say it so it makes a difference Archives - Page 2 of 9

How to Regain the Trust of a Client After a Disagreement

/ by Don Connelly / Managing the Relationship / 0 comments

Can you think of any relationship that has never experienced conflict—where two people with the best of intentions fail to see eye to eye on an issue? Such is the nature of relationships, even where there is a track record of trust. You expect it in a marriage and even among colleagues—so why not between a financial advisor and their client?

It happens more than you might think. Financial advisors are wired to be analytical, while clients are often driven by emotion, which sets the stage for many “reality vs. perception” standoffs.

Addressing Communication Breakdowns: 5 Common Communication Challenges Financial Advisors Face Today

/ by Don Connelly / Managing the Relationship / 0 comments

We spend a lot of time and space here harping on the importance of client communications because, more than anything else you do in this business, it can make or break you.

We’ve discussed that 72% of clients who fire their financial advisors do so due to poor communication. We’ve pointed out studies that show clients value solid communications the most in an advisory relationship, yet many feel they’re not receiving it.

We’ve also outlined the reasons why it’s critical to build a systematic communications structure designed to keep your clients engaged, cultivate loyalty, and instill confidence in your advice and then provided a framework for building it.

Above all, we’ve stressed the importance of continuously working on your communication and requisite soft skills for building trust and solidifying your relationship.

However, all that will do you little good if you don’t recognize the communication challenges you face on a daily basis, especially the communication breakdowns that lead to conflicts, such as miscommunications, misunderstandings, and a lack of clarity.

Here are five of the most common communication challenges financial advisors must recognize and overcome to build and maintain solid client relationships:

How Newer Financial Advisors Can Build a Solid Client Base

/ by Don Connelly / Prospecting / 0 comments

There’s never been a better time to build a financial advisory practice. More people than ever are clamoring for quality, objective financial advice to guide critical life decisions. It’s also a very challenging time for newer financial advisors as the competition for quality prospects is fierce.

However, unlike fledgling financial advisors of yesteryear who worked with little more than a reverse phone directory to find clients, advisors building a practice today have the advantage of years of hindsight along with some cool technology to get them over the proverbial hump.

Rather than applying a dated “all of the above” approach to prospecting that included endless cold calls, direct mail, and even blast emails, newer financial advisors can systematically and incrementally build a solid client base using a proven marketing and sales framework fit for the digital age.

Building Resiliency Through Successful Calling Habits

/ by Don Connelly / Prospecting / 0 comments

I think it’s safe to say that most financial advisors don’t like making prospecting calls. Many even detest it. At best, it’s a necessary evil.

However, some advisors not only welcome the challenge of call prospecting, but they also thrive on it. One advisor I know considers each phone call he makes as the potential to uncover riches like scratching off lottery tickets. He said, “I could win the lottery at any minute, and if I scratch off enough tickets, believe me, I will win the lottery.”

That’s one way to stay motivated. But there is an element of truth to it. Ambitious advisors will do whatever it takes to build a resilient mindset, which is critical to success in any endeavor. They’re not afraid to risk rejection because they know it will lead to wins, and that’s what they live for. However, for resilience to be sustained, it must be built on solid habits that eliminate the overthinking that leads to call reluctance.

Here are the essential calling habits—several of which occur before the call—you must develop to grow your businesses successfully:

To Win More Prospects, Show Them You Are the Goals-centric Advisor Clients Want

/ by Don Connelly / Marketing Yourself / 0 comments

As a financial advisor, you have one job and one job only—to help your clients achieve their financial goals. At least, that’s how your clients see it. That’s according to a research study by Morningstar, which revealed what clients value most in an advisor. Advisors would be well-served to keep that in mind in their efforts to win over more prospects.

Next on the list of what clients value most from an advisor is “skills and knowledge,” followed by “maximizing returns.” Unquestionably those are essential attributes. However, the study indicates that prospects may put less weight on them if you fail to check off the one they deem most important—helping them to achieve their goals.

Advisors Who Don’t Want to Sound “Salesy” Need to Master Soft Skills

/ by Don Connelly / Marketing Yourself / 0 comments

Many financial advisors don’t like to be thought of as salespeople. In fact, they despise it. In part because they work hard at earning the distinction of being an “advisor.” Also, the public has been conditioned to avoid salespeople masquerading as financial advisors. But in reality, anyone in the business of building a clientele and offering services has to be able to sell.

To convert prospects into clients, advisors must sell themselves and then their solution. To make money, they must get their prospects and clients to act on their solution, which requires sales skills. Most advisors understand that, but their greatest fear is coming across as a salesperson or sounding too “salesy.”

If that is your fear, let me put your mind at ease. First, it’s important to understand what it means to be “salesy.” That term is generally applied to a high-pressure approach that makes prospects uncomfortable. People don’t want to deal with salespeople who are pushy and don’t listen to them.

That’s not you.

The Inevitable Frustration of Success

/ by Diana Marinova / Best Practices, Connelly Corner / 0 comments

Let’s talk about the inevitable frustration of success, about building a business slowly. I have one piece of advice if you’re still building your business: Don’t be in a hurry to become a success. If you become impatient, the impatience will wear you down. I’m not suggesting we sit back and wait for success to […]

How to Raise Conversations Your Clients Don’t Know They Should Have

/ by Don Connelly / Managing the Relationship / 0 comments

Most clients hire a financial advisor because they expect him or her to know more than they do about planning their future. They willingly pay you to leverage your expertise to educate them and guide their financial decisions based on your understanding of their circumstances, goals, and concerns. They expect you to help them navigate obstacles that pop up unexpectedly.

Most clients don’t know what they don’t know, which is their greatest vulnerability. That means they don’t know enough to ask their financial advisor about things that could potentially impact them. If they’re left in the dark about such things, the financial advisor takes the blame when bad things happen. What is their defense when a client asks, “Why didn’t you tell me about that?”

What Advisors Need to Do to Help Set Client Goals

/ by Don Connelly / Managing the Relationship / 0 comments

According to a Morningstar study, what clients want most from their financial advisors is to help them reach their financial goals. That should be good news for financial advisors because, generally, people with clearly defined goals and ambitions for the future have the conviction to adhere to a long-term plan to achieve them.

However, it could also spell disaster for advisors who fall short in helping their clients articulate their most important goals and fail to gain their commitment to achieving them. To inspire action, client goals must be well-defined and quantifiable with genuine intrinsic value. Anything less is a hopeful aspiration, and hope is not a strategy.

Two Stories to Help You Explain What You Do

/ by Don Connelly / Storytelling, analogies and power phrases / 0 comments

I have a thought I want you to pass on to your clients. Tell them this from me. The only people who lose weight are the people who hire trainers. People that buy equipment and put it in a house don’t use the equipment. How many times have you seen a treadmill with a neck tie or a blouse hanging on it? You’re the trainer. You make them do sit ups and you get them on the treadmill. It’s a great analogy.

Listen to this audio episode or read the transcript below to learn two more quick simple stories about advisors who were great at getting people on the treadmill.

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