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Pareto Systems is a consulting firm dedicated to knowledge-for-profit professionals. Our practice management and relationship management programs are ideally suited for:
  • Financial Professionals
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2020-01-21 • 3 minute read

The ‘elevator speech’ is a sales technique that has been around an awfully long time. Although it may certainly have its place for specific types of salespeople, I for one sometimes feel it is extremely ill-suited in the Financial Advisory world.

If you truly wish to have that consultative style practice, where referrals are the norm, it might be wise to abandon some of the sales approaches that were imprinted onto our psyches from day one in the business. The elevator speech is one of those approaches.

For an advisor looking to attract affluent clientele, the very notion that I can compel or predispose someone to become my client because of some snappy banter upfront, is unlikely at best.

I’ve heard Financial Advisors many times, and in various social situations, attempt to do this very thing. As an observer, it seemed that if they accomplished anything, it was probably turning the listener off and inspiring them to seek better conversation elsewhere.

The irony of it all is that people are attracted to things that they cannot have, or that are ‘hard to get,’ so why do we work so hard to ‘chase’ with the elevator speech, when we really should be working on trying to ‘attract’ instead?

That said, if you think about it, the elevator speech completely goes against basic human nature. Further, although the words have been prettied up greatly, the elevator speech basically announces to the world that you are on the hunt for clients. This is not attractive to me whatsoever. Is it to you?

So what then is the alternative? This is a recurring situation, in a variety of business and social interactions where we are asked what we do for a living. How best to make that compelling and attractive?

The answer lies in trying to paint a picture, in as few words as possible, that describes your business in a way that the listener wants to be a part of. You then stop talking about it. You then start asking that person questions about their life and their business. Trust me, even if you don’t say another word because the person is telling you their entire life-story, they will recall you later as that amazing conversationalist at the party. You know, the one with the exclusive Financial Advisory practice?

An example of some anti-elevator phraseology (delivered in a low-key and casual tone, and of course with a smile):

“Oh, well. I am a Financial Advisor. I have a practice in town here that intentionally has a smallish number of very terrific clients, and you know, ever since I started working with people that I like, it’s a lot more rewarding for me, it’s more exclusive, and I am really enjoying some terrific relationships with my clients. You know, I really wish I had taken this approach years ago. It is just a really exciting time to be in this business. Well enough about me. How about you Dorothy? What do you do? Oh really? How interesting, please tell me about that.”

So, to dissect that suggested phraseology, you have just described an attractive situation that any reasonable person would want to be a part of, but you made no overtures to doing business together. You alluded to your approach by talking about the great relationships you have formed, which displays your integrity.

You also projected great scarcity for yourself in the process, and you have made yourself attractive. Anyone reading between the lines sees someone who clearly does not need the business, and your probing questions about them show charm and confidence.

I know of a young advisor that used this exact approach. He worked previously at one of the ‘Baby Bells’ (phone company), and continued to network with his past colleagues, and some other local groups, and in seven months had seven clients that all had three-million or more each in investable assets. This last fact was by design as well, for he had set an ideal client profile for himself that stated his target market was people in the three-million plus range in investable assets, and he stuck to it religiously.

This advisor had incredible discipline and word started to get around. Every time one of his ex-colleagues asked him what he was doing these days, he stated his anti-elevator mantra, and then started gathering F.O.R.M. (Family, Occupation, Recreation and Money) information on whoever he was speaking with.

Because of his discipline, you can imagine it was only a matter of time before someone said: “You know, I am not that satisfied with my Financial Advisor right now. Are you taking on new clients?” He would reply: “Well, that possibility is there for sure, but it has to be a good fit for me, and for you of course. How about you give me your number, and I will call you when I am at the office. I have an initial meeting process I use whereby the two of us can mutually determine whether or not we might be a good fit for each other.”

After this, they would get back to having fun, or business, or wherever it is they happened to be. It is an incredibly disarming approach, and unlike what many have come to expect in those all-too frequent situations.

Continued Success!

Contributed by Duncan MacPherson

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2020-01-20 • 20 second read

You are a knowledge-for-profit professional. Your knowledge is your livelihood. I’ve said it before but it’s worth saying again. You aren’t selling tangible things; you are promoting the promise of the future. When it comes to relationship management and client acquisition, it is essential that you take the abstract nature of your business and make it easier to conceptualize by providing people concrete things they can hold in their hands.

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2020-01-17 • 20 second read

Professionalizing every aspect of your business – from your agendas to your onboarding process to your office itself – and infusing each element with your brand, governed by replicable process, is the key to moving from the business running you, to you running the business.

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2020-01-17 • 20 second read

At Lambeau Field in Green Bay along with Strider Elass, Daniel Radosevich, Daniel Blong and Will Click at First Trust for an Elite Advisor Client Event. As Vince Lombardi said, "The best in any field of endeavor are brilliant at the basics."

2020-01-16 • 5 minute video

Create professional contrast with stewardship, not salesmanship. Don’t try to be all things to all people, but all things to some people. Demystify your value and let people come to their own conclusions.

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2020-01-15 • 20 second read

For many advisors, nowhere in their onboarding process does a new client need to convince the advisor that there is a good fit. It’s the advisor doing all the convincing and, in the process, their salesmanship is actually undermining the lifetime value of the relationship.

The advisor cannot be the only one who gets excited when a new relationship is formed. The client has to have a sense of accomplishment, too.

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2020-01-14 • 5 minute read

Why do people refer a professional to their friends, family, or people in their inner circle? Usually when I am discussing this topic with Financial Advisors, invariably the answer the Advisors come up with is that “they want to help that person.”

I don’t deny that this is probably true, but our belief is that the motivation is more ‘selfish’ on the part of the person that is referring. Yes, they want to help their friend or family member etc., but ultimately they want to hear back from that person, and they want to hear validation about the recommendation in question. That is true whether or not it is a Financial Advisor they referred, or a good book, or even a terrific bottle of wine.

Just as giving to charity makes us feel good inside, having someone come back to us and say: “Thanks so much for introducing me to John, he is a true professional” or “That book you recommended was amazing, thanks,” go a long way to validating the choices we have made in our own lives. We want to share the special things we have discovered. Put simply, when we get the positive feedback at the end, it feels great. We are also doing a good deed in the process, so let’s call it ‘enlightened self-interest.’

I mention all this because when someone has just signed on with a new Advisor, the new client’s propensity to refer that same Advisor to someone else is at its highest right at the very beginning. That said, this last fact is entirely dependent on the Advisor’s process for how that client was brought on at the beginning.

Did the Advisor use an agenda when we had our first meeting? Or did he take notes on a legal pad? Was there a pre-appointment process that made me feel I was heading into something special before I even met with the Advisor? Or did he see me within two days of the initial contact, projecting absolutely no scarcity in the process? When the papers were signed, what happened then? Did the Advisor just move on the next conquest, or was there a New Client Welcome Process that continued to validate my decision to work with that advisor?

All these things in concert with one another create an experience that makes people want to share the experience with someone else, and right off the bat too. If the Advisor is consistent with all of those things, and the person that I refer has the exact same experience that I did, I know that person will come back to me, and they will say:

“Wow, it was just like you said. I wish I had done that five years ago.”

Of course that makes me feel special, and the feeling I get is that I want to do it all over again with another friend so I can get that same emotional payoff. Better yet, now I am even more assured of the Advisor’s consistency because of the feedback I received. As a result, I am even more confident about referring someone else!

Examine your process for taking on a new client. Is it memorable? Would you refer someone into your process? Would you be confident that you would get glowing feedback from the person you sent there? These questions and answers have huge implications as to the number of referrals you receive.

If you don’t have a pre-appointment process, start one. Make it good and stick to it; you know; just how the dentist does it. Send out a letter, an Introductory Kit perhaps, and then make a courtesy call the day before the appointment as a reminder.

If you are not using agendas, start! Decide on a nice Welcome Gift that is sent out when all the paperwork is signed, and then be consistent with it. Also, when selecting an appropriate welcome gift, don’t pick something that looks like you walked approximately 20 feet down to the company gift shop. Make it seem as if there was some effort, and that will reflect that you genuinely value your new relationship with that person.

From what I have seen in my experience, this type of attention is so rare in today’s business world, that if you decide to get serious about some of the things I am discussing (hopefully all of them), people will be referring you all over the place. When you exceed someone’s expectations, not only will they contrast it with their prior experiences, they will tell others. It is basic human nature, and we all do it. Continued Success!

Contributed by: Duncan MacPherson

2020-01-14 • 4 minute video

Convert your clients to advocates and constantly refine and optimize what you do in your business to increase your refer-ability and take your business to the next level.

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2020-01-13 • 20 second read

The office experience you create is an extension of your personal branding. It helps clients connect with you on a deeper level. Consistent service, expectation management and performance will always be primary factors when it comes to long-term relationships, but there are many other factors you can utilize to help insulate your relationships from the things outside your control. How clients feel about you, especially when they meet with you in your office, contributes to their sense of belonging, which can contribute greatly to refer-ability.

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2020-01-10 • 20 second read

Consultants focus on the lifetime value of a relationship. You are in the relationship business as much as you are in the field noted on your business card. Use tangible tools as a symbol of your professionalism and as an extension of your brand, and your results will be outstanding.

Learn more about using tangible tools, visit: https://www.paretosystems.com/concierge.html

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