How to Win In 2009
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By: Erin Tamberella
Date: 1/10/09
There is no doubt that the economy and the markets will continue to present significant challenges in 2009. However, for those financial advisors who develop a highly structured and systematic approach to client contact and prospecting, the year will offer unprecedented opportunities for raising new assets.
It has been my experience as an advisor, manager and coach that when a crisis first hits, advisors are very good at keeping in touch with their clients. It seems almost an adrenaline rush to follow the markets, develop strategies and reassure clients, all simultaneously. However, as the crisis drags on 2009, client contact will begin to drop off. This is precisely how assets will be won and lost in the upcoming year.
Tortoises not hares will win in 2009. It will be critical that advisors are very clear on precisely who’s who in their book and allocate their time accordingly. Time is the currency of a business and it must be spent wisely this year.
If you have not segmented their book in the last 3 months it will be a very worthwhile project to undertake early in the year. E-mail: erin@executivetransformations.com for a quick and easy point system for book segmentation that quantifies assets and revenue, as well as the important intangibles necessary for a comprehensive segmentation. Once the book is segmented, a highly structured client contact schedule should be established and then automated. Advisors adhering to a first-class client contact and service schedule for the entire year will not only minimize asset loss, but will also gain referrals as other advisors fail to keep in touch with their clients.
Not sure what to say to clients at this time? Discuss with them a process of reevaluation. Early in the year is a time to sit down with them and reevaluate their goals, their plan and most importantly, the level of risk they are willing to accept going forward in order to reach those goals. In 2008, advisors became acutely aware of clients’ “real” levels of risk tolerance and in most cases they were not what they wrote on the questionnaires. Forget the questionnaires and have heart-to-heart discussions with clients. “Risk management” will be the new power phrase when talking to clients and prospects in 2009.
On the prospecting side of things, a fundamental “back to basics” prospecting plan will serve you well in the upcoming year. Expectations must be managed well and kept in line with reality throughout the year. 2009 will be a tremendous year for raising assets but that doesn’t mean it’ll be a “piece of cake.” The primary goal of a solid prospecting system is not to have some prospecting magic bullet. You and I both know there is no such thing.
The one and only goal of your prospecting system should be to move prospects to warmer with each additional contact. Develop a system that consistently moves prospects from cold to warm to hot and eventually to clients. By keeping your focus on this singular goal, you essentially remove the emotional ups and downs inherent in the prospecting process. Instead of having your attitude dependent on the outcome of any one call, it becomes strictly a matter of methodically moving people through your system. This shift in expectations insulates you from prospecting disappointments and keeps you positive.
A highly structured long-term drip process is a critical component to any serious prospecting system. As you work prospects through your process, they will constantly be moving in and out of the long-term drip, depending on where they are in the system. Long-term drip in 2009 should consist of an e-mail every month at the same time every month and a phone call every six weeks. They may not be ready to make a change today, tomorrow, this month or next month but as 2009 proceeds, eventually they will. The long-term drip process also gives the prospect a sneak preview of what your client contact and service might look like. Remember, in 2009 assets will be won and lost in the client contact and service arena.
Measure your daily, weekly and monthly success in 2009 by activity levels. Proactive activity will prevent you from being distracted by the pressure, the markets, difficult clients and your own anxieties. Nothing builds and maintains a positive mental attitude better than proactive activity. Your self-confidence and self-worth increase proportionately with your activity level. Activity always builds confidence. Focus on your activity level and everything else will fall into place.
Attitude will rule. It will make and break careers in the upcoming year. Maintaining a positive attitude will be “the” greatest competitive advantage an advisor can have in 2009. After a difficult 2008, attitudes are fragile and must be protected and nurtured at any cost. Advisors should avoid office negativity like the plague and make a conscious decision early on to approach economic and market news from a strictly analytical rather than emotional perspective. Keeping activity levels high and remembering always, that clients need you now more than ever will go a long way in nurturing a positive attitude. Advisors who stay positive and commit to being tortoises will win and win big in 2009.