I am convinced the hardest thing in the world to sell is advice, especially when the reward for following said advice is so far down the road it can’t be visualized. “Trust me” is an understatement.
Convincing others to settle for delayed gratification is a challenge you face every day.
You must establish such a high level of trust with people that they allow themselves to be helped. You have to make them comfortable enough to tell you their goals and their dreams. You have to enable them to see themselves attaining those goals.
I have the very good fortune of running a blog for Financial Advisors Magazine, the electronic version, and in case you don’t read the magazine, I want to read you a blog I once put in for them. I call it Snippets.
I spend a lot of time with Financial Advisors and not so coincidentally I am a very diligent copyist note taker. In the end of every month I sort out and save all the good stuff. I thought it might be fun to tell you some of the things I’ve heard during the said 30 days. These comments are all made in conversation; they are all snippets; yet they all resonate.
Read the post on FA Magazine or listen to the audio below.
When you first start out as an Advisor you’re given a set of products to sell, but unfortunately they don’t come with an instruction manual. You need to learn how to market and sell them yourself. This is where a mentor can step in, by helping you prospect, sell and manage your practice.
Mentors can also help you stay on track and improve, no matter how long you’ve been in business. Making sure you can still execute the fundamentals is key to becoming the Advisor you always wanted to be.
Is self-promotion a shameless thing for Financial Advisors? If we should be self-promoting, what exactly should we be self-promoting? Do I know wealthy people well enough to know what they consider unattractive? Where is the line I probably shouldn’t cross?
I think it’s a bad thing to promote yourself. I don’t think it’s a bad thing to promote the value you can and do add to peoples’ lives. I think it’s a bad thing to inflate your ego. I don’t think it’s a bad thing to explain that you are helping families succeed financially.
I was speaking at a Financial Services conference in Australia and heard an insurance company CEO issue a provocative challenge to the audience members.
“If you stand on any street corner in Sydney and ask everyone who walks by to buy life insurance, every eighty-fifth person will. The questions is, do you have what it takes to hear the word ‘no’ eighty-four times in a row?”
The failure rate in the Financial Services industry is north of eighty percent.
This industry hires a small fraction of the people who apply. We provide good training, good products and good internal and external support. Yet most fail. And they are good people who got hired for good reasons.
Lack of self-confidence doesn’t mean lack of ability.