| If you are a financial advisor who has ever struggled | | | | schedule a meeting time in the next couple of weeks |
| when dealing with wealthy prospective clients, then | | | | to go over your report so that whatever you decide |
| what you need is a process or formula to follow that | | | | to do after that you will be able to make informed |
| will enhance your success. About the only more | | | | decisions that will improve your finances, fair |
| frustrating than not having enough appointments, is | | | | enough?"Did you see what I just did? Did you notice |
| blowing them when given the opportunity. That's | | | | the last two words? These will become the most |
| where a formula comes in.With formulas, all the | | | | important two words of your career, guaranteed.If |
| typical human-error is removed. It's replicatable. It's | | | | executed correctly, nobody will be able to resist that |
| like 2+2. When I do it I get 4. You do it, you get 4. | | | | second appointment. Now some people will ask how |
| You see, if you know that a formula works - virtually | | | | much it costs and tell them it's free, but you'll let |
| anyone with a pulse can 'plug-in' to the formula and | | | | them know based on what you find how much they |
| get the same results. If you haven't reduced | | | | would have to pay you should they make the |
| everything you do in your business to some type of | | | | educated decision to engage in your |
| formula...then you're working too hard and will never | | | | services.Seriously, this stuff makes me giddy just |
| get predictable results.And with the right "formula" | | | | writing it. You should be too! In just these first two |
| your results can become mucho-predictable. You will | | | | steps I've already shown you how to at least double |
| know exactly how many new clients and new money | | | | your closing percentage with wealthy financial planning |
| under management you'll have in two months; or 6 | | | | clients.The Million Dollar Sales Formula Step #3The |
| months; or 6 years for that matter. It's easy and I'll | | | | Second Appointment - Separating the Men from the |
| show you how and why it works for anybody, | | | | Boys!As a precursor to this meeting, here's a little tip: |
| anywhere, all the time.So let's get to what I call the | | | | Make sure you send a thank you letter to the |
| Million Dollar Sales Formula...The Million Dollar Sales | | | | prospect for the first appointment and have it dual |
| Formula Step #1:We've all had prospects that no | | | | as a reminder of the second meeting. Follow the |
| matter how much we know they should work with | | | | same rules as to the quality of the paper and the like |
| us, for some reason or another choose not to. Often | | | | and include another business card.At the actual |
| times financial advisors will beat themselves up | | | | appointment, make sure you thank your prospect |
| chasing the prospect, trying to figure out what went | | | | again for coming in, let them know it's nice to see |
| wrong - and almost always think it's because either: | | | | them again - and always ask if they have any |
| A) The client's an idiot (which is sometimes true) | | | | questions before you begin to show them your |
| or | | | | analysis.The analysis should include the following |
| B) We said something wrong in our meetings/sales | | | | (nothing more and nothing less please):* Morningstar |
| processI on the other hand would contend that most | | | | reports on their funds/variable annuities |
| our our sales failures in financial services is due to | | | | * An asset allocation analysis |
| something we did far earlier than when we asked for | | | | * A bullet-point style analysis of their taxes, long |
| the business (you are asking for the business, right?). | | | | term health care needs, estate planning needs, and a |
| Through extensive trial and error, what I've found is | | | | quote of what you'd charge to fix their problemsAnd |
| that we fail to make the appropriate 'first impression' | | | | lets be honest here - everyone will have problems. |
| before the meeting process has even begun. And | | | | Especially Million Dollar clients. If you can't look at their |
| that's why we lose clients that should never be | | | | investments and show them how to save money on |
| lost.How do you fix this?By making sure you send | | | | taxes, eliminate estate taxes, and improve their |
| out a packet to all prospects prior to them meeting | | | | investments - then you need far more than an |
| with you. When done correctly this 'packet' can | | | | education in sales.This step is really super-easy. The |
| literally close 32.4% of the prospects before they | | | | key is this:"So as you can see Mr. and Mrs. Prospect, |
| even meet with you. I know, I've measured with and | | | | I've identified approximately $4,000 of immediate |
| without and can substantiate that exact number. Let | | | | benefit to you from this analysis with another $1,700 |
| me share with you the pre-meeting components that | | | | each year thereafter. So there should be around a |
| must be executed to significantly increase your | | | | $20,000 benefit over the next ten years and my fee |
| closing ratio:An appointment reminder letter with map | | | | for making this happen is $595.00 for a step-by-step |
| to your office along with instructions of what your | | | | detailed plan of action. Fair enough?"Some people will |
| prospect needs to do to be properly prepared for | | | | agree on the spot, other will not. Remember to |
| the meeting. Think of this as a welcome letter and | | | | never, ever, ever, ever, ever push for a close. This |
| short home-work assignment to ensure both their | | | | all has to happen very naturally. Understand that the |
| and your time is well spent. The cover letter should | | | | reason people work with you is not for what you |
| be printed on a professionally designed letterhead | | | | can do for them but rather or not they trust you |
| with a professionally designed logo, and should have | | | | and like you. Not many people like pushy sales people. |
| your website address on it. Which, by the way, you | | | | So try your best to be very non-chalant about all of |
| should absolutely have a website - and it should look | | | | this.And about the fee - hey, this can be whatever |
| good and serve a purpose. To see what I mean go | | | | you want but you have to be charging fees. If your |
| to This is an advisor I know who is doing all the right | | | | not charging fees then these folks will know instantly |
| branding and is not sacrificing a powerful | | | | that the other shoe has got to drop and it's usually in |
| direct-response marketing message in the slightest of | | | | the form of you selling them something for a |
| ways.A Confidential Personal Profile. This is what they | | | | commission. If you are fee-only this is never an issue; |
| put their name, date of birth, children's first names, | | | | but if you are fee-based or commission-based you |
| and the like on. It should be no more than one page | | | | have to be charging a planning or set-up fee for |
| and should also ask for the names of their current | | | | taking a new client, PERIOD.If they don't want to |
| broker, advisor (these are different and will make | | | | schedule their next appointment at that time, just tell |
| your client decide exactly what their current | | | | them to think about this for the next few days and |
| "advisors" are in their eyes), attorney, accountant | | | | that you'll follow-up to see if they have questions.The |
| and insurance agent. In the same section you should | | | | Million Dollar Sales Formula Step #4The Ultimate New |
| also give the your prospect a satisfaction scale of 1 - | | | | Client Acquisition Process!I've said before that I love |
| 5 to rate their current financial professionals.A | | | | systems and processes. They work soo well and are |
| Confidential Financial Profile. Now this is basically what | | | | soo easily replicable that you must use them if you |
| it says it is - a place for them to answer a few | | | | ever want to get to the big leagues of financial |
| thought provoking financial questions, create an | | | | planning. All the Million Dollar Producers do it - so do |
| income statement and a balance sheet. You should | | | | what they do and you'll get there too.So here's the |
| also always ask what they would change about their | | | | process I use to take a new client:Meeting Three - I |
| financial situation if they could change just one thing, | | | | have clients sign my Advisory Services Agreement |
| as well as what is truly important about money to | | | | (for the fee) and we create an Investment Policy |
| them. The responses they give to this questionairre | | | | Statement (for those who don't know what this is - |
| will prove vitally important in your meetings (note | | | | it's basically an outline of what the clients goals are |
| that I said 'meetings', not your one-shot-wonder | | | | and what we will be attempting to accomplish for |
| single appointment slam-dunk appointment).Your | | | | them as their advisor)Meeting Four - We fill out |
| PROFESSIONAL business card. Don't try to be cute, | | | | transfer paperwork and new account forms. I always |
| please don't put your picture on it, and don't print | | | | use brokerage accounts to gather the assets up and |
| your own. Your card should be on par with the finest | | | | consolidate them first. The recommendations and |
| law firm in your city, town, village, tribe...whatever. | | | | financial plan come next.Meeting Five - We go over |
| If this all sounds like a lot of work - it is!! But well | | | | the clients Written Financial Plan and Investment |
| worth it once you close your first BIG client.The | | | | RecommendationsMeeting Six - A three-month |
| Million Dollar Sales Formula Step #2:The Initial Meeting | | | | review meetingMeeting Seven - Another three-month |
| and Most Important 45 Minutes of Your Sales | | | | review meetingMeet with all clients every six months |
| Process!Why 45 minutes? Well, for those of you who | | | | thereafter.Holy Cow! That's A Lot of |
| haven't studied direct response marketing...allow me | | | | Meetings!!!!!That's right - and they love it. This, my |
| to enlighten you. There's an adage in copyrighting | | | | friends and colleagues, is what the wealthy want. |
| that says the purpose of your headline (and | | | | They want a system, some attention, a WOW |
| everything you ever send out should have a headline) | | | | experience. An experience so different and so |
| is to get people to read your first sentence. The | | | | superior to that of any other advisor in your |
| purpose of the first sentence is to get your prospect | | | | area.And let's get this straight:This process is easy. It |
| to read your second sentence and so on.The same is | | | | can be learned by anyone. If you have at least one |
| true of a well executed sales process.The only | | | | staff person (and please get one as soon as you can |
| objective of a first appointment should be to have a | | | | afford one if you don't) all you will have to do is the |
| second appointment. You do this by limiting the first | | | | meetings.Lastly, know that this system may not |
| appointment to allowing the prospect to ask you any | | | | work for everyone. But, that doesn't mean you |
| questions they have about you, then asking them | | | | shouldn't have a system. Always identify what you |
| questions for about thirty minutes, then wrapping up. | | | | know works and remember to never stop doing |
| If you've sent out a packet like the one described | | | | those things. If you can patch together 4 - 6 steps |
| earlier then every initial appointment will have your | | | | that all work well -- then you've just created your |
| prospects coming into your office with their | | | | own "formula"; and that's exactly what financial |
| completed questionairres and all of their financial | | | | advisors need to reach super sales heights.Jason |
| statement. When you have about 15 minutes left, | | | | Wenk is a financial advisor serving clients in Western |
| you simply say the following:"Now that I know a little | | | | Michigan and a financial advisor coach teaching |
| about you, here's what we need to do next: I'll take | | | | advisors marketing and practice management |
| the information that you've completed, my notes, | | | | techniques throughout the country.You can visit |
| and copies of your statements and prepare an | | | | Jason's website at for tons of free tips and |
| analysis I call a Personal MAP for Retirement. This will | | | | marketing resources for financial advisors, insurance |
| show you in detail the specific areas in your finances | | | | agents, financial planners and investment advisors. |
| that can be improved and by how much. We'll | | | | |