Research Base First Awareness of Advisor€¦ · • Build Your Base Through Community Prospecting...

3/19/18

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Client Acquisition Fundamentals

Stephen Boswell, MBA Kevin Nichols, MBA

© The Oechsli Institute | www.oechsli.com | [email protected]

Agenda

• Build Your Base Through Community Prospecting

• Leverage Your Connections Through Personal Introductions

• Master the Intimate Event (Social or Educational)

• Build Solid Foundations with Professional Alliances

• Power Pipelines

• Activity Analytics


• Focus Groups

• Surveys

• Individual Interviews

• The Affluent

• Elite Advisors

• Elite Teams

• Support Personnel

• Sales Management

• Wholesalers

Research Base


Recommended by a friend or family member 33.9%Recommended by another professional 21.1%Other 16.1%Online search 11.5%Similar social circles 7.4%Saw their advertisement 7.0%Saw their office building 3.0%

First Awareness of Advisor

2018 Affluent Research


Usage of FA by Friends


0 22.9%1 18.1%2 25.8%3 12.2%4 4.0%

5+ 7.5%


Why Advisor Was Chosen


Came highly recommended 32.8%Great impression during meeting 19.4%Worked for large institution 18.4%Knew them personally 15.1%Lowest fees 5.5%Worked for smaller institution 5.5%Other 3.3%

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What was the source of your top clients?

Peer to Peer


Community Prospecting


“90% of what I do is social prospecting.”“Social prospecting is everything to my business.”

“All of our new business comes from word-of-mouth.”

Average New Assets Past 12 Months = $42mm

Elite Advisor Focus Group


Networking Audit

Get Involved

Be a Giver

Get One-on-One

Go for the Business

Social Prospecting Model


Social to Business

Business

TOPICAL

TRANSITIONS

DRAMATIC

JUST BECAUSERUINING

FRIENDSHIPS

REJECTION

SALESY REPUTATION

FEAR

PERIPH

ERY

Social


When you’re in a discussion about…

The Markets: “What’s the market doing today?”Politics: “Can you believe what X politician said?”Investments: “What do you think about X stock?”

Acknowledge “It has been a good week in the markets…

Redirect We've been meeting with clients, reviewing financial plans relative to their goals, and we're proud to say, they're all on target.

Mini-close Has your advisor reviewed your plan lately? (wait for response) Can I make a suggestion?”

Topical

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When you hear that someone….

Changed Jobs / Retired / Sold a BusinessHad a Birth / Death / Illness in the familyIs Getting Married / Getting Divorced

Acknowledge “Wow, you’re really going through a lot…

Redirect We’ve worked with a lot of people going through that situation.

Mini-close We should probably get together…”

Transitions


Example 1:“Whew! I just met with this widow who lives here in town - such a sweet lady. Her husband passed away 6 months ago and she was basically oblivious to their financial situation. She had no idea that all her assets were basically tied up in two stocks.”

Example 2:“It blows my mind, the amount of people who don’t have any sort of succession plan. I just got out of a meeting with a business owner who has never even considered an exit strategy, but wants to know if he can retire.”

Dramatic


Identify Target Ask for a Meeting

Language:

“I know we’ve never talked a lot about business in the past, but I’d like to put my professional cap on and take you to lunch.”

“I’ve never had a chance to visit with you about what I do professionally. When can I take you to lunch?”

Just Because


• “What’s your advisor been telling you?”• “Has your advisor reviewed your financial plan recently?” • “How’s your financial plan holding up to this volatility?”• “See if you’re moving in the right direction”• “Be a sounding board”• “Let me put my professional cap on”• “Another set of eyes”• “Stress test”• “2nd opinion”• “Risk analysis”• “When’s the last time you met with your advisor?”

• “Can I make a suggestion?”

Other Language


1. Sell yourself on your value to clients

2. Develop a “good doctor” no-rejection script

3. Keep the door wide open

Never Get Rejected


2nd Opinions Offered Last Year: 10 5

$1mm+ Clients from Social Prospecting: 4.8 1.6

Elite Advisors: Non-Elite:

Swing the Bat

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Who is one social contact that you should approach about business?

Peer to Peer


Personal Introductions


Willingness to Introduce

77% 57%

with a business only relationship would introduce

with a business/social relationship would introduce


SOURCE PROSPECT

NAMES

REQUEST INTRODUCTION

ASSESS RELATIONSHIP(Relationship Index)

SOCIAL

RE-DIRECT

BUSINESS

The Introduction Process

INTRODUCTIONGATHER INTELLIGENCE


The Relationship Index


• Socialized with client• Know names, ages, and interests of children• Know important dates• Know recreational hobbies• Know pets names• Know charitable interests• Know Alma Mater (college attended)• Know favorite restaurants/foods/beverages• Interact on social networks (FB, LI, TW, etc.)• Have invited to dinner at my home

Ready for Introductions

Out of the Red = Ready

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CONTACT

FAMILY

FRIENDS

COLLEAGUES

NEIGHBORSOrganizations

RECREATION

PROF.Who do you

socialize with outside of the

office?

Who do you cycle

with?

Who are you seeing over

the holidays?

Who do you recommend for high-level estate

planning?

7 Spheres of Influence


• Review notes before each interaction

• Add a “source names” sticky note to your monitor

• Make a “source names” note on your agenda

• Prepare the right questions in advance

Sourcing Habits


How could you source more names?

Peer to Peer


• Who do you know that I should be working with?• Who could you introduce me to at your club?• I get paid in two ways…• Give these business cards to some of your rich friends.• Who is (power player friend) working with? • Use this form to write down the names of 10 people…• Who else might want performance like this?• How would you rate me on a 1-10 scale? (If 8-10, ask…)

Avoid the Old-School


• “Matt, we’re looking to get a foursome together for golf this Saturday. Would you want to join us? (Pause) Do you think your colleague Stephen would want to play?”

• “Matt, next time you and Stephen go fishing, would you mind if I tagged along? I would really like to meet him.”

• “Matt, I’m looking forward to attending the fundraiser. Could you seat me next to your colleague Stephen and his wife?”

• “Matt, LinkedIn keeps popping up that I might know Stephen Boswell – I don’t, but maybe I should. If I saw correctly, he’s one of your connections – how do you know him?”

• “Matt, is that your colleague Stephen with his wife over there? Could you introduce me?”

• “Matt, why don’t you invite Stephen and his wife to join us at the wine tasting on Friday?”

• “Matt, I’ve got two extra tickets to the xyz show, do you think Stephen and Heidi would want to join us?”

Use a Natural Approach


• “Matt, I’d like to meet your colleague Stephen. What would be the best way for us all to get together socially?

• “Matt, I saw that you’re connected to Stephen Boswell online – how well do you know him? Could you introduce me?” (follow up statement) “Let me know if you ever want to meet any of my connections.”

• “Matt, you mentioned Stephen’s going to retire soon. You probably should introduce me to him – just to make certain he’s got his bases covered. That’s exactly what I do.”

Be Direct Sometimes

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• “I’ll be in the office on Friday and firming up my schedule for next week. I’ll call you then to get everything nailed down.”

• “I need to get the headcount to the wine bar by Thursday. I’ll circle back with you then to see if you and (prospect) are able to come.”

• “Do you think you’ll have a chance to call (prospect) by Tuesday? I’m trying to have everything in order by then.”

Use Polite Accountability


1. Social Creative Point of Contact

2. Redirect Mini-Close for Business Meeting

3. All Business Mini-Close for Business Meeting

Three Paths


Great, thank you so much. How did my name come up? When was that?Why don’t we all grab a lunch? These things work best when we get to know each other first before diving into business.

Client:

Advisor:

I gave your name to my colleague Kevin. He’s a great guy and said he’s going to give you a call.

Transition Referrals


What’s one introduction you will arrange?

Peer to Peer


Intimate Events


1. Get Input 2. Select Venue

3. Invitation Process

4.Strategic

Intent

5. Execute

6.Follow Up

Intimate Event Process

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Get Input

“Jim, we’re considering holding a handful of intimate social events this year for our good clients, friends, and professional partners – it will be all fun – no business.

We’re considering a number of venues such as wine tastings, golf clinics, cooking classes, or tours of local craft breweries. Do any of these sound appealing?”


Reading 68.6%Socializing with Friends 67.9%Travel 63.6%Music 57.5%Wine or Beer 56.7%Watching Sports 56.4%Cooking 54.9%Exercising 54.6%Shopping/Fashion 41.3%Gardening 39.8%Arts 35.3%Photography 27.2%Playing Sports 25.9%Golf 24.5%Hunting/Fishing 21.0%None of the above 1.0%*Oechsli Institute: Research

Affluent Activities


Select Venue• Fashion and Finance• Antiques Roadshow• Barbeques• Car Demonstrations• Sporting Events (Spectator)• Cooking Classes• Golf Clinics• Zoo Day for Families• Art Gallery Events• Cigar Night• Fly Tying Class• Tea Parties• Gardening Events• Trivia Night for Law Firms• Valentines Day Events for Widows

• Batting Practice at Minor League Park• Hunting/Fishing Trips• Museum Tours• Retirement Parties• Birthday Parties• Holiday Parties• Chocolate Tastings• Ballroom Dance Classes• Outdoor Concerts• Theater Night• Scotch Tastings• Wine Tastings• Fitness and Finance• Economic Summits• Apple Store Events


What events have you hosted?

Peer to Peer


We scheduled a wine tasting for (INSERT DATE) at (INSERT LOCATION). We have some excellent wines lined up and I hear the facility is top notch. Do you think you and (SPOUSE) can make it?

This event is going to be all fun, no business. Maybe you could bring your partner from the law firm, Jim, or one of the guys from your golfing group?

“That’s great. I really appreciate you reaching out to Jim to see if he and his wife can join us. I know you’re busy, so if it’s okay with you, I’ll give you a call on Friday to finalize the guest list.”

3 Phases to Invitations The Invitation Call


If they CAN bring the guest you sourced:

“Great to hear Jim can make it. How long have you known him? Can you tell me more about him?”

If they CANNOT bring the guest you sourced:

“Sorry to hear Jim can’t come. I had two extra seats reserved for you. What about the other couple you mentioned you frequently go to dinner with? Would they enjoy this event? (WAIT FOR RESPONSE) Who else do you know who likes good wine?”

3 Phases to Invitations The Headcount Call

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“Jim, just wanted to give you a quick call and let you know we’re looking forward to seeing you tomorrow at the wine tasting.

I know Sandy is a big fan of Merlots, so we have a special bottle with her name on it. She’s going to love it!

Again, looking forward to seeing you and (GUEST NAME) there.”

3 Phases to Invitations The Assumptive Confirmation


Strategic IntentPre-Event Plan• Plan for guest coverage• Gather background information on guests• Prepare a quick welcome address to the group


Execute

During the Event• Converse with everyone in attendance

• Develop rapport with guests

• Adhere to 80/20 rule – Listen!

• Initiate social follow-up with guests

• Be prepared to mini-close re: business opportunities


Follow UpYou should have some follow-up in the works beforethe event is over! If not, base your follow-up on their behavior at the event:

1. Business Intent……………………In-Office Meeting

2. Warm and Fuzzy………………….Business Lunch

3. Friendly and Cordial……………...Social Contact

4. Cold and Distant...........................Social Contact

5. Don’t Bother……………………….N/A


Don’t Break the Bank• Select an Inexpensive (or Free) Venue• Leverage Other Events

• Leverage Expert Friends/Clients• Keep the Event Intimate• Leverage a Local Business


What event will you host next?

Peer to Peer

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Professional Alliances


Step 1: Engage Your Best ContactsStep 2: Schedule a Meeting Step 3: Master the First Meeting Step 4: Showcase Your Practice Step 5: Engage in a Social InteractionStep 6: Manage the Relationship Step 7: Official Review Meetings

The 7-Step COI Process


What’s your biggest challenge with professional alliances?

Peer to Peer


“We’re always looking to build relationships with a handful of good CPAs in the area that we can refer our clients to. I wanted to ask you, who do you use?

On a scale of 1-10 how satisfied are you with the relationship?

How long have you used them? How well do you know them?

Is it okay if I use your name when I reach out?”

1: Engage Your Contacts


“The reason I’m calling is your client Bill thought it would be a good idea for us to meet.

We oversee the finances for a group of families in Greensboro, and are always looking to get to know quality professionals in the area.

Can I take you to lunch?”

2: Schedule a Meeting


Develop rapport using intelligence gathered from the client and Google search.

“Bill and Sally tell me you’re quite the tennis player.”“Do you play on any USTA teams?”“Do any of your children play?”

3: Master the 1st Meeting

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• What are your areas of expertise?• What are the main services your clients are asking of you today?• What type of clients do you serve best?• Where do you get most of your new business?• How did you build your practice/firm?• What is your view of accounting firms handling investments?• Have you worked with advisors in the past? What has worked well?• What has not worked well?• What are some of the common mistakes you see advisors make in

regards to taxes?

Questions to Ask


• How long have you been in the business?• What’s your ideal client?• What's your minimum?• How many clients do you have?• How do you charge for your services?• What other professionals do you work with?• What opportunities are you seeing in the markets?

Questions to be Ready For


This advisor really cares about clients and is proactive in meeting other professionals.

This advisor set up this meeting to pitch me on swapping referrals.

Give the Right Impression


4: Showcase Your Practice


• When was the last time you socialized?• Have you met the CPA’s spouse? • How much info on the Know Your COI

worksheet?• Do you know what they do for fun?

5: Engage Socially


January Send CPA pertinent tax prep docs for mutual clientFebruary Client Event InvitationMarch Passion-related articleApril Goodie basket for CPAsMay Celebratory DinnerJune Offer an economic updateJuly Touch-base callAugust Passion-related articleSeptember Client Event InvitationOctober Dinner and Review MeetingNovember Treat to lunchDecember Holiday Gift

6. Manage the Relationship

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The Concept: A professional business meeting that enables you to review your mutual clients as well as the structure of your professional relationship

The Script:“What I’ve found helpful with the other professionals I work with is to meet quarterly to catch-up, share information, and review mutual clients.”

The Subliminal Message: High-level professionalism and reciprocity

7: Official Review Meetings


1. Phone the COI to advise of referral

2. Send the COI a letter (or email) about the referral being sent

3. Personally escort your clients to the COI

4. Send a personal thank-you note to the COI after the meeting

5. Phone the COI six months later to check in on relationship

Maximize Referral Credit


How could you improve your professional alliances?

Peer to Peer


Power Pipelines


Pipeline Habits

• When is a reliable time to review your pipeline?

• Who should be part of the pipeline discussion?

• What total assets should you always have in your pipeline at all times?


3 Types of Contacts1. POTENTIALS • You’d like to have them as clients.• You’ve never approached them about business.• You don’t know if they’re interested.

2. PROSPECTS • You’ve had a business discussion.• They were at least somewhat receptive. • You think they qualify.

3. PERIODICS • They’ve opted not to move forward right now.

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Potentials

• Anyone you know that you’d like to have as a client.

• Friends, family, neighbors, former colleagues

• Broad list with many names

• Objective – turn them into prospects


Examples• Example A: You have a friend who’s a local business owner.

He’s asked some innocuous questions about happenings in the markets, but it’s never gone further.

• Example B: You know an attorney who’s mentioned a client of hers that she’d like you to meet. You know who this person is, but have never connected with them.

• Example C: Someone fills out a lead form from a Facebook Ad, but you’ve not been able to speak with them to determine their wealth or desire to engage with you.


Finding New Potentials1. Personal Introductions: Uncovering client connections and asking to be introduced

2. Referrals: Spreading WOMI by working hard for clients and connecting with them

3. Referral Alliances: Partnering with other professionals to serve clients and grow

4. Strategic Networking: Meeting new people through your social involvement

5. Intimate Events: Hosting small, social events as a means to meeting new people

6. Educational Events: Educating clients and guests in a small group format

7. Social Media Marketing: Actively marketing yourself online


Who are some of your “Potentials?”

Peer to Peer


Potentials Into ProspectsSocial Contacts: “You and I have never had a chance to talk business. Would you be open to getting together?”

Sourced Names: “I’d like to meet your colleague Rick. What’s the best way to introduce us socially? Lunch? Drinks?”

Referrals:“Great, thank you so much. How did my name come up? Why don’t we all grab lunch? These things work best when we get to know each other first before diving into business.”

Online Leads: “I’m glad we were able to connect. I’d like to learn more about your family and to see if we’d be able to help. When’s a good time for me to have you into the office?”


Who are the action stepsfor your “Potentials?”

Peer to Peer

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Prospects

• You’ve talked business. In order for someone to be considered a prospect, a business conversation must have taken place.

• They are receptive. If at any point they tell you, implicitly or explicitly, that they aren’t interested, they aren’t a prospect anymore.

• You perceive that they qualify. While you may not know every detail regarding their financial situation, everything from assets to attitude needs to be pointing in the right direction.


Other Advisors Considered

0 39.1%1 23.9%2 22.2%3 11.2%

Unsure 3.5%



Meetings Needed


0 6.9%1 36.0%2 34.4%3 12.0%4 4.2%

5+ 4.3%Unsure 2.2%


Time Needed


A week 33.4%A month 39.8%A year 10.5%More than a year 7.4%Unsure 8.9%


Prospect StagesPre-Discovery

Discovery

Proposal

Decision


Pre-Discovery

Begins When someone first becomes a prospect Ends Once you’ve scheduled a discovery meeting

Examples: • You ask a social contact to talk business and have plans for a

coffee. • Your neighbor shows interest in meeting with you, but you don’t

have anything officially scheduled. • You met a client’s friend at a client event and told them you’d be

following up professionally.

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Discovery

Begins Once you’ve scheduled a discovery meetingEnds Once you’ve completed the discovery meeting

The discovery meeting is used to help you qualify your prospect by learning more about their financial situation and to present yourself as a consummate professional.


DiscoveryBuild RapportUse any intelligence about your prospect to get them talking. Reference people you both know, hobbies you both have, groups you are both involved with, etc. • “Tell me about yourself. Tell me about your family.”• “How do you know (person who introduced advisor and prospect)?” • “How did you two meet? (if couple)”

Establish a TimelineAsk your prospect how much time they’ve allotted for the business discussion.• “I want to make the most of our time today. How much time did you reserve?”

Use an AgendaHaving an agenda is professional and helps keep the conversation on track. It also shows the prospect that you’re prepared.


DiscoveryPurpose, Benefit, CheckWith a bit of rapport-building complete, use this model to get down to business: • Purpose: “The purpose of our meeting today is...” • Benefit: “Through this process we’ll...”• Check: “How does that sound?”

Use Reverse PsychologyWhen you hunt, people run. But the opposite is also true. You might say:• “There’s no need to make any commitments today — this is a time to make sure

we’re a good fit together...”

Uncover their MotivationIf someone has made the conscious decision to spend an hour with you to discuss their financial affairs — there’s a reason. Ask questions like: • “What’s on your mind financially?”


DiscoveryPresent your True DifferentiatorsEvery advisor should have a handful of true differentiators that are unique to them. They should be able to articulate them with natural confidence.

Check-InBefore suggesting next steps, it’s important to check in to see what they’re thinking: • “So, how do you feel about all of this?”• “At this point, how do you feel about where we’re headed?”

Mini-CloseWhen your prospect is bought into your process, go ahead and close them for a second meeting. You might say something like... • “I’d like to take some time to analyze all that we’ve talked about and see how we

can help. Can we set aside some time next week to go through my proposal?”


What’s one thing you could do toimprove your discovery meetings?

Peer to Peer


ProposalBegins Once you’ve completed the discovery meetingEnds Once you’ve presented the proposal

Continue the Rapport BuildingRevisit topics you discussed in your first meeting regarding family, hobbies, and other things important to them.

Let them SteerAsk questions that help you make the most of your time together: • “Now that you’ve had a little time to process our first meeting, is

there anything you want to make sure we cover today?”

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Proposal

Present Your RecommendationsRe-state the financial priorities you uncovered in your first meeting. Take frequent pauses and ask for their input.

Gauge the SituationThis is another important time to see where you stand. Here are a few questions to leverage: • “Now that we’ve gotten to this point, what’s on your mind?” • “How comfortable are you with what we’ve discussed here?”


ProposalMini-CloseWe use the term mini-close in reference to closing them for the next step in the process, whatever that step might be.

• If you sense they are not ready…“Mr./Mrs. Prospect – I know we’ve covered a lot of ground today. Let’s schedule a time to get back together in a week or so. Then I can answer any questions you might have. Fair enough?”

• If you sense they are ready…“Mr./Mrs. Prospect – I am confident that we would work well together and that we’d be able to help you. All we’ll need to do is sign a bit of paperwork. Does that work for you?”


Decision

Begins Once you’ve presented the proposalEnds Once the prospect makes a decision

Many prospects will make a great decision at this point. Other scenarios may also be presented:

• The Indecisive• The Silent Treatment• The Shopper• The Fee Conscious


The IndecisiveWe find it’s best to start by asking your prospect a careful question:

“I’d like to circle back to where we started. What led you to reach out to us in the first place?”

This encourages the prospect to state why they should engage you. Then help paint the picture of what it feels like to have this “project” complete:

“We often find that it’s hard for people to make these sorts of changes with their investments, but they feel a major sense of relief once it’s done.”


How do you help indecisive prospects make a decision?

Peer to Peer


The Silent TreatmentStrategy 1: Shoulder the Blame“Hi Kathy, I just wanted to reach out and apologize. Since we haven’t been able to connect, I feel like maybe I’ve missed something along the way or I didn’t fully understand your needs…”

Strategy 2: Take it Away“Just a final message here to say that I know you’re busy and I’m going to leave the ball in your court…”

Strategy 3: Time is Money“Hi Kathy, hope all is well. I don’t want to keep contacting you if this isn’t a priority right now. If this project makes it back to the top of your to-do list, please reach out to me directly.”

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How do you approach prospects who’ve gone silent?

Peer to Peer


The ShopperThere are occasions when someone tells you “I’m still interviewing a few other advisors.” Consider these questions:• “How will you know when you’ve found the right advisor?”• “How do you normally go about making important decisions?”• “How would you describe your ideal advisor relationship?”


What do you say to prospects who are shopping around?

Peer to Peer


The Fee ConsciousThere are times when a prospect reveals that fees are

a primary concern in selecting an advisor. Be ready!

You might say…

• “Here’s our philosophy. We’re certainly not the

highest in the industry and we’re not the lowest

either. Our objective is to be fair, transparent, and

exceed your expectations.”


What language do you use with someone who is fee conscious?

Peer to Peer


PeriodicsThis list is for when someone expresses interest, but then decides not to move forward.

Avoid these common pitfalls: • Following-up just to follow-up• Not following-up at all• Using the same approach over and over• Giving the cold shoulder

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Periodics10 Ways to Stay in Touch1. Invite them to an intimate client event.

2. Share articles/blogs.

3. Share a client story that’s relevant to them.

4. Connect on social media and engage.

5. “Bump” into them at an event.

6. Make a personal introduction.

7. Send a small thoughtful gift.

8. Check-in socially.

9. Recognize their birthday.

10. Spread holiday cheer.


How do you stay in touch with your “Periodics?”

Peer to Peer


PeriodicsWhen to Drop from Periodics List

• Determine they don’t qualify and are unlikely to in the future

• Personality mismatch – you don’t want to work with them

• They get annoyed with your follow-ups

• They become completely unresponsive


Activity Analytics


Why Track?

• Determine which activities actually drive results

• Do more of the right activities

• Do activities you might otherwise forget

• Develop the right long-term habits


Common Tracking Mistakes

• Not having a weekly target

• Tracking things you would do anyway

• Tracking too many activities

• Avoiding tracking activities that make you uncomfortable

• Not seeing immediate results and giving up on an activity

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Determine the Activities


Determine the Activities


Create a Weekly Scorecard


Monthly Activity Recap


How would you have scored last week?

Peer to Peer


Research Base First Awareness of Advisor€¦ · • Build Your Base Through Community Prospecting...

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Transcript of Research Base First Awareness of Advisor€¦ · • Build Your Base Through Community Prospecting...