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The Circle of WOW

On a recent flight home, after giving a keynote speech on driving deep client loyalty in the financial services industry, the woman sitting next to me asked about my business. It turns out that she was a public relations executive for the dental industry.

Intrigued, I asked, “What is the most effective slogan you have ever authored in your world of teeth?” She responded, “Simple. This one: you don’t have to floss every tooth, just the ones you want to keep.”

Instructive! So it is for clients in the financial services industry: you do not have to connect emotionally, or make meaning with every client, just the ones you want to keep.

Let’s be candid: nobody can control market events, but investment advisory teams can control how they connect emotionally with clients, colleagues and others. Regulatory changes and challenging investment environments should remind us that making stronger connections is more important than ever. And a key way of doing that is what we at Janus Henderson Labs affectionately refer to as The Art of WOW—focusing on actions that build impactful connections with those we care about at work and beyond.

Launching a meaningful wow journey requires planning. We like to start with “The Circle of WOW,” a four-step business development approach designed to fire up your business development efforts and start a perpetual upward spiral of results:

Step 1: Evaluate. Find your super-niche that helps you grow on purpose, not by accident. No matter what your profession—cultivating a “happiness advantage” is a natural outcome of discovering your unique business tranche (UBT) and developing your business around it.

Step 2: Activate. Identify and WOW your “Client Marketing Officers” and never ask for a referral again. Learn to consistently deliver WOW experiences to key members of your UBT, and leverage their guidance on how to grow your business with the help of other extraordinary members of the group.

Step 3: Replicate. Curate ideal clients and quit prospecting as you know it. With the help of your Client Marketing Officers, identify best new prospective clients and connect with them based on the fundamentals of WOW. Design each prospect’s experience based on a customized assertion schedule.

Step 4: Perpetuate. Create a magnetic ecosystem. Stop promoting and start attracting (and connecting). Deliberately cultivate personal rituals and design your environment to continually attract and nurture your UBT. Maintain a strong presence as an expert and dominate your space with unmistakable joy and command.

While WOWing our clients is certainly an art, we follow an actionable playbook on how unexpected, thoughtful behavior can elevate you from a professional resource to a provider of truly personalized service.

To learn more contact Janus Henderson about The Art of WOW. Our program, designed to drive extreme client loyalty, was developed in partnership with Dr. Joseph Michelli, internationally recognized client experience expert and author of The New Gold Standard: 5 Leadership Principles for Creating a Legendary Customer Experience Courtesy of the Ritz-Carlton Hotel Company and The Starbucks Experience.

JohnEvans
John L. Evans Jr., E.D., is the executive director of Janus Henderson Labs of Janus Henderson Investors, formerly Janus Capital Group. He is a practice management expert who conducts extensive consulting and training with top financial intermediaries and businesss leaders worldwide.

 


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5 Steps to Manage Critical Mass

It never ceases to amaze me when I get a call out of the blue from a former client who is concerned with how their business is doing. Typically, they have had a downturn in their production for various reasons such as lack of prospecting or motivation or even as a result of being complacent. However, today was an interesting turn of events when I receive a call from a previous client, Seth, who was excited to inform me that his business had reached what he termed “critical mass” and he didn’t know what to do about it.

Apparently, his consistent prospecting had paid off and he was now bringing in more assets, new accounts and doing more production than he had ever done before. I congratulated him on all of his accomplishments and that is when the conversation turned to the real reason for his call. He simply said, “I need your help. I have no idea how to manage this level of success.”

I’m sure we can all agree that this type of scenario is a good one to have, but regardless it was now proving to be a challenge. Since we had worked together, he trusted me and knew we would brainstorm a solution.

Following is a brief overview of some of the suggestions I would offer to you if your business grows beyond your expectations.

Step 1: Know What You Like and Don’t Like to Do. Some advisers and agents like to prospect while others like to manage their client base. The first step is to get crystal clear in understanding what you like and don’t like to do. Simply make a list of all the weekly activities you need to accomplish regularly and put a plus or a minus after each. It won’t take long before you realize what activities you look forward to doing and what activities you dread—if you didn’t know already.

Step 2: Do What You Love and Delegate the Rest. In Seth’s case, he loves to prospect and that is a big reason why his business had taken off. He also loves to manage his client base. However, about six months ago his assistant had decided to be a stay-at-home mom so she resigned. To save money, he chose to be his own assistant. Unfortunately, there is no one to delegate things to that he doesn’t like to do, such as the administrative activities and day-to-day operational tasks. The solution for him was to find someone who loves to do these types of activities. So, he needed to hire, train and delegate everything not involving prospecting and managing the client base to somebody else.

Step 3: Create a Scalable Business Model and Stick to It. In order to consistently manage steady growth, it’s important to have a scalable business model. Seth had realized that years ago when he transitioned his clients to fee-based accounts and continued prospecting as well as systematically servicing his clients. Within a few short years, he had doubled his assets and revenue. His fee-based model allows him the time to continue growing and managing his book of clients. And it shows.

Step 4: Create a Team. At some point, it’s important to admit that in order to continue growing and servicing your client base effectively it takes more than one or even two people. Eventually, Seth will have to look at adding some additional people to his team. One example would be to add a paraplanner to help put financial plans together. Since he is a people person and loves to connect, it might be a good fit to have someone who loves to do manage the behind the scenes work. This would free up some of his time to continue prospecting and meeting with his client base.

Step 5: Expand Your Value. Another option is to expand your value by introducing additional services to your client base. An example of this is for Seth to add an insurance agent to the team who would cross-sell to the client base offering quotes on property/casualty, life, health and even long-term care insurance. Doing this would not only help his clients but it would also help him retain his client base.

Why Strategic Growth is Important
Generating critical mass doesn’t happen to everyone. However, if you consistently prospect it can happen to you. The reason why having a strategy to consistently grow your business is important is because it will help you reduce the growing pains that come along with success. When you know what the next step is, then you are not afraid to take it.

Have you mapped out your success? If not, why not? Discuss this with me in a complimentary 30-minute coaching session. Schedule one by emailing Melissa Denham, 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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How to Get the Right Prospect to Your Event

It happens all the time. An adviser plans a high-end client appreciation dinner or wine event and spends weeks planning every aspect. The dinner menu, the flowers, the drinks, the guests to invite, the seating arrangements—everything is carefully thought through.

And since the adviser is a generous host, clients are invited to bring a guest. The adviser is casual about it but hopes clients will bring along a great prospect, perhaps an executive-level peer. And then the big night comes and the clients show up promptly, ready to have fun—with their 14-year-old daughter in tow.

That’s frustrating. Disappointing. And a missed opportunity! As the host of the event, it’s your job to make sure people know what to expect and whom they should bring to your gathering. It’s great that you want to meet new people, and your existing clients are wonderful sources of prospects for you. But rather than leave it up to clients to bring a friend, it’s far more effective if you can suggest an appropriate guest.

Listen for Name Drops

When you meet with clients, of course you listen closely as they talk about the people, places and activities that are important to them. But you should also be sure to ask questions, when appropriate, to learn more about their golf foursome, book club or brother who moved to town. Keep track of the names that come up in these conversations so that you have a ready pool of good candidates for your business and events. It’s easy from there to say something like the following:

“You mentioned recently that your tennis partner is a lot of fun. I’d be delighted to have her and her husband as my guests at the dinner as well.”

Hopefully, you’ll get to meet the prospect who would be a good fit for your firm (which you know because you’ve Googled her, just to make sure.) But even if that doesn’t happen, your clients will understand the type of person you’re looking to meet by the names you’ve brought up.

Look for Leads

In addition to your own research, you can leverage LinkedIn to find out whom your clients know. Simply visit their profile and click on “See Connections.” This list will quickly and easily give you some ideas of people to suggest your clients bring, and you’ll be able to learn some important details about these people—perhaps their involvement on a hospital board or a past job or charity work.

Hint, Hint

If all else fails, and you still want your clients to bring a prospect, try something simple, like this:

“I’d like this wine tasting to be as much fun as possible for you. As you know, we won’t be talking any business—this is purely for pleasure. Is there a friend, or a couple that you know, who also shares your passion for red wine? If you’d like to bring them along, I’m happy to welcome them. And you know you’ll have a great time.”

This should keep the 14-year-old daughter at home and hopefully open up the invite to a promising prospect. With these tips in mind, you’ll have more enjoyable events while growing your business at the same time.

Joni Youngwirth_2014 for web
Joni Youngwirth, managing principal, practice management, at Commonwealth Financial Network®, Member FINRA/SIPC, helps advisers develop the mindset and systems to grow their businesses to the next level.

 

Kristine_McManus_2_lg
Kristine McManus, chief business development officer, practice management, at Commonwealth Financial Network®, Member FINRA/SIPC, works with advisers to grow their top line through the introduction of various programs, tools and coaching.


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Does Your Practice Have a High-Performance Team?

A high-performance team is a concept within organizational development which refers to a team, organization or virtual group that is highly focused on its goals to achieve superior business results.

A high-performance team is one in which you have the right people doing the right things the right ways for the right clients at the right times for the right reasons.

Do you have a high-performance team? The following checklist of behaviors and attributes of high-performance teams can help you figure that out:

  • Have a clear vision and are committed to a common purpose.
  • Have clearly defined roles and responsibilities.
  • Are committed to ongoing, honest and effective communication. Included in this is: having tactical daily huddles; weekly and monthly team meetings; and strategic quarterly and annual off-site meetings.
  • Have a compelling and differentiating story that all team members can articulate.
  • Commit to high productivity daily. Included in this is utilizing time-blocking strategies; consistently utilizing a contact management system; engaging in effective workflow among team members; executing a task priority system; being purposeful and intentional in daily work with a high focus on proactivity; systematizing and documenting all repeated activities as standard operating procedures; spending 10 percent of time on the business every week; embracing technological resources to drive efficiency; and being cross-trained and having back-up systems.
  • Consistently demonstrate a positive, can-do and will-do attitude. This includes: going above and beyond job descriptions; being solutions-focused and committed to problem solving; and innovating to drive efficiency and productivity.
  • Have strong personal accountability. This includes believing in self-leadership; having short- and long-term goals; owning mistakes; frequently evaluating individual, team, and business performance; embracing giving and receiving constructive criticism; understanding role and value in the vision and overall success of the group; and ensuring that words and actions are consistently aligned.
  • Are committed to ongoing personal and professional growth. This includes being masters of their craft; engaging in all firm-provided professional development opportunities; investing in themselves; subscribing to valuable online and offline learning publications; and seeking professional credentials.
  • Are committed and respectful to the leader, the team and themselves. This includes embracing autonomy within their role and embracing collaboration within the team; respecting the ultimate decisions made; and seeking ways to help each other and the team succeed.
  • Celebrate successes. This includes making time to “smell the roses” and have fun together and recognizing each person’s contributions to the team.
  • Master the fundamentals. This includes setting the highest standards for their work; displaying integrity in all things; always putting the clients’ best interests first and foremost; and maintaining mutual respect and trust.

As you consider your staff and team members, identify opportunities for improvements to drive high performance.

Sarah E. Dale, President of Know No Bounds, LLC

 

Sarah E. Dale
Partner
Performance Insights
Atlanta, Ga.

krista_sm

 

Krista S. Sheets
President
Performance Insights
Atlanta, Ga.


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4 Ways to Retain Heirs

Ponder this worst-case scenario when it comes to introducing yourself to your client’s heirs: you’re at your client’s funeral and you offer both your condolences and a business card. The chances of those children and grandchildren calling you up after that are pretty slim.

Whatever you think of the younger generations—they’re lazy, entitled, glued to their phones—the fact remains that $24 trillion in wealth will transfer to them by 2030. They’ll need help. Introducing yourself to your clients’ heirs early and genuinely is the key to retaining that business.

Maria Quinn, adviser education specialist for Vanguard, told FPA Retreat attendees in April that there are ways to meaningfully engage with the adult children of your clients. First, Quinn advised, understand how the younger generations are different and how they perceive financial advice; second, fully engage both spouses; and last, authentically connect with the heirs of your clients.

In a 2015 Deloitte survey, 40 percent of boomers surveyed said their children work with a financial planner. Of that 19 percent said those children worked with a firm other than the ones the parents worked with and 21 percent worked with the existing firm.

Combined, Gen X and millennials (born between 1965 to 1997) are 141 million people. They’re different in the way they interact with financial planners. The acronym used to describe them is HENRY: high earner not ready yet. They will have wealth; they just don’t have it yet.

The younger generations are noted as the “401(k) generation,” Quinn said. They are saving automatically and don’t generally know where their money is invested. Both Gen X and millennials are socially conscious and express interest in learning more about retirement from their employer. Gen X tends to be distrustful of the financial advice industry while millennials see it as being too sales oriented.

But a smart move in reaching that next generation is to form a relationship with their mothers. Quinn said that many advisers tend to ignore the wife in client couples.

“She may be quiet in the room, but don’t think she doesn’t have opinions,” Quinn said. “She controls about 90 percent of the decisions. You want her in the room. You want to make sure you’re engaging her as much as you can.”

Some examples Quinn offered attendees to authentically connect with clients’ families were:

Do something special for your favorite clients. Quinn noted a planner who’d planned an 80th birthday party for his favorite client, pleasing her and impressing the family alike.

Offer pro-bono services for life events. Offer to do a financial plan for your clients’ children when you hear they are getting married or are expecting a baby. This could help forge a new client relationship and loyalty for years to come.

Pair up young advisers with young clients. Quinn said pairing up your clients’ children with your firm’s younger advisers would also be helpful. It would get that next-generation business in the door, while giving your next-generation advisers some valuable experience.

“Younger investors like to have a cultural similarity with the advisers that they’re working with,” Quinn said.

Be a savvy communicator. Quinn encourages planners to utilize technology to make a positive impression. She noted that the next generation of clients will do a Google search on you, and you want to be sure that what they find is appealing. Also, note that this generation probably doesn’t prefer phone calls, but rather emails and texts.

“If you do have clients whose children you want to make meaningful connections with,” Quinn said, “determine the most effective way to initiate engagement and establish a strategy for sustaining engagement.”


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7 Steps to Building a Business Breakthrough

Have you ever been stuck atop a production plateau or seen your business head in a steady decline and wondered what it would take to turn your business around? Most advisers and agents go through peaks, valleys and crossroads at some point in their careers. There are many ways to pivot and change your trajectory if you find yourself in need of a re-route. Here are a few of my suggested steps to help you.

Step 1: Choose to Succeed
It may sound simplistic but success is a choice, either you desire to succeed or you don’t. To take the first step toward positive outcomes you have to want to move in the right direction. So, if you are tired of being where you are you must make a conscious decision to do want it takes to ensure change actually happens or the status quo will continue.

Step 2: Adopt a Great Attitude
It’s been said that, “Life is 10 percent what happens to me and 90 percent how I react to it.” Adopting a great attitude starts by understanding that nobody is responsible for your success but you. How you look at your circumstances is a choice that you must make every day. You will always be faced with obstacles but if you view them as an opportunity to grow you can turn them into triumphs. Start each day with an attitude of gratitude for all that you have and watch how quickly other aspects of your business and your life start to fall into place.

Step 3: Create Systems to get Results
No one ever built a great business by winging it. When you are truly honest with yourself you will realize that creating processes and systems for every aspect of your business, time management, prospecting, sales, client servicing and so on is the best way to get results. The secret to creating systems is to duplicate other’s successes by learning and implementing their systems. So ask someone you look up to in your business, what is working for them? Why re-invent the wheel?

Step 4: Take Massive Action
It has also been said that, “The distance between dreams and reality is action.” And, the more action you take the higher the likelihood that you’ll succeed. Let’s face it, you can have a fantastic system but if you don’t actually implement or integrate it then it is merely a wasted resource. Conversely, taking massive action ultimately generates both motivation and momentum.

Step 5: Track Your Progress
Measuring your milestones is a terrific way to enjoy the journey. In order to know if you are on the right path you must consistently track and evaluate your progress. It can be as simple as adding people to your pipeline daily or as complex as recording dials, contacts, new prospects, appointments and accounts. Knowing where you were and where you are now will help keep you moving toward where you want to be.

Step 6: Reward Yourself
As you accomplish your goals, it’s important to reward yourself along the way. Rewards act as a motivator to continue taking daily action because it provides an added incentive to push a little harder towards your end goal. Some successful advisers and agents use a simple reward system like allowing themselves to get a cup of coffee only after having contacted five new prospects. When you use this type of reward system consistently you form great habits to continue building your business.

Step 7: Make Course Corrections
To reach your peak potential, it’s important to make course corrections from time to time. Take for instance having a proven cold calling prospecting system that a successful colleague used to build his or her business. He or she was kind enough to map out their system for you, you took action, recorded milestones and rewarded yourself but success seems to be happening at a slower pace for you than you had expected. Chances are that you may need to make a slight course correction around who your target market is, tweaking what you say or how you are handling objections to duplicate their success.

Why Building a Business Breakthrough System Works
Business breakthroughs don’t happen overnight. It takes time to implement each step until you find the pace and formula that works for you. Now that you understand a bit more about what is involved to get going, all you need to do next is to take that first step towards your destination.

Are you using some or all these steps to have your own business breakthrough? To learn more, schedule a 30-minute coaching session with me by emailing Melissa Denham, director of client servicing.

Dan Finley

 

Daniel C. Finley
President
Advisor Solutions
St. Paul, Minn.


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4 Questions to Attract More Clients

There are just four questions that every financial adviser must answer if they want to attract more clients. If you can answer these questions, you’ll be able to more effectively communicate your message to prospects so that they will want to work with you.

No. 1: Who’s Your Ideal Client?

When advisers think about their business and how they help people, they tend to think the most about the services they provide. Things like the types of planning they offer, the investments and products they use for clients, the process they walk clients through, etc., but we rarely focus on defining who we serve.

The financial advisers that will survive and thrive over the long term will define their business not by the service they offer but by the people they serve.

They know exactly who their ideal client is.

No. 2: What Value Do You Provide?

You undoubtedly provide a lot of great advice to your clients. But what do your clients value the most? What’s most important to them?

Do they care about investment selection, the products, the process, your credentials, your years of experience or your past performance? I’m sure they do.

But there’s actually only one thing that your clients value above all else: their transformation.

They are seeking the positive change they experience by working with you. They want the end result. How do I know this? It’s because people buy the destination, not the plane ride.

What is the destination your clients are trying to get to? What’s the ideal end result you can help them achieve? This is the real value you give to clients and prospects.

No. 3: How Do You Clearly Communicate Your Value?

If you’re the greatest financial adviser in the world but you don’t know how to clearly communicate your value to ideal prospects, then you won’t be in business very long. If you cannot clearly communicate your value to people, nothing else you’re doing in your business really matters.

Many good advisers have failed because they didn’t know how to clearly communicate their value.

The best advisers are able to engage in a conversation with a complete stranger and within two minutes, that stranger fully understands how that adviser helps people. Even better, that stranger will have enough curiosity and excitement that they want to hear more from the adviser.

If you’re able to naturally start the conversation with people, you’ll have no trouble getting people in the door. And If you can communicate your value, you’ll have no problem getting people to become your clients.

No. 4: How Will You Consistently Attract and Acquire New Clients?

This is the most important question that advisers need to answer. It’s also the one most advisers have a hard time answering.

How do you find new clients? Most advisers rely on referrals to get new business. Some others still do seminars, lunches, cold calling and networking events. Those techniques are good but there are more and more advisers turning to newer ways of attracting prospects to them. Techniques such Linkedin referrals, Facebook ads, blogging and webinars are quickly growing in favor with advisers. This is because they are less expensive and more profitable than the “old school” ways of getting new clients. But there’s also a steep learning curve to these. You shouldn’t let that stop you from testing them out. When you find the technique that works for you, stick with it and focus all your energy there.

Take five minutes and try to answer these four questions. And be honest with yourself. If you’re having trouble with one of the questions, start exploring new ways to try and answer it. If you need ideas, download the accompanying guide to help you out.

dave-zoller

 

Dave Zoller, CFP®
Financial Adviser
Streamline My Practice
Warrenville, IL