What Is #1 Reason Advisors and Wholesalers Fail

Why Advisors Fail - What's the #1 Reason

Photo by Stuart Miles | FreeDigitalPhotos.net

Lance Armstrong once observed that a boo is a lot louder than a cheer. He’s right. And a no is a lot louder than a yes.

Advisors (and wholesalers) who fail often do so because they don’t see enough people.

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Imagine the financial planning gods coming down and granting you immunity for a year. You don’t need to rely on your skills. Every time you call for an appointment, the person says yes. Every time you ask the person to become your client, the person says yes. Every time you ask for an introduction to your clients’ friends, they give you five names and go with you on the appointments.

How many appointments would you have during that year? How many accounts would you open? How many referrals would you get? How fast would your business grow? How much money would you make? How much prestige and respect would you gain? How high would you go if you were guaranteed not to fail?

Now let’s change the odds. For the next year, your skills will be so-so. For the next year, you will get one appointment for every ten people you ask. For every four appointments, you will open one new account. You will open one new account for every forty appointments you try to make. You will get one referral every ten times you ask.

How many appointments would you have during that year? How many accounts would you open? How many referrals would you get? How fast would your business grow? How much money would you make? How much prestige and respect would you gain? How high would you go if failure were your sidekick?

The answers to these questions depend upon how hard you would be willing to work and how you deal with the prospect of rejection.

Your job is to influence and persuade.

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The higher up the food chain you go, the more money you will make and the more rejection you will encounter.

There is no entry fee to prospect certain people. There is no entrance exam. There are no mandatory advance courses to take. All that it takes is your decision to mix it up, to get your nose bloody.

That our business is a numbers game is a mathematical truism. Nothing happens without an appointment. Actually, nothing happens without a lot of appointments.

To paraphrase my friend Steve Scherbarth, you tell me how much money you want to make and over what period of time; and I’ll tell you exactly what you need to do to get there. It all boils down to one simple question. “How badly do you want it?”

I think you and I agree that the more people we see the more money we make. Can we also agree that if we don’t see enough people, we are going to fail?

Advisors (and wholesalers) who fail often do so because they don’t see enough people.

Rejection comes in all shapes and sizes, from your friends and family who don’t believe you’ll make it to strangers who decide not to do business with you. You can’t avoid it. It’s part of the success formula. You don’t need to embrace it, but you do need to endure it. It’s not fatal and it’s not personal. People aren’t rejecting you. They are rejecting your ideas. That’s fair. Brush it off.

Let people say a lot of things about you, but don’t ever give them cause to say you failed because you couldn’t handle rejection.

Don’t be one of those Advisors who don’t see enough people. Try Don Connelly 24/7 to hone your prospecting skills!

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