Mentoring, Week 8

http://www.campconnelly.com

Thank You For Joining Us

http://www.campconnelly.com/


www.yeattsperformance group.com

Rick’s Recap



Today’s Topic

Pablo Picasso

Reminders of things you already know

Little things to keep in mind as you go about your business



Never run and hide• Just as you get the wind at your back, it will shift into a

head wind

• Let your competition hide in the bad times

• Learn to embrace change

• Two things never change

• Mom and dad are still spinning along with the same goals

• Do not let the wind cause you to spin out of control

• Nobody leaves anybody in a bull market



There is no need to overpromise • If you over promise, you will underperform

•This is the biggest trap in this business

• It destroys relationships

•You are not paid to be right all the time

• I can’t make you rich



People need you probably more than you realize

•Last car, first house

•45 year old couple

•One year of college = cost of good car

•The couple in Houston bought into a myth

•The two biggest investing mistakes



De-mystify your fees and commissions

• If you’re not different from everyone else, you invite price resistance

•Clients generally don’t mind commissions

•Clients don’t like the mystery of commissions

•The question is, “Do you need me in your life?”

•Do you believe that you are worth your fees?



Stick to the basics• The more successful we become, the further we get away from the very basics that made us

successful in the first place

• Clients have three basic goals and two impediments to achieving them

• You get an idea so good, you stop using it

• Seventeen hidden camera interviews

• Learn a few good stories

• The Bill of Rights

• Keep the pipeline full

• Hard work by itself doesn’t work

• Open bigger accounts

• Tom Stanley

• Supernova



Become friends with your clients

•When things go wrong, your friends will call you, not the competition

•sooner or later, a lot of clients fire their Advisors. Nobody fires their friends



Be both efficient and effective

•Prospect the right people

•Walk down “B” Street

•Develop an image that causes affluent people to call you and ask you if you’ve got time to see them



Choose to be optimistic

•Optimism is an intellectual choice – Diana Schneider

•Enthusiasm is an Advisor’s greatest asset



Ask for what you want

Percy Ross



Remember what business you are in

•When all is said and done, we are in the advice business

• Advice is the hardest thing in the world to sell

•We have a sale and people run away

•All data is commoditized

•Always have an opinion



Understand market volatility for what it is

•Without chop, there would be no need for a Financial Advisor

• Change reinforces the fact that people should be paying for advice

• Volatility is not risk. It’s volatility



Train your clients

•There are three rules clients must follow

Start now

Take advantage of any and all tax breaks

Don’t be too conservative



There are no accidental successes

•Magnetic goals are mandatory

•Aim high, because that’s where you will end up

•A rock pile ceases being a rock pile the minute a single man contemplates it, bearing with him the image of a cathedral



Think like a lifer

•The size of your paycheck is 100% dependent upon your willingness and ability to create and maintain long-term relationships



You don’t manage money

•You manage expectations

•“Yes, things have changed. The reason you invested hasn't changed.”

•“What is it you expect of me?”



Learn to overcome the three basic objections

I already have an Advisor

I don’t have any money

I’m not interested



If I may be so bold….

• Listening is as important as talking

• Be so covetous of your clients that only God can take them away, not the competition. Nobody takes a client away from you

• Clone your top ten clients

• Raise the bar every year

• Explain to your clients what the media is trying to do



If I may be so bold….•Hold an annual dinner for your most important

clients

•Realize you're not paid on how much you know

•Each and every day, eliminate one activity that is not contributing to your success

•Prospect some every day

•Open accounts with people you like



If I may be so bold….•Meet people on purpose

•Decide how much you want to earn and work backwards

•Stay away from negative people

•Be a mentor

•Don't confuse your job with your life



If I may be so bold….

• Eat a toad every morning. The easiest way to get rid of a difficult task is to do it

• Call your clients on a regular basis and remind them why they chose you in the first place and why they invested in the first place

• Your clients should be a sales force for you. Empower them

• Clients today expect and demand good service and they are not the least bit surprised when they don’t get it.

• You are not compensated for how much you know. You are compensated for how well you communicate what you do know



If I may be so bold….• It’s better to be mediocre and be quiet about it, than to

promise excellence and deliver mediocrity

• Have a good story. If you have a good story, you’ll get a fair hearing

• You are highly paid, even in the most mediocre of times

• Stay interested after you open the account

• Don’t be annoyed by clients. You’d be out of business without them



If I may be so bold….• It’s easier to keep a client than to get one

•Call clients regularly and ask what you can do to help

•Avoid end-zone tackles

•Always remember why the client chose you in the first place

•Train your clients right now



If I may be so bold….• Everything you do should concern itself with getting

and keeping a client

• Be proactive

• Don’t take too much credit on the way up

• Have an unwavering belief that everything you do is vital to your client’s success

• Be there when you have nothing to sell.

• Never assume client loyalty



If I may be so bold….• Clients have needs and expectations. Always meet both

• Learn to thrive on rejection

• Remember that most of America’s wealth rests with family businesses

• “The real purpose of a business is to create and keep a customer. There is no effective strategy that is not market-oriented. No business can function effectively without a clear view of how to get customers, what its prospective customers want and need, and what options competitors give them.” Theo. Levitt

• Everyone is pleased with his secretary until he gets a good one. The same is true in our business. People are often satisfied only because they don’t know the difference. They may not understand the benefits of doing business with you. Ask sensitive, open-minded questions: “What’s adequate now and what can be improved?”



If I may be so bold….• Find out what people like and do more of it. Find out what people

dislike and do less of it

• Nothing binds you to a client like a promise kept. Nothing divides you liken a promise broken

• All success is the result of failure. Saying, “I failed three times” is a lot different than saying, “I am a failure.”

• One of the great joys of life is finding you can do what you were afraid you couldn’t do

• Call your clients periodically: “John, you are a very important client to me, and my aim is to constantly improve the way I serve you. What two or three areas would you like me to improve on?”



If I may be so bold….• You are either there to educate or open the account. If you are

there to educate, tell the prospect how wonderful you and your company are. If you are there to open the account, only talk from the client’s point of view

• Smart people plan for the future. Successful people have someone plan the future for them

• Every client’s goal should be to determine how much money he will need, when he will need it, and how he is going to get it

• “I’m not bullish on the market. I’m bullish on America”

• “Financial advice when it’s too late is like medicine after death”



“This time it’s different”• It is a gloomy moment in the history of our country. Not in the

lifetime of most men has there been so much grave and deep apprehension; never has the future seemed so incalculable as at this time. The domestic economic situation is in chaos. Our dollar is weak throughout the world. Prices are so high as to be utterly ridiculous. The political cauldron seethes and bubbles with uncertainty. Russia hangs, as usual, like a cloud, dark and silent, upon the horizon. It is a solemn moment. Of our troubles no man can see the end. Harper’s weekly, October, 1857

• The budget should be balanced, the treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest we become bankrupt. Cicero, 63 BC



“This time it’s different”• He spends much of his time before a mirror, admiring

himself and carefully arranging his hair. He is more with his barber than with his teachers. Were he bald, he would be better educated. (This lament is from a roman father of the first century, writing to a friend about his son)

• Excavators at the ancient city of Aphrodisias, in Turkey, discovered the following inscription at the entrance of a public bath: “The customer is held responsible for the loss of any money from purse or belt not previously checked with the attendant.”



If I may be so bold….• Stick to the good ideas and tell them over and over

• Make it a habit to ask for referrals

• “Your fees are too high!” “If I understand you correctly, it’s your goal is to find the cheapest financial services you can.”

• Although crimes are not always punished, mistakes are

• If either Macy’s or Nordstrom’s needs cash, it has a sale. The store gets money and the customers get the goods they want. The government does it backwards. It raise prices (taxes). It doesn’t work



If I may be so bold….• Your new career begins today

• Help your clients understand the difference between price and cost. Give them checklists and worksheets so they can compare what you offer to what is being offered by the competition

• Is your presentation worth a portion of someone’s life?

• All clients want three things: the best product and the best service at the lowest possible price. No company on earth can provide all three

• Do what you do so well that those who see you do what you do are going to come back and see you do it again and tell others that they should see you do what you do



If I may be so bold….• Become a great time manager

• Goals must pull you toward them. Unreachable goals always result in failure. Achieving reachable goals is one of life’s great rewards

• Rejection is part of our business and cannot be taken personally. “No “means “not today.” It does not mean “never.” When someone says “no” to you, he is rejecting your idea, not you. Every time you are rejected brings you one step closer to that new account

• Meet as many people as you can and tell them what you do for a living

• By definition, one half the people in any business are below average. You will beat those people by showing up in the morning. You will beat another forty percent of the competition through hard work and honesty. The last ten percent of the competition represents free enterprise



If I may be so bold….• Despite all the white noise you will hear every day,

keep your eye on your clients’ goals

• You have chosen a fabulous, exciting career. You can deal with whom you choose, you can earn as much money as your talents will allow and every day you can run your own office. Many of your friends will never have that luxury or your lifestyle

• Make your clients aware that it’s your job to manage their risk. Neither you nor they can control the market. But you both can control your reaction to it.



If I may be so bold….• Tell your clients that advertisers are very clever at blurring the

lines betweens “needs” and “wants”

• Don’t treat your best clients like everyone else

AND LASTLY

• Life expectancies in the United States are growing. Time was when a person who lived beyond age 65 was pushing the envelope. Today, a man age 65 has a 50 percent chance of living to 85 and a 25 percent chance of making it to 92. A 65-year-old woman has a 50-50 chance of getting to 88 and a 25 percent chance of seeing 94. But a couple, both age 65 now, has a 50 percent chance that one will live to 92 and a 25 percent chance that one of them will live to 97 years of age. The implications of saving for retirement are enormous – Don Kuehn



Rick and I thank you• You have been punctual with your attendance, patient

with our attempts and diligent with your homework

• We will be in touch shortly with a questionnaire soliciting your feedback

• As our thank you to you, you will each receive a copy of all our PowerPoint slides and a CD containing the audio portion of all eight sessions

• Here is your final homework assignment:



Your homework every day for the rest of your career

Why should someone do business with me?


Mentoring, Week 8

Business

Transcript of Mentoring, Week 8