Many of you may be uncomfortable talking about your compensation with clients. That’s fair. Up until now, you haven’t had to do that. But the market is shifting toward more transparency and commoditization. Consumers want more for less.
If you want to simply remain relevant in this business, you have to add value. Beyond that, if you want to increase your compensation, you have to increase the number of people you serve. That’s the secret.
In Bob Burg’s book, “The Go-Giver,” the Five Laws of Stratospheric Success are laid out through a story about a sales person who is focused on taking instead of giving. He expects people to buy from him because of his quota.
Too often, we think of driving our compensation through earning more from every client or transaction. That’s another way of taking vs. giving. Instead, you need to focus on how many people you can serve. The Law of Compensation states that your income is determined by how many people you serve and how well you serve them. So, let’s concentrate on increasing the number of people we serve.
One way to uncover more prospective clients is to meet people in a larger group setting. You might immediately think of hosting seminars. However, seminars are expensive and time-consuming, and they don’t necessarily create influence or interest.
We’ve been helping advisors find groups of prospective clients another way – through pension risk transfers. In these situations, you can not only provide assistance to a business, but you could also gain access to all the employees. Wouldn’t we all like to be introduced to hundreds of people at the request of their employer? You’re using the business’s influence to serve more people.
A typical transfer includes a period where employees may elect to take a lump sum and roll over their retirement savings. You can provide valuable information to help them make those decisions and win them as clients. By doing so, you have successfully followed the Law of Compensation: Your income is determined by how many people you serve and how well you serve them.
Don’t concentrate on how much you earn by each transaction. Focus on how you can help more people. Increase your value proposition and the number of people you serve, and I’m confident you’ll see results.
Mike McGlothlin is a team leader, retirement industry activist and disciple of Indiana Hoosier basketball. In addition to being EVP of retirement at Ash Brokerage, he is a sought-after writer and speaker. His web series, “Winning Strategies,” provides insight and motivation for financial advisors in many forms – blogs, books, videos, podcasts and more. You can get his latest book, “Winning Strategies: The New Rules of Retirement Planning,” on Amazon.
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