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Proven Strategies Blog

2021-06-29 • 2 minute video

How many things do you do for a client? Can your client remember that number of individual services? Build a comprehension of your value into your process and communicate it in a way that your clients can understand and clearly communicate to others.

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2021-06-28 • 20 sec

A personal branding strategy helps people connect with you on a deeper level. The firm you represent has its own brand, but you need to build a brand within that brand. This adds credibility to your overall brand, but people are connecting with you, the messenger, not just your message in terms of solutions, products or rates of return.

Learn how to refine your branding with our Total Client Engagement Process: https://www.paretosystems.com/total-client-engagement.html

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2021-06-25 • 20 second read

Listening doesn’t just make a client confident and happy; it gives you real information that makes you better in turn. It’s possible for your judgment to be clouded by inertia confidence, by neglect or by getting into a feedback vacuum. Your clients are the best board of directors/advisory panel you can have. They will keep you on track.

 

2021-06-24 • 2 minute video

Reimagine how you conduct yourself - how you are perceived and described - and bring the quality and advocacy of your clients up.

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2021-06-23 • 20 second read

Clarify your goals on paper. Use the W-5 Process. You can’t just randomly or haphazardly approach the future; you must design it. You’ve heard about the fool who goes hunting with a crossbow and fires an arrow into the forest, saying to himself, “Boy, I sure hope something runs into that.” Later, he finds the arrow lodged into a tree and draws a bull’s eye around it.

Don’t leave your future to chance. Visit paretosystems.com for more daily tips and insights.

2021-06-22 • 2 minute video

Serving those who deserve you at the level they deserve - rather than trying to be all things to all people - sparks growth, enterprise value and advocacy.

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2021-06-22 • 3 minute read

The ‘elevator speech’ is a sales technique that has been around an awfully long time. Although it may certainly have its place for specific types of salespeople, I for one sometimes feel it is extremely ill-suited in the Financial Advisory world.

If you truly wish to have that consultative style practice, where referrals are the norm, it might be wise to abandon some of the sales approaches that were imprinted onto our psyches from day one in the business. The elevator speech is one of those approaches.

For an advisor looking to attract affluent clientele, the very notion that I can compel or predispose someone to become my client because of some snappy banter upfront, is unlikely at best.

I’ve heard Financial Advisors many times, and in various social situations, attempt to do this very thing. As an observer, it seemed that if they accomplished anything, it was probably turning the listener off and inspiring them to seek better conversation elsewhere.

The irony of it all is that people are attracted to things that they cannot have, or that are ‘hard to get,’ so why do we work so hard to ‘chase’ with the elevator speech, when we really should be working on trying to ‘attract’ instead?

That said, if you think about it, the elevator speech completely goes against basic human nature. Further, although the words have been prettied up greatly, the elevator speech basically announces to the world that you are on the hunt for clients. This is not attractive to me whatsoever. Is it to you?

So what then is the alternative? This is a recurring situation, in a variety of business and social interactions where we are asked what we do for a living. How best to make that compelling and attractive?

The answer lies in trying to paint a picture, in as few words as possible, that describes your business in a way that the listener wants to be a part of. You then stop talking about it. You then start asking that person questions about their life and their business. Trust me, even if you don’t say another word because the person is telling you their entire life-story, they will recall you later as that amazing conversationalist at the party. You know, the one with the exclusive Financial Advisory practice?

An example of some anti-elevator phraseology (delivered in a low-key and casual tone, and of course with a smile):

“Oh, well. I am a Financial Advisor. I have a practice in town here that intentionally has a smallish number of very terrific clients, and you know, ever since I started working with people that I like, it’s a lot more rewarding for me, it’s more exclusive, and I am really enjoying some terrific relationships with my clients. You know, I really wish I had taken this approach years ago. It is just a really exciting time to be in this business. Well enough about me. How about you Dorothy? What do you do? Oh really? How interesting, please tell me about that.”

So, to dissect that suggested phraseology, you have just described an attractive situation that any reasonable person would want to be a part of, but you made no overtures to doing business together. You alluded to your approach by talking about the great relationships you have formed, which displays your integrity.

You also projected great scarcity for yourself in the process, and you have made yourself attractive. Anyone reading between the lines sees someone who clearly does not need the business, and your probing questions about them show charm and confidence.

I know of a young advisor that used this exact approach. He worked previously at one of the ‘Baby Bells’ (phone company), and continued to network with his past colleagues, and some other local groups, and in seven months had seven clients that all had three-million or more each in investable assets. This last fact was by design as well, for he had set an ideal client profile for himself that stated his target market was people in the three-million plus range in investable assets, and he stuck to it religiously.

This advisor had incredible discipline and word started to get around. Every time one of his ex-colleagues asked him what he was doing these days, he stated his anti-elevator mantra, and then started gathering F.O.R.M. (Family, Occupation, Recreation and Money) information on whoever he was speaking with.

Because of his discipline, you can imagine it was only a matter of time before someone said: “You know, I am not that satisfied with my Financial Advisor right now. Are you taking on new clients?” He would reply: “Well, that possibility is there for sure, but it has to be a good fit for me, and for you of course. How about you give me your number, and I will call you when I am at the office. I have an initial meeting process I use whereby the two of us can mutually determine whether or not we might be a good fit for each other.”

After this, they would get back to having fun, or business, or wherever it is they happened to be. It is an incredibly disarming approach, and unlike what many have come to expect in those all-too frequent situations.

Continued Success!

Contributed by Duncan MacPherson

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2021-06-21 • 20 second read

What is the purest form of client acquisition? It is not going out and trying to convince new people, but rather working with the people who are already convinced and showing them how to convince people on your behalf. They go out of their way to wave your flag; not because they are trying to help you grow your business, but because they feel they are doing their friends a disservice if they do not make the introduction.

2021-06-17 • 2 minute video

Your relationship management elevates you above your competitors, but it also makes you more referable through advocacy and during uncertain times.

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2021-06-16 • 10 second read

Legendary personal and business development philosopher and speaker Jim Rohn often said the following: “The winds of opportunity blow the same for all of us. The difference that separates the best from the rest is how they set their sails." As a professional advisor, you invest a lot of time with your clients helping them face the future with confidence thanks to your investment planning process. Be sure that you have a plan, and that it’s leading you to your goals. 

Excerpt from The Advisor Playbook: www.paretosystems.com/the-advisor-playbook

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