Most people never listen, period. That includes my doctor, my handyman and the last car salesman I visited. I can only hope that air traffic controllers listen.
Why is listening so difficult? Why is listening so important? Do people who listen do better than people who don’t listen? Can you become a great listener?
All are rhetorical questions and all are worth exploring.
As a Financial Advisor, you share a common concern with the wholesalers who call on you. You don’t control your distribution and they don’t control theirs. You can’t force your clients to act any more than a wholesaler can force you to act. As well, neither you nor the wholesaler has control over the landscape. Most of what affects how and what you do is in some else’s hand, be it the stock market, the economy or interest rates. And most of what affects you is in a constant state of change.
Effective communication is all about asking the right questions. I want to suggest two questions to ask your clients, two questions you might not be currently asking. It’s very important that you know what you are doing right, so that you can do more of it. Explain to your clients, new and old, that you are not on an ego trip but…
The good news for every Financial Advisor is that how one becomes a Top Tier Advisor is simple. The bad news is that it is not easy.
To rise to the top one begins by doing things right, by doing the right things and by working hard.
We lose a lot of people in the first twelve months.
The reason they fail is that,
Let’s discuss three issues. The first issue is reflected in the title. But let’s amend the question to read, ‘How many referrals have you given or will you give unless a friend asks you for one?’ The second issue is this: When is the last time you hired someone to do anything for you unless you got that person by asking someone for a name?
To perform the many financial and arithmetical tasks required of an Advisor requires a high IQ. Therefore, most, if not all, successful Financial Advisors have a high IQ.
If we all have high IQ’s, if we are all well trained, if we all work hard, if we all chase the same business, and if a prospect must choose one among us, IQ can’t possibly be the sole, determining factor in a prospect’s mind.
Who, then, among all these smart Advisors, gets the new account?
I have a suggestion for those Advisors who have a difficult time asking their clients for referrals. Ask them for their advice and/or help instead.
Explain to your clients that you like doing business with people just like them. You feel you could possibly do a better job of marketing yourself and you would like some advice.