IDEAL Plans Ideal Advisors

Ep 14 - Decisive Business Development During the Pandemic

May 17, 2020 Richard E. Boone Season 1 Episode 14
IDEAL Plans Ideal Advisors
Ep 14 - Decisive Business Development During the Pandemic
Show Notes Transcript

In this episode we'll talk about Decisive Business Development.  As the coronavirus pandemic unfolds, financial advisors have a choice to make: play defense and wait for the crisis to pass or step up and position themselves for substantial growth as this crisis fades.  We will discuss just three things:  what to say to your clients during this unprecedented time that will help you better understand how to help them, how to reach out to other professionals to help them with their marketing, and how you can tie it all together by doing webinars that will drive in new business.  

Richard Boone :

Welcome to the IDEAL Plans Ideal Advisors Podcast. I'm your host Richard Boone. We named the show after my ideal plan process because it provides a step by step framework for financial professionals to create their own vision of an ideal advisory practice. IDEAL is an acronym for identify where you are now and where you'd like to be, Discuss your business model and possible adjustments you could make, Evaluate your proficiencies in the seven critical business elements, Assess your skills and priorities, and Leverage resources in the proper sequence to serve your clients extremely well, while living the lifestyle you desire. So today, we're going to talk about some business development ideas. As you know, I work with a lot of financial advisors and part of the purpose of that is to help them to grow their business, of course and to try to optimize things. But the big picture for many people is simply just trying to find things that really work for them that they can replicate and be using on a regular basis. So one of the things that we talk about in our group calls, which we do usually once a month, we do, of course, individual calls one on one. But during the monthly calls, we talk about some of the things that everybody has on their mind, not the least of which is what do you actually say to people right now, during this, you know, incredible unprecedented time of Corona virus and all of the things that come with it the massive amounts of layoffs and personal financial destruction that a lot of people are going through, not to mention, of course, the physical costs of the illness itself. So one of the things that we've been talking about and trying to to some degree or another institutionalize is a system or process that you could go through for reaching out to your clients. So one of the things that we came up with was, of course, you know, the phone call is normal. I mean, you're going to talk to your clients anyway. But what are the things you're actually going to bring up? So there's really just three things. The first is that you show some empathy. The second is you seek to understand what some of their problems or concerns are. And last but not least, of course, is to offer something constructive, whether it's a call to action just to sit down and do some sort of a portfolio review or whatever it happens to be, but for many people is taking them through a sit down, if you will, of everything that's most important, what we'd call a discovery or a rediscovery phone call. So the other day, we had a group call, and one of the advisors I'd asked him ahead of time if he would join in and talk about some things. But what he offered up is that of course, he's been calling his clients and asking about these things. He's also sending emails out to people to ask them, you know what's going on and sharing some empathy with with their feelings. But one of the things that he came up with while he was talking with them, is that it's starting to go beyond really just what you would call the typical you know, hey, I want to see how you're doing. He's actually really hitting some nerves with people and in a good way, one of the series of questions that he asked people is related to some of their passions. He asked them this. And I thought this was a really interesting question. But if you were asking a client, think about this, ask them if you had all the money in the world, in other words, money wasn't an issue. And you had about five years to live? What would you want to accomplish? And of course, it's a group call. So everybody's, you know, coming up with some, you know, some feedback. But it's an interesting question, because what it's really doing is getting to the heart of why a lot of people even feel like life is worth living. And when you start a conversation, I know we're not all psychotherapists, and things like that. We're not necessarily life coaches, we're financial advisors. But what we're discovering is, is that a lot of people never get a chance to articulate, really why they even feel like they have a life that's worth living. Of all the people that they talk to, who asks them that? Right? Who are their people in their world that would actually take the time to ask them something like that outside of their immediate family. In fact, you could argue a number of people inside their immediate family that never even comes up. It might be a little too personal or whatever the case may be. But the second thing he asked people is, is that simply kind of like a 24 hour thing, you know, what do you really want to accomplish? If you were to die tomorrow? What would you regret that you didn't do? So these are kinds of questions that really strike to the heart and strike a nerve, if you will with clients. What it does is it gets them to open up now, those kinds of answers aren't necessarily something you're going to solve because you're going to do something different with their financial plan. But it does reveal what they're thinking and what really motivates them. So it opens up the door, if you will, to have other meaningful conversations about their financial needs, about their goals about their plans. So how is this timely? Well, again, you know, the pandemic is really blowing people up right now, right? There's a lot of financial advisors that are just kind of sitting around not sure what to say, you know, clients aren't necessarily doing anything different. Yet, there is an opportunity, right to be proactive and to form a better relationship with your clients. This is one of them. This will allow them to open up and talk about what's going on in their mind, what's really bugging them, what are they still trying to accomplish? Now you can follow up right now, you could ask the the more financial oriented type questions, you know, is their finances or are their finances really aligned with what they're trying to accomplish? In fact, one of my advisors, you know, he came up with this idea of aligning and aspiration and if you've listened to some of the other podcasts, you know, he was interviewed on that. It was all about aligning your finances to achieve everything that really is most important to you as an aspirational endeavor. So we were talking about this. And you know, what's funny is it ties right back to the questions I just offered up, right? If you had all the money in the world, what would you do? If you only had say, five years to live? Right? What would you do? What are you trying to accomplish? If you're down to 24 hours? What would you do? What would you regret? Right? That's probably the better question. So with that as kind of a backdrop, what it does is it allows you to now have legitimate questions and answers about other topics. You can talk about their income, has their income changed, because of the pandemic? Has their wealth actually dropped? Or gone up? Perhaps even right, depends on what they do for a living, but it's possible, right? It's certainly possible, they're more likely that they've taken a hit in some way. Does that interfere with what their overall life goals are? These are the kinds of conversations that you could be having right now. Now, how do you capture it? Well if you're working with me or a couple of other coaching firms that are out there do a lot of mind mapping. They do you know, a Total Client Profile, they use a mind mapping technique, we believe in that as well here. So, in that way, it's a lot easier to capture that kind of information. We get into a lot of things beyond what you would call normal financial advisory questions. We actually have 12 different topics that we take people through, not the least of which is what we call second act, right? What do they want to be later, right? Maybe when their regular career is over? What are you going to do? Well, that dovetails nicely with what this particular advisor is doing because he's asking, Hey, what do you really want to accomplish? And it could be that the career that they're in today is not exactly perfect. It may not be achieving everything, but they feel a little bit stuck. Well help them get unstuck, right, maybe there's something you can do about it. So the second thing I want to talk about it from the group call was about expanding your professional network. Another one of my advisors, he does a lot of work with 401 K's and again, you know he's been on my podcast interviews as well. But what he's really big on is, is, of course, you know, Business Services 401, K's are just kind of the tip of the iceberg. So there's a lot of other professionals that service that same market, not just CPAs and attorneys, that's the ones that come to mind. Of course, if you're a financial advisor, wealth manager, but there's a lot of other kinds of professionals that you could be reaching out to right now. And guess what, they might actually be looking for a phone call now. And then I know it sounds kind of crazy, you might think that they're, you know, up to their eyeballs in something. But you know, what, with the tax return deadline, pushed off to the middle of July, there's some CPAs that are just like you and me, right? They're stuck at home. Right? And they're sitting around kind of not sure what to do with themselves. And it's interesting and no offense to CPAs. But they tend not to be the greatest marketers, right. A lot of these people are, you know, incredibly smart. Obviously, it's not easy to be an accountant. It's certainly not easy to be a CPA, but how many of them are really good marketers? And it it's interesting. In my old firm, we did a lot of research. And when I say we, I mean they, I mean, they spent the money that wasn't me that was driving this, but the company I was working for spent a lot of money, interviewing CPAs, in conjunction with the AI CPA, American Institute of CPAs, governing body for the CPA program. And they asked these people, their attitudes towards financial advisors when it came to marketing. Not a big surprise, a lot of CPAs tend to think that financial advisors are better marketers better salespeople, right? And they'd be right. I mean, it's probably true right they're, right? Because that's the one thing that really allows us to even make it in the business. Right? You know, we don't have the calling card of the CPA designation behind own name, we have to go out and kind of hustle to get clients until you get to the point where your skill is more obvious, and people might start coming to you. So it's not a big surprise that these people would actually like to do business with us. The problem is this used to have to have something in the tank besides just a marketing pedigree, you have to be bringing some sort of what I like to call thought leadership to the table. So think about what you're good at. Right? And I've talked about this in other podcasts, you know, trying to find your brand, find your voice, personal story, etc. But ultimately, if you're going to work and do anything with these other professionals, you got to bring something to the table besides just marketing, but that's what's going to get their attention, believe it or not. So picture this, let's assume for a moment that you're on the phone, you're talking to your clients, you're sending them emails, you're asking them what's on their mind, you're showing empathy, you're striking the nerves, they're talking about this, the topics that are the most interesting to them right now. Lo and behold, you have a call to action somewhere in there calling into a higher purpose, etc. You now have done some market research. Right? You've done market research, you now know what some clients would like to talk about. So what if you were to then get on the phone and reach out to the CPAs and the attorneys and any other business professional that you might have some sort of relationship with. And that's the third topic I want to talk about. One of my other advisors who is also in that group call, he's busy doing webinars. He's busy doing webinars, why? Because he's calling up CPAs, and attorneys and other professionals. And lo and behold, he's saying, Look, I'm interviewing my own clients. I'm finding out what these people are all about what's bugging them? What's on their mind, what are they upset about? These are some topics that we could jointly present to our clients in a webinar setting, which makes all the sense in the world because right now, you can't do a lot of live events, right? That's the biggest problem. That's the point of the whole podcast is that you can't go out and do a seminar. You can't do a dinner meeting. You can't throw some big party, right? But you can certainly go online, right and you can do a webinar. So why not do it with another group of professionals? Why not do it with a CPA or two? So you go to the CPAs, you call them up, or the attorney, whoever it is, you have a good relationship with, you share with them what you're learning from your own clients, what's on their mind, and then tell that person Hey, I'm thinking about doing a webinar, and I'm willing to bet some of your clients have the exact same concerns that some of mine do. And on that subject, what are some of the other concerns if these are not it right in your world, right, you know, world, according to the CPA, if they if these aren't the exact match? What topics are your clients talking about? What's on their mind? So now you're doing a little more in market research. And you're starting to get feedback from these other professionals. And lo and behold, they may have another set of topics. So now you've got maybe three, four or five different topics, maybe even 10. Who knows right? How many different topics do you need to put on a really great webinar. I'm doing a podcast on three topics, how to talk to your clients how to expand your network, and how to turn it into a webinar. Right. That's it. That's all I'm doing in a 20 minute podcast. So you could do webinars practically every week, if you wanted to. So start with calling up your own people, talk to them, take them through the process, right? Ask them about their passions. And if they had all the money in the world, what would they do ask him if he only had five years to live? What would you still want to do? If you had 24 hours to live? What would you regret that you didn't do? Right? Get them started on that, then dovetail that into a full blown rediscovery of everything is most important to them regarding their goals and their finances, start working on the alignment, right? You got to build that foundation so that they can get to the next level of success, etc, right? Do that financial plan, then you can take that information, reach out to your other professionals, start sharing that information, talk to them, ask them what's going on in their world. And then last but not least say hey, let's do a webinar. Now if you're going to go do a webinar with another professional, there's a couple of things that come to mind. The first is who's going to do all the content? Well, if you're doing it by yourself, you already know you're going to get stuck doing all the content. So the probably the first thing you're going to do is contact, you know, some mutual fund wholesaler, you know, third party Asset Management Group and RIA group whatever, money manager and Insurance Group something and there's plenty of stuff out there, right? You can you can be handed a FINRA approved webinar on any number of topics, if you just, you know, work with these wholesalers, or these FMOs, IMOs you know, these insurance marketing organizations. So that's really not that hard, you still gonna have to customize it yourself. If you have a broker dealer you got to get through compliance, of course. But the more specific it is to the needs of your client, the better off it's going to be. If you can get a CPA or an attorney or some other person to actually create some content, or maybe they already have some content and you can come combined the two and you can get the CPA attorney or other professional to speak during that webinar Wow. Right, because now they have some skin in the game. So what do you go from there? Well should be pretty obvious, right? If you have these alignments set up with these other professionals, you can do all the work to get the Zoom meeting or whatever system you like to use, it doesn't really matter. But the bottom line is this, you set it up, you get the invitation setup, you send it out to all your clients, tell them to invite friends. You can also send it all out to your prospects, but you can have the same thing happen with the partner with the CPA, the attorney, and I recommend you actually don't wait very long. And when I say that, I mean you don't need to do a two week window to notify everybody. You know, if you're doing a seminar or a live event, you always got to give a couple of weeks but a webinars like today, right? It's like there's not a lot of shelf life for an email. There's not a lot of shelf life even for a webinar. These are very timely, I wouldn't wait on this. If you're interested in doing marketing and being proactive and trying to kind of, you know, feed your future, so to speak. First things first, put a date on the calendar and say, This is the day I'm going to do a webinar. And I'm going to do another one a week later, and maybe another one a week after that. And then you got to get on the phone, start calling your clients, ask them those questions, figure out what's on their mind, if you haven't already been doing that, you may already have a whole list of stuff that you could be talking about, then you start getting a hold of your other professionals reach out to them see what their interest level is. See if they even want to be involved with something like this. What are the questions that their clients and prospects are talking to them about? And then start setting up the content you got to get it approved. You got to send out the invites, but you know what? People are getting invited to webinars all the time and half the time the the webinars the very next day, right, it's the very next day. So you don't have to do some long gestation on this. You could pull the trigger on this pretty quickly and start seeing some results. So that's it for today If you have any questions, I'm your host Richard Boone, host of IDEAL Plans Ideal Advisors Podcast. I'm also the president and owner of IDEAL Plan Coaching, a coaching firm that specializes in working with financial advisors to help them achieve everything that's most important to them. So give me a call some time if you'd like the number is 800-630-1590 or you can send me an email at rich@idealplancoaching.com. Thank you Transcribed by https://otter.ai