Simon's Solution Center: 31 Smart Strategies That Make A Winning Advisor Start - ?��Ǩ?�Being?��Ǩ�� An Advisor versus ?��Ǩ?�Doing?��Ǩ�� Sales

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May 2, 2005

31 Smart Strategies That Make A Winning Advisor Start - ?��Ǩ?�Being?��Ǩ�� An Advisor versus ?��Ǩ?�Doing?��Ǩ�� Sales

I attended the Advisor?��Ǩ�Ѣs Forum Conference in Toronto in December of 2004, the following comments really caught my attention from some of the best speakers at the conference.

The following is a summary of points that I picked up at the conference along with some of my own perspective comparing:

The Salesperson		The Advisor
1. Lives in the past and criticizes the future.		1. Lives in the present and looks forward to the future
2. Believes that the challenges that they are facing are so big that they may not make it.		2. Believes that the future has so much opportunity that they cannot miss.
3. Gets pumped up to sell.		3. Feels inspired and motivated by how many lives they make better, sale or not.
4. Is trying to fly solo.		4. Works with a team of specialists and their teams.
5. Sells too many products.		5. Leads with a profit generating product.
6. Loves to talk about their favorite subject, themselves and their ?��Ǩ?�flavor of the month?��Ǩ�� product.		6. Loves to talk with their clients about what their client wants to talk about. The client wants to know what you are going to do for them not so much about the product.
7. Uses sales techniques.		7. Seeks to serve.
8. Builds rapport.		8. Takes a genuine interest.
9. Tries to sell during the appointment.		9. Is elegant and professional.
10. Insensitive and avoids deep client communication because they are under pressure.		10. Emphasizes deep client communication because of their emotional intelligence.
11. Makes clients feel nervous because they sense a lack of energy, money and time.		11. Makes clients feel at ease and develops trust because the clients feel the advisor is at peace with who they are, that the advisor has adequate funds to be in business and the advisor has ample time to be with the client.
12. Tries to look after people?��Ǩ�Ѣs money.		12. Looks after people who have money.
13. Does a lot of favors.		13. Believes every client transaction must be profitable.
14. Does not feel acknowledged by the work that they do for clients.		14. Feels fulfilled from the inside through the work that they do for clients.
15. Has way too many clients and is not making enough money.		15. Has a delivery mechanism to provide a consistent experience.
16. Lacks the support and systems to provide a consistent experience.		16. Works well with selected clients in specific groups and the advisor is profitable.
17. Has conflict with management, staff and other advisors and just wings it when it comes to hiring new people.		17. Has a strong system to develop and enhance team communication and a system for hiring the best people.
18. Does not delegate, tries to do everything themselves, too busy with $10 per hour work.		18. Has an excellent support team.
19. Has poor customer service.		19. Has ?��Ǩ?�Wow?��Ǩ�� customer service.
20. Has clients versus the wealthy (note ?��Ǩ�� wealth is a state of mind).		20. Works with the wealthy versus clients (note ?��Ǩ�� wealth is a state of mind).
21. Sells products / completes product transactions for free for the client.		21. Uses the consultative process and charges a fee.
22. Promises market leading performance.		22. Promises regular returns.
23. Tries to serve anyone and everyone.		23. Chooses to work with a maximum of 3 groups or niche markets.
24. Is addicted to growth.		24. Has built their practice based upon their values, vision, purpose and mission.
25. Is too busy to form strategic alliances because they have to get to the next sale.		25. Forms strategic alliances.
26. Has high and low prospecting cycles.		26. Has an automated marketing system.
27. Has no automated client relationship system.		27. Has a web site and e-newsletter.
28. Is afraid to ask for referrals because of fear of rejection or they are afraid they will be questioned ?��Ǩ�� ?��Ǩ?�how can I give you a referral when you are not doing a good enough job?��Ǩ��?		28. Educates clients that providing referrals is a part of their business process.
29. Is marginally interested in professional growth ?��Ǩ�� they are too busy.		29. Is dedicated to professional and personal growth.
30. Has no clue what success would mean to them.		30. Has a personal definition of success.
31. Even though they are still working, the have already retired emotionally.		31. Embraces retirement one day because they are creating an emotionally intelligent retirement plan.

So there you have it.

From some of the best minds in the industry just shift your practice from Free to Fee, Switch to Wealthy Clients, Reduce Your Profit Mix to The Most Profitable and Carve Out a Niche Market or Two and Attract and Hire a Crack Support Team and Develop an Internet Niche Marketing System along the way.

Simple right? So why is it that most advisors are having trouble doing this? So why is it so challenging to shift from being a salesperson to an advisor?

Posted by Simon at May 2, 2005 9:34 AM