Helping prospects see you as a financial advisor and not a salesperson, Pt. 1Article added by Lew Nason on April 24, 2014
Lew Nason

Lew Nason

Dallas, GA

Joined: October 13, 2006

My Company

Insurance Pro Shop

The top producers in the financial services industry understand that there is a price to pay for long-term success and a consistent, significant income. The rewards are outstanding for those few people who are willing to do what the unsuccessful people are not.

A quick question for you: Are you in the financial services business for the short-term or the long-term?

I hope you said long-term!

If that’s the case, then you must stop doing the things that 90 percent of the agents and advisors do to have short-term success in this business. Short-term success is playing the numbers game, contacting strangers, and trying to set enough appointments with whoever will meet with you. It also involves selling a product to make a quick sale and to generate some quick income.

Long-term success is about you providing a valuable service to everyone you know. It is learning how to truly make a positive difference in people's lives, so they will want to do business with you, both now and in the future. They will also spread the word about you and the great services you provide.

Your long-term success is dependent upon you building strong relationships with everyone you know, instead of just another salesperson who wants them to spend more money that they don't have. Making a positive difference in people's lives is how you consistently generate a steady stream of new, repeat and referred business.

Unfortunately, most agents, advisors and planners act as if they are in this business for the short-term. They’ll say and do whatever it takes to set an appointment and make a sale right now, with anyone who will talk with them. Their focus is on making a sale during the first appointment (one call close.) Accordingly, they’ll use the 101 closing techniques they’ve learned to push the prospect into making a quick decision to buy, based on the price of the product and/or high investment returns.

Selling based on the price of the product and/or high investment returns would seem to be a much easier and quicker sale. The focus is just on making a quick commission. Unfortunately, no thought is given to the long-term consequences of the sale for the customer ... or the salesperson. And no real, lasting relationship is built with the prospect. Then, these advisors wonder why they have high "not taken rates" and high "lapse rates."

And they wonder why they aren’t getting any good referrals or repeat sales. They struggle, year after year, trying to make a consistent, decent living. Eventually, they get frustrated with prospecting, and the lack of appointments and sales. They lose their enthusiasm and positive attitude. And generally, within five years, they are out of the business — either physically or mentally.

There is no question that building your business for the long-term is initially more work. It requires more thought, research, training and practice. It requires you to learn much more about how you can help people spend, save, invest, insure and plan wisely for the future to achieve financial independence. It requires you to learn how to deliver your special message to everyone you know. It requires you to spend more time with prospects to help them understand their situation so they want to set better financial priorities and take action on your recommendations.

However, the rewards for all of the initial hard work are outstanding. It’s why the top producers have a much easier time attracting the right prospects, setting appointments, closing more and larger sales, and making high six- and even seven-figure incomes, working 40 hours or less per week. Plus, they are having more fun and are able to spend a lot more time with their family and friends.

Important Note: Are you are thinking that you don't know enough people to make this work? Let's say you only know three people, and those people only know three people. You now have nine people who can refer you to three people each, for a total of 27 referrals. Those 27 referrals can refer you to three people each. Now, you have 81 referrals. I think you can see that you don't have to know that many people to make this work. The key is to truly help people so you become the respected, trusted advisor that people will recommend to everyone they know.

The top producers in the financial services industry understand that there is a price to pay for long-term success and a consistent, significant income. The rewards are outstanding for those few people who are willing to do what the unsuccessful people are not.
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