Creating the Ultimate Toolbox

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How do you know that you are using the wrong tool for a particular challenge? Many financial planners run into similar situations—not knowing what tools they need and when to use them in order to be successful. So why is understanding what tools you need so important? Because financial planners and agents who do not understand the appropriate tools to use, why and when to use them and how to use them effectively are doomed to come up against repetitive obstacles.

Abraham Maslow said it best when he said, “If the only tool you have is a hammer, you tend to see every problem as a nail.”

Creating the Ultimate Toolbox

Recently, I’ve had a number of my clients request the Advisor Solutions’ “A-to-Z” Assessment Test which is an assessment to help individuals determine which tools they need in order to overcome their particular challenges. It has become abundantly clear that it doesn’t matter if I’m speaking to a first year rookie or a twenty-five year veteran, everyone has challenges but they don’t realize there are solutions.

Let’s take a look at a step-by-step approach to creating the ultimate toolbox.

Step 1: Confronting the Challenge(s)

Few planners want to confront their business challenges head on. The following is an example:

Marie is a rookie planner with less than two years in the industry, who after taking the assessment test admitted that when a prospect tells her that they “already have a planner” she simply asks if she can keep them on her quarterly mailing list. In other words, she is not getting past this objection which makes her sales efforts that much more difficult.

Jayne is a financial planner with 30 years of experience who spends most of her day putting out fires and dealing with client servicing. Whenever a client calls and needs something she stops what she is doing to address the client’s request. In other words, she is not prioritizing her interruptions which make her time management system reactive rather than proactive.

Although each of these clients is very different in terms of experience and client base, they do share a commonality: they have accepted their challenge as “just the way it is” and believe that there is nothing they can do about it.

Step 2: Search for the Solution(s)

Unfortunately, both of these planners would have continued in their limiting belief of accepting their situation had they not yearned for solutions.

After several weeks of coaching, Marie ended up with a system for handling objections using a tool called the Objection Resolution Model, a four-step process for overcoming any objection. Once I explained the model and role played numerous objections for her she realized that this was a much better solution than simply keeping people on her mailing list.

Jayne now has a system for prioritizing interruptions and tasks using a tool called the Adviser Solutions’ Time Matrix To-Do List which labels whether tasks are now, today, this week or whenever items.

It didn’t take long for each of them to realize they could take control of their situation by simply finding the correct tools.

Step 3: Applying the Tools and Evaluating the Results

Knowing what to do and actually doing it can be two very different things. That’s why it is so important to apply the tools that you find right away and to continue to use them until they become a habit.

Next, you must evaluate the process. Both planners did and have now created a new normal.

What’s in Your Toolbox?

The aforementioned tools are just two of 26 I’ve explained in my book 101 Advisor Solutions: A Financial Advisor’s Guide to Strategies that Educate, Motivate and Inspire! Just think what you could do once you mastered all of these tools. So, what’s in your toolbox? If you still have challenges than you need solutions for now is the right time to create your ultimate toolbox.

If you would like any of the tools mentioned in this piece, request them for free from our Melissa Denham, our director of client servicing.

Dan Finley
Daniel C. Finley is the president and co-founder of Advisor Solutions, a business consulting and coaching service dedicated to helping advisers build a better business.

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