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The Power of Wow

After her particularly stellar basketball season, John Evans, Jr., Ed.D., took his 10-year-old daughter for a trip to the Sarasota, Fla. Ritz Carlton.

On the elevator ride up to their room, he praised her rebounding, her boxing out, her shooting. They settled in, left the hotel, and came back to their room to find a tiny chocolate cake with a message on top reading, “Congratulations on the great season, Susana.”

The bellman had heard the entire conversation and seized the opportunity to give these two guests what Evans refers to as a “wow moment.” He defines this as a unique, emotionally engaging experience that goes beyond expectations and is readily recounted.

Evans, executive director of Janus Henderson Labs of Janus Henderson Investors (formerly Janus Capital Group), told FPA Retreat attendees in April 2017, that generating wow moments for a great client experience, like the one he had at the Ritz Carlton, starts with energy levels, is followed by clarifying your purpose, and ends with expanding your team’s capacity to deliver authentic wow moments (read more about “wow moments” straight from Evans in the June 20 FPA Practice Management Blog post titled, “The Circle of WOW”).

“We have an energy crisis here, ladies and gentleman,” Evans said. “But here is the thing: we can create more energy.”

Evans noted that there are four areas on the energy pyramid: the physical (the fundamental source of fuel, sleep); emotional (the capacity to manage emotions); mental (capacity to organize and focus attention); and spiritual (the purpose beyond self-interest). Of those, we are most stressed in the mental and emotional.

But, Evans noted, stress isn’t always bad.

“Stress is the giver of life,” Evans said. “A life of pillows and marshmallows is no way to live.”

Evans notes that a way to generate more energy in all areas of the pyramid is to embrace stress and abolish multitasking, which he said is “one of the greatest enemies of extraordinary and the pathway to mediocrity.”

It’s counterfeit engagement, he said, and we all need to become more engaged. Focus on one thing at a time, establish healthy habits such as eating right and exercising, and see if your energy levels improve.

Next, advisers must clarify their purpose. Why do you do what you do? What is your purpose? Your cause? Your belief? Actively communicate that from the inside out.

Finally, appoint a “wow czar” or “chief clientologist” whose job it is to help generate these experiences. This person should have tremendous emotional intelligence and be creative.

“We have to be intentional about wow,” Evans said.

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Ana Trujillo Limón is associate editor of the Journal of Financial Planning and the editor of the FPA Practice Management Blog. Email her at alimon@onefpa.org


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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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How to Sell the Benefits of Financial Planning

Do you ever struggle to communicate the value of financial planning to prospective clients, such that they are willing to sign your planning agreement and write a check for the deposit, enabling you to move forward?

That was the question I was asked recently by a financial planning practice. They sent me sample copies of their proposal as well as examples of their executive summaries, action plans, fee schedule and even some success story descriptions.

I am confident that this is a practice that provides an excellent planning process and product—certainly well worth the fees they charge.

So what did I recommend? Here are the steps I suggested:

Before your Introductory Conversation:

  • Thank them for their interest in learning more about you and your practice.
  • Send a link to your website, pointing out any description or case studies you have there about your planning process and results.

During your Introductory Conversation:

  • Learn enough about them to determine whether they’re a good fit for your business model and how you can help them.
  • Explain your background and approach to help them understand whether you’re a good fit for what they need.
  • If you provide different “tracks” based on your clients’ situation (such as plan only, plan plus solutions or even solutions only), describe them. Tell them that the basis for determining which track is most appropriate generally becomes clear in discovery. Avoid discussing fees at this point; you want them to understand that you will recommend the track most suited to their needs.
  • At the end of the introductory conversation, if you believe they are a good fit for moving forward, say something like: “Based on what you told me about your situation, and how we generally serve our clients, I think we’d be a good fit to move forward to our discovery process.”

During your Discovery Meeting:

  • Your goal during discovery is to develop a list of the problems they need to have solved—the ones they’ve identified already and the ones they may not have realized they have.
  • At the end of discovery, you can talk through the list of issues to be addressed, particularly focusing on the ones you uncovered.
  • Then you can say something like: “Based on what we talked about today, and to help you address each of these concerns, I believe X is the most appropriate track for you.”
  • Then stop and listen. Test for agreement to move forward.
  • If they’re ready, provide your planning agreement and set an appointment and expectations for next steps.
  • If they’re not ready to sign your agreement today, go ahead and schedule a follow-up meeting and give them what they need to prepare for planning. Assume they will be moving forward, but need a bit more time.

In the case of the financial planners I spoke with, they were accustomed to sending a planning proposal that was mostly about how they would review, analyze and evaluate, but little about the specific benefits their clients would experience.

Instead, use your analytical skills during discovery to uncover issues that your prospective clients didn’t know they had and then help them see the benefits you can provide in solving each one of them.

susan-kornegaySusan Kornegay, CFP®
Consultant/Coach
Pathfinder Strategic Solutions 
Knoxville, Tenn.

 

Editor’s Note: This blog originally appeared on the Pathfinder Strategic Solutions “Perspectives” blog. 


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Persuading through Themes

Effective advertising centers on repetition. Only after a certain level of exposure will the target audience gain familiarity with the message and visuals. And, only with familiarity will persuasive messages motivate the audience to purchase. This core tenet is nothing more than how humans naturally learn.

The typical advisory firm is a small business with a limited budget for marketing outreach. The good news is the resource for persuasion today—marketing through digital means—is readily available and low cost (if not free of hard-dollar costs).

Thematic Repetition
There are many resources available to guide advisers in establishing an effective digital and social media presence; that’s not the focus here. This post emphasizes persuasion through using strategic marketing themes merchandised through various digital outlets.

A theme can be reflected in content on an adviser’s home page, detailed in a blog, merchandised in an email blast or newsletter, summarized via Twitter, captured visually in a Facebook feed and tailored in an email message. To an adviser’s relationships, the theme—and the benefits it delivers—is internalized through exposure to these different communication channels.

The WIIFM Reality
WIIFM—an acronym for “what’s in it for me”—in many ways determines the willingness for a message recipient to be moved persuasively.

While we like to think that simply imparting our wisdom and advice should be enough, the market wants the benefits clearly presented and immediate. It’s essential to understand that WIIFM isn’t just the benefits at the final sale, but at every desired interaction.

Another WIIFM marketing aspect is the trust building from successfully delivering a string of benefits, even small ones within the larger theme itself. The more a recipient experiences valuable interactions, the more likely he or she will be to engage in intensive communication indicative of meetings deeper in the sales process.

Themes Linked to Business Strategies
Think of a theme as a story. The story tells a reader what the problem is, who is involved and the outcome. The same story can be told with gripping character details in a lengthy book, as a picture book or a simple two-sentence synopsis.

A marketing theme supports a strategic service. A lot of marketing money is wasted because an adviser’s service solution, and its associated benefits, don’t explicitly demonstrate how a market’s needs are satisfied.

A Thematic Delivery Hierarchy
A properly executed theme produces persuasive content in different forms and scope. At the top level in the hierarchy, the theme is explained in its fullest form while at the bottom the theme is tailored to particular client/prospect circumstances.

Marketing Content Hierarchy“Explain” Level: In many ways, this level is the most formative since the theme is fully presented and detailed. From here, each other level can be traced.

  • Delivery Method: White papers and presentations
  • Marketing Role: During the writing process, the theme shows itself as a prototype. As ideas are described and linked, any logic, persuasion or process weaknesses are exposed before the theme becomes operationally active. Once finalized, the document—attractively presented and written persuasively—becomes a guidebook illustrating the theme’s full benefit inventory to the client/prospect audience.

“Segment” Level: A marketing theme is actually comprised of key segments (i.e. features or functions) and each has associated benefits. Think of a segment as a subplot or episode in a larger story.

  • Delivery Method: Blogs, e-newsletters and website content
  • Marketing Role: Presenting focused segments one by one results in a content calendar. A segment has its own benefits, and these are spotlighted (and especially meaningful for those clients/prospects needing one set of benefits more than others).

“Point” Level: This level emphasizes specific WIIFM benefits.

  • Delivery Method: Email blasts, Facebook feeds and website visuals/photographs
  • Marketing Role: A single, key benefit is presented to motivate recipients to learn more (through the two higher levels).

“Fit” Level: This engagement level answers a client/prospect’s questions through the theme itself. Some people call this “staying on message,” but it’s more accurate to view it as retelling the theme directly through the client/prospect’s circumstances.

  • Delivery Method: Email replies, phone calls, face-to-face meetings and Facebook posts.

Persuasion Culminates in Conversion
Today, people have many defenses to persuasion. People want to take in information on their own time and under their control. Yet, persuasion happens every day when a mind is opened because a message hits a need and a solution’s benefits are there to fulfill it. A strategic marketing theme persuades through delivered benefits.

Kirk Loury

Kirk Loury
President
Wealth Planning Consulting Inc.
Princeton Junction, New Jersey


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In Praise of Good Financial Advisers (You Know Who You Are)

Ours is an industry that gets a hefty dose of negative publicity. True, there are scoundrels perpetrating Ponzi schemes and conducting other nefarious activities—and they cast a pall over the public’s perception of the well-meaning and competent financial professionals out there.

The good news is, these bad guys are few and far between. The bad news is, with our heavily regulated industry, sometimes the good guys may feel they are being micromanaged as a result. Still, there are so many financial advisers out there who are doing excellent work for their clients.

The Well-Adjusted Retiree
I recently had the opportunity to see this excellent work firsthand when I attended a client event hosted by an ensemble practice. At the event, a panel of recently retired individuals and couples answered questions from an audience of pre-retirees. The questions varied from cash flow, social security, Medicare and investment performance to how to align a couple’s “vision” of retirement, which included things like whether to downsize their home and how to stay connected and social with friends and family.

I was especially curious how the panel would respond when an audience member asked if the peaks and valleys of the market affected the panel’s daily decisions about drawing down on their nest egg. This question was especially timely, as the market had just dropped more than 870 points in the prior week due to the Brexit vote. The response? Daily markets weren’t a showstopper. In general, the panelists said:

  • They had their goals.
  • They had their nest egg.
  • They didn’t pay much attention to the markets unless their advisers said they should.

One couple talked about how they met with their financial adviser, estate attorney and CPA for an annual meeting. That meeting gave them the confidence that not only were their investments on solid ground despite market volatility, but that tax efficiency and an integrated estate plan were being managed by a team of professionals working together to help them achieve their retirement goals.

Helping Clients Not Sweat the Small Stuff
Financial advisers enjoy deep, meaningful relationships with their clients. Sometimes they garner appreciation and recognition for what they do. But just in case you haven’t gotten a dose of it lately, as one of the good guys in the industry, know that because of your competence and caring, your clients don’t need to sweat the small stuff like daily market volatility. Instead, they can focus on enjoying the retirement lifestyle you helped them achieve.

Thank you for all you do, financial advisers!

Joni Youngwirth_2014 for web

 

Joni Youngwirth
Managing Principal of Practice Management
Commonwealth Financial Network
Waltham, Mass.


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The Experience Story: In Reverse

It’s no secret that telling a great story can help prospects better understand your recommendations. Story-based selling is the art of using metaphors, analogies or stories to do just that. However, what is little known is that you can have a similar effect when you set the stage by having a prospect share an experience about themselves or about someone they know who has used a particular product or service. Many times you get them to buy into the products or services you are about to recommend based on a story they have just shared with you, so that there is little need for you to go down the path of a typical closing. This process is a reversal of sorts as the standard practice is for advisers or agents to have to share their existing client’s experiences in order to “sell” to a prospective client. So I refer to this as “the experience story: in reverse.”

During a recent group coaching session on story-based selling, I had asked all the attendees if they told stories during their presentations to help close the sale. I had coached on this material dozens of times before, asking this question each time, but what was new that day was what one adviser said, “I don’t tell them stories but instead I have them tell me stories.”

She went on to explain that the reason she did this was so that the prospect could eventually tell her the benefits that the individual in their story received from having a product or service. Once that occurred, the prospect often came to the conclusion that they could also receive the exact same value. In other words, they sold themselves on why they should buy.

Let’s take a brief look at how this process works:

  • Uncover the Prospect’s Experience: It’s important to begin by asking a great question to identify if the prospect has any personal experience or has known anyone who has had an experience with what you are about to recommend. The key is not to formulate your question around the product or service but rather about a situation or scenario that would prompt the need for that product or service. An example of what NOT to ask would be, “Have you ever known anyone who had long-term care insurance?” However, DO inquire, “Have you ever known anyone who went into a nursing home or assisted living?” Remember to make this question common enough to ensure that they will have some type of a story to tell you.
  • Invite the Prospect to Share their Experience: Once the prospect answers your question, invite them to tell you more. Some examples of good “cue” questions would be, “Why did they go to the nursing home or assisted living in the first place? How long were they there? What do you think it cost them to stay there? How do you think they paid for it?” Make sure you sprinkle in these types of questions to more readily “cue” the prospect to share more of the story and create a strong dialogue.
  • Uncover the Benefits and Tell a Story: After you let their story unfold, it’s time to help them uncover the benefits of the product or service that you will be recommending. Use questions such as, “Do you know what it currently costs for one month in a nursing home or assisted living situation? What do you think it might cost in ten to fifteen years if you or a loved one would need to stay in one? How would you pay for it?” At this point, explain your own experience of helping a client who was in a similar situation and the recommendation you made to them. Here is an example of how to make a seamless transition, “I am here to help assist my clients so that don’t have to worry about the cost and here is why…” Then, explain the product or service and how it has helped your current clients.
  • Ask for the Order: All that is left to do at this point is to help them come to the conclusion that they can benefit from this product or service just like your existing clients. Simply, ask a question such as, “Based on what we just talked about, what do you think is the best course of action for you?”

Why the Prospect Will Buy
If you have followed these aforementioned steps, the prospect will typically come to the conclusion that they want to buy because they want the same benefits as your clients. You have strategically led them to uncover their own need(s). In this case that was to be financially prepared for either themselves or a family member to go into a nursing home or assisted living facility, as well as the solution, with this example, long-term care insurance.

If you read this article and would like helpful techniques about how to create your own experience story: in reverse, email Melissa Denham, director of client servicing at melissa@advisorsolutionsinc.com to schedule a free complimentary consultation with Dan Finley.

Dan Finley

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

 

Daniel Finley presents an FPA webinar titled “Beyond the Production Plateau: The Solution to Your Business Evolution” from 2 to 3 p.m., EDT, June 8. Register for the webinar here


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5 Strategies to Connect During the First Appointment

Have you ever gone into an initial first appointment with high hopes of connecting with the prospect only to later realize that you did not make a connection at all? Maybe you have had several appointments like this over the course of your career. If so, you may have been missing one, a few or all of the five strategies for the first appointment process.

Let’s take a look at what those are:

  1. Get the prospect’s story: One of the most important things you can do to establish a connection is to genuinely be interested in learning about the prospect. People love to talk about themselves and the best way to encourage this is to strategically map out questions that will help them tell you their life story. If you can do this, they will end up explaining the reason for why they are looking for a new financial adviser and what is important to them about finding just the right one.
  1. Show them how much you care: It’s been said that people don’t care how much you know until they know how much you care. I believe that is true. Oftentimes, advisers try to win over a prospect by dazzling them with their stock market and/or product knowledge. Unfortunately, this tends to create more of a disconnect with a potential client. Don’t start the relationship off by telling them what you know but instead tell them how much you care about their situation. Chances are you have had other prospects and clients experience similar things. If so, then you should share their story with them. Do this and you will set a prospect at ease. They will feel comfortable that you are familiar with their situation.
  1. Understand the prospect’s pain points: As you listen to the prospect’s story and let them how much you care, you will probably realize that they have real concerns about their finances–these are what I call the prospect’s pain points. Typically, these are the reasons why they came to see you in the first place. If you truly understand their concerns as well and what is most important to them, and they know you understand both, it is much easier to build a connection with them.
  1. (Strategically) sum up the appointment: At some point, you need to strategically shift the conversation into summarizing what you have learned about them from your conversation. Try a phrase such as, “We’ve talked about a lot of things today and what I’d like to do is summarize what I have heard.” Then, proceed to state their situation, issues/problems and the long-term implications of not fixing those issues/problems. If you do this well, they will be much more inclined to hear what else you have to say because they know you have listened, and more importantly, have heard them.
  1. Sell your solutions to set a second appointment: Once a prospect gives you the signs or tells you they are ready, it’s time to sell your solutions to set a second appointment. Ironically, the strategy that I am about to explain isn’t so much about selling as it is about helping them want to buy. Simply, use questions such as, “How would it help you most if I put together a full financial plan so that you can understand how much money you will need when you retire, how much income you may have to live off of once you are retired and whether or not you are currently on course to accomplish those goals?” Nine times out of ten they will instantly start telling you they would value that by saying, “That sounds like something I have needed for a long time!” All you need to do is agree with them and then simply ask for the second appointment. “Exactly, then that is what we will do! Are you available this time next week to review the plan?”

Take a moment to think about what you have just learned. Are you using these strategies in your first appointment process? If not, you now know how.

If you are ready to strategically run your prospecting process, schedule a complimentary 30-minute coaching session with Dan Finley at Advisor Solutions by emailing Melissa Denham, director of client servicing at Melissa@advisorsolutionsinc.com.

Dan Finley

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

 

Daniel Finley presents an FPA webinar titled “Beyond the Production Plateau: The Solution to Your Business Evolution” from 2 to 3 p.m., EDT, June 8. Register for the webinar here