes!  I know we are having a Pandemic, but theaters are big, and it is easy to social distance.

Theaters are offering an entire movie theater for $99!  AMC theaters… Marcus theaters… (just Google—”rent movie theater”). Give your local theater a call and tell them you’d like to host a movie for a small group of clients and their families.  Ask about some oldies but goodies… Jaws… Babe… Close Encounters… Fidler on the Roof.  Most theaters are going to bend over backwards to help you.

Then, contact your best clients and tell them that you’ve rented a theater just for them and 4 or 5 other clients and their friends.  Let them know how many seats there are, how many people will be attending, and that you’ll be obeying all social distancing criteria. 

Also, let them know there will be free popcorn… candy… and drinks!  They are welcome to bring friends that are in their bubble as well, but you are limiting them to just one other couple.

This will not be everyone’s cup of tea, but you will find many of your clients will jump at this fun idea.  AND, they will bring their friends.  Now guess what you’ve done?  You’ve shown your client’s friends that you are the kind of advisor THEY want, because their guy doesn’t do anything like this. 

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Be Music to Their Ears

Want your marketing message to resonate with retirees?  There is a simple way to reel them in, almost immediately.  They respond to inspiring images and words, communicated simply.

Can you finish these phrases?

  • With a little help from my ________
  • Turn on, tune in, drop ____________
  • Only the good die _________
  • Burn baby, ________
  • Do you believe in ________
  • You’ve come a long way ________
  • The thrill of victory, the agony of _________
  • Like a bridge over troubled _________
  • I’d like to teach the world to sing in perfect _____
  • Does anybody really know what ______ it is
  • Born to be ______

Most of these phrases are from iconic boomer songs.  If you want to get their attention quickly… and grab them emotionally… wrap your marketing message around the phrase of a song that gets immediate recognition and reaction.  Rock and Roll is the unifying thread of the boomer generation. 

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Give Yourself the Gift of More Business

Several years back a good friend of mine, Tom, gave me the book Gift-ology.  I respect Tom’s opinion because in the 35 years I’ve been in the Financial Services business, I have yet to find someone that does better follow-up than Tom.  No one escapes his grasp… they become a client now… or they become a client 2-years from now… but they DO become a client.

The book is packed with wisdom and ideas that will grow your business manifold in a fun and effective way.  If you aren’t a reader, you can instead go to www.giftologygroup.com as it is packed full of great ideas and free resources on how to grow your business and become the talk of your town!

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It’s a Gut Feeling

By the time someone has reached retirement they have made a million decisions.  They have a lot of experience.  Weirdly, this doesn’t make them better decision makers… it makes them worse.  Why?  Because they start making more decisions with their gut… than with their head.  Their emotions… instead of the facts.

So, you must make sure both your marketing and your sales process is leveraging emotions… far more than facts.  Emotions… far more than features, advantages, and benefits.

The process that my advisor coaching clients and I have used for the last 20 years to close 94% of tire kickers and plate lickers… for all of their money, utilizes this concept.

We all want to get in front of the mass affluent.  So, let’s talk about them.  Are they able to go out to eat whenever and wherever they want (pre and post COVID of course)?  Yes.  Go on vacation where they want?  Drive the car they want?  Yes!

So, how much of their pinky finger will they lift for a good idea?  NONE!  They already have everything they want… and the only thing that could screw that up is making a change of any type.  If you approach them with facts and figures they’ll say, “You are probably right, but I think I’ll just keep doing what I’m doing.”

Has that ever happened to you?

So, the solution I use with my 5Q Group advisors is a process where we get the client to tell us, in their own words, that their current advisor is taking advantage of them… padding their own pockets at the client’s expense.  WE don’t tell them this.  THEY tell themselves. We do this with a series of 21 questions that gets them to say it.

But here’s the magic, when a client tells themselves 21 times that their guy is screwing them… sometimes in little ways… sometimes in big ways… their decision is made for a hugely EMOTIONAL reason… not because of facts and figures.  And the kicker is, when they loathe their current advisor… that advisor becomes helpless to retain the client.  You win every time.

Make your marketing and sales process about EMOTION… not facts.

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Big or Small… this is How and Why you should be saying things

We are in the communication business.  If we do not communicate well, our success will suffer, regardless of our skills and expertise in wealth management.

As advisors, we all must have one-on-one conversations with people.  Depending on your practice and how you market, you may also speak to larger groups.  You need to be fluent in the skills to speak in both situations, in order to present a message that persuades your audience.

Investing a total of 29 minutes in watching two Ted Talks will go a long way in improving your communications in both situations.

In Celeste Headlee, “10 Ways to Have a Better Conversation” (11 min) explores 10 strategies that make even the most difficult conversations better… even when talking to someone that believes the exact OPPOSITE of what you believe.

Nancy Duarte’s, “The Secret to Great Talks” (18 min) walks through what the great speeches in history do that make them “great”.  There IS a formula.  Using the formula will make your future talks both compelling and persuasive.


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Make it Rain Clients

As advisors, we sell the intangible.  Much of the sales training out there is for sales people that sell the tangible, and that training is not transferrable to the intangible sales process.

Mike Schultz and John Doerr have written a masterful 13-page guide that completely maps out the best way for consultants (advisors being one of them) to best create an environment where bringing on new clients becomes easy.

They say that when it comes to the intangible, you should use RAIN.

Rapport—You must develop strong rapport.  The entire selling process hinges on whether the client trusts and likes you.

Aspirations/Afflictions—Dig deep and ask the right questions to uncover BOTH the buyers afflictions AND their aspirations.

Impact—You must get the buyer to understand the impact of both their aspirations and afflictions if they do not follow your solution.

New Reality—Paint a compelling picture of what their lives will be like after they move forward with you and your solutions.

You can find the entire 13-page guide courtesy of Hubspot.  It is a must read in today’s advisory selling environment.

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