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"The key to success is sincerity. If you can fake that, you've got it made," comedian George Burns said. He was looking for a laugh. But as an agent or advisor, you want people to recognize that you are sincere, that your profession is a calling, not just a job. You care about your clients. How can you get that across?
Think about traits. What do people want in a financial professional? Knowledge and experience are high on the list. That's not too tough – you've got it. If you are new to the business, the team's got it. The firm certainly has it. But additionally, clients want the ideal agent to have honesty, integrity, to honor confidentiality and be a good communicator. Put another way, they want to be an important client.
You already exhibit these traits with your clients, but what about prospects? You know storytelling is important in the sales process. It's true when you are selling yourself too.
|Confidentiality
Years ago, I met a financial advisor in Northern California. Friends would come to his office before heading out for drinks. He made it a point to show that visible binders and folders in his office featured code numbers, not actual names. Because it's unusual, people would stare.
Noticing this he would say: "This is a small town. Everyone is interested in everyone else's business. That's why when you visit my office, you will not see the name of a client on a binder or piece of paper."
He then continued to gently position business: "And if we did business together and a friend visited my office, they wouldn't see your name either."
|Communication
Communication means lots of things. Calls get returned. Calls get through. There's accountability and reporting in the relationship. That's easy to communicate too.
It's Friday night. You are out for drinks with friends. Snow is falling. They suggest going skiing on Saturday, when conditions are perfect. This doesn't work for you. You let them know you have account reviews to prepare this weekend. Next weekend too. For the next several weeks, you are meeting with clients every day, reviewing how the previous year worked out for them.
You won't have time for skiing until Easter! The snow will be gone by then. But your friends realize every client gets attention. You are focused on their goals. You take these relationships seriously. They might even conclude every client is important.
|Honesty
Both honesty and integrity involve abiding by the rules. Someone asks "How's business?" You explain it's been paperwork all day, because you've been reviewing Power of Attorney designations on accounts.
They look perplexed. You explain this is really interesting because you would be amazed at the number of people who want to place orders in a spouse's account or sign their name to paperwork. You can't do that unless the other person specifically gives permission in writing. That's called a Power of Attorney. It's only in force as long as the other person wants it to be. You could imagine the problems if you let someone move their spouse's money without their okay and you later learned there was a divorce in the works.
The message is, 'I've got to see clients are protected.' The person who had asked how's business imagines themselves on the losing side of a similar situation. They hope they would have someone like you looking out for them.
|Integrity
You put your client's interests ahead of your own. A friend who follows your firm's research knows the firm lowered its opinion on a certain stock. The news is fresh. You've talked about the stock. You own it. Have you sold yours already?
You explain the interests of your clients come before yours. You need to take a considerable amount of time to alert your clients and advise them first, before you take action in your own accounts. To look after yourself first is called "front running" and it's illegal. Friends know you put client interests ahead of your own. That's integrity.
This is a strategy of drip marketing. You are showcasing these virtues by referring to them in practical situations.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
