The Right Story at the Right Time Can and Will Tip the Decision in Your Direction
When you meet with prospective clients, they will very possibly have concerns. They may be worried about investing per se, undecided about whether now’s the right time to invest, or unsure if you are worth your fees.
Don’t see their concerns as obstacles but as an opportunity to build trust. If you suspect they feel anxious, step in tell them an “I know what you’re thinking” story to reassure them they’re doing the right thing. This is a story designed to take away some of your prospect’s concerns.
Here are some situations where a good story can help persuade prospects to hire you as their advisor.
#1. When prospects are wary about fees
So that prospects don’t harbor suspicions around your fees, tell them the Springfield Story.
In this story a traveler arrives at a railway station and asks for a ticket to Springfield. The Ticketmaster asks “Which Springfield?”
When someone asks for a ticket to Springfield it could be in just about any state in the USA. Matt Groening, creator of the Simpsons cartoon decided the fictional family should live in Springfield because it’s one of the most common names for a US town. So “everyone will think it’s their Springfield”.
However, rather than asking for a ticket to one of these many Springfield’s the traveler replies with “Which is the cheapest ticket?”
The cheapest ticket is the right ticket only if it’s to the right destination. If that ticket is to somewhere you don’t want to go, it is in fact the most expensive ticket. By opting to buy the cheapest ticket the traveler may end up far from his desired destination.
And the same goes for financial advice. Choose the cheapest advisor and you are not guaranteed to get your desired outcomes. You could end up anywhere.
#2. When prospects can’t see the need to start an investment plan
If during the course of a conversation with prospects you sense that they’re somewhat unconvinced about the need to start an investment plan, put a vision story to good use.
Get prospects to envision their future in close up colorful detail. If they’re uncertain that it’s the right time to save for retirement, encourage them to imagine what their dream retirement would look like. Do they imagine they’ll be living in a condo in their favorite holiday destination? Or do they see themselves traveling the world?
The nature of their story isn’t’ important. What’s important is that it’s their own personal story about their perfect retirement.
Ask open-ended questions to bring the story to life in vivid detail. How will it feel to wake up every morning knowing a day of leisure awaits? What’s the first thing they’ll do?
Once prospects have firmly established this vision story in their minds, remind them gently they cannot achieve their dream unless they begin an investment plan. A plan that has to start today.
#3. When prospects don’t see the urgency of starting an investment plan right away
If you’re sensing that prospects know they should be investing but can’t take the leap, tell them the story about Chris Shea.
Now a successful business woman, her success almost didn’t happen. Although she’d dreamt of owning her own greeting card business for years, she put off following her dream because – in her mind – there was always a reason not to make a start.
Then one day she had to look for a new job and a friend asked her “Why don’t you follow your dream and start that company?” She replied that it wasn’t the right time, because she had a 12-year-old child etc. etc.
Then the friend asked her “But if now isn’t the right time, then when will be?” “When your child is 20? 30?”
On reflection she realized there was never going to be a ‘perfect’ time to start. By continually finding excuses to hold herself back, she realized she could get stuck in her comfort zone forever and her dreams would never happen.
She decided there and then to start the card business and she went on to achieve her big success story.
The takeaway is: There’s never a perfect time to start an investment plan so start it today.
Stories are a great way of getting clients off the fence because they offer clarity and invite empathy. In your first meeting with potential clients make it your aim to uncover any objections they may have and resolve them using a story before prospects have even thought of objecting.
Don Connelly will help you build various important stories during his full-day workshop – see event details and reserve your seat.
An extensive 8-week follow up program and a group dinner with Don Connelly is included in the price. Discount pricing available for multiple Advisors attending from the same branch.