By
Jeff Thorsteinson
Imagine you’ve got a successful advisor in front of you. This is your chance to ask him some valuable questions. For instance, if he could start over, what would he do differently? What mistakes would he try to avoid? What opportunities would he seize?
I recently asked several established advisors these very questions. Their answers are excellent advice for rookies—and a good reminder for veterans—about what it takes to succeed in this business. Here are a few of their tips:
- Get to know people. That’s the advice of Howard Catchings, a general agent with Transamerica Life who’s qualified for MDRT 24 times and is a member of NAIFA-Jackson. Get your name out there by joining some associations. Volunteer your time. Help people out. It will pay dividends for your business. “People buy from people they know,” says Catchings.
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Don’t make the common rookie mistake of trying to be all things to all people. |
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- Narrow your focus. Don’t make the common rookie mistake of trying to be all things to all people, says Catchings, who runs Catchings Insurance Agency in Jackson, Miss. Instead, find your niche by looking at what others aren’t doing. This approach has served Catchings well. “When I started in this business, I looked at what the big guys were doing,” he says. “Then I thought about what they would not do. I decided to excel at that part of the business. They do big policies, and I do little policies—and lots of them.” And when Catchings says “lots,” he means it; his agency sells anywhere from 15,000 and 20,000 policies a year for burial insurance alone.
- Keep it simple. When it comes to operations, Catchings advocates a “keep it simple” approach. “A lot of rookies accept multiple company relationships—I did too,” he says. But it wasn’t long before Catchings realized he was spending too much time learning about procedures and not enough time selling. “Too much paperwork,” he says. Instead, he recommends establishing a relationship with a “one-stop shop.” “Choose one company that can do everything you need, and stick with them,” he says. “It means fewer headaches in the end.
- Answer the question: Who are you? The question may sound simple, but as Guy Baker, MSFS, CLU, ChFC, of BMI Consulting in Irvine, Calif., and a member of NAIFA-Orange County, points out, a lot of advisors fail to answer it clearly. And that can be a problem, says Baker. He adds, “If you can’t explain what you do and how you do it in a concise and intelligent manner, how can you expect your prospective client to feel confident about using your services?” Rookies who take the time to clearly define their services, their process and their deliverables will have a leg up on all those advisors who don’t—and the sales will follow.
- Be in the “now.” Don’t procrastinate. Do what you say you’re going to do, and do it now. A sense of urgency breeds confidence, says Baker. On a personal level, Baker advises developing what he calls a “now” mindset. “Service means sales,” he says. “A keen sense of urgency and a ‘do it now’ attitude builds trust and confidence in your clients.” Baker cautions about putting off hard-to-deal with issues that will only get worse with time. “There’s a compound curve of consequences in this business,” Baker says. “Consequences get worse and worse the longer you let them fester. So deal with it now.”
- Talk one-third of the time; listen two-thirds of the time. Jim Rogers, founder of Rogers Group Financial in Vancouver, British Columbia, has a wealth of experience; he founded his own firm in 1973. His advice to rookies remains simple: Understand the client as a person, rather than as an account, always ask open-ended questions and truly listen to him. For example, ask a client how he feels about an issue—not what he thinks about it. “When clients see that you understand where they’re coming from, that’s when trust begins,” he says. And everything flows from that trust; once they trust you, they refer you. Rogers still sees a lot of advisors focusing too much on what the competition is doing. “If they just took care of their client relationships, the competition really wouldn’t be a factor,” he says.
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Rookies who take the time to clearly define their services, their process and their deliverables will have a leg up on all those advisors who don’t—and the sales will follow. |
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- Let ’em know you care. Find ways to assure your clients that it’s your job to help them realize their dreams and aspirations. Shelley Rowe, LUTCF, of the Rowe Agency in Westminster, Col., and member of NAIFA-North Metro Denver, attributes much of her success to that advice. “People don’t care how much you know until they know how much you care,” she says. She recommends that rookies keep that simple truth in mind every time they find themselves in front of a prospect or client. It will lead to fiercely loyal clients who are more than happy to pass on your name to friends and family. “Serve and you shall be served,” as Rowe puts it.
- Believe in your process and your product. If you don’t believe in it, don’t sell it to clients, says Rowe. She adds that success often comes down to what you believe in—and how much you believe in it. “You have to believe in what you’re offering to clients,” she says. That means more than simply standing by the products you sell. “If you don’t have absolute confidence in your process—the way you’re delivering services—people will pick up on that,” she says.
- Do the “right” stuff. Establish a workable daily routine—a “method of accountability,” as Rowe calls it. “As a professional, you have a lot of demands on your time,” she says. “Learning to do the right amount of the right activities every day you’re at the office—that’s an important skill.”
Used with permission. All rights reserved.
Jeff Thorsteinson is president of the YouFoundation, an organization that helps advisors build world-class practices. As a speaker and consultant, he has delivered his practice-building programs to thousands of advisors. For more information, send an email to strategicadvisor@youfoundation.com, call 800-223-9332, ext. 1, or visit the company’s website at www.youfoundation.com.
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