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You work in sales. Success means ringing the cash register. 2020 gave us Covid-19, the pandemic and the lockdown. Work From Home (WFH) hasn't stopped yet. It's easy to forget why and how you are being paid until suddenly you aren't being paid anymore. Here are several thinking and behavior traps and how to avoid them:
1. Fantasy. You determine the business won't work under the same stringent rules as before. Since you can't meet with prospects, conduct events, attend industry meetings or visit clients, you can't be expected to ring the cash register like you did in 2019.
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Instead: Think ahead. Companies still have bills to pay. They need sales revenue coming in to get this done. If that falls short, they will look for ways to cut costs. Might a less "boots on the ground" approach mean "we need fewer boots on the ground?" Guess where they will cut.
2. Inertia. You assume 'prospect" companies have big problems: Getting their businesses back up to speed. Making their stores and workplaces safe. They aren't going to want to pay attention to their benefit plans. They will likely "let things ride" for the next year. Or two. No sense prospecting.
Instead: Companies might have discovered the shortfalls inherent in their current benefits plans, Employees might have told them. They are asking for benefits people haven't considered previously. They might want to make changes soon to show employees they are responsive.
3. Backsliding. You had to act and look professional in 2019. You met with client company executives. You presented before employees. You competed for business. 2020 changed all that: You keep in touch by phone and email. The closest you get to clients is a Zoom call. It's a more relaxed environment. You think, Clients don't expect me to be dressed up.
Instead: How you appear and present yourself speaks to your professionalism, pride in the firm and respect for the client. They might kid you about wearing a tie at home, but they respect your professionalism.
4. Abandoning procedure. Prospecting and client retention work because you have procedures in place. You call clients at scheduled intervals if not sooner. You follow up with prospects. These steps keep the pipeline filled. It's easy to think the world has hit the Pause button, that we don't need to do this stuff for a while, at least until we are back in the office.
Instead: You are still expected to ring the cash register. Acting on prompts and following up keeps the pipeline filled. Expect a competitor is asking your client about how much attention they are getting.
5. Lets not talk about retirement. It's the major financial goal for many individual clients. The world is divided into those suffering and those doing OK. You are in the OK camp. Those suffering might be using their retirement assets as a lifeline. You think, Let's forget about retirement planning conversations for a while. They are trying to make ends meet.
Instead: Clients might interpret your lack of interest as a sign you don't care. Instead of pushing retirement out of their minds, they may be obsessing about it. They might be wondering if early retirement is practical. You need to be there. If not, someone else will.
6. Let's pretend fees don't exist. Companies might be looking to cut overhead expenses. Individual clients might be worried about cash flying out the door. Where can they find some savings? If you remind them about fees, they might focus on getting them lower.
Instead: Fees are always connected to value. If clients feel they aren't getting any, they will seek a lower cost alternative. You need to keep in touch. Remind them what you do for them.
7. They don't need to hear from me. Not a lot has changed. Your client is still working from home. You too. Interest rates haven't moved much. The stock market hasn't been causing big problems. Your client's job situation probably hasn't changed. You think you don't need to be calling as much.
Instead: Many clients outsource investing. Years ago, index funds appeared on the scene, followed by ETFs and robo-advisors. Personal attention is a major benefit of working with a major firm and paying higher prices. If you don't call with updates, they might get the feeling no one is minding the store. Then robo-advisors look more attractive.
It's easy to consider working from home as a form of semi retirement or extended vacation. There's a difference. Vacations cover shorter periods. You aren't expected to work while you are away. You return, refreshed and ready to do business. Working from home isn't a vacation. You still accrue vacation days. You are expected to be working. If your numbers fall or the pipeline gets empty, then you might be facing problems you can't fix.
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.”
