December 27, 2021 / by Don Connelly / Best Practices / 0 comments
For young financial advisors, nothing is more challenging than overcoming the age bias that older clients have against them. I hear it often from advisors who come through our training programs—that feeling as though they are viewed more like a child or grandchild than a financial advisor. It creates a perceived impression that young advisors don’t have the experience, skills, or knowledge to appreciate the circumstances of older clients, let alone guide them in making critical financial decisions.
That may be understandable and, in some cases, deserved. Older prospects are right to question a young advisor’s experience and depth of knowledge. But the problem may not be with the perceptions of older clients as much as it is with the mindset of younger advisors. Most advisors have gone through that painful period of not knowing what they need to know and feeling embarrassed to meet prospects who may sense that.
The primary difference between where they are now compared to where they were back when they knew less and lacked experience is confidence.
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Overcoming the Age Bias Prospects Have About Young Advisors
December 27, 2021 / by Don Connelly / Best Practices / 0 comments
For young financial advisors, nothing is more challenging than overcoming the age bias that older clients have against them. I hear it often from advisors who come through our training programs—that feeling as though they are viewed more like a child or grandchild than a financial advisor. It creates a perceived impression that young advisors don’t have the experience, skills, or knowledge to appreciate the circumstances of older clients, let alone guide them in making critical financial decisions.
That may be understandable and, in some cases, deserved. Older prospects are right to question a young advisor’s experience and depth of knowledge. But the problem may not be with the perceptions of older clients as much as it is with the mindset of younger advisors. Most advisors have gone through that painful period of not knowing what they need to know and feeling embarrassed to meet prospects who may sense that.
The primary difference between where they are now compared to where they were back when they knew less and lacked experience is confidence.
Read more
Why You Shouldn’t Be Apologetic when Asking for Business or Referrals
August 30, 2021 / by Don Connelly / Best Practices / 0 comments
For many financial advisors, that moment right before asking a prospect to take action on a recommendation or, in sales parlance, asking for the order is filled with tension. It can be more stressful when asking for referrals. Less seasoned advisors are often overcome with the fear of rejection, which is natural until you’ve developed more confidence in your ability to close. That comes with practice and experience.
The bigger problem is with advisors who, for whatever reason, approach that critical moment feeling apologetic—as if asking a client for a referral or a prospect to act on their recommendation may seem offensive. It’s a bigger problem because it stems from a mindset that can be more difficult to overcome. It demonstrates a lack of conviction in what they are proposing or, worse, in what they do for a living. They’re not convinced they are providing genuine value. If you don’t believe in yourself at that moment, how can you expect your prospect to have conviction in your solution or your client to believe in you when you ask for a referral?
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5 Steps to Create and Sustain a Winner’s Mindset
November 30, 2020 / by Don Connelly / Best Practices / 0 comments
I’ve already written about self-sabotaging behaviors, and how to avoid them. But today, I’d like to address the flip side of the coin: How you can actively develop and maintain a winner’s mindset.
I’ve known many hugely successful advisors in my time. And they all have certain traits in common:
– They take a proactive approach to time management;
– They don’t make excuses for themselves. Instead, they take on and eliminate or bypass obstacles;
– They surround themselves with positive influences and accountability partners;
– They constantly expose themselves to positive messages and ideas.
– They get help when they need it.
So here are five things you can do to help develop that winner’s mindset – and sustain it over time.
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