The largest asset in your financial practice is your clientele. Adding to that clientele, and specifically asking for referrals, is also one of the hardest tasks to tackle. But why? You know you bring value. You’re pretty sure your clients understand that value. But you still hesitate when it comes down to asking them who else you could help.
Most of us just aren’t sure what words to use. You don’t want to come across as high-pressured or pushy. Or you don’t want to put a strain on a client relationship. Our current environment isn’t helping either. It’s just flat out harder to ask for a referral in a virtual setting. Fortunately, with the right words, these obstacles can be removed.
Finding the right words
The key here is to reframe the conversation into something you can easily repeat with multiple clients. Think about helping your clients make the connection between how you helped them and conversations they will have with friends and family over the upcoming holidays either digitally or in person.
Here are some openers:
Simple, easy phrases like these remind your clients that you’re available to help their loved ones as well. And by making the conversation repeatable and using language that maximizes the opportunity, you will become more confident and prepared when asking for referrals.
It’s also an opportunity to find more of the A-list clients that are on all our wish lists. You’ll be able to cultivate profitable new relationships. If you’re ready to get started, we’re here to help. It’s time to make asking for referrals something to look forward to, instead of something you dread.
Just reach out to one of our retirement income consultants at (800) 589-3000 or download The Best Way to Ask for Referrals.
Learn about the best way to ask for referrals. By reframing the conversation, you’ll be able to grow your business and develop more profitable relationships.
The presidential election caused lots of uncertainty in the markets. And even though the election’s over, nothing has actually changed. We’re most likely going to hear news about litigation and challenges from now to Inauguration Day in January.
From a retirement income standpoint, we’re in the same circumstances we were a week ago. Regardless of who ultimately wins the election, there are more questions. Who controls the Senate? Who controls the House of Representatives? What happens with the Supreme Court?
There are three major things to consider regardless of the answers to those, and other, questions.
We can help you figure out how to use these challenges to create a High Performing Practice. We’ll partner with you to find proper prospects, become more efficient and remain relevant in the greatest shift from the workforce to retirement that we’ve ever seen.
Adapting your retirement strategies to our current economic environment is the going to be essential if you want to remain relevant in the biggest shift from workforce to retirement our country has ever seen.
There’s a common struggle I hear from advisors across the country, and that’s how to effectively prospect. Do you have a proven formula for bringing quality people to your firm? And if yes, has it survived the pandemic? For most of us, it’s tougher than ever to gain the trust of prospects and get them to choose our firm.
Like or not, today’s environment is digital. Your prospects’ first stop is your website. Your digital marketing is your first impression. And it needs to be strong enough to encourage prospects to call. A truly successful website can be a lead magnet. But an unsuccessful website creates just another obstacle to overcome before a prospect picks up the phone to call.
A really good website creates an opportunity for the lead generation needed to grow our business, attract quality people and remain relevant in the greatest shift from the workforce to retirement that we’ve ever seen. And although it can take hard work to get your website exactly the way you want it, there are a few easily avoidable mistakes I want to share. Knowing what not to do is almost as important as knowing what to do.
The digital can seem overwhelming. But in just three simple steps you can make changes that turn your homepage into something that helps your business instead of an obstacle to be overcome. And, if you need help getting started, a full day of training with StoryBrand is exactly what you need. If you are interested in a future workshop in 2021, please text StoryBrand to 72345.
Turn your website from an obstacle into a lead magnet. You’ll attract quality people, grow your business and remain relevant to your clients and the greatest shift from the workforce to retirement that we’ve ever seen.
It’s easy to be your own worst enemy. And by that, I mean to get in the way of your own progress and success. It’s human nature to put the tough task on hold. To ignore difficult conversations. And to just keep the comfortable status quo.
It’s not so easy to take on new things and change the way we do business. But you’re here, reading this blog, to learn. It’s one thing to know that change is necessary and it’s another thing entirely to make it happen.
We’re all working to get better. Instead of thinking of moving from good, to better and then best. It’s time to think better, better and better. Every day, do something to get better. It requires short-term focus to improve each day.
A good place to start is by maximizing your resources. And the first resource to look at is your in-force book of business. Compare the usefulness of the products your clients currently have with the new and innovative products available today. Our annuity audit team is a great way to do this. Using third-party information, you can make an accurate comparison about how your client’s current product still works, or if there’s something better that would improve the probability of success.
The annual review is a good time to call in the annuity audit team. It’s not time-sensitive, and it lets us do the heavy lifting for you. You don’t have to be the expert — you only need to be open to looking at all the options. Which means making more efficient use of another resource — your time.
So, if you’re ready or even just interested, call our Annuity Audit team to find out more about how today’s products can provide new solutions. In addition to helping your clients, you’ll be growing your business and improving your efficiency. It’s changing to better — but it might just feel like best.
Leverage your resources effectively to keep getting better and transform your business to a High Performing Practice.
Understanding behavior is an important part of building a relationship with your clients. There are lots of different ideas about why we do the things we do. Just as important is understanding why we, as advisors, do what we do.
I’m currently reading a book called Tiny Habits: The Small Changes that Change Everything by BJ Fogg. In the book, the author discusses the Fogg Behavioral Model, which is actually pretty simple to understand.
Fogg basically states that behavioral changes can be condensed down to the anacronym M.A.P.: motivation, ability, prompt. Let’s break it down step-by-step.
Motivation: We’re generally all motivated to be successful in our business right now. And some of us are motivated to grow and become more profitable and efficient. We’re always looking for more AUM and more of the right clients.
Ability: We also generally have the ability to make changes that increase our success, if we’re willing to put in the work. For example, we have the ability to ask for referrals. With a larger base of clients, it would be easier to duplicate our top 10 or 20% than it was when we were starting out.
Prompt: This is the one I want you to really think about. Is there anything prompting you to change right now? Because M.A. isn’t enough. You must have the P. Without it, you haven’t completed the map and won’t have the direction necessary to achieve your desired results. You’ll just keep moving along, same as always.
During the past six months, we’ve experienced firsthand just how important behavioral changes are. Have you had clients who left because of a bad experience with current market conditions? Or a family that is unhappy about how well their assets were managed during retirement years? Both of these negatives might just be prompts for change — but only if you act on them in a timely manner.
The reality, of course, is that we would rather have a positive prop. We want to make sure that we make those changes. That we provide the best opportunity for the clients to succeed in retirement. And that we get the beneficiaries involved in the conversation as soon as possible. These are all positive prompts. And they are much more welcome than a disgruntled client.
If you’re ready to grow and are looking for your positive prompt, reach out to our Retirement Income Consultants at (800) 589-3000. Talk to us about how we can help you grow your business, attract quality people and, most importantly, remain relevant in the greatest shift from the workforce to retirement that we’ve ever seen.
Create a M.A.P for success by finding your motivation, making the adjustments you are able to, and finding positive prompts for change.
© 2018 Ash Brokerage LLC.