Do you know what next Wednesday is? It’s National Administrative Professionals day! Are you planning to do anything for the assistant who takes such good care of you and your clients?

Good leaders know that their people are their greatest asset. This is especially true in our industry because financial services is a “people” business. Think about your own circumstances: What would you do without an administrative assistant to help you meet client needs?

Each year when this day rolls around, we always make an effort to recognize the contribution our employees make to our firm. We have done this a number of different ways, but the key thing is that they know how appreciated they are. Cards, flowers, and cash never go out of style, but here are a few “creative” ideas for you:

- Take them to lunch at their favorite restaurant
- Have their car washed
- Give a gift certificate to the local spa
- Invite a masseuse to your office to give chair massages
- Leave a handwritten note expressing your appreciation
- Have a pen or notebook engraved/embossed
- Offer tickets to local events
- Classy gifts: http://www.tiffany.com (Check out the “Business Gifts” section $150)
- Strictly business gifts: http://www.successories.com/
- Unique, high-quality gifts: http://www.redenvelope.com/
- Unique, humorous gifts: http://www.gifts.com/occasion/assistants-day/ZQQ

These are just a few suggestions, but the possibilities are endless. For 1001 more ideas, check out the book 1001 Ways to Reward Employees by Bob Nelson.

Would you like to grow your business without spending a lot of money and have fun at the same time? Doing so may be easier than you think. A recent study published in Investment News highlighted that the majority of affluent investors – those with more than $500,000 in investible assets – choose advisors based solely on personal introductions from friends, family members, business associates, or other professionals. That same study showed that only 6% of that same group indicated they would be influenced by public seminars. Sadly, many advisors spend all their time chasing the 6%, when they could be attracting more clients with less energy and expense. How? By hosting intimate social events.

Intimate events are different from traditional client events. Traditional client events include wine tastings, golf tournaments, or holiday parties where you invite large groups of clients and their guests to join you in an activity. While this should definitely have a place in your marketing strategy, it shouldn’t be the only type of event you host. Intimate social events are designed to give you quality personal time with your clients and their friends. When you organize this type of activity, no fancy invitation and no extensive planning are needed. Here’s what you have to do:

1)    Select an activity you personally enjoy and that your clients will enjoy.

2)    Call a few clients and invite them to join you in that activity.

In order to make this successful as a marketing strategy and not just as a social pastime, there are some additional factors to consider. For one, be sure to select activities that are limited to 10 or 15 people. You don’t want these events to become too large. You also want them to have an air of exclusivity so you can say something like: “I’m taking a few friends on a small fishing trip next Saturday and I’ve got space for three. I would love it if you could come!” This will show your client that they are important to you because you chose them over someone else.

Another important factor involves how you ask them to bring people along without making them feel like you’re only interested in meeting their friends. This can be done by giving them a reason to invite someone. Here are some examples: “I’m going to play golf next Friday afternoon with a friend and we need two people to round out our foursome. Would you like to bring someone and come along?” “I’m having a small cooking class at my home for about 15 people. I’ve got space for five more, and I would love it if you and a few of your friends could join us. Are you interested?” More than anything else, intimate social events are an exercise in relationship building. If you make your clients feel pressured to bring a guest you won’t be as effective. In the end, you want them to come along because the event sounds like it will be fun, and because they want to share a good time with their friends.

At this point, you may be wondering how you’re going to get business out of this. Frankly, that can’t be your sole motivation. You will grow your business as a byproduct of these activities, but if you go into this with the mindset that you’re only out to get clients, you’ll turn people off. If you select activities you are truly passionate about, and you allow your personality to shine through, people will naturally be attracted to you.

When you are the host, guests will take an interest in you, and at some point, ask you about your business. When this happens, be careful not to bombard them with too much information. Remember, this is a social event. Not to say you shouldn’t be prepared for the question, but you’re better off keeping it short and sweet. In response to the inquiry, “What do you do?” you could say something like: “I develop custom money management strategies to help people protect their wealth.” Unless you want to end the conversation quickly, don’t say something boring like, “I’m a financial advisor.” The key is to say something intriguing that will prompt them to ask more questions.

Once the conversation turns to business, don’t let it go too far. The best thing you can do is remind them you are there to have fun, and if they would like to talk more, you would be happy to do so at another time. Before you part ways, be sure to get a phone number so you can follow up. Another option is to say something like, “I’ve really enjoyed talking with you about this, but obviously now isn’t the best time. How about if I mail you some information on what I do? Let’s make sure we exchange information before you leave.”

Finally, you must follow up on any interest you generate. You can do this by phone, mail, or e-mail, but since you initially met this person in a social setting, it will probably work well to invite them for lunch instead of a formal meeting at your office. You can simply call them and say, “I really enjoyed talking with you at the basketball game last night. Would you like to grab lunch this week and we can finish our conversation?” It’s really that simple!

None of the events we’ve mentioned in this article are expensive to host. In fact, they’re downright cheap when compared with the cost of mailing seminar invitations. And whether you have 50 clients or 500, intimate social events can be planned quickly and easily. Best of all, they’re fun! When you center them on things you’re interested in, you get to write off the expense of doing what you enjoy, meet great people, and grow your business at the same time. What could be better than that?

Afterthoughts:

• Invite a wholesaler to your intimate social events so they can help offset the expense.
• Contact local restaurants and find out if they offer “excursions” or a “chef’s experience” where they prepare a selection of appetizers, entrees, and desserts paired with drinks. These are typically for up to 10 people, and they make great intimate social events.
• Each quarter, consider hosting an intimate social event at your home for new clients and those who referred them. Once a client has been to your home and met your family, they will be a client for life.
• Do you have any clients with a wedding anniversary on the horizon? Offer to throw them a small party and let them invite 10 of their closest friends.
• Be creative when thinking up these types of events. There’s no limit to the activities you can try.

Guest Post by Dr. Jack Singer, Ph.D.
Learn More about Jack by visiting his website www.funspeaker.com

I don’t know Eli Manning personally. But I know a thing or two about what it takes to become a champion, as he did by winning the Super Bowl on Sunday night.

In my 33 years of experience as a professional sports psychologist, I have counseled and trained many professional football players and world champion athletes. They all face challenges, adversities and setbacks during their careers, but a particular problem for many athletes is “imposter fear” – a psychological obstacle advisors may find familiar.

Imposter fear occurs when – no matter how much confidence or even swagger an athlete may display to teammates, opponents, coaches, or his fans – self-doubt nags at him, and he worries that he will be exposed as inadequate to the challenges he faces.  In Eli’s case, he was always compared to his older brother and prior to his previous Super Bowl victory, pundits wondered if his performance under pressure would compare to Tom Brady’s.  Advisors can also experience “imposter fear” – worrying that their success owes to luck and somehow they’ve fooled others into believing they are skilled advisors.  It’s only a matter of time before that luck runs out and they are exposed.  This fear causes performance anxiety and constant fear of failure.

I have helped many athletes overcome their impostor fear and consistently perform at their best.  The same set of skills I teach them can help advisors, too.

For example, I was recently invited to consult with a wealth management firm whose president was concerned about inconsistent performance from a large percentage of his advisors.  Moreover, because of the ailing economy and a roller-coaster stock market, his assets under management were declining sharply.

Following a series of confidential interviews with a broad sample of advisors in the firm, it became clear to me that many suffered from anxiety, because of the harsh market conditions and because of the president’s high performance expectations, but also because they harbored their own internal insecurities. I designed a series of training programs to teach the advisors how to recognize and overcome their fears, maintain an optimistic and proactive approach with their clients, use active listening skills, overcome stress and anxiety related to their job and ultimately lead to their clients directing new referrals to them.

But the most important issue I helped these advisors overcome? You guessed it: impostor fear.

Understand your fear, take charge of your fear 

Most advisors project confidence, but if they are honest with themselves, they will acknowledge having insecurities – reluctance to contact clients during market collapses, for example, or fear they won’t be able to answer a client’s question.  Such doubts raise their anxiety level when they come to the office and find that the market is tanking. This is imposter fear.

Like most fears, the “imposter fear” is based on false beliefs; in this case that you are really not as competent as you appear.  The most effective way to eradicate any fear is to understand the distorted thinking that causes it in the first place.

It’s not the economy or stock market that determines how confident or insecure you feel in your advisory practice. It is your internal dialogue, or your “self talk” about these issues, that determines whether you will thrive or struggle during difficult times.

That little voice in your head is what I call your “internal critic,” and most of the time it fills you with self-doubt.

Let’s take an example of my work with advisors at the firm I mentioned earlier. Matt (not his real name) worked in the firm for seven years. His performance was inconsistent, and his manager put him on notice that he needed to improve – the roller-coaster stock market notwithstanding.  Like many people with “imposter fear,” Matt admitted to me that he frequently told himself: “I’m not as good an advisor as everyone says thinks I am.  Now my boss has figured that out.” This is a textbook example of self-limiting thoughts, a crucial mental roadblock that many encounter when they experience stress.

Other examples of negative, self-limiting thoughts we often use are those that begin with…“What if…” “I hope I don’t…” ”I should have …” “I always have problems with…” and “I probably won’t be able to…”

I taught Matt to catch himself thinking such negative thoughts. In response, I had him make a fist as a reminder to “STOP thinking this way,” then take a few, deep, calming breaths, release the fist, relax, and proceed to substitute a more positive and optimistic thought. This technique only takes seconds, and it works instantly!

The key here was Matt’s ability to recognize his negative thinking.  That recognition let him consciously substitute a more realistic counter-thought, such as:

“The fact that my manager has put me on notice doesn’t mean I am not cut out for this career.  I’ve had many successful years in this business.  I can use my creative ability to work with my clients in a proactive way, before the market tanks.  I will gain their trust and show them how they can make money by making smart purchases in a down market. As a result, they will continue to do business with me, despite the stock market fluctuations, and my numbers will grow and be much more consistent.”

Kristen, an alias for another advisor in the firm, would think negatively whenever she was prospecting for new clients.  She might ask herself, “What if the prospective client doesn’t commit to working with me after I discuss his situation with him?”I taught her to change this negative thinking habit with the following:“STOP this foolish thinking right now.” (Make a fist. Take a few relaxing breaths. Release the fist.) “Just relax. I don’t have to have 100% success in order to feel good about my skills. It’s a numbers game. If this one doesn’t pan out, I will have another opportunity.  Just keep plugging away, I know I will get more clients.”

Just like Matt, once Kristen practiced this thought-stopping technique, she found herself much less anxious and much more confidant.

It is also helpful to keep a written record or journal detailing your successes and accomplishments during each workday.  This is important because so many people, at the end of a long day, obsess about what they did wrong or what they did not accomplish.  After games, successful athletes focus on what they did accomplish and build on that, rather than obsess over mistakes or missed opportunities.

Remaining optimistic after setbacks

Every athlete experiences adversity, as does every advisor.  You lose clients; you struggle with a tough question. Successful advisors don’t expect to be perfect, but they fully expect to do well, regardless of the economy, the stock market, new fiduciary regulations – whatever stumbling blocks will inevitably lie in their way.  They recognize that losing a client is all part of being in the business. They don’t let setbacks overshadow their accomplishments.

Advisors with positive expectations develop positive self-fulfilling prophecies and succeed most of the time. Reflecting on recent successes and achievements is a much better idea than obsessing over failures or setbacks. With practice, thought-stopping can help you convert negative thought processes into this kind of positive thinking.

Two months after I conducted the training program I describe above, I conducted another round of interviews with the advisors. Most were able to get in touch with the thoughts that were driving their imposter doubts and were using thought-stopping and counter-thought techniques to eradicate their fears. Both their morale and their numbers improved dramatically, even though the stock market remained just as volatile as it had been when they struggled.

As accomplished as he is, even Eli Manning surely had flashes of self-doubt as he prepared to take the field on Sunday night, and likely more in moments when the breaks didn’t seem to be going his way. What makes a successful quarterback is the ability to build off successes and forget about mistakes. Eli Manning became a world champion by learning to banish his doubts. What potential can those same skills help you unlock?

Dr. Jack Singer is a professional speaker and a certified sports psychologist, who has presented keynotes and workshops at advisor conferences all over the U.S. To learn more about Dr. Singer’s professional speaking and consulting services, email drjack@funspeaker.com.

It’s no secret that the past few years have been challenging for financial advisors. Many are still reeling from the loss of investor confidence and drop in assets incited by the market turmoil of 2008. Even though we saw the beginnings of the recovery in 2009, numerous advisors are struggling to claw their way back to pre-recession production levels. Here’s the good news: It’s a new year, the recovery is still progressing, optimism is increasing, and you can make this your best year yet! How? In this article, we are going to outline two specific steps you can take to ensure your success. Don’t discount these just because you may have heard them before. Taking these action steps now is one of the best investments you can make in the future of your business.

Define Your Goals and Commit Them to Paper

A first century philosopher said, “If a man does not know what harbor he is making for, no wind is the right wind.” How true that statement is! As financial advisors, we understand the value of setting goals better than most people. Think about how often we sit down with our clients to help them define their goals, outline a plan to reach those goals, and then monitor their progress to ensure they are moving in the right direction. It’s what we get paid to do. And yet, ironically, many financial advisors have never sat down and created tangible goals for themselves and their practice.

A recent industry study showed that advisors who set regular, realistic goals for their practice are the ones who are most successful.  However, only 37% of survey respondents said they satisfactorily set new business goals, and just 35% have written business development plans. Those who answered positively in these two areas said they were realizing ‘much higher’ or ‘higher’ numbers of new prospects and more overall satisfaction in business growth.

At this point, you should probably get out a piece of paper and a pen so you can write your goals down. Goals that aren’t on paper are only fantasies.

So what kind of goals should you have? First of all, you need a combination of short-term and long-term goals. While it’s fairly easy to focus on the big picture of where you want your practice to be in ten years, you must first know where you want to be by the end of this year. And in order to reach your one-year goal, you should break it into monthly or quarterly goals.

The following are some solid goals you might consider adopting. Notice that they are specific, measurable, achievable, and time-constrained, thus possessing the ingredients of effective goals.

• By the end of the year, I will have $___,___,___.00 in assets under management.
• This year, I will reach a production level of $___,___.00 in GDC.
• By the end of the year, the net cash flow into my business will be $___,___.00
• I will lower my office expenses, thus increasing my profit margin by ___% by the end of the year.
• I will convert ___ referrals into clients by the end of the year.

As you will notice, all of these are annual goals. The next step is to break them down into monthly or quarterly segments. For example:

• Each month, I will reach a production level of $___,___.00 in GDC.
• Each month, I will seek out ___ referrals from existing clients, which, based on my closing ratio, will yield ___ new clients.

These are only a few examples of the types of goals you can set. Other goals may relate to the systemization of your practice, staffing needs, or your quality of life. Whatever your goals are, once you have committed them to paper, your next step is to develop a plan that will ensure you reach them.

Because time will not allow us to discuss every possible goal you could set, let’s take just one area of practice management and show how you could develop a worthwhile plan.

Increase Your Production Level Through Referrals 

Building a steady referral stream doesn’t happen on its own. It requires that a specific set of steps be taken. In fact, if the proper foundation has not been laid in advance, asking for referrals can be an exercise in futility. So what kind of plan is required to help you get more referrals?

1) I will improve the level of service I provide my clients so that I will make myself more referable. To accomplish this, I will implement new procedures in my practice that will ensure a consistent, high-quality experience. I will implement the following procedures…

Have you ever had such an outstanding dining experience that you simply had to tell your friends and family about it? If so, then you understand the power of systems. From the moment a client pulls into your parking lot, it should be evident that you run an impeccable organization. Every detail of your office, every interaction they share with your staff, every service issue you help them resolve – must be flawless. This is not something that happens by accident. The only way to create a consistent, high quality experience is to have the right procedures in place. You might ask yourself: Do I have a step-by-step procedure covering everything that should happen when I take on a new client? Do I have written service standards in place? Do I have a system for reaching out to my clients on special occasions such as wedding anniversaries? By having such procedures in place, you can create a memorable experience for clients and prospects that interact with your firm, thus making you more referable.

2) To help my clients remember to refer their friends, family, and colleagues to me, I am going to communicate with them more often. Because different types of communications appeal to different types of people, I am going to use a variety of tools in my communication strategy. Through my communications, I will remind them how important referrals are to my business. I will implement the following communications…

Once your clients are impressed with the level of service you provide, your next responsibility is to ensure they don’t forget about you. The old adage ‘out of sight, out of mind’ is certainly true when it comes to getting referrals. Equally, if you make it a point to stay in front of your clients constantly, they will always have you in mind. This way, when their neighbor is complaining that he never hears from his advisor, your client will be quick to say, “You should talk to my advisor, I hear from him all the time.”

What communications should be included in an effective communication plan? On a basic level, sending a weekly market update will keep you in front of your clients. Each week they get to see your name, your logo, and a referral reminder in their inbox. This simple communication serves several purposes. It helps you educate your clients, it gives them an easy way to forward your information to referrals, and it brands you as an expert in your field. You can even include non-financial related items such as recipes or golf tips to increase readership. Recently, new technologies have even made it possible to send video messages to your clients.

When new legislation or important financial news makes headlines, you are presented with the perfect opportunity to make an impact on your clients and prospects. For example, when news about European debt crisis peaked this summer, did you send your clients a communication about it? Creating special whitepapers or newsletters when such events occur is a powerful way to make an impression.

And of course, the most important way to communicate with your clients is face-to-face.  Scheduling regular reviews, a minimum of twice each year, ensures they are getting the attention they deserve.

3) Once I have the right systems in place and my clients are hearing from me regularly, I will have laid the groundwork necessary to get more referrals. To create the perfect forum for my clients to introduce their referrals to me, I will host regular client events.

Giving your clients a stack of business cards to pass out or sliding a phone book across the table and asking them for names doesn’t work anymore. And while asking for referrals directly can yield marginal success, hosting client events is a better way. By holding prospecting events, you make it easier for your clients to introduce people to you. Put yourself in their shoes. Don’t you think it would be easier for you to invite a friend to a wine tasting, a golf clinic, or an economic forecast meeting than to tell them they need to call your financial advisor? Of course!

There are basically two types of client events. There are what we refer to as “I know” events and there are also “I care” events. “I know” events are educational presentations that establish your expertise. Hosting such a meeting each January lets you sum up the stock market and the economy from the previous year and share what leading economists are predicting for the year ahead.  Another logical follow-up is a mid-year presentation where you analyze how the year is shaping up so far and talk about what economists predict for the balance of the year. You can also host special educational presentations on topics like identity theft. Such events provide a venue for clients to bring guests to meet you in person. “I care” events are intimate social events. They can be held at your home, office, or another location, and can be about anything you enjoy. Sports, food, drink, pets, shopping. The possibilities are endless. These types of events should be intimate, small enough to allow you to mingle with each client and their guest.

As you begin planning your first event, remember that effective client events share four basic elements:

• They are either entertaining or educational in nature so everyone who attends will benefit in some way.
• They are advertised well in advance with attractive marketing materials.
• Attendees are strongly encouraged to bring guests, and are reminded of this more than once.
• At the event, there is an organized way to capture information from guests who attend, and for them to request an appointment so their interest doesn’t have time to cool off.

Through this example, we hope you can see that 2011 has the potential to be your best year yet. Why not get started today? Set your goals, commit them to paper, and develop a plan to make them a reality!

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Some people will tell you that simply asking for referrals is the key to getting more of them. This is not entirely true. In fact, if the proper foundation has not been laid in advance, asking for referrals can be an exercise in futility. So what is the key to creating a steady referral stream?

1) Create an Experience
Have you ever had such an outstanding dining experience that you simply had to tell your friends and family about it? If so, then you understand the power of creating an experience. From the moment a client pulls into your parking lot, they should clearly see that you run an impeccable organization. Every detail of your office, every interaction they share with your staff, every issue you help them resolve; must be flawless. This is not something that happens by accident. The only way to create a consistent, high quality experience is to have the right procedures in place. What systems does your firm use to accomplish this?

2) Communicate Constantly
Once your clients are impressed with the level of service you provide, your next responsibility is to ensure they don’t forget about you. The old adage ‘out of sight, out of mind’ is certainly true when it comes to getting referrals. If you make it a point to stay in front of your clients constantly, they will always have you in mind. This way, when their neighbor is complaining that he never hears from his advisor, your client will be quick to say, “You should talk to my advisor, I hear from him all the time.”

Here are some effective ways to communicate with your clients:

Weekly Market Update by e-mail – 52 times annually
Monthly Wine Tastings – 12 times annually
Annual State of the Markets Workshop – 1 time annually
Mid-Year Market Update Workshop – 1 time annually
Quarterly letter – 4 times annually
Account reviews – 2 times annually
Touch base calls from you and your staff – 4 times annually
Total Contacts: 76 contacts annually

3) Host Effective Client Events
Once you have happy clients who hear from you all the time, your referral tree will be loaded with low-hanging fruit. One way to reap the fruits of your labor is by hosting effective client events. Effective client events share 5 basic elements:

1. They are either entertaining or educational in nature so that everyone who attends will benefit in some way.
2. They vary in subject matter so that different clients and prospects will attend rather than having the same group every time.
3. They are advertised well in advance with attractive marketing materials.
4. Attendees are strongly encouraged to bring guests, and are reminded of this more than once.
5. At the event, there is an organized way to capture information from guests who attend, and for them to request an appointment so that their interest doesn’t have time to cool off.

4) Yes, You Should Still Ask – Sort of.

Finally, you still need to talk to your clients about referrals. The challenge is that if you ask for referrals the wrong way, it can make you seem desperate. And frankly, desperate is the last thing you want to seem. The old days of handing your clients a phonebook and asking them for the numbers of 10 people they know are long gone.

The key to successfully asking for referrals is this: Don’t ask the client to do you a favor by giving referrals. Let the client know you’re willing to do them a favor by accepting the people they refer. This small change in approach will make all the difference. Your clients will be more likely to refer you if they believe they are doing their friends and family members a valuable service rather than just helping you grow your business.

Consider how an effective referral conversation might go. Have this conversation with your clients early in the relationship and a minimum of once annually, preferably following their review.

Advisor: “It’s hard to believe we’ve already been working together this long. How would you say your experience has been with our firm so far?”

Client: “It’s been wonderful! You’ve exceeded all of our expectations, and your staff is incredible. I have to say it’s been so nice not having to check the markets everyday because I know our accounts are in good hands. Thank you for all of your help.”

Advisor: “It’s my pleasure. Before our meeting ends, there is something very important I want to talk to you about. The two of you are exactly the type of clients I love working with. Not only are you an absolute delight to be around, but as you already know, you meet all of our firm’s criteria. You may recall when we first met I told you it was never my goal to be all things to everyone, but rather, all things to a few. For that reason I keep my practice fairly small which means I can’t work with everyone. However, from time to time, openings do come up. And in my experience, the best way to fill those openings is with the friends and family of my best clients – clients just like you. So here’s the offer I would like to extend: In my schedule each week, I leave one or two appointments open for referrals from my top clients. So if you ever know of anyone who you think could use my help, just give me a call and we can discuss it. Now I’m not a miracle worker, but I’ll always do my very best to help them.”

Client: “Thank you, that’s wonderful.”

Advisor: “Now, sometimes, people don’t feel comfortable making an appointment with an advisor they’ve never met, so if it’s easier, you can bring them to any one of my events. And let me assure you, you don’t have to worry whether they will meet my criteria. I would never expect you to pre-qualify someone. Just know that if you give me their name, we’re going to roll out the red carpet for them.”

Client: “Thank you again. We know how busy you are. We will certainly keep your offer in mind.”

Simply asking your clients for referrals is not enough. Even so, if you use the approach outlined above, you will quickly increase the number of referrals you receive.

Does it ever seem like all the ‘hot new marketing ideas’ are really just old ideas being re-circulated? How many times have you been told that public seminars, e-mail marketing, client events, social media, or some other marketing idea holds “the key” to increasing your production?

In reality, there is no single key to achieving success in our business, despite what many marketing organizations would like you to believe. In fact, when a practice relies too heavily on a single marketing strategy, the success of that strategy diminishes over time. A classic example of this can be seen in public seminars. During the nineties, many advisors built their business almost entirely by hosting lunch or dinner seminars. Today, the effectiveness of this marketing tool has decreased dramatically.

More recently, we have seen the rise of social media as a marketing tool. With this rise, there has been a small number of particularly vocal “experts” who insist this is the wave of the future – the key to greater success. Unfortunately, many advisors who are trying to capitalize on this resource have been disappointed with their results. Does this mean public seminars or social media should be avoided? Certainly not. Leveraged properly, both of these can be effective platforms for engaging prospects. Very few marketing ideas are bad. It’s just that problems arise if we rely too heavily on a single method.

Compounding the problem, many advisors have a tendency to get caught on the marketing roller coaster – a cycle which basically runs like this: When business gets slow, they step up their marketing efforts in one area (i.e. hold a seminar). Then, as a result of this added effort, their prospect pipeline fills up. Once their pipeline is full, they no longer perceive an urgent need to market; that is until the pipeline dries up again. Then it’s onto the next marketing idea. This cycle causes many advisors to miss out on the opportunity to generate consistent, predictable revenue because they are only engaging in revenue-generating activities part of the time.

So if there is no key to success, what actions should be taken by an advisor who wants to grow his book of business? Simply put, give clients what they want, and they will give you what you want. Sound like over-simplified mumbo jumbo? It’s not. Consider a few examples that demonstrate the power of this approach.

People want you to be professional.
Imagine for a moment that you are shopping for a new attorney. You have some important family business you need this person to care for, and there are two lawyers you are considering. Attorney one works out of his car, sports a golf shirt and khakis, and doesn’t have a company brochure or website. Attorney two has an attractive office, a professional assistant, wears a tie to work, and has professional collaterals. Strictly based on appearance, who would you choose?

This aptly illustrates the position investors find themselves in when they are looking for a new advisor. One of the best ways to stand out from your competition is to ensure everything about the way your practice operates exudes success. In a world where Bernie Madoff made off with billions, people are leery of financial professionals. Knowledge of this fact should motivate you to ensure your image instills confidence.

People want you to watch over their assets.
Investors have faced many challenges during the last decade. The severe ups and downs of the market have left them needing reassurance. Clients expect their advisors to keep them informed about any events that have the potential to impact their financial affairs. They expect frequent and meaningful communication along these lines. When they don’t receive it, studies show they move their money to other advisors.

This is precisely why maintaining account minimums is so critical. If you accept every client who fogs a mirror, there is no way to give them the attention they deserve and expect. It is also why utilizing a CRM tool to automate contact activities is essential. Left to chance, your client contact strategy will be sporadic at best.

People want you to make them feel special.
When was the last time a business made you feel special? Chances are, if you think about it for a minute, you’ll be able to remember. I remember the last time it happened to me. And you know what? I can’t wait to return to that business! Even if I had a bad experience during my next visit, I would be more patient and understanding. That’s human nature. We appreciate it when people acknowledge us. We like receiving gifts and special privileges. We enjoy the sound of someone using our name. When you let clients and prospects know they are important to you, they will be more loyal and quicker to refer their friends and relatives.

The only way to accomplish this consistently is by implementing written service standards and the corresponding systems. It is impossible to deliver a high quality experience one hundred percent of the time without having the right procedures in place.

What can we learn from these three examples? Within these areas exists everything elite advisors do to attract and retain high net-worth clients. They put practice management procedures in place. They communicate constantly with their clients. They make people feel special. When an advisor learns to do these three things consistently, his practice grows.

Interestingly, it is from these three areas that all marketing strategies are born. Seminars provide a way to educate people and communicate your professionalism. E-mail marketing is a way to stay in touch. Client events make people feel special. But, and this is a big but, none of these things are “key.” All of them are! A well-rounded growth strategy utilizes multiple tools concurrently.

As financial advisors, we are always teaching our clients about the importance of diversification. Isn’t it time we diversified our efforts? A balanced practice-management portfolio should include multiple ways to engage clients and prospects. Different people will respond to different activities. Reviews. Phone calls. Educational events. Social events. E-mail marketing. Social media. Acts of kindness. All of these efforts need to be consistent – organized into reliable, predictable systems. This is one of the ways we can give clients what they want.

In our practice for example, we send an e-mail update weekly, we call every client quarterly, we review every account twice annually, we host four social events and two educational events each year, and we surprise our clients with kind acts. This doesn’t cover everything we do, but this short list provides 65 points of contact per client, per year. These activities generate referral activity and new business from existing clients to the tune of 40 million a year.

So rather than looking for the next ‘hot new marketing idea,’ here’s what we encourage you to do: Start implementing systems that will demonstrate your professionalism, show clients you are watching over their assets, and make them feel special. There is no single key to success, but the sum total of these activities is sure to provide you with endless growth.

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Are you hosting monthly client appreciation events? If not, now is a good time to think about it. Why? Consider a few of the benefits:

• Give your clients 12 extra opportunities to interact with you during the course of the year.

• Invite cold prospects to attend your monthly events. Once they enjoy the evening with all of your happy clients, they will be more inclined to work with you.

• Give your clients a consistent, periodic opportunity to introduce you to referrals.

• These events are low cost, easy to plan, fun, and effective!

Restaurants and country clubs can be used for this type of event, but whenever possible, host them in your office so that prospects who attend can grow comfortable with your business environment. This will make them more likely to request an appointment with you. Since the duration of the event should be no more than an hour or so, standing room only is fine, but keep your attendance below 40 so that the environment stays intimate. If it grows too popular to accommodate everyone, there is nothing wrong with hosting a second event each month.

In our office, we host a monthly wine tasting that has become one of our most popular events – clients love it and always bring friends. Here’s how we do it:

As guests arrive, we give each of them a feedback form or raffle ticket, a pen, and a printout of the wines we will taste that evening. About 15 minutes before the event is scheduled to begin, our server pours 1oz of each wine into 3oz sherry glasses we purchased online. This facilitates expedient serving of the wines.

We begin the event by welcoming everyone and sharing our thoughts on recent developments in the market. This takes about 10 minutes. When this is finished, we pass out the first wine for everyone to taste (as they appear in order on the menu). We share any tasting notes and facts about the wine at that time. After everyone has tasted the first wine, our server begins picking up the empty glasses and serving the second wine. This process continues until all three wines have been tasted. We generally taste two reds and one white at each wine tasting.

Once this process is finished, we have our staff pass out empty, full size glasses to each person in attendance. After everyone has a glass, we pour each guest a glass of the wine they prefer. Once everyone has a glass of wine, we collect all the feedback forms or raffle tickets and have a drawing for the bottles of wine that are left over. This concludes the wine tasting on a fun note, and everyone gets to stay and mingle while they finish their wine. It also helps us collect information from the guests who attend because the form has a spot where they can request an appointment.

If you hold monthly social events in your office, it will foster goodwill with your clients, provide you with a great referral source, and it will be fun! Why not plan your first one this year?

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It is a common practice for doctors, attorneys, and other professionals to dictate their notes following an appointment. As a financial professional, you should be doing the same. Not only does this practice make you appear more professional, but it also helps make you more referable because it prevents things from slipping through the cracks. Using a dictation service will…

Help you stay organized.
Do you ever get tired of flipping through pages in a notebook or shuffling through files looking for what you wrote during a meeting 6 months ago? If you just take 3-5 minutes at the end of each appointment to dictate your thoughts while they are fresh, your notes will already be in your CRM tool. In some cases, your CRM tool will input your dictations automatically, and in other cases they can be e-mailed to an assistant who can copy and paste them into the client record in seconds. And by dictating instructions to your assistant on the spot, you are able to save time that would otherwise be spent explaining things later on.

Make you a more effective advisor.
In casual conversation during meetings, clients and prospects share important details about their life. With good intentions, you may try to remember everything they tell you, but it just isn’t possible. Running a practice is demanding, and there are too many other details to keep track of. If you dictate notes while they are fresh in your mind, you will record these important tidbits for future reference. If your client tells you they are expecting a new grandchild in three months, for example, not only can you send them a card to congratulate them on its arrival, but you can remind them to establish a college fund the next time they are in your office.

Protect you from compliance headaches.
Today’s strict regulatory environment presents more challenges for advisors than ever before. Many consumers don’t even think twice about suing their advisor or filing a complaint with FINRA if they think it will help them recoup losses. To protect yourself from erroneous claims, it is critical to maintain careful and thorough documentation of all conversations shared with a client. During meetings, if you dictate proper explanations and rationale behind all recommendations made, you have a permanent, date stamped record that can help protect your good name.

Attract more business.
When you call into your dictation service with the client present, this demonstrates that you are organized, efficient, and professional. As they hear you reviewing everything they discussed with you, it will build their confidence that you are going to follow through on what you said. In addition, by not missing any critical details, you will do a better job planning for their needs, thus making you more referable.

Author Erle Stanley Gardner, creator of the Perry Mason series, is said to have once typed until his fingers bled before he finally employed the use of a tape recorder to capture his thoughts so they could be passed on to able secretaries to type. It’s a shame he had to learn the hard way.

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The perfect close is a masterful presentation.

The statement above encapsulates what we believe about effective closing. Some people study endless closing techniques and strategies in the hopes that by honing their ‘closing skills’ they can be more effective salespeople. And maybe for your average car salesman, such training really works. But to be truly successful in our industry, you must be more than just a salesperson. You must be a trusted advisor. The relationship you forge with clients and prospects should be in the realm of what they share with their doctors, accountants, attorneys, and even friends. It is for this reason that we have spent a considerable amount of time working on our “presentation” to ensure it eliminates the need for any closing at all.

No one likes to be “closed.”

By the time you’re sitting down in front of a new prospect, there’s a good chance that other financial advisors (or insurance salesmen masquerading as financial advisors) have already tried to close them. For this reason, it’s likely that on the way to your office, Mr. and Mrs. Smith just had a conversation like this:

“So no matter what this advisor says today, we’re not going to invest any money with him right?”

“That’s right. And you let me do all the talking. I want to make sure he really knows what he’s doing. Don’t worry. We’re not going to make any decisions today!”

Believe it or not, you can diffuse this mentality very easily by using the proper approach. The key is to treat your firm like it is a private club that only issues memberships to select individuals. And, that, in fact, it’s not their decision to work with you no matter how badly they wish to – It’s your decision whether or not to work with them.

We hold the cards.

From the very outset of our first meeting with a potential client, we inform them of the following:

“No one will be making a decision today.”

That’s right; we say it first – before they get the chance to! We then go on to tell them something like this:

“Our primary goal during this meeting is to get to know each other. Here at Fross & Fross, we are very selective about the people we choose to work with. It has never been our goal to be all things to all people, but rather, to be all things to a few people. And so, for that reason, before we take on any new clients, we are careful to gather enough information to ensure they pass all four of our tests.”

Can you see what this short paragraph accomplishes? These expressions fundamentally reverse the selling process. By saying these things, you are telling a potential client that you’re not going to sell them anything, and that if they want to work with you, they are going to have to share their information and pass your test.

4 Tests

1) The Chemistry Test

“I’m proud to say that I like all of my clients. And I’m committed to making sure that this never changes. So during today’s meeting we are going to see whether we feel we have the chemistry to work together for the long run.”

The chemistry test is important for two main reasons: One, do you really want to work with clients who you don’t like? And two, you don’t want the type of client who will file a complaint with FINRA the moment their account value drops 3%. If you perceive future headaches, you’re better off walking away.

2) The Goal Test

“I’m going to ask you a lot of questions about your goals today. My objective is to see if they are achievable. If I don’t think they are achievable, I would rather not help you fail.”

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Systems. Procedures. Forms. Checklists. Not very exciting words are they? And yet, what they represent – having a systematized, smooth-running, and efficient practice – is extraordinarily appealing to most advisors. More than that, it is vital for success. Having a thoroughly systematized practice will free you up to spend time on what is most profitable – meeting with clients and gathering assets.

Do it for your clients.
Having effective procedures in place is the only way to ensure a consistent and high-quality experience for your clients. It is also the best way to reduce mistakes and compliance issues. Imagine, for example, that a prospect agrees to work with your firm. They come in, sign all of the paperwork, and leave. What happens during the next three weeks? How many times do they hear from you or someone at your office? Do they receive a thank you card? A welcome kit? Access to their accounts online? How do you think they will feel if they don’t hear from someone for two or three weeks? These are only a few questions to consider, but the duties related to effective client relationship management are extensive. The best thing you can do for your clients is implement a systematized way of communicating with them and addressing all of their needs thoroughly.

Systematizing your practice will:

* Improve the quality of your clients’ experience.
* Make you more referable.
* Help you hold your team accountable.
* Make it easier to train new people.
* Make your practice more salable.
* Keep things from slipping through the cracks.
* Free up your time by letting others do more of the work for you.

Do it for yourself.
As an advisor, you should spend your time doing things you are uniquely qualified to do. Assume that your average annual GDC is $250,000 and that you work 40 hours each week. This makes your effective rate of pay $120 per hour. How many people do you know that get paid this kind of money to do paperwork? If you only spend one hour per day handling administrative duties, your “bill” for this would effectively be $31,200 for the year. If you hire an assistant for this wage, how much more work can he or she accomplish in eight hours a day? Your time should be spent doing things you can’t hire someone else to do for less money.

So maybe all of this sounds really good to you. “I’d love to systematize my practice and let someone else handle all of the administrative work so I can focus more on developing relationships. But where will I find the time to create and implement new systems? I’m too busy.” If this is what you are thinking, you definitely aren’t alone. It’s true; systematizing your practice is a lot of work. Thankfully, Platinum has made the process easy by developing all of the forms, checklists, and procedures you need. In fact, we just updated all of our procedures this week to make implementing them even easier!

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