If you are in the business of selling, especially financial services, how many face-to-face appointments is enough?
In the first place, it is probably fair to separate newer financial advisors from those in the profession who are more senior...those who have an established book of business. Typically, newer advisors do not have to deal with the issues that can keep an advisor "chained" to their office, i.e. customer service issues, complaints, annual client reviews, prepping for upcoming meetings, etc. On the other hand, I have also seen advisors of all levels of experience, who use office busy-work as rationalization for the various types of Sales Call Reluctance.
The other observation that I have is that the financial services business does not have the need for face-to-face appointments ingrained in the culture, vis-a-vis say...the life insurance business.
Consider this recent article from Rough Notes, the monthly magazine that serves the insurance professional "See link" In an article entitled "Two A Day," author Michael Weinberg argues that: "Two a day is our mantra. We expect every new producer to have not fewer than two appointments each day during which the agent asks the prospect for a sale. Anything less and there will be no success. Networking events are fine and can lead to sales appointments, but only sales appointments generate revenue. And without revenue, all is meaningless."
In my experience, sales managers at the brokerage firms (i.e Merrill Lynch, Smith Barney, the regionals, etc.) do not expect or require the newer advisor to have two appointments per day on a consistent basis. Of course, they would welcome this...but this is certainly not the expectation.
A more likely expectation would be the Bayer Adult Multivitamin model...One-A-Day.
(Sidebar: Did you know that Bayer now markets 9 different One-A-Day Adult Multivitamins? Cholesterol Plus, CarbSmart,Women's, Men's Health Formula, 50 Plus, Active, Maximum, Today, and Essential. How does one choose? In my case, I can see 3-4 of these that I want.)
Given the "closing ratios" of more senior advisors, and their attention to managed money or "evergreen" types of business...One-A-Day is probably sufficient to achieve a healthy rate of growth for their books of business.
However, I would also submit that, when you think about it...the capacity to do so much more...is very real. I know some advisors who consistently have 3+ appointments daily.
Next week, I'll discuss this more. That's all for now.
Have a great weekend! Today's Friday the 13th...and tomorrow's a Full Moon. Sounds auspicious or forboding, doesn't it?
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