Tell Your Story to Prospects

Wednesday, March 3rd, 2010

When meeting with prospects, many advisors grapple with how to talk about their approach without it sounding like a sales pitch and how to move the conversation forward without having prospects feel pressured.

Earlier this week, I got an email from an advisor who had read the June 29 post on this blog, based on a Globe and Mail article about 25 questions that investors might ask an advisor they are thinking about working with.

Tags: Adviser, Blog, Circumstances, Email, Globe And Mail, Globe Article, Globe Investor, Globe Mail, Honesty, Hour And A Half, Instances, Investment Ideas, Investor Investment, Investors, June 29, Mail Article, Openness, Podium, Prospects, Sales Pitch, Taking Time
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Income Producer vs. Business Builder

Wednesday, February 24th, 2010

By Norm Trainor

In my experience, there are two types of entrepreneurs: Income Producers and Business Builders. Let’s illustrate what we mean by income producer vs. business builder through an entrepreneur I talk about in my book, The 8 Best Practices of High-Performing Salespeople. The story relates to Tony Henderson who I met in August of 1988. At t that time, Tony was just starting out and was what we describe as a classic income producer.

Tags: Best Practices, Boss, Business Builder, Business Builders, Business Entrepreneur, Entrepreneurs, Focus, Freedom, Income Producer, Income Producers, Instances, Norm Trainor, Salespeople, Tony Henderson
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Emerging a winner from a period of turmoil

Tuesday, December 8th, 2009

Today’s article focuses on what it will take for advisors to emerge as winners from the turmoil in which the industry currently finds itself.

My December column in Investment Executive starts with the premise that a new breed of empowered customers and aggressive competitors have changed the rules of the game for most manufacturers and retailers – and are in the process of doing the same for the investment industry.

The only way to ensure that you’ll emerge a winner from this process is through an intense, single minded focus on providing compelling, outstanding value – today, providing tepid value means you’re toast.

Tags: Aggressive Competitors, Commodities, Financial Advisors, Instances, Insurance, Insurance Advice, Investment Executive, Investment Industry, Investors, Minded Focus, New Breed, Overwhelming Volume, Premise, Prospective Client, Rules Of The Game, Sensible Plan, Subset, Toast, Traditional Business Model, Turmoil, Variety
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How to Consolidate Client Assets

Wednesday, November 18th, 2009

In recent workshops, I’ve talked about the need to focus on one primary business goal for each key client you work with.When I ask advisors for examples of possible objectives, the one that comes up first most often is “consolidating accounts held elsewhere.”

Wanting to do this is a good start …. The key question is how best to go about this.

Becoming the exclusive financial advisor for key clients has always been a priority for advisors … but these days, this is even more important. Partly that because advisors are looking to regain some of the assets lost in last year’s market decline – and in part it’s because of the recognition of the risk that if you don’t act, another advisor you share a client with might.

Tags: Advertisement, Business Goal, Client Assets, Confidentiality, Conscious Decision, Financial Advisors, Financial Affairs, Financial Institutions, Focus, Good Reason, Instances, Insurance, Investments, Investors, Market Decline, Money, Priority, Relationships, Risk, S Market, Second Group, Umbrella
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Giving clients hope in tough markets

Wednesday, November 18th, 2009

These days, many advisors are focusing on meeting with key clients to review and discuss their portfolios.In some cases, the market developments of the past year mean that advisors are recommending significant changes.

In other instances, however, the portfolio in place a year ago still makes sense and there is no reason to make a change – a situation that can pose a problem. Here’s why.

In my conversations with investors since last fall, there is a universal sense that the investing climate has changed dramatically – and the feeling that there portfolio should be changing as well.

Tags: Climate, Conversations, Corporate Bonds, Corporate Clients, Corporates, Diversification, Instances, Investing, Investment Bonds, Investments, Investors, Market Developments, Optimism, Portfolio, Portfolio Cases, Portfolios, Proactive, Risk, Sake, Status Quo, Universal Sense
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The best route to high net worth referrals

Wednesday, November 18th, 2009

Earlier this year, I conducted a series of workshops sponsored in part by Mackenzie Financial.

Recently, a Mackenzie wholesaler emailed me with a question from an advisor, curious if I had any ideas on how to initiate referrals targeting million dollar plus clients.

As you move up the high net worth ladder, confidentiality becomes a bigger and bigger concern – and anything resembling a traditional mass market approach to referrals simply doesn’t work and in fact can harm the relationship.

Tags: Asset Levels, Best Route, Club Rotary, Colleague, Confidentiality, Economics Club, Instances, Kiwanis, Kiwanis Club, Ladder, Luncheon Speakers, Mackenzie Financial, Mark Carney, Market Approach, Mass Market, Odds, Problem With This Approach, Professional Relationship, Referrals, Rotary Club, Traditional Mass, Wholesaler
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An alternative way to conduct client reviews

Tuesday, July 14th, 2009

Experienced advisors know there’s no substitute for face to face meetings to review portfolios, especially in times such as these.

In some instances, however, a client’s location or schedule make it impossible to meet face to face – in those cases, you need to look at an alternative method to conduct that review.Recently, I’ve talked to a number of advisors who are having good success with structured telephone meetings to conduct portfolio reviews.

To be successful, telephone reviews have to look and feel like a face to face review.

An appointment is set for the call, just as would be the case for a meeting.

Tags: Appointment, Email Clients, Face To Face, Good Success, Instances, Intimacy, Maximum Effectiveness, Meeting Agenda, Opportunity, Personal Dimension, Phone Meetings, Portfolio Reviews, Portfolios, Powerpoint Presentation, Supplement Reviews, Telephone Reviews, Video Interview, Web Conferencing Software, Webex
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