There are countless excuses for not executing this metric. Here are three I hear on repeat:
“People know what I do for a living. If they need me, they’ll ask.” Well, probably not as often as you’d like. “I don’t want to be perceived as a pushy salesperson.” Our affluent research reveals that the main reasons someone comes across as salesy is “not taking no for an answer” and “aggressive follow-up.” Be willing to accept a “no” and change the conversation. “I don’t want to ruin a friendship.” If offering to discuss business with a friend loses a friendship, were they truly friends?
1.
That said, we have found one activity that pretty much every advisor should track: How many times did you ask for the business? More specifically, how many times did you proactively ask a social contact to have a business conversation with you? Here’s why we feel so strongly about this activity: It largely determines your success in social prospecting. It forces you to be active in the community. It forces you to develop relationships with affluent people. It lets prospective clients know you are open for business. It takes you from being reactive to being proactive. It’s All in Your Head Are affluent investors open to working with someone they know socially? Let’s look at some of our latest research on 1,004 affluent investors with $500,000 or more in investable assets. Only 12% of investors say they are unwilling to work with a financial advisor they know socially.
2.
3.
1.
2. 3.
Refine Your Request Now that we’ve addressed some common mental hurdles, let’s discuss your approach. What does a good business request look like? Top advisors work up the courage to say things like, “You and I have never had a chance to visit about what I do professionally. Are you open to lunch next week?” It works … and they aren’t seen as social pariahs. That said, don’t soften your request too much or it will become ineffective. For example, don’t say “If you ever want me to take a look at your financial situation, let me know.” While that may feel more comfortable, prospects typically respond with “sounds good” and the relationship doesn’t progress. Be a little more assertive and reap the benefits.
4.
5.
Kevin A. Nichols Director of Coaching, The Oechsli Institute
Kevin Nichols is the author of The Indispensable LinkedIn Sales Guide for Financial Advisors
and the Director of Coaching for The Oechsli Institute. He is a leading expert on Social Media marketing and delivers speeches and conducts workshops throughout the country. He has coached hundreds of financial advisors and numerous wealth management teams. He is also the co-author of the FastTrack for Growth newsletter for wealthmanagement.com .
9
Powered by FlippingBook