Turn Market Lemons into Business Growth Lemonade (for Financial Advisors)

If you are a Financial Advisor and want some insight about the current health environment, check out Bill Bachrach ’s comments that might be of value to you when communicating with clients and prospects.

“By now you probably have seen examples of written communications you can send to your clients to, hopefully, favorably influence their fears and concerns about the impact of the Coronavirus on their money. After you’ve sent that email, implementing these ideas can turn these challenging events into an opportunity to elevate your client value and grow your business.

  1. CALL every client. Glean your talking points for that conversation from the text from the email you sent. Script: “You may have seen the email l sent with my thoughts about how the Coronavirus events could impact your money. The purpose of my call is to see how you’re feeling and answer any questions you may have.” Listen with empathy. Be prepared to respond to market, economy, and Coronavirus questions. Ask follow-up questions and listen with empathy. If the “door opens” to have another phone conversation or a face-to-face meeting that may lead to being of service and doing more business, step through it. If not, feel good about being of service to your clients. Well done.
  2. CALL every prospect, friend, and family member in your database to have the same conversation. This means that you sent the same message your clients received to your prospects, friends, and family members. The same script works. “You may have seen the email l sent with my thoughts about how the Coronavirus events could impact your money. The purpose of my call is to see how you’re feeling and answer any questions you may have.” Listen with empathy. Be prepared to respond to market, economy, and Coronavirus questions. Ask follow-up questions and listen with empathy. If the “door opens” to have another phone conversation or a face-to-face meeting that could lead to being of further service and doing business, step through it. If not, feel good about the value you’re putting into the world. What goes around comes around, right?

 

There’s a popular Chinese proverb that says:

“The best time to plant a tree was 20 years ago. The second-best time is now.”

 

Below are 3 Ideas to be better prepared for the “next time.” What do you wish you had done a year ago, 3 years ago, or even 5 years ago that would have better prepared you for this short-term market downturn or a longer-term market correction or recession? How much business cash reserves would you like to have? 

  1. Consider adding more fee-for-planning and fee-for-advice revenue that is not tied to AUM, therefore will not go down with the market.
  2. Set your AUM goal to generate 20% more annual revenue than you actually need so you have a cushion when the market corrects again. In good times put that excess revenue in your business cash reserves account.
  3. Are you feeling the pinch of a thin pipeline of prospects? What are you going to do about that? Right now is the best time to fill your pipeline and work hard to convert prospects into clients. Right now is the perfect time to make more calls.”

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Bill Bachrach is a respected thought leader, keynote speaker, author, trainer, and coach working exclusively in the financial services industry. (https://billbachrach.com/)

 

AdvisorRoadmap™ Virtual Training for Financial Advisors is a web-based, virtual training platform unlike anything in the industry. This state-of-the-art platform will help you maximize your client value promise, grow your business, and master client acquisition. The training utilizes Adult Learning Theory which helps to accelerate learning, retention, and results. This unique training platform takes most of what Bill has been teaching for the past 25+ years and condenses it down, so you receive proven processes and skills (via interactive training courses, videos, scripts, interviews, live webinars with Bill, monthly podcasts, and demonstrations available 24/7 on your computer, laptop, tablet, and mobile phone for a fraction of the value of just one decent client) in the following 4 main areas:

  1. Client Acquisition
  2. Client Service
  3. Leadership
  4. Time / Priority Management

To discover more, go to: https://www.youradvisorroadmap.com/anne/ 

 

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