Post on 14-Jan-2015
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“Business is not financial science, it’s about trading. . . Buying and selling. It’s about creating a product or service so good that people will pay for it.” Anita Roddick
Everyone on this call is running a business
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MY MISSION STATEMENT
To instill in Financial Services professionals the belief that they are capable of achieving excellence at the art of selling and the art of communication; and the confidence to strive to do so
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Excellence is simply doing the ordinary things extraordinarily well
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“If you want excellence, you can get there today. As of this second, quit doing less-than-excellent work.” Thomas J. Watson Sr.
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Ours is a simple business
Life is really simple, but we insist on making it complicated. ~Confucius
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Three things must happen if people are going to do business with you.
They must like you
They must trust you
They must feel what you are offering fits their needs
Tell me what I’m missing
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A few truths (of many) about achieving excellence
Talent is overrated. You win with a repeatable process. There are no outliers
You must forever stick to three rules
You must master and stick to the basics
You can be successful without talent. You cannot be successful without hard work
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Truth: Talent is overrated. There are no outliers
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The Repeatable Process
Mastering the basics and doing them over and over again every day breeds consistency
In golf, consistency means a repeatable swing. A repeatable swing means predictable results
Predictable results mean money, fame and fortune in any profession
Phil Mickelson is the greatest left-handed golfer of all time
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Phil MickelsonBorn 1970
Began hitting balls at 18 months old
Tried to run away from home at age 3 because his parents said he was too young to play golf with his father. His neighbors steered him around the block and back home
Declared at age 9 that he would one day win the Masters
As a boy, bribed his neighbors to drive him to the golf course
Won 34 San Diego Junior Golf Association titles
Three time individual NCAA champion at Arizona State
Finally won his first Major in 2004, after more than thirty two years of constant practice and competition!!
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Was Warren Buffett Born a Great Stock Picker?
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Warren Buffett
Warren Buffett created Buffett Associates LTD in 1956 with seven partners (including his sister and aunt) and $105,000.
He personally put in $100.
•He’s been doing the same thing every day for fifty four years!!
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Mark DickMark became licensed in 1970
First year in production: $38,000 GDC
First $1,000,000 year: 1993 (22 years later)
“I’ve never made money on an incoming phone call.”
“If we’re not sitting with clients, we are unemployed.”
Monthly Accumulation Plans for forty years!!
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All of these people have a repeatable process that works for them. You need a Repeatable Process that works for you and you must rely on it through thick and thin
“My motto was always to keep swinging. Whether I was in a slump or feeling badly or having trouble off the field, the only thing to do was keep swinging.” Hank Aaron
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Imagine what you want and work backwards
i.e., Goal: $1,000,000 Annual GDC @ 1% Velocity = $100,000,000 in assets
150 clients @ $750,000 investable assets/client
You can draw from three pools:
Existing clients
Friends and acquaintances
People you haven't met yet
How many appointments do you need from each group weekly, monthly and annually and over what period of time?
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What is a mission statement?
A formal, short written statement of the purpose for your business
It should guide the actions of your business
Spell out your business’s overall goal
Provide a sense of direction
Guides decision-making
Provides the framework for devising your strategy
It should be clear, concise and inspiring
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Ben & Jerry’s
“To make, distribute and sell the finest quality all-natural ice cream and related products in a wide variety of innovative flavors made from Vermont dairy products.”
Mc Donald’s
“To satisfy the world’s appetite for good food, well served, at a price people can afford.
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Step four: Creating a Business Plan
This is the roadmap to your future
Use this plan to define your objectives, cash flow among them
Demonstrate that you have the ability to make your business a success
It does not belong in a file cabinet or buried in Word docs
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Each target market needs a separate marketing plan
Who is your target market?
What are their specific financial needs?
Why does this market make sense to you?
How will you approach this market?
When will you approach this market? (Set goals and timelines)
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Getting the Appointment
Being referred is the best way, but even that does not guarantee that you will get the appointment
There are only three reasons people can give for not seeing you
We will discuss overcoming all three
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Step eight: Giving the Presentation
Professional Selling Skills (PSS)
Initial Benefit Statement
Probing
The Presentation
Overcoming Objections
Closing the Sale
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Step nine: Perpetuating the Relationship
Think like a lifer
Be so covetous of your clients that only God can take them away, not the competition.
Lack of communication breeds lack of confidence. Lack of confidence kills relationships.
Become friends with your clients. Nobody fires their friends.
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Yet only 5% of today’s Advisor’s excel at their craft
Bob Dunwoody
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How do the 5% break the curse of the bell curve?
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The 5% Are brilliant at the basics
Have a repeatable process
Focus on their goals
Have a very solid business plan
Segment their books
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Truth: You must forever stick to three rules
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Rule Number One: Similarities don’t sell. Differences sell
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Rule Number Two: It is essential to market yourself
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Rule number three: The more successful we become, the further we get away from the basics which made us
successful in the first place
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Truth: you must master and stick to the basics
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“You hear all the time about European players playing the game. These players that come over at 17, 18 and 19, they just don't all of a sudden become skilled. From the time they were little fellas,
they learned the fundamentals of the game. “ Bobby Orr
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“Perhaps the single most important element in mastering the techniques and tactics of racing is experience. But once you have the fundamentals, acquiring the experience is a matter of time.”
Greg LeMond
Three time
Tour de Francewinner
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Truth: You can be successful without talent. You cannot be successful without hard work
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"I thought I was preparing fully for each tournament that I entered but in retrospect I realized that the effort was not quite 100%. Oh, I worked at the game, but I didn't
work hard enough."
"Perhaps subconsciously after twenty five years of being successful on the pro tour, I thought that I could get by on natural talent plus experience. I proved to myself
embarrassingly that I couldn't."
"Confidence is the single most important factor in this game and no matter how great your natural talent, there is only one way to obtain and sustain it and that is work.
That may be a hard fact to swallow, but doing so is the first step to excellence." Jack Nicklaus
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“No man ever reached to excellence in any one art or profession without having passed through the slow and painful process of study and preparation”Horace (65 BC-8 BC)
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Homework for today’s session
Submit your mission statement
Submit your marketing plan
don@donconnelly.com
yeattspg@msn.com