August 9, 2021 / by Don Connelly / Best Practices / 0 comments
“No man is an Island, entire of itself.” That excerpt from a 17th-century sermon given by a man named John Donne has become a popular proverb that describes the inherent connectivity of humankind. In essence, it says that humans cannot get along with their lives and succeed on their own—that we are all dependent on other people for support.
If you can imagine a conversation between two people, one of whom has ambitions of becoming a financial advisor, it might sound something like this:
First person: When I leave school, I’m going to start a financial planning practice.
Second person: That’s great, but how are you going to do it by yourself?
First person: I don’t need anyone else; I can do it alone.
Second person: No man is an island; you’ll need someone’s support at one point or another.
While that actual conversation may have never taken place, it’s no secret that many people who set out to become financial advisors do so because they like the idea of being independent. But it doesn’t start out that way. Most of us started our careers as trainees thrown together with other trainees to learn the business, typically by reading manuals or attending formal classroom presentations.
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Why It’s Vital to Join the Community of Financial Advisors
August 9, 2021 / by Don Connelly / Best Practices / 0 comments
“No man is an Island, entire of itself.” That excerpt from a 17th-century sermon given by a man named John Donne has become a popular proverb that describes the inherent connectivity of humankind. In essence, it says that humans cannot get along with their lives and succeed on their own—that we are all dependent on other people for support.
If you can imagine a conversation between two people, one of whom has ambitions of becoming a financial advisor, it might sound something like this:
First person: When I leave school, I’m going to start a financial planning practice.
Second person: That’s great, but how are you going to do it by yourself?
First person: I don’t need anyone else; I can do it alone.
Second person: No man is an island; you’ll need someone’s support at one point or another.
While that actual conversation may have never taken place, it’s no secret that many people who set out to become financial advisors do so because they like the idea of being independent. But it doesn’t start out that way. Most of us started our careers as trainees thrown together with other trainees to learn the business, typically by reading manuals or attending formal classroom presentations.
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Only Elite Advisors Step Out of Their Comfort Zone—Do You?
July 5, 2021 / by Don Connelly / Best Practices / 0 comments
It’s human nature to seek comfort in familiar habits and patterns. When anything comes along to threaten the status quo, we naturally feel uncomfortable, even anxious. Most of us will take great pains to cling to our comfort zone just to avoid those feelings, rejecting change and its unpredictability. The inevitable result for many people is to languish in predictable mediocrity. While they may feel safe, they eventually slip into obsolescence.
In the financial advisory business, if you are not constantly working at getting better, you are getting worse. That’s because successful advisors always strive to improve, to find ways to perfect their craft, which often requires breaking from familiar habits and stepping outside their comfort zone. They know that if they continue to live inside their complacency zone and do what they’ve always done, they’ll continue to get the same results. As a financial advisor, that is ultimately a formula for failure.
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How to Convince Prospects and Clients That You Understand What They’re Going through
January 11, 2021 / by Don Connelly / Managing the Relationship / 0 comments
It’s long been said that people might forget what you say. But they will never forget how you made them feel.
There’s a lot of truth to that. And one of the first things your clients and prospects should feel is that you understand what they’re going through. Before some of you were born, there was a great, great sales trainer and educator named Zig Ziglar. Look him up! He learned to sell by selling brushes. Door-to-door.
He went on more sales calls before breakfast than some of you go on in a month. And he used to say “People don’t care how much you know, until they know how much you care… about them.”
There’s two steps to that equation: First, you need to genuinely understand what they are going through. Second, you need to communicate that to them.
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How to Fill Your Pipeline Despite the Coronavirus Pandemic
June 29, 2020 / by Don Connelly / Prospecting / 0 comments
Back in 1998, physician and author Spencer Johnson wrote a best-selling book called “Who Moved My Cheese?”
It’s the story of four mice who live in a maze and who have grown accustomed to cheese being deposited in the same spot every day… until one day it didn’t happen. The rest of the book explores their strategies for coping with change – both successful and unsuccessful.
The moral of the story is this: “Change happens.” It’s inevitable. Not everyone can roll with the punches, but you’ve got to adapt, improvise and overcome. You’ve got to move with the cheese.
Well, friends, the cheese just got moved!
Now, don’t get me wrong: The cheese hasn’t gone away. It’s still out there! People still want and need help managing their money. In fact, they want and need it now more than they have in years. But the way to get to the cheese is now radically different.
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5 Advantages Young Financial Advisors Have Over Older Advisors
June 8, 2020 / by Don Connelly / Best Practices / 0 comments
When it comes to asking people to handle their money, having a few grey hairs does bring a small advantage. People are just naturally reluctant to trust people with managing their money who are younger than their own children.
But there are some huge advantages to being a younger advisor, as well. In fact, I can tell you after decades in this business, there has never been a better time in the history of the financial services business to be coming into this business as a young advisor, or even a career changer under 40.
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When Do People Get a Financial Advisor?
March 18, 2019 / by Don Connelly / Best Practices / 0 comments
No two clients are exactly alike. People generally get a financial advisor for a number of reasons. Therefore, you need a flexible process in place when it comes to approaching different prospects in accordance with their reasons for seeking financial advice.
Here are some cases when people get a financial advisor, along with their reasons for doing so and some recommendations on moving things forward.
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Why You Need to Be a Good Business Person to Succeed as a Financial Advisor
September 10, 2018 / by Don Connelly / Best Practices / 0 comments
A large percentage of financial advisors fail, not because they aren’t good at what they do, but because they lack the core competencies of running a business.
If you want to succeed in this profession, you need to become a business person.
Let’s look at what this entails.
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5 Reasons Why Prospects Will Hire You Over The Competition
February 5, 2018 / by Don Connelly / Prospecting / 1 comment
People won’t decide to do business with you because of your products, expertise, experience or reputation. These attributes (whilst important) will not ultimately convert prospects into loyal clients. Your hard skills won’t provide them with a compelling enough reason to hire you over the competition. If you want to impress prospects, you need to demonstrate that you are not only smart, but that you are likeable and trustworthy.
Here are five reasons why a prospect will hire you over the competition.
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Getting Clients to Talk about Money
December 18, 2017 / by Don Connelly / Managing the Relationship / 0 comments
As financial advisors we’re comfortable talking about money, it’s what we’re trained to do. But for everyone else it’s a different story. Most people feel uncomfortable talking about money, so you need to consider how to introduce the topic in a relaxed way.
Don’t dive into the numbers at the initial meeting. Instead focus on building rapport with clients; then ask them what it is they want money for. The goals must come first – then the money. Once you understand your client’s vision of the future you can start doing the math on how to get there.
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