time to move on Archives - Don Connelly & Associates

Strategies for Handling Resistance and Rebuilding Long-Term Engagement with Dormant Clients

/ by Don Connelly / Managing the Relationship / 0 comments

If you’ve been in this business for any amount of time, you’re probably building a nest of “inactive” or “dormant” clients. These clients were once actively engaged with your advice but have since drifted away for various reasons, including changes in life circumstances, a lack of consistent communication, or a bad experience. Whatever the reason, it may be time to “fish or cut bait” to either reengage with them or move on completely.

Keeping inactive clients on the books who have no intention of doing business with you is nothing more than a distraction or a false sense of security. They need to be let go. On the other hand, there may be some golden opportunities lying in wait, but they’re not likely to come to you. Either way, you need to take the initiative and find out.

Reconnecting with dormant clients can be challenging. When reaching out after a period of inactivity, you may face some resistance. Some clients may be hesitant to reengage, perhaps harboring concerns or dissatisfaction. For any chance of rekindling trust and the relationship, it’s vital to understand how to manage these reactions and rebuild the foundation for long-term engagement.

Prospect Objections Are Often a Cry for Help. Your Job Is to Help Them.

/ by Don Connelly / Prospecting / 0 comments

As a financial advisor, you are valued for your expert knowledge, but you are only as effective as your ability to get your prospects and clients to act on your recommendations. If you can’t, their situations won’t improve, and neither will yours. Many financial advisors in that situation might chalk it up to them being “bad” prospects and move on, but aren’t they abdicating their role as an advisor?

Certainly, advisors shouldn’t use strongarm tactics to turn their prospects around, but shouldn’t they at least understand the reason behind the objection? Could they learn some valuable insights that would help resolve the issue, if not for the prospect in front of them, but for similar situations they encounter in the future?

In the financial advisory business, objections come with the territory. They’re often just knee-jerk reactions from clients hesitant to make a change. Prospects often don’t understand the real reason behind their objection—they’re just not comfortable moving forward. As an advisor, your job is to help them acknowledge the real reason so they can place it in the context of what you have offered them.

Three Types of Prospects Most Likely to Object and How to Win Them Over

/ by Don Connelly / Prospecting / 0 comments

During your career, you will meet with prospects who are ready with a reason not to invest. It’s up to you to recognize what camp they fall into objection-wise, so you can counter with the right response. Make it your aim to deal with their objections before you give your presentation.

Here are three types of prospects – and objections – to look out for.

Telltale Signs That a Prospect Is About to Waste Your Time

/ by Don Connelly / Prospecting / 0 comments

Your time is precious so it’s essential that you spend it productively by prospecting to the right people. Some prospects are not worth spending time on – maybe expressing an interest when they’re not really committed to investing – and despite all your best efforts you won’t be able to do anything to change their minds. The problem is these prospects can be difficult to identify.

Here are a few telltale signs that someone is not about to do business with you.

Learn to Make The Choice to Not Open The Account

/ by Don Connelly / Prospecting / 0 comments

When you’re first starting out as a financial advisor getting any work at all can seem like a good thing. In fact, the prospect of turning down new business could seem terrifying. However, you need to change your approach or you could end up working long term with unprofitable and stressful clients. To avoid such a scenario, you need to make the decision not to open certain accounts in the first place.

Here are a few ways to help you identify whether a prospect is going to be a good fit for you – and how to say no politely if you discover they aren’t.

5 Tactics to Get Prospects off The Fence

/ by Don Connelly / Prospecting / 0 comments

Breaking a prospect’s apathy is difficult.

Telling someone to invest or think long term is like telling someone to be patient. And telling someone to be patient simply doesn’t work. Instead you need to ‘teach’ prospects what long term investing really means. Use stories and analogies to stir emotions, curb their impatience and give them reasons to invest. Here are five ways you can do that and help prospects get off the fence.

Recognize When It’s Time to Move On

/ by Don Connelly / Prospecting / 0 comments

Prospecting is the backbone of your business. It’s the one task you cannot delegate, since people need to like and trust you personally if they are to do business with you. So you should be constantly perfecting your soft skills in order to connect with and win new clients.

Inevitably however despite all your best efforts, you will fail to win influence with certain prospects. And it can be hard giving up on them – especially if you believe there’s even the tiniest chance of them converting.

There is a fine line between giving up too quickly and not knowing when to give up.