Grant Hicks, CIM
This is a challenging time for financial advisors and wealth
management. We have never seen this before, so acting on what we know and our
gut instincts is a natural reaction. We sign up for webinars in the hope to
change our thinking. But there is a reason why the average advisor is not
calling prospects.
Why
The number one reason is guilt. They feel guilty that they should or could be
doing more with their existing clients so they keep calling their clients to
comfort them and themselves. I get it because as a practice management coach
and trainer, I feel the same way. Get more resources to the people I work with
spend more time with them first. When I feel better I will reach out to
prospects. It is human nature again kicking in. But the second reason why is
you don’t have a plan, a script and compelling offers to make to ideal
prospects now.
How do you change it?
Make the calls with confidence. The elite advisors I coach are confident in
what they are doing with their ideal clients who have a communication plan and
have already implemented it. Read my last article on client communication
plans. https://www.advisorpracticemanagement.com/client-communication-planning
Elite financial advisors have little guilt, as they have a plan to
do the best they can with their ideal clients. They have a written scripted
communication plan and go forward process with clients and prospects. Because
they have called all of their clients, they now have the time to reach out to
prospects. Here are some cool prospecting ideas to help you grow your business
in challenging times.
Video calls
First doing video calls properly with prospects with a solid value promise to
illustrate online, as a presentation. Check out my checklist on how to do video
conference calls effectively. https://www.advisorpracticemanagement.com/video-call-checklist
Webinars
I have to admit that sharing this idea with most advisors is scary, as they
have never delivered a webinar before. Guess what, now is the time to learn. I
do very little webinars for one reason. They work really well and I got too
busy, with too many prospects and new clients. I offer corporate webinars
instead. If your company wants to do a webinar, reach out. If you do group
benefits, offer the firms you work with, to do a corporate webinar for their
employees to help them during this challenging time. Offer webinars to your
clients to do group communications. Offer webinars to prospects to demonstrate
how people can plan and prepare going forward. I recently helped several
advisors create their "Getting through the crisis process" webinars
for prospects, and are getting great results. Do you have a process or
program that you can share (compliance approved of course) in a professional
graphic format like PowerPoint to engage ideal prospects?
Call your centers of influence network
Most accountants are getting calls from people on what to do about the new
government benefits and how to interpret them and implement them. Why are you
not getting those calls? Probably because you are not seen as a resource with
respect to government changes. Share your government changes bulletin with
everyone you know, as it affects everyone you know. Then reach out and call
your Centres of influence and see how you can help them during this challenging
time. These will be extremely valuable conversations to have now and sharing
potential mutual clients that need help.
Value-added website and newsletters
Add value to people by interpreting the government changes ( or hire a firm
like my friend Angelina Hung at FinancialTechTools.ca ) to add to
your website, to send to clients and prospects by newsletter, video post or
social media. Put your own interpretation onto the government changes, don’t
just send a bunch of links.
See how I added resources to my website's main page. https://www.advisorpracticemanagement.com/
See how my mentor Bill Bachrach added resources for financial advisors to his
main page
https://www.youradvisorroadmap.com/covid-19-resources/
Sell insurance online
I was recently speaking on a global study group call, and successful advisors
have seized the opportunity to sell more insurance doing video conferencing.
One firm stated they had their best March ever compared to last year. This is
because they trained their advisors on doing online applications and video
conferencing. Talk about an opportunity!
Getting out of your own way
Let me give you a thought. You can get a hold of people like never before. When
this ends and people go back to their active life, they may be impossible to get
a hold of. The time is now to get out of your own way, get rid of your guilt
and start calling people. Are you holding you back? It is like a person walking
towards a mirror saying why doesn't that person get out of my way?
If you need help getting going
Three people have a puzzle. One has the full picture of the puzzle on the box.
One person has half of the puzzle picture on the box, while the third has no
picture. Who finishes first? Get a clear picture of your future so you can
finish first. Reach out and talk to your mentor or coach or call me if you want
to chat for 15 minutes. Click on my calendar link here. https://my.timetrade.com/book/JMTNJ
How about your goals for your practice in 2021? Our Practice management
checklist or fee audit checklist
While each financial advisor's practice may have a different approach, advisors
need to
understand where their practice needs help, and will they get the right help
for the right part of their practice. What areas does your practice need help
with? Get a copy of our updated 21- page “Comprehensive Practice Management
Strategies checklist” by going to our website https://www.advisorpracticemanagement.com/about-us or
clicking here https://practicemanagement.getresponsepages.com/
Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/
Call me
Contact us to help get clarity around your goals on paper, and having the goals
conversation by contacting grant at grant@ghicks.com
or click on the link to set up no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work
together, let’s have a chat and listen to your biggest practice management
concerns to help you get clarity around your future business.
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