Retirement Top Ad Unit-Exclusive HP 728x90 gw_cape
Exposing the Mindset of a $40 Million-Dollar Producer
My favorite sales tool By Katherine Vessenes
I would love to tell you that I am a natural salesperson, but nothing could be further from the truth. Like most of my sales ideas, this one is something I have learned the hard way. But with this idea, I have seen this particular strategy turn average advisors into superstars practically overnight. One went from $300,000 per year to $828,000 in just 18 months and became the top producer at his former broker/dealer. So what is the idea? Flip charts.

I know what you're thinking - how can a low-tech office supply possibly help me close more sales? Let me show you, and then you can judge for yourself. Here is my six-step process:

1. Welcome sign - Place a flip chart on a stand somewhere in your entryway or reception area. Every time a new or prospective client comes into your office, they will be greeted with a sign that says like:

Welcome, Brad and Jane!

Many marketing experts agree that people love seeing their own names in print. This is the reason computer-generated letters and e-mails use first names. Despite knowing that the e-mail was sent to 100,000 people, we are drawn to seeing our names in print, and often feel compelled to read the entire mass-produced letter.

Some clients have taken this a step further. One uses a large monitor that his clients see when they get off the elevator. The sign, easily changeable in PowerPoint, has the same message:
Vestment Advisors is pleased to welcome Brad and Jane!

Another advisor had the welcome sign printed on high-quality, 8.5" x 11" paper and slipped into an attractive frame. The frame sits at the end of her conference table. At the end of the meeting, she simply files it and replaces it with the next client's paper.

2. The agenda - Once the prospects are in your office or conference room and you have finished your "chit chat," walk over to the flip chart, turn over the cover sheet and reveal the agenda for the meeting.

Tell your clients: "To make sure we cover all the issues that are important to you, I have created a brief agenda for our meeting. Here is what we plan to cover." Then, go over the agenda in detail. The agenda, taking up one page of the flip chart, should look like this:

Brad and Jane's Agenda

1) Your top financial concerns
2) Your top financial goals/objectives
3) Your questions
4) Your information/questionnaire
5) Our investment philosophy
6) Expectations
7) Next steps

Then, turn to the client and ask: "Is there anything you would like to add to this, or does it cover all that you would like to discuss?" If they have other issues, add them to the top of the list. Cover their issues first, so they will be able to focus completely on the other items on the agenda.

At this point, tear the agenda page off of the flip chart and post it prominently in the room. In essence, the agenda:
  • Helps control the meeting
  • Shows professionalism
  • Keeps both parties focused
  • Cuts down on chatter
  • Reduces the clients's fears
  • Builds trust in the client
  • Becomes your crib sheet
  • Is crucial to the sum-up close
 3. Put the answers on the flip chart - Write down the prospects' hopes, dreams, goals and answers to each of these topics. Use a separate page for each of the main questions. Based on our example:

Your top financial concerns
  • Putting your children through college
  • Having enough money for retirement
  • Leaving an estate to your children
Your top financial goals/objectives
  • Not worrying about money
Your questions
  • What to do about your options?
  • How to invest your 401(k)
Your information/questionnaire

Our investment philosophy
  • Why we use the four cornerstones
  • The importance of tax-efficient investing
  • Modern portfolio theory
Expectations
  • You expect us to contact you by phone twice a month

  • You want us to be accessible

  • You want us to help you create a plan and help you stay on track

  • We want you to return our phone calls within 24 hours

  • We want you to be completely honest with us, especially when we have not met your expectations
Next steps
  • Return to our office in two weeks for your plan and our recommendations
4. The sum-up close - The beauty of this system lies in the sum-up close. Before you agree to the next steps, say to your clients: "So, let me sum up what you want to accomplish. You expect us to ... (then work backwards through the flip charts):
  • Meet your expectations by contacting you by phone twice a month

  • Be accessible to you

  • Help you create a plan and stay on track

  • Create an investment plan that covers:

    a. All four cornerstones
    b. Modern investment theory
    c. Tax efficiency

  • Give you some ideas on how to invest:

    a. Your options
    b. Your 401(k)

  • Help you put together a plan that will help you put your children through college and help you:

    a. Avoid running out of money in retirement
    b. Leave an estate to your children
    c. Quit worrying about money
Then take a deep breath and ask: "Is this what you are expecting from us as your financial advisors?" What you are really doing is confirming the sale of the relationship. No one says no at this stage, because you are reading back a list of exactly what they told you they wanted.

At this stage you say: "Great, then our next step is to create a financial plan for you. It takes about two weeks, and we should be ready to deliver it to you on May 13th. How does that date work for you? "Of course, you write these steps on the chart under "Next steps."

5. Confirming the sale - My experience has been that it never hurts to confirm the sale. This is also a great chance to transfer some of the loyalty to your assistant. Once I have reached this point, I would say: "Let me invite in Jim, your client service manager, and explain what we have decided to do."

Then I would have Jim come into the room and review the flip charts along with him. At the end, I would ask the prospects: "Have I forgotten anything? Does this sound right?" This serves to simultaneously confirm the sale in the prospects' minds and quickly get the assistant up to speed. It makes better use of the assistant's time and transfers some of the trust to him, so the clients are comfortable working with him as well.

6. Notes - At this point, the client service manager should review all the paperwork with the clients. While this is occurring, take no more than ten minutes to type up a one-page summary of the meeting straight from the flip charts. When finished (and by that time your assistant should be finished as well), give a copy of the notes to the clients and confirm you've covered everything. Once the clients agree the notes are accurate, sign and date them, have the clients sign them and give them a copy for their files.

A few other thoughts on flip charts:
  • Make sure you use sticky notes. I have tried to fuss with tape and pins and have found that you really lose the impact. I use them even when closing $250,000 and $1,000,000 consulting agreements. They are so important, I once shipped some across the country to make sure I had the right ones before a meeting.

  • If you are meeting out of your office, take the flip chart and a stand.

  • Typing up the notes afterward is part of the "wow" factor, and it also allows you to throw away the flip charts when you are done.
This compliance tool is great for closing more business. Flip charts are a simple and convenient way to personalize your meetings and give your clients a better experience. I highly recommend using them - you will certainly see the difference.

*Questions, Comments, Thoughts? Let's hear it! Please use the form below.