Welcome to the AdvisorMax coaching session “How to Prospect in an Environment of Less Trust”...

Welcome to the AdvisorMax coaching session “How to Prospect in an Environment of Less Trust”

Presented by: Bill Cates, President of Referral Coach International A few items to note:

Audience members will be placed on mute throughout the presentation. If you have a question, please utilize the chat function to send your question to the presenter and host.

There will be a Q&A session at the end of the presentation in which Bill will answer questions submitted through the chat feature.

After the call, AdvisorMax will be emailing a brief survey to all participants. If you would like to be contacted by Bill or have any questions about today’s session or future AdvisorMax sessions, please note that when you return the survey.

This session will not be replayed. However, Bill will be conducting another LIVE session in a few months. Please look for the next date on the AdvisorMax calendar of events.

Thank you for participating! We look forward to a lively discussion!

How to Prospectin an Environment

of Less Trust


of Less Trust

Presented by:

Bill Cates

Copyright 2009 by Bill Cates

“The economy is only a factor in your business if your business development activities are maxed out. Otherwise, the economy has only exposed the real problem, i.e., poor business development habits.”

Is it Really the Economy?

www.referralcoach.com

EnhanceReferability

EnhanceReferability

Target Niche Markets

Target Niche Markets

Prospectfor

Introductions

Prospectfor

Introductions

NetworkStrategically

NetworkStrategically

http://images.google.com/imgres?imgurl=http://www.homeimprovementreviews.com/wp-content/uploads/2008/03/boulders.jpg&imgrefurl=http://www.homeimprovementreviews.com/category/floors&h=1180&w=1457&sz=404&hl=en&start=36&um=1&usg=__E0y_vVgkx942ewKegxwgsb50oZQ=&tbnid=RylDBqHN43dHlM:&tbnh=121&tbnw=150&prev=/images?q=boulders&start=20&ndsp=20&um=1&hl=en&rls=com.microsoft:en-us:IE-SearchBox&rlz=1I7ADBS&sa=N

Embrace a Referral Mindset

Embrace a Referral Mindset

Referral MindsetReferral Mindset

“I meet my prospects the way they want to meet me.”

11


How Affluent Clients Meet Their Financial Professionals

Russ Alan Prince – CEG Worldwide

Seminars, MailLeads, Etc.

Referrals 84%84%

16%16%

Are you merely dabbling in referrals?

Or are you fully committed to referrals?

“I leverage the life-time value ofmy clients.”


22

“I have a process for generatingreferrals.”


33

It’s Like BilliardsIt’s Like Billiards

The Trust of One Leads to the Acceptance by Many

Geometric G

rowth

“I believe I provide real value to people, so I believe in being proactivefor referrals.”


44

“I to get referrals!”

ExpectExpect


55

is the most important ingredient in gaining

a new client…


So make sure youmeet all your new prospects starting at the highest point

of trust. That means a


ReferralReferral

StayReferableOver Time

Create Your ClientService Model

TransactionalTransactional

Value AddedValue Added BusinessFriendshipsBusiness

Friendships

Trust Loyalty

Referrals

Trust Loyalty

Referrals

Remain ReferableRemain Referable


Deliver impeccable transactional service.

Important – But Important – But Not Enough to Not Enough to Create Loyalty Create Loyalty and Referralsand Referrals

Consistently deliver value to your clients.

Consider Using “Themes””Consider Using “Themes””


EXAMPLES

JanuarySet credit report dates. Each year, have clients check each of their credit reports from AnnualCreditReport.com. It's wise to stagger the dates that clients check each report, because irregularities might surface at different times of the year, and that way they will catch them faster. Everyone is entitled to one free credit report a year.

MarchGet ready to fund IRAs. April 16 will be 2007's tax deadline (the 15th is a Sunday), and that's the last date to make a tax-deductible contribution to an IRA. Encourage clients to make the biggest affordable contribution they are allowed.

JulyDo a beneficiary check. Is the beneficiary information on all clients' investments, insurance policies, and bank accounts up to date?

NovemberTotal potential tax losses. You and your clients should confer with a tax advisor to see if it makes sense to sell stocks before the end of the year to balance out capital gains in portfolios or to carry forward losses for future use.

SPECIAL REPORTDelivering Consistent Value with Themed Meetings or Phone Calls

Build business friendships.


EXAMPLES

• Client Appreciation Events

• Client Appreciation Events with a “Referral” Theme

• Birthday Cards, Phone Calls and/or Lunches

• Retirement Parties

• Round of Golf, Theater, or Sporting Event

• Following Clients’ Sports Interests

• Support Clients Philanthropic or Community Service Interests

• MacKay 66

Business FriendshipsBusiness Friendships

FOR INTERNAL USE ONLY

PromoteIntroductions

Plant Referral Seeds

PromoteIntroductions

Plant Referral Seeds

Don’t keep me a…

Plant Referral SeedsPlant Referral Seeds

secret!

Larry DeNoiaTop Advisor


The Million Dollar Secret

The 4.8 Million Dollar MotherThe 4.8 Million Dollar Mother

Mark WilliamsTop Advisor


“I’m never too busy to see if I can help anyof your friends, family, or colleagues.”


“If you ever introduce me to anyone,I’d like you to know how I would handlethat – what it might look like.”


“Please leave a message at the tone. And if you were referred to us, please let us know who we need to thank.”


Don’t keep

mea secret!

I’m never too busy to see if I can be a resource to your friends, family, or colleagues.

Here’s how I

handle

referrals from

clients.

Here’s who my practice is geared toward these days.

your personal

to asking for referrals!

your personal

to asking for referrals!

Bust ThroughBust Through

BarriersBarriers

Without question, the main reason why most advisorsdo not ask for referrals is…

Referral BarriersReferral Barriers

Fear!Fear!Fear!Fear!

______ you haven’t provided enoughvalue yet.


FearFear

______ you’ll hurt the relationship.


FearFear

______ you’ll look unprofessionalor needy.


FearFear

______ of hearing “no.”


FearFear

______ of not knowing how to get out of the conversation.


FearFear

“In order to succeed, your desire for success must be greater than your fear of failure.”

Bill Cosby


Discuss referrals at the right time and nota minutebefore.

ValueValue

ValueValue

Ask for referrals when

has been given and

has been recognized.

Ask value-seeking questions.

Referrals are the VIPS of your business.

Use theVIPS Method™Use theVIPS Method™

VVDiscuss the value they recognize.

Treat the request with importance.

II

Get permission to brainstorm.

PP

Suggest names and categories.

SS

COME PREPARED COME PREPARED

RememberingRememberingThe VIPS Method™The VIPS Method™

VIPS

Value DiscussionValue Discussion

ImportanceImportance

Permission to ExplorePermission to Explore

Suggest NamesSuggest Names& Categories& Categories

Remember:It’s not about being

slick or tricky,its about sincerity.


Remember:

Referral Boot CampFor Financial Professionals

September 10, 2009Near Baltimore, Maryland

www.ReferralCoach.com

• 1 day of skill and confidence building.

• Small group for maximum learning.

• Reinforcement program included to maximize your results.

• Hub for Southwest, so low airfares.

When

you sign

up your

buddy is

free

Explore client concerns. Back off confidently.

Explore ObjectionsExplore Objections

1. Acknowledge & validate.2. Explore the resistance.3. Re-frame - softly - if possible. 4. Ask for agreement and

proceed.5. Still uncomfortable? Plant a

seed and back off.

1. “The next time you recognize someone who you think should know about the work I do, please don’t keep me a secret. Make sense?”

2. “I just wanted you to know that I’m never too busy to see if I can help others you care about. Fair enough?”

Explore ObjectionsExplore Objections

Don’t Ask for Referrals!

To avoid referralobjections…


Fool Proof FormulaFool Proof Formula

Meeting #1

Provide ValueCheck for Value Recognized

Plant a Seed for Referrals


Meeting #2


Plant a Seed for Referrals


Meeting #3


Ask for Referrals

Brainstorm the best way to get introduced to the prospect.

Brainstorm the best way to get introduced to the prospect.

An Engaged IntroductionAn Engaged Introduction

Engaged IntroductionsEngaged Introductions

1. In-person is usually best.2. Attend a business event with

your client.3. Email is very efficient.4. Talk about what the

introduction might look like. 5. Set a time frame for follow up.

Referral T.R.U.S.T.Referral T.R.U.S.T.

Receive Referrals in the Best Way

Receive Referrals in the Best WayCreate Referral

T.R.U.S.T.Create Referral

T.R.U.S.T.

Treat the prospect like royalty.TT


Respond immediately. Referrals have a short shelf life.


RR

Update the referral source on your progress.UU


Send a personal note of thanks along with a small gift.


SS

Encourage the new client to THANK the referral source.


TT


of Less Trust


of Less Trust

Presented by:

Bill Cates

Copyright 2009 by Bill Cates

Welcome to the AdvisorMax coaching session “How to Prospect in an Environment of Less Trust”...

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Transcript of Welcome to the AdvisorMax coaching session “How to Prospect in an Environment of Less Trust”...