Mentoring week 2

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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



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



Excellence is simply doing the ordinary things extraordinarily well



“If you want excellence, you can get there today. As of this second, quit doing less-than-excellent work.” Thomas J. Watson Sr.



Ours is a simple business

Life is really simple, but we insist on making it complicated. ~Confucius



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



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



Truth: Talent is overrated. There are no outliers



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



Was Phil Mickelson born a great golfer?



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!!



Was Warren Buffett Born a Great Stock Picker?



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!!



Was Mark Born a $3.5 Million Producer?



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!!



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



Here is your repeatable process



The art of selling: The sequence



Step one: Acquiring the requisite skills



Step two: Goal Setting



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?



Step three: Create a Mission Statement



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



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.



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



Step five: Creating a Marketing Plan



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)



Step 6: Prospecting



Step seven: Getting the appointment



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



Step eight: Giving the Presentation

Professional Selling Skills (PSS)

Initial Benefit Statement

Probing

The Presentation

Overcoming Objections

Closing the Sale



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.



This Business



Yet only 5% of today’s Advisor’s excel at their craft

Bob Dunwoody



How do the 5% break the curse of the bell curve?



The 5% Are brilliant at the basics

Have a repeatable process

Focus on their goals

Have a very solid business plan

Segment their books



Truth: You must forever stick to three rules



Rule Number One: Similarities don’t sell. Differences sell



Rule Number Two: It is essential to market yourself



Rule number three: The more successful we become, the further we get away from the basics which made us

successful in the first place



Truth: you must master and stick to the basics



“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


http://www.brainyquote.com/quotes/quotes/b/bobbyorr359568.html


“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



Truth: You can be successful without talent. You cannot be successful without hard work



"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



“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)



Homework for today’s session

Submit your mission statement

Submit your marketing plan

[email protected]

[email protected]


mailto:[email protected]

mailto:[email protected]


The End


Mentoring week 2

Business

Transcript of Mentoring week 2