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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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FPA Retreat 2016 Attendees Rave, Can’t Wait for Next Year

_MG_5050 -h WEBDespite it being one of the last sessions of FPA Retreat 2016, the session presented by Daniel Crosby, Ph.D., President at Nocturne Capital and author of The Laws of Wealth: Psychology and the secret to investing successwas packed.

His dynamic presentation on how to help clients follow your best advice had attendees listening and laughing.

“Any presenter will tell you that (s)he feeds off of the energy of the crowd,” Crosby said. “No group is as informed and engaged as the folks at FPA Retreat.”

That’s the thing about FPA Retreat—its intimate setting is an ideal environment to share ideas, experience interactive learning and re-energize planners. This year’s conference—which was focused on storytelling for business—was well-received by planners who attended.

“We shared our stories with each other and reached a deeper level of understanding and friendship with our colleagues,” said Clare Stenstrom, CFP®, CFT™, with Luesink Stenstrom Financial. “It helped us get to know the new attendees and bring them into the Retreat family.”

Another session that was a hit was the session on story-based marketing by Shelley A. Lee, founder and creative director of Ashworth-Lee Communications. Yusef Abugideiri, CFP®, financial planner at Yeske Buie, said Lee captured the importance of storytelling for business.

“The exercises she had the audience do … challenged us to think about what the most important parts of the story are and how to engage with clients such that we learn the most important parts of their story,” Abugideiri said.

IMG_0347Stenstrom said the session by Jeff Belkora, Ph.D., author of DEAL! Discovery, Engagement, and Leverage for Professionals, and its interactive session were helpful.

“Belkora was fantastic and he stayed for the remainder of Retreat enriching our discussions,” Stenstrom said.

“Those who attend Retreat will find themselves richly rewarded by an inclusive community that is eager to share its collective knowledge,” Crosby, who was also an attendee, said. “The focus on self-development at FPA Retreat is unparalleled. All conferences seek to educate the participants, but Retreat goes one step further and aims to change participant behavior from the inside out.”

Stenstrom added, “Can’t wait for next year.”

Did you miss FPA Retreat this year, or just want to register for 2017 early? Join us next year at Château Élan in North Atlanta, Georgia April 24-27, 2017. Use the code PARET17 for $100 off if you register before May 31, 2016.

AnaHeadshot

 

Ana Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.


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FPA Retreat 2016: Thursday, April 28

The Wigwam Resort outside Phoenix, Ariz., welcomed Financial Planning Association members this week for FPA Retreat 2016. Below are photos from Thursday, April 28.

Did you miss Retreat this year, or just want to register for 2017 early? Join us next year at Château Élan in North Atlanta, Georgia April 24-27, 2017. Use the code PARET17 for $100 off if you register before May 31, 2016.


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Successful Branding: The 6 Questions to Ask Yourself

Today’s changing environment—which embraces technology, data and value—couldn’t be more exciting.

That’s what TD Ameritrade Institutional’s Managing Director Kate Healy said to a room full of FPA Retreat 2016 attendees at the Wigwam Resort.

Planners are able to communicate to prospective and current clients their qualifications and certifications, but now is the time to learn to communicate your value through branding.

“It’s great that you have the credentials, now you need to make the connection,” Healy said.

Currently, financial services ranks below the chemical industry when it comes to trust in the industry. That’s not great considering current clients say what they value most is having an adviser they can trust.

“We have to change that narrative,” Healy said. “You need to be able to tell the story of what you offer.”

Branding is what creates clients’ emotional connections to you. It shows who you are and it matters in differentiating yourself from the competition, establishing credibility and making clients comfortable.

To start your branding process, you need to ask yourself six questions, Healy said. Those questions are:

  1. Who are you? Find an independent third party to poll your clients about who you are and how you add value to their lives.
  2. Who do you serve? Figure out who you currently serve.
  3. What do you do? Showcase your unique value proposition.
  4. How do you do it? This doesn’t mean the six-step financial planning process—everyone does that—but this is the specific twist you add to that process. Maybe examine using different words you could communicate to current and prospective clients.
  5. Why do you do it that way? So you’re a fiduciary, but why? Tell the story behind why you do things the way that you do them. Why did you become a financial planner? Infuse your story with that human element.
  6. Why are you the best choice? The reason clients pick you most likely isn’t your education or fee structure, it’s most likely the connection they felt with you on a personal level.

The important thing is when current or prospective clients see or hear your story—as told through your company branding—it makes them feel something. They’ll remember you and most likely choose you because of that emotion.

“Emotion is the yellow highlighter in your brain,” Healy said.

Did you miss Retreat this year, or just want to register for 2017 early? Join us next year at Château Élan in North Atlanta, Georgia April 24-27, 2017. Use this code (PARET17) for $100 off if you register before May 31, 2016.

AnaHeadshot

Ana Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.

 


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FPA Retreat 2016: Monday, April 25

The Wigwam Resort outside Phoenix, Ariz., welcomed Financial Planning Association members this week for FPA Retreat 2016. Below are photos from Monday, April 25.

Did you miss the fun this year, or just want to register for 2017 early? Join us next year at Château Élan in North Atlanta, Georgia April 24-27, 2017. Use this code (PARET17) for $100 off if you register before May 31, 2016.