Hello Phil,

Growing our firm is a top priority, yet most of our advisors don’t like selling. What should we do?

– Dennis, Chicago

Hi Dennis,

Don’t feel alone. Many financial advisors would do almost anything other than (gasp) sell, yet they desire new clients. Conversely, most people love to buy things (but don’t like being sold). A conundrum? Indeed.

Advisors should consider:

  1. Selling is educating prospective clients on how to get what “they” want — thinking of selling as “coaching” or “mentoring” softens the awkwardness of sales. The outcome of the sales process is decided by the potential customer (unless they aren’t a good fit for your firm). Your job is to share knowledge, so they get what they want.
  2. Advisors should understand: Listening beats talking. Want to know what prospective clients are thinking? Ask questions and listen. Many successful sales professionals do not fit the backslapping, outgoing sales stereotype. Process-driven, detail-oriented, analytical introverts are just as effective.

I’m an introvert myself but also understand the role selling plays in achieving growth.  Let us know how it goes.

Have a great day,

Phil

“Better Ask Phil” provides financial advisors quick and actionable suggestions to drive better referrals. We welcome all questions at hello@referralsafe.com.

 

Hello Phil, Many business owners are baby boomers close to retirement age. What are some off-the-beaten-path centers of influence we can leverage to reach them? – Megan, Houston

Hi Megan, Brilliant question. Financial advisors typically focus on traditional centers of influence (COI), such as estate attorneys and tax accountants. They are proven and highly sought after. However, others options exist and should be explored.

Here are COI suggestions of those “in the know” that a liquidity event is imminent.

1.   Business Brokers

Front-line engagement with the selling business owner.

2.   Business Coaches

Trusted advisor to the selling business owner.

3.   Business Valuation Consultants

Engaged early with the selling business owner.

4.   Accountants and Attorneys

Firms with M&A practices.

5.   Private Equity

Buyers of businesses (thus creating liquidity events).

While this isn’t an all-inclusive list, these will get you thinking. Let us know how it goes.

Have a great day, Phil

P.S. As a bonus, all these COI suggestions also could be potential clients for you.

“Better Ask Phil” provides financial advisors quick and actionable suggestions to drive better referrals. We welcome all questions at hello@referralsafe.com.

Hello Phil, What should I consider before asking a blogger to publish my guest post? – Mike, New York

Hi, Mike, Excellent! Financial advisors should do this regularly. Informative guest blogging positions you in front of blog readers and beyond with backlinks, post sharing, SEO, speaking opportunities, quotes, etc.

Here are suggestions to contemplate.

1. Target the Right Ones

Ask existing clients (those who benefit most from your help) what they read. Consider blogs geared toward affinity groups like professions and life stages.

2. Know the Content

With target blogs for guest posting identified, now, get to know them. See the content they post—and how it’s written, who the audience is, and if they allow guest posting.

3. Don’t Be a Stranger

Before reaching out to the blogger for guest posting, get yourself known. Where appropriate, comment on recent posts they made. Share their posts on social media.

4. Topic Choice

Identify the most popular recent blog topics. Now, consider similar post topics, but with your added value. Last, read and adhere to their blog guidelines.

While this isn’t an all-inclusive list, these will get you on track. Let us know how it goes.

Have a great day, Phil

“Better Ask Phil” provides financial advisors quick and actionable suggestions to drive better referrals. We welcome all questions at hello@referralsafe.com.

Hey Phil, This year our firm is hosting a number of client events. Can we turn these into referral opportunities? – Elaine, Maryland

Hi Elaine, Events to update clients on the news impacting them is introduction gold. Social events work too. Here’s how to do it.

1. Do you track the clients who have introduced you to referrals in the past? Have they been the types of leads that you clamor for? Make a list containing the client names.

2. Reach out to these clients (calling is better but emails are OK). Thank them for their previous introductions to folks who have benefited from your help and specialty. This is an ideal time to share with them who benefits the most from your expertise.

Then state this:

“If you know someone else who could benefit from our help and specialization, please bring them to our Workshop (fill in the date and location). We are only offering a small and select group the opportunity to bring a special guest. We won’t put a hard sell on them, we only request a simple introduction during this fun event.”     

3. Make time while addressing all attendees to thank your special guests. During the event be sure to privately recognize and thank your client for their attendance and for bringing their guest. Introduce their guest to various members of your team. Also introduce their guest to other clients (if this feels appropriate).

4. Follow-up with thank you notes to the client and their guest. Then reach out to the guest to see if they’d like to meet for coffee.

Elaine, you’ll be pleased with the outcome of this process.

Have a great day, Phil

“Better Ask Phil” provides financial advisors quick and actionable suggestions to drive better referrals. We welcome all questions at hello@referralsafe.com