Selling Skills Needs Analysis

As of June 30th, 2005, there were 5,184 firms...102,656 branch offices...and 661,783 registered representatives who are registered with the NASD.

For financial advisors, this....along with investor status quo and inertia...is your competition.

When considering the Sales Readiness of financial advisors today, what are the areas most needful of attention? Generalizing (which is always dangerous), there are 6 areas that I have found to be most prevalent when it comes to areas needing particular attention. In no particular order, they are:

1. Niche Markets. Niche markets are good...the niche-ier, the better. Niche markets are good because they are off the beaten path. Niche markets are good because they allow the advisor to specialize, and I believe the specialists are more successful than generalists.
2. Words. Selling is all about relationships and communication. Our words, written or spoken, are the tools that we use. What words do you use to get a first-appointment with a prospect? What words do you use to engage prospects in meaningful conversations? What questions do you ask that cause an investor to stop and say, "Gee...nobody has ever asked me that before?"
3. Referral Strategies. Every investor prefers to be introduced to a prospective financial advisor through referrals from a trusted acquaintance...with the exception of hermits, and hermits aren't a very good niche group to prospect anyway. Surprisingly, a large number of advisors do not use a consistent referral marketing strategy to grow their business. You know what they say about "low-lying fruit?" Well...here's an orchard.
4. Conviction. Remember the last time that you were really enthused about something? It really didn't matter what you said, it was how you said it. Conviction sells. What do you like? What do you feel passionate about? As the financial services industry has moved to an asset-gathering model that espouses financial-planning and asset allocation, it has downplayed the value of the advisor getting up on the 'soapbox' to lead and motivate investors. Too bad...it still works.
5. Objections. When a prospect dismisses your entreaties with, "No thanks...I already have an advisor...", what do you say? How do you counter this, and all of the other most common, brush-offs? As problematic as brush-offs seem to many advisors, there are actually only about 7-8 brush-offs that prospects use...again and again. It helps to have a ready response at the tip of your tongue for each one.
6. Sales Activities. Not all sales activities are productive. Oftentimes, financial advisors can get stuck in a rut of assuming that activity is synonymous with forward movement. For example, which of the following sales activities is more productive? 100 dials off of a cold list to complete strangers, or 2 face-to-face meetings in a prospect's office? Moreover, if you could get these 2 face-to-face meetings by engaging in 5 referral solicitations, wouldn't this be better for all involved? If making cold calls to strangers is the only way for you to get some traction, go ahead. I suppose it's better than self-mutilation. However, use your head too. Stay focused on the activities that matter.

Oops...I notice that the little hand on my clock is pointing to 8, which is about the time that I like to conclude scintillating and trenchant observations each day. That's all for now.

Ciao!