In times like these, when investors' emotions and competitiveness can easily replace good sense, it's so important to have a consultative process in place. 

Industry research confirms the very real impact that spending time with clients has on advisors' incomes.  Research shows that fewer than one in ten advisors spend more than 60 percent of their time in front of clients.  Most advisors spend between 30 and 60 percent of their time in front of clients, while a substantial minority (28.1 percent) spend less than 30 percent of their time with clients. W

When we take a close look at those few advisors who do spend more than 60 percent of their time in client-facing activities, we see an impressive result: These advisors enjoy annual incomes that are more than three times that of advisors spending 30 to 60 percent of their time with clients and nearly six times those of advisors who spend less than 30 percent of their time in front of clients.  The upshot: If time truly is money, then time well spent with clients is big money. 

From Journal of Wealth Management Consulting, December 2009

 

 

 

 

The economy has declined as a big worry among the affluent, according to a new survey.

The "Affluent Barometer" survey by Ipsos Mendelsohn, completed in October 2009, found that 20% fewer affluent investors identified the economy as a top concern in October compared to a month earlier. The survey respondents consisted of people in households with more than $100,000 in annual income.

About 40% cited the economy as a top concern in October, compared to 60% when the survey was conducted in September, according to Ipsos Mendelsohn.

Even with the falloff, however, economy still topped the list of concerns among the affluent. Health care came in second at 38% and unemployment and jobs was third at 34%-results that were unchanged from the September survey results.

The survey also showed that 56%of survey respondents were somewhat to very optimistic about the economy's future.
 
From Financial Advisor, January 13, 2010

Whether a referral, warm introduction, or cold contact, your first step to connect is always to do some preliminary research.  Why?  Three reasons:

 What you don't know can and will hurt you.

 It sets the stage for intelligent, cogent discussion.

 It gives you the ability to personalize and humanize your conversation and make a true personal connection.

 Conduct a Google search using keywords that identify with your prospect.  For example, if you are meeting with an interior design head in Chicago, a search using "Chicago Interior Designers" yields the website of the Interior Design Directory of the Illinois Interior Designers, as well as several local and regional interior design merchants in Illinois.  Drilling down for a few minutes gives you great insight into their world (issues, lexicon, etc.).  Searching their name individually also yields key insights about them.  Their contribution to and involvement in the community are readily available online.

To discover more keys to unlock doors of opportunity in this post crisis era attend one of our upcoming Regional Conferences on February 23 & 25.

With seven weeks already gone, it is not too late to make 2010 your best year yet. Come spend a day with my team and me at one of our Regional Conferences.

Enough data has been collected, articles written, surveys taken to clearly illustrate that a definitive change has occurred in the affluent person's mindset and decision making process since the meltdown.  The economy, the market, and the future outlook has, metaphorically, locked into place a different set of parameters to gain access to and build trust with high quality prospects. 
 
Thus, many of the old "keys" to success simply don't unlock opportunities as they once did.  As a result, new "keys" must be used to grow your practice and to retain clients - new keys such as demonstrating a genuine interest in the people, not just if they have money or a pre-judged need for your services.  Or, believing that the articulation of your qualifications is compelling enough to open doors.  Even the old key of "good service" no longer unlocks opportunities. 
 
Today's affluent want a much different approach and an elevated level of total experience from first contact to ongoing communication.  Ask yourself - are you learning, implementing or, if you will, cutting the new keys to unlock growth opportunities?  Doors of opportunity stand ready to be unlocked but only to those who re-engineer and re-tool using the new keys to growth.  If you have done so, congratulations - a bright future is in store for you!  However, if you are determined to know more and do more to unlock the future, spend a day with my team and me at one of our February Regional Conferences.

Despite high expectations, you can disappoint yourself and others by quitting, by not pulling hard or harder than other winners or by giving into fear or complacency.
 
To achieve greater success in life or in business and avoid disappointing yourself and others who count on you - practice self-discipline rather than self-indulgence.  What is the difference and how do you stay disciplined?  Here is a key thought process:
 
Self-indulgence says: I will think → About how I feel →Decide if I will act or not → and worry about the consequences later.
Self-discipline says: I will think → About the consequences → Decide what action to take → and feel good about my decision.
 
Taking personal responsibility and accountability to elevate your success is a choice each has to make.  Yes we all experience losses, defeat, rejection and uncertainty.  However, if you learn from your mistakes, avoid confusing the terms "fair" and "equal" and practice self-discipline, you will take your business and yourself to a whole new level.
 
Speaking of consequences, be sure to attend one of our upcoming Fast Start Regional Conferences.  Let's spend a day together!
 
After all, there is a consequence if you do or if you don't! 

Post-crisis, now more than ever affluent and high net worth people are relying on the positive word of mouth of others when making any significant purchase or investment decision.  This creates a unique opportunity for you to be an additional resource for top clients.  Having a full time or even part-time concierge service is not viable for most practitioners.  However, you can make an enormous impression by expanding your network of people in the know in your local community.  Take time to meet the concierge staff at good hotels in your area.  They have contacts in many areas.  Meet the head of personal shopping at your better department and specialty stores – it is an expanding area of retail.  Take the head of your local chamber to lunch and find out who they see as the best of the best service providers in your area.  Who is the top travel person, fine arts and antiques insurer, you can recommend?

Having these contacts at your fingertips gives you the opportunity to suggest them to your clients when they mention an upcoming event, travel experience, or other wish list item in conversation.  In addition to your relationships with selected CPAs and attorneys that you recommend, this next level of contacts you cultivate can help set you apart from all others.

For more fresh ideas, scripts and education to elevate your success, go to the Weylman Center, our interactive university and marketing support center and enroll today.  The opportunity for business growth is enormous in 2010 – so too is the need to expand your marketing acumen.

What better way to start off the new year than to give up a bad habit?  According to Psychology Today, chronic procrastination plagues about 20 percent of adults and 70 percent of college students.  Luckily, according to articles published by Psychology Today, procrastination is a habit learned during childhood (yes, you can blame your parents!), which can be unlearned.

If you’re guilty of procrastination (“I work better under pressure!”, “I’ll get some emails out first . . .”, “I’ll take care of it tomorrow”) consider this: Procrastination weakens your immune system, increases stress, hinders sleep, and can negatively affect work and personal relationships.  And imagine the kind of example you’re setting for your clients?  Wouldn’t you rather they invest now than later?

Do Yourself a Favor:
Imagine what will happen spending an entire day with myself and my team! Click here to sign up for our Regional Conference today.  Not tomorrow, today!  You’ll feel better, sleep better, and you will learn and make new habits for marketing and practice management success in this post-crisis market.

Consider that our little New Year’s gift to you.

Once you’ve determined how and with whom you want to expand, you can position yourself with the right centers of influence in your chosen markets. By this I mean the leaders—executive directors, presidents, board members, or other professionals such as attorneys and bankers—who support and work in the markets you’ve chosen.

The next step: Raise and exceed your clients’ expectations. Again, your focus should be on building long-term relationships, not executing transactions. Use as a model the average hourly employee at every Ritz-Carlton hotel, who receives 240 hours per year of education on topics such as service, decorum, presentation, and communication. The Ritz knows that elevating client experiences, not just service, in every area is crucial to their marketing strategy because it creates delighted advocates who help build and sustain the brand’s image of luxury and excellence. In contrast, the average sales professional reads only one book a year on marketing and elevating client experiences, according to Sales Management Magazine.

Communication will also be crucial to growth in 2010. Resolve to engage in open, proactive and interactive communication with all your clients and prospects throughout the New Year. Remember that people who entrust you with their portfolios need reassurance and connectivity. If you don’t have a communication plan in place, get one. If you already have a plan, update it so that if and when there’s another downturn, you’re prepared to keep clients informed, lessening the risk of defection.

Finally, stay committed to quality advice by knowing and then integrating your core values into your practice. Seriously consider involving yourself in charitable organizations that support your targeted markets, building both credibility and visibility for your practice.

Taking personal responsibility and accountability for improving your success in the affluent market requires having a clear vision for your business that will help you achieve specific goals, grow your practice, and make your vision a reality in 2010 and beyond.

To make these steps come alive, be sure to attend one of my upcoming Regional Conferences!  My entire team and I will be there to help you execute brilliantly in 2010.

Here’s an achievable New Year’s resolution for advisors who want to build an affluent practice: revamp your marketing. Even as advisors worry about falling profits, client retention, and attracting new business, with the right marketing plan it’s possible—and more critical than ever—to improve your performance with both wealthy and affluent investors.
The first step is to become a student of the affluent and their expectations, and re-examine your approach to marketing to reflect this knowledge. Old techniques such as public seminars, mass mailings, and cold calling no longer yield strong results. Nor do presentations that focus primarily on product offerings. This means your focus should be on people, not simply selling your services as products. In other words, building long-term, mutually profitable relationships with the affluent and wealthy requires a full understanding of how they define value and make purchasing decisions, as well as the psychological needs that drive and influence them.
Step two is to make a conscious decision to expand your practice. Think about how you can grow your investment offering or client base to capitalize on opportunities as the financial markets and economy rebound. Focus on specific groups and become the go-to financial resource for them. It’s not enough to target business owners or doctors or money-in-motion in 2010. This year and in the years ahead, to be successful requires you to narrowcast.
Think about today’s major broadcast TV networks, which are losing money and audience to cable networks that know and deliver to their market base and are thus growing at substantial rates. The same goes for advisors. Instead of believing you will target business owners, identify specific groups within that market: tool-and-die shops, auto repair, fast food restaurant owners, and so forth. If you wish to target doctors, narrowcast by focusing on cardiologists, radiologists, or pediatricians.

Part II coming next week!

Just in time for those New Year’s resolutions, here is some wisdom gleaned from bumper stickers and billboards.

Recession 101 – no one can repossess your future.

Not advertising or marketing is like turning off your “open” sign to save electricity.

It’s not about how much money you are making – it’s about how much legacy you are leaving.

Spend more time preparing and you will spend less time repairing.

Thou shalt be creative when encountering roadblocks.

Discipline is the bridge between goals and accomplishment.

Ability may get you to the top, but it takes character to keep you there.

In the business world, the rearview mirror is always clearer than the windshield.

Your problem is not the problem, your problem is how you perceive the problem.

Experience is not what happens to you – it’s what you do with what happens to you.

We cannot become what we need to be by remaining what we are.

Success affects you – significance affects others.

Don’t limit your possibilities to the visible, don’t listen for only the audible, don’t be controlled by the logical.

As you prepare to execute your 2010 business plans, start the New Year off right by giving back to your community. Doing so has the benefit of being good for the heart, as well as for the growth of your business. Let me explain.
Many of us have learned, either through life experience or upbringing, the virtues of having an altruistic mindset.  As an orphan I lived in many different foster homes and met many who gave into my life so I could survive. I believe strongly in giving for goodness’s sake and in applying this to my business philosophy as well. This means giving in order to have the opportunity to give again.  We want to be seen as a source of good things and good deeds. 
When you give in order to give again, you’re more focused on building long-term relationships than executing a one-time transaction.  With the affluent and wealthy, your willingness to give and give again earns respect and creates favored access. So, how to get started?
The good news is that this time of year presents many opportunities to break into giving.  Just as every family has their own special holiday traditions, consider what your firm or team’s holiday traditions can include on this front.  For instance, at our company, we started a tradition in which each employee is allotted $1,000 for a charitable organization of their choice.  Our team members can divide and give the funds in any way they choose, as long as the organization qualifies as a 501(c)(3) non-profit.
Because of my childhood experiences, our business is involved with several charities related to children such as: Smoky Mountain Children’s Home and the Iris B. Vest Home for Widows, By the Hand Club, and Children’s Diabetes Foundation.  We also support charities that help families such as: Focus on the Family and HONOR Ministry, a ministry of refreshment in Hawaii for pastors and their families.
Getting involved in charitable organizations not only gives you and your entire team greater visibility, credibility and word of mouth in your local marketplace but it has a profound affect on your entire organization.  They realize your culture is not about giving to get, it is truly about having the privilege of service and the opportunity to give again!

In 2009, in the midst of chaos and confusion, many advisors have focused on retaining clients.  However, to grow in 2010 requires a renewed focus in the following areas:

 

1. Re-examine your approach to marketing.  The affluent person’s expectations as well as approachability has changed.  We are in a new paradigm.  Old tried and true techniques are now just that old and, in many cases, no longer truly successful activities.

2. Expand your practice.  The market is coming back and there is a considerable demand for new ideas and a fresh perspective from a new advisor.  Focus on specific groups of people and become the go-to resource for them.

3. Keep communication alive with clients and prospects.  During 2009, communication with clients was critical for retention.  People needed reassurance and connectivity.  Revamp your on-going communication plans so the next downturn causes less panic and less risk to your book.

4. Stay committed to quality advice by knowing your core values and the aspirations of your clients.  Assuming your clients aspirations are the same as they were 2-3 years ago or even 18 months ago could result in your advice being seen as diminished in value because it is out of sync with current aspirations/expectations.

5. Get engaged in your role as a citizen.  Citizenship is an active process.  Getting involved in the organizations that support your markets as well as hierarchal community organizations builds both credibility and visibility for your practice.

6. Become a student again.  The average hourly employee at every Ritz Carlton receives 240 hours per year of education on topics such as service, decorum, presentation and communication.  Why?  Because the Ritz knows elevating client experiences in every area is a key component in their marketing strategy of creating delighted advocates.  Unfortunately, the average advisor reads only 1 book per year that pertains to marketing and elevating client experiences.  In the bull market, marketing skills atrophied and prospecting muscle turned soft.  To motivate yourself, you must educate yourself and rebuild those skills.

7. Finally, take personal responsibility and accountability for improving your success.  It is not up to the “home office”, the “management team”, the “market” or anything or anyone else to get you from where you are to where you want to be.  As the saying which has been proven over and over again says, “If it is to be, it is up to me!”

Make 2010 your best by starting now to execute in these areas so you get better now!

Step 4: When you meet with a client or prospect, present a list of 15 of these people in their club/association/organization and ask who they know.
Script: Here are 15 people, in your (club, industry) I would like to meet.  Who do you know and which ones know you?

Step 5: After they review the list and comment, then ask Who have I left off this list?  Be quiet and let them think and articulate.

Step 6: Then, ask for their help to meet the people they know.  Be sure to suggest connection ideas.
Script: Be my advisor for a moment – how would you go about meeting these people?  Should I coordinate a golf outing or perhaps a breakfast, or better yet…what would you do?

Step 7: Listen carefully as they review the list for social connections and to learn who likes what, gently probe to discover more interests they may have.  Note these for future invitations and bridging opportunities.

Step 8: Close the discussion by outlining the next steps (i.e. the date, the location, the invite).
Script: OK, let’s see, you believe golf is the best for these two people.  When are you available – and let’s make it a foursome.

OR
You believe lunch after the association meeting would work – great!  Should we just make it an outing for all of the people you know?  What date works best for you?  I would be privileged to have you help me set this up and attend!

A warm introduction is the second easiest person to sell – discipline yourself to capture warm introductions!

Step 1: Create a list of prospects in your chosen niche/target/vertical market(s).  How?  Start with the local association/club/organization membership lists that support your market.
Step 2: Research every name to verify they are solid prospects.  Use Internet sources such as:

http://www.hoovers.com/

http://www.infoseek.com/
http://www.google.com/

http://www.zapdata.com/
http://www.dunandbradstreet.com/

http://www.infousa.com/
http://www.usadata.com/

Step 3: Divide the list of solid prospects into 15 name groupings by chapter/club or local geographic area.

To be continued – Steps 4-8 will be in next week’s marketing tip!

The Pilgrims had endured a spring and summer that was hot and dry with the crops dying in the fields. A day of fasting and prayer was ordered, and it was soon thereafter that the rain came. To celebrate the successful harvest, November 29th of that year was proclaimed a day of thanksgiving. This date is believed to be the true beginning of the present Thanksgiving Day.

Take time this Thanksgiving Day to give thanks for all your blessings – we have much to be thankful for!

Click here to read the original President’s Thanksgiving Address given by George Washington in 1789 – George Washington’s Thanksgiving Address.

Meetings are an unfortunate fact of life, but they don’t necessarily have to be boring or annoying.  Use the checklist of ideas here to improve your meetings – both with staff and clients.

1. Be sure you are well-organized.  Prepare and distribute an agenda that clearly delineates the items to be covered and allows enough time for client or staff input on each item.
2. Keep interruptions to a minimum.  Clients (and staff) want to know they are being heard.  Interrupting while others are speaking, and dominating the conversation creates frustration and uneasiness.
3. Declare your meeting to be “cell-phone free.”  Cell phones ringing (or “singing”) can destroy concentration and disrupt the flow of the meeting.
4. Honor the starting time.  Beginning late is especially irritating to those who arrive on time.  Ask everyone to respect the schedule and be sure to arrive on time.
5. Send a synopsis of expected outcomes.  Meetings exist to generate information and decisions.  Sending a follow-up synopsis helps to complete the process.

This all boils down to one basic principle – respect for others!

On this important day in our country, take a few minutes and review the words of one of our great fore-fathers.

Gettysburg, Pennsylvania
November 19, 1863

“Four score and seven years ago our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal.

Now we are engaged in a great civil war, testing whether that nation, or any nation so conceived and so dedicated, can long endure.  We are met on a great battlefield of that war.  We have come to dedicate a portion of that field, as a final resting place for those who here gave their lives that that nation might live.  It is altogether fitting and proper that we should do this.

But, in a larger sense, we cannot dedicate – we cannot consecrate – we cannot hallow – this ground.  The brave men, living and dead, who struggled here, have consecrated it, far above our poor power to add or detract.  The world will little note, nor long remember what we say here, but it can never forget what they did here.  It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced.  It is rather for us to be here dedicated to the great task remaining before us – that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion – that we here highly resolve that these dead shall not have died in vain – that this nation, under God, shall have a new birth of freedom – and that government of the people, by the people, for the people, shall not perish from the earth.”  Abraham Lincoln

Thank a veteran today for their sacrifice to protect our freedom!

Truly successful professionals in the affluent marketplace have five major characteristics:
1. They are leaders – not afraid to step forward and seize the opportunity.
2. They are rapport-builders – having the desire and ability to develop rapport with almost everyone they meet.
3. They are contributors – giving, not in order to get, but because they recognize that ultimately it will result in more opportunities to give.
4. They are idea generators – being seen as valuable resources.
5. They become involved in the whole process – demonstrating their intentions with action.

We all know that “people buy people.”  These characteristics should be evident in your marketing and service activities.  Are they?

What have you done, or are you doing, to humanize and personalize your service to your clients?  We can all learn a lesson from the Canadian clothing store, Mark’s Work Wearhouse.  According to Paul McElhone, executive director of the retailing school at the University of Alberta’s School of Business in Edmonton, “This has been a company that has been in a constant state of evolution.”  His comment refers to the most recent addition in a “concept store” of a custom-made walk-in freezer for customers to test outdoor winter clothing.  The freezer is usually set at -15 C, but can be chilled to -40 C if requested.  This concept store also offers different floor surfaces to test footwear, such as roof shingles and concrete. 

So – with this in mind – what can you do in your business to offer more personalized and humanized service?  The possibilities are endless – all it requires is some thought and imagination!

Adapted from The Globe and Mail – Report on Business Sept. 14, 2009.

Never forget that the business is a combination of competency and chemistry.  Competency without chemistry with prospects and clients creates barriers to decision making.  Remember you construct the decision making process by asking the right questions.  Questions that:

1. Frame problems/issues in an understandable way
2. Engage people emotionally
3. Give prospects and clients the opportunity to think deeply about their response

Knowing the answers is important – however, framing the discussion so that people engage with you and thus make a decision, is vital. 

Emotions frame the mental models by which people make decisions.  Engage and enjoy success!

Elevate Your Success in the Affluent Market

Richard Weylman invites you to a full day of candid and thought provoking discussion with him and his team – America’s business growth specialists for financial professionals seeking to elevate their success in the affluent marketplace.

Attend & Discover:
• How to Create a Practice of Distinction - Learn how to become “distinct” in a world of “different”
• Capture New Accounts in the Affluent Market - Gain an understanding of what drives the decisions of the consumer in this market
• Where to Focus Your Efforts for Optimum Leverage - Discover how to segment your BOB and duplicate top clients
• What are Your Competitive Advantages and How Can You Articulate them Effectively? - Learn how to focus on what clients and prospects value and prefer
• Client Retention Strategies - Explore how to move clients from satisfied to delighted
• Execution Plan - Discover the 90 day planning process to provide brilliant execution

Select city for more information, conference agenda and registration:

Boston Regional Conference

Dallas/Fort Worth Regional Conference

 

 

If we’re honest, we would all like to be more productive and profitable.  The question is, how do we get there?  Here are some basic principles to consider:
1. Stop saying you don’t have enough time.  Everyone has 24 hours in a day, so why are others able to accomplish so much more than you are?  Re-evaluate how you spend your time and set new priorities.  We always seem to have enough time to do the things we want to do!
2. Focus on the outcome you want to see.  Keeping your “eye on the prize” makes it easier to endure any discomfort you have to experience to get there.
3. Focus on what you value most.  Everyone has one thing that is more important to them than anything else.  Structure everything you do around and toward that.  For advisors, it should be meeting potential clients and bringing them on board.
4. Learn to say “no” to things that fall outside of your priorities. 
5. Before you leave work each afternoon, compile a list of the top 6 (or 8 or 10) things you need to accomplish the next day. 

If you don’t make time to grow now you won’t have time to recover later!

At some point in your life you will be called upon to make a toast.  Here are some helpful hints from Benoit Gouez, chef du cave at Moët & Chandon, that can make you appear knowledgeable and experienced:
1. Maintain eye contact and speak from the heart.
2. Don’t over-prepare – no speeches read from notecards.  A toast should be short enough to be memorized.
3. Raise your glass to eye-level, look first at the person you are toasting, then turn your eyes to the others present.
4. When touching glasses in a small group, it is important to touch your glass with everyone there; in a larger group, touch just with those immediately around you.
5. After touching glasses, the host should be allowed the first sip, with others following.

Mr. Gouez believes that toasts shouldn’t be reserved only for formal occasions – any occasion can be made special with a toast.  Follow his lead and, the next time you are together with friends, make a toast to something positive that has happened, even if it’s just that the sun is shining today!

In the financial services industry, as well as most others, it is important to know how to leave a voice mail or a live message for someone that will cause them to call you back.  Here are some pointers to make it more likely they will return your call:

1. Avoid long, drawn-out messages – we hate receiving long messages, so don’t leave them for others, either!
2. Tell them just enough to make them want to call you back – pique their interest with one or two well-researched pieces of information.
3. Use the name of someone who referred you to them if possible – warm introductions are always the best!
4. Do your homework – research the company online before calling to discover pertinent information.
5. Speak in their language – again, do research to discover key words you can use.
6. Make a connection with the person you are trying to reach – try to learn ahead of time what their interests are or what organizations they are involved in.

Preparation and research can take time and effort, but it pays off many times over in the end!

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