What is the third huge mistake advisors are making today?Article added by Lew Nason on September 23, 2013
Joined: October 13, 2006
Ranked: #2 (24,315 pts)
We recently started a series of articles based upon the assumption that you want a net income, after expenses, in excess of $200,000 annually. That you want to work 40 hours or less per week. That you want to be home most nights with your family. And, you want to have a lot more fun.
So far, we have covered two huge mistakes that are keeping most advisors from reaching their full potential in this business:
Mistake No. 1 — Believing that an IMO, insurance company, organization, manager, recruiter or broker/dealer is going to provide you with the tools, tips, training and coaching you need to be successful in this business.
Solution No. 1 — If you really want to succeed today, then it's up to you to get the marketing and sales systems, tools, and training, and personal coaching you need.
Mistake No. 2 — Relying on someone else for your sales leads.
Solution No. 2 — Learn and practice the basics of attraction marketing. It's as simple as working to become well known and respected for the work you do by the people in your local community.
Remember, in this industry, there is a deplorable 90 percent failure rate for new agents, and a very disappointing average income of only $40,000 to $60,000 (after expenses) for most experienced agents, advisors and planners. However, these numbers don't have to apply to you.
You have the choice to be ultra successful or simply average — it's entirely up to you. You can sit back, do nothing and hope that things will change. Or, you can take action right now to make things change. What have you done in the last 60 days to increase your sales and income?
Mistake No. 3
The third huge mistake advisors are making today is not staying in "constant contact with their current clients, friends, neighbors, family and prospects.
If you want to grow your practice, earn a six-figure annual income, work less and have a lot more fun, then you must stay in constant contact with everyone you know. There is a lot of competition out there from banks, brokers, P&C agencies, and more. Everyone is looking to do business with the people you already know. So, if you are not in constant contact with them, you are missing out on new sales, repeat sales and referrals.
Do you honestly feel that you are really helping people? Are you focused on making a positive difference in people's lives, rather than simply making a sale?
Then who are the first people you should be helping?
Do you want your friends, family, neighbors, clients and prospects to call you when they have a problem, need advice, or want your help? Or, do you want them to call your competition down the street?
Who is going to take better care of them? You or a stranger?
Why would they call you, if they don't know what you do? Not that you sell insurance, but how you are helping families to spend, save, invest, insure and plan wisely for the future — to achieve financial independence.
If you really want to succeed today, then isn't it up to you to stay in constant contact with the people who already know you? You should be the first person they think of when they have questions, need help or are ready to buy.
One of the easiest, most affordable and effective ways to stay in constant contact with the people you already know is to send them a monthly newsletter. A monthly newsletter is a constant reminder of what you do (or in some cases who you are), presented in a very non-threatening way. It's non-threatening, because there's no pressure for them to buy anything.
People prefer to do business with people they know and trust. Assuming you're trustworthy, shouldn’t that be you?
By sending them a monthly newsletter, you're demonstrating your expertise in the best possible way and building trust, confidence and credibility.
You are showing them that you know what you're talking about, without needing to make grand claims about your professional expertise. It's a win-win combination.
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