Mentoring, Week 8
- 1. Thank You For Joining Us
- 3. Today’s Topic Pablo PicassoReminders of things you already knowLittle things to keep in mind as you go about your business
- 4. Never run and hideJust as you get the wind at your back, it will shift into a head windLet your competition hide in the bad timesLearn to embrace changeTwo things never changeMom and dad are still spinning along with the same goalsDo not let the wind cause you to spin out of control Nobody leaves anybody in a bull market
- 5. There is no need to overpromise If you over promise, you will underperformThis is the biggest trap in this businessIt destroys relationshipsYou are not paid to be right all the timeI can’t make you rich
- 6. People need you probably more than you realizeLast car, first house45 year old coupleOne year of college = cost of good carThe couple in Houston bought into a mythThe two biggest investing mistakes
- 7. De-mystify your fees and commissions If you’re not different from everyone else, you invite price resistanceClients generally don’t mind commissionsClients don’t like the mystery of commissionsThe question is, “Do you need me in your life?”Do you believe that you are worth your fees?
- 8. Stick to the basicsThe more successful we become, the further we get away from the very basics that made us successful in the first placeClients have three basic goals and two impediments to achieving them You get an idea so good, you stop using itSeventeen hidden camera interviewsLearn a few good storiesThe Bill of RightsKeep the pipeline fullHard work by itself doesn’t workOpen bigger accountsTom StanleySupernova
- 9. Become friends with your clients When things go wrong, your friends will call you, not the competitionsooner or later, a lot of clients fire their Advisors. Nobody fires their friends
- 10. Be both efficient and effectiveProspect the right peopleWalk down “B” StreetDevelop an image that causes affluent people to call you and ask you if you’ve got time to see them
- 11. Choose to be optimisticOptimism is an intellectual choice – Diana SchneiderEnthusiasm is an Advisor’s greatest asset
- 12. Ask for what you want Percy Ross
- 13. Remember what business you are inWhen all is said and done, we are in the advice business Advice is the hardest thing in the world to sellWe have a sale and people run awayAll data is commoditizedAlways have an opinion
- 14. Understand market volatility for what it isWithout chop, there would be no need for a Financial Advisor Change reinforces the fact that people should be paying for advice Volatility is not risk. It’s volatility
- 15. Train your clientsThere are three rules clients must follow Start now Take advantage of any and all tax breaks Don’t be too conservative
- 16. There are no accidental successesMagnetic goals are mandatoryAim high, because that’s where you will end upA rock pile ceases being a rock pile the minute a single man contemplates it, bearing with him the image of a cathedral
- 17. Think like a lifer The size of your paycheck is 100% dependent upon your willingness and ability to create and maintain long-term relationships
- 18. You don’t manage moneyYou manage expectations“Yes, things have changed. The reason you invested hasn't changed.”“What is it you expect of me?”
- 19. Learn to overcome the three basic objections I already have an Advisor I don’t have any money I’m not interested
- 20. If I may be so bold….Listening is as important as talking Be so covetous of your clients that only God can take them away, not the competition. Nobody takes a client away from you Clone your top ten clients Raise the bar every yearExplain to your clients what the media is trying to do
- 21. If I may be so bold….Hold an annual dinner for your most important clients Realize you're not paid on how much you knowEach and every day, eliminate one activity that is not contributing to your successProspect some every dayOpen accounts with people you like
- 22. If I may be so bold….Meet people on purposeDecide how much you want to earn and work backwardsStay away from negative people Be a mentor Don't confuse your job with your life
- 23. If I may be so bold….Eat a toad every morning. The easiest way to get rid of a difficult task is to do it Call your clients on a regular basis and remind them why they chose you in the first place and why they invested in the first placeYour clients should be a sales force for you. Empower themClients today expect and demand good service and they are not the least bit surprised when they don’t get it.You are not compensated for how much you know. You are compensated for how well you communicate what you do know
- 24. If I may be so bold….It’s better to be mediocre and be quiet about it, than to promise excellence and deliver mediocrity Have a good story. If you have a good story, you’ll get a fair hearingYou are highly paid, even in the most mediocre of timesStay interested after you open the accountDon’t be annoyed by clients. You’d be out of business without them
- 25. If I may be so bold….It’s easier to keep a client than to get oneCall clients regularly and ask what you can do to helpAvoid end-zone tacklesAlways remember why the client chose you in the first placeTrain your clients right now
- 26. If I may be so bold….Everything you do should concern itself with getting and keeping a clientBe proactiveDon’t take too much credit on the way upHave an unwavering belief that everything you do is vital to your client’s successBe there when you have nothing to sell. Never assume client loyalty
- 27. If I may be so bold….Clients have needs and expectations. Always meet bothLearn to thrive on rejection Remember that most of America’s wealth rests with family businesses“The real purpose of a business is to create and keep a customer. There is no effective strategy that is not market-oriented. No business can function effectively without a clear view of how to get customers, what its prospective customers want and need, and what options competitors give them.” Theo. LevittEveryone is pleased with his secretary until he gets a good one. The same is true in our business. People are often satisfied only because they don’t know the difference. They may not understand the benefits of doing business with you. Ask sensitive, open-minded questions: “What’s adequate now and what can be improved?”
- 28. If I may be so bold….Find out what people like and do more of it. Find out what people dislike and do less of itNothing binds you to a client like a promise kept. Nothing divides you liken a promise brokenAll success is the result of failure. Saying, “I failed three times” is a lot different than saying, “I am a failure.”One of the great joys of life is finding you can do what you were afraid you couldn’t doCall your clients periodically: “John, you are a very important client to me, and my aim is to constantly improve the way I serve you. What two or three areas would you like me to improve on?”
- 29. If I may be so bold….You are either there to educate or open the account. If you are there to educate, tell the prospect how wonderful you and your company are. If you are there to open the account, only talk from the client’s point of viewSmart people plan for the future. Successful people have someone plan the future for themEvery client’s goal should be to determine how much money he will need, when he will need it, and how he is going to get it“I’m not bullish on the market. I’m bullish on America”“Financial advice when it’s too late is like medicine after death”
- 30. “This time it’s different”It is a gloomy moment in the history of our country. Not in the lifetime of most men has there been so much grave and deep apprehension; never has the future seemed so incalculable as at this time. The domestic economic situation is in chaos. Our dollar is weak throughout the world. Prices are so high as to be utterly ridiculous. The political cauldron seethes and bubbles with uncertainty. Russia hangs, as usual, like a cloud, dark and silent, upon the horizon. It is a solemn moment. Of our troubles no man can see the end. Harper’s weekly, October, 1857The budget should be balanced, the treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest we become bankrupt. Cicero, 63 BC
- 31. “This time it’s different”He spends much of his time before a mirror, admiring himself and carefully arranging his hair. He is more with his barber than with his teachers. Were he bald, he would be better educated.(This lament is from a roman father of the first century, writing to a friend about his son)Excavators at the ancient city of Aphrodisias, in Turkey, discovered the following inscription at the entrance of a public bath: “The customer is held responsible for the loss of any money from purse or belt not previously checked with the attendant.”
- 32. If I may be so bold….Stick to the good ideas and tell them over and overMake it a habit to ask for referrals“Your fees are too high!” “If I understand you correctly, it’s your goal is to find the cheapest financial services you can.”Although crimes are not always punished, mistakes areIf either Macy’s or Nordstrom’s needs cash, it has a sale. The store gets money and the customers get the goods they want. The government does it backwards. It raise prices (taxes). It doesn’t work
- 33. If I may be so bold….Your new career begins todayHelp your clients understand the difference between price and cost. Give them checklists and worksheets so they can compare what you offer to what is being offered by the competitionIs your presentation worth a portion of someone’s life?All clients want three things: the best product and the best service at the lowest possible price. No company on earth can provide all threeDo what you do so well that those who see you do what you do are going to come back and see you do it again and tell others that they should see you do what you do
- 34. If I may be so bold….Become a great time managerGoals must pull you toward them. Unreachable goals always result in failure. Achieving reachable goals is one of life’s great rewardsRejection is part of our business and cannot be taken personally. “No “means “not today.” It does not mean “never.” When someone says “no” to you, he is rejecting your idea, not you. Every time you are rejected brings you one step closer to that new accountMeet as many people as you can and tell them what you do for a living By definition, one half the people in any business are below average. You will beat those people by showing up in the morning. You will beat another forty percent of the competition through hard work and honesty. The last ten percent of the competition represents free enterprise
- 35. If I may be so bold….Despite all the white noise you will hear every day, keep your eye on your clients’ goalsYou have chosen a fabulous, exciting career. You can deal with whom you choose, you can earn as much money as your talents will allow and every day you can run your own office. Many of your friends will never have that luxury or your lifestyleMake your clients aware that it’s your job to manage their risk. Neither you nor they can control the market. But you both can control your reaction to it.
- 36. If I may be so bold….Tell your clients that advertisers are very clever at blurring the lines betweens “needs” and “wants”Don’t treat your best clients like everyone else AND LASTLYLife expectancies in the United States are growing. Time was when a person who lived beyond age 65 was pushing the envelope. Today, a man age 65 has a 50 percent chance of living to 85 and a 25 percent chance of making it to 92. A 65-year-old woman has a 50-50 chance of getting to 88 and a 25 percent chance of seeing 94. But a couple, both age 65 now, has a 50 percent chance that one will live to 92 and a 25 percent chance that one of them will live to 97 years of age. The implications of saving for retirement are enormous – Don Kuehn
- 37. Rick and I thank youYou have been punctual with your attendance, patient with our attempts and diligent with your homeworkWe will be in touch shortly with a questionnaire soliciting your feedbackAs our thank you to you, you will each receive a copy of all our PowerPoint slides and a CD containing the audio portion of all eight sessionsHere is your final homework assignment:
- 38. Your homework every day for the rest of your careerWhy should someone do business with me?