5 Habits for Developing Mental Toughness
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5 Habits for Developing Mental Toughness

By Matt Oechsli | @mattoechsli “You’ve got to have crocodile skin to be the best,” explained Doug after landing a $20 million client, which put him over $100 million in new assets for the year.   As I’ve always said, this game is won on at seven inch playing field between the ears – the mind. Doug had to learn how to dress, socialize, and sell himself in wealthy circles. Being able to handle rejection was a major part of his learning curve (far more challenging than dressing the part). Although he’d get upset (usually at the prospect), Doug never took rejection personally, and by plowing ahead he was able to develop “crocodile skin.” Doug’s story is good news for other financial advisors, much like mastering the art of affluent sales, your mindset can be developed as well. The following are five ways advisors can develop mental toughness. 1. Visualize Your Day Olympic athletes visualize their performance just as they want it to be, over and over in their mind. Phil Jackson, when coaching Michael Jordan and the Chicago Bulls was known for taking the team through his version of meditation, quieting the mind, relaxing the body in preparation for peak performance. By investing five to...

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How to Make Marketing a Team Effort
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How to Make Marketing a Team Effort

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols We’re often asked how to incorporate non-producing team members into the team’s marketing efforts. It’s a great idea, but only if done the right way. We’ve seen countless examples of advisors attempting to delegate client acquisition responsibilities in full. Never, we repeat never, does this work.   That said, we do see a lot of value in having team members involved in your marketing efforts. Think about your assistant, a junior advisor, or anyone else on the team with good organizational skills and creativity. If set up properly, they can be incredibly helpful in planning the marketing, tracking the marketing, and sourcing new opportunities. Let’s dive into those three roles in more depth: 1. Marketing Planning Many teams wing it when it comes to marketing. We’d recommend having a weekly marketing meeting with key support personnel and junior advisors. Every meeting serves as a planning session for the upcoming week’s marketing activities. You might discuss: Upcoming social prospecting opportunities Opportunities for second opinions Facebook ads plans and past performance LinkedIn direct messaging plans and past performance Next steps for client events Introduction requests And so on… If you’re meeting once a week with an agenda covering these critical...

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4 Proven Financial Advisor Marketing Activities
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4 Proven Financial Advisor Marketing Activities

By Matt Oechsli | @mattoechsli At the Oechsli Institute we’ve been researching financial advisor marketing for the past 20 years from two perspectives: Financial Advisors Affluent Investors What we’ve found is that financial advisors who are successful in acquiring affluent clients ($1+ million) are employing the same marketing activities that affluent investors have told us that they respond favorably to. In other words, our research has been able to establish validation from both the advisor and affluent perspectives. There are a lot of false prophets perpetuating financial advisor marketing myths as if they’re tried and tested truisms. Beware! Ask to review their research, empirical data not anecdotal success stories. You wouldn’t undergo a medical procedure unless it had a proven track record, and neither should financial advisors waste their time and money on marketing campaigns without a well documented track record of affluent acquisition success. The following are 4 proven successful financial advisor marketing activities as they have been validated by both Rainmakers and affluent investors.  What you’ll find is these are familiar activities, but they require consistency and skillset.   1. Personal Introductions  This is not the same as asking your client for a referral. Our research continues to tell us today’s affluent don’t like being asked...

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Financial Advisor Marketing Lessons from Two Professionals
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Financial Advisor Marketing Lessons from Two Professionals

By Matt Oechsli | @mattoechsli Sometimes as an advisor it helps to look at other sales roles for inspiration. I thought it might be helpful to share two stories with you, one good and one bad. First Professional’s Story Coming back from a speaking engagement, my first-class seatmate asked the proverbial question: “So, what do you do?” I briefly explained the research we do, our learning center, and the coaching we provide. I was hardly finished when, intrigued by my comments, he proceeded to tell me his story. To use his own words, he was a “retired Rainmaker” from the accounting industry. He looked to be in his early 50s and didn’t give the impression of a retiree, so I was eager to hear his story. Apparently, some 20 odd years ago he graduated from Duke with an accounting degree and was hired “conditionally” by one of the big accounting firms. His marching orders were “Let’s see how much business you can bring in over the next 12 months and determine whether you’re cut out for this firm.” He knew nothing about selling, had planned on becoming an accountant, and was scared out of his mind. Out of sheer desperation, he used his father and his uncle,...

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Ask Your Prospect Questions that Make an Impact
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Ask Your Prospect Questions that Make an Impact

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols Ask almost any financial advisor if questions are important in the sales process, and you’re guaranteed a resounding “yes.” But if you ask those same professionals if they have a strategy for asking questions, you will rarely get the same response. While there are infinite questions to ask, the way in which you frame your inquiries is just as important. Generally, there are three types of questions used in sales conversations… Closed-ended Open-ended Impact Closed-ended questions typically result in a one-word response. “How’s your week going?” “Great!” Open-ended questions require your prospect to include more information. “What did you do over the weekend?” “We played 9 holes on Saturday morning and then….” Impact questions dig deeper by making your prospect think. They enable your prospect to clearly see the importance of their identified problem and the solution you offer. They are a thought-process – not a sales push. They are highly influential for three main reasons. They… Give you a better understanding of the prospect’s thought process. Help your prospect by forcing them to think critically and analyze their current situation. Make your prospect feel like you truly understand their unique situation. Impact Questions have to be asked in...

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5 Inflection Points for Financial Advisors
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5 Inflection Points for Financial Advisors

By Matt Oechsli | @mattoechsli “A strategic inflection point is a time in the life of business when its fundamentals are about to change. That change can mean opportunity to rise to new heights. But it may just as likely signal the beginning of the end.” Andy Grove – Only the Paranoid Survive In your world of financial services, this concept of a “strategic inflection point” is not about one singular event that must be addressed, rather an ongoing challenge. Which is why firms and financial advisors will need to continually innovate and explore new avenues for providing value. Grove goes on to say these inflection points are essentially “An event that changes the way we think and act.” The reality is that most people are immune to change – hardwired to resist change – myself included. Which is why businesses who are about to be disrupted by an inflection point are incapable of jumping ahead of the point of inflection. Just think of the taxi business. Yes, inflection points create disruption. The following are simply a handful of the top disrupters, some of which most of us use. Uber Airbnb Warby Parker Tesla Netflix Amazon Dollar Shave Club The following are 5 Inflection Points that, if not...

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Stephen and Kevin Show Episode 74: Financial Advisor Voicemail Techniques

Many financial advisors ask us whether or not you should even leave voicemails anymore. The answer, generally, is that you should. It’s one more chance to showcase professionalism as an advisor. Your tone, clarity of message, and cadence all impact their perception of you. And it just might elicit some follow-up. We see good and bad messages left by financial advisors, so in Episode 74 of the Stephen and Kevin Show, we thought we’d offer some tips for proper voicemailing. We'll elaborate on the following in much more detail: If you’re calling a prospect, leave some intrigue. If you’re calling an accountant, give more detail. Try and match the style of the person’s prompt. Don’t leave voicemails for people who don’t do voicemails. When prospecting, don’t start with XYZ financial services. https://oechsli.wistia.com/medias/jevthz7ues?embedType=async&videoFoam=true&videoWidth=640

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5 Essentials for Better Video Conferencing

By Stephen Boswell and Kevin Nichols | @stephenboswell | @kevinanichols Video conferencing isn’t what it used to be. It’s simpler to set up, easier to use at a moment’s notice, and the quality has improved tremendously. It’s growing in popularity, partly because of the technology, but also because being able to see each other has real advantages over voice-only communications. The trends point toward video conferencing becoming part of the day-to-day communications for financial advisors in the not-too-distant future. Whether you’ve been video conferencing for years, or just looking to get started, be sure to get engaged in a way that represents your brand properly. There are too many who fall into the trap of the utilitarian setup. My computer has a camera and I have a conferencing service – what more do I need? Plenty if you want to do it right. Here are five things that will have you looking like a pro in no time. Camera The camera itself is the least important piece of the puzzle. Most $100 webcams work fine in the relatively low-resolution world of video conferencing. The secret is in the positioning. We don’t want to look up your nose or see you sitting way across the room. The most...

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How to Turn Away Prospects without Hurting Feelings
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How to Turn Away Prospects without Hurting Feelings

By Matt Oechsli | @mattoechsli We frequently get asked the question “How do you handle prospects who don’t qualify?” Advisors regularly tell us that they find themselves sitting down with prospects that are not ideal and struggle to navigate the situation. Every financial advisor faces these situations when they’re serious about working with today’s affluent – they are more selective in bringing new clients onboard. This is the reality of any financial advisor positioning his or herself as the advisor of choice in affluent circles. How does an advisor turn someone away without insulting them? The short answer is, very delicately, but firmly. However, there are a handful of scenarios that an advisor should be prepared to address. The following is my attempt to recreate the typical scenarios our coaching clients have encountered, and verbiage they’ve been coached to use. We often role play this verbiage as the delivery requires an inflection that communicates genuine empathy, insight, and helpfulness. Scenario 1: Referral A prospect is referred by an affluent client or referral alliance partner. Your Response “I’m honored that (name of referral) thinks so highly of our services. So, (name of prospect) can I ask you a couple of questions regarding your finances? Great. How are you...

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Here’s the Key to Assessing Your Strengths & Weaknesses
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Here’s the Key to Assessing Your Strengths & Weaknesses

By Matt Oechsli | @mattoechsli Whether we like it or not, every one of us has built-in internal biases. One of the most basic is linked to answering the following question; “Are you an average financial advisor?” Huh? Of course not! Nobody, especially a financial advisor, thinks of his or herself as average. This is why the key to assessing your strengths and weaknesses is to involve other people – and it doesn’t have to be a therapist or coach. The fact is that it’s easy to identify and criticize the weaknesses of other people that we know. Now for the purposes of this exercise, all you need is another financial advisor who, like yourself, has a sense of humor (the follow-up discussions can be hilarious), is interested in growth, and a bottle of wine (adult beverage of choice). The drill is simple, I’ve outlined nine basic qualities our research has associated with advisor success (this is an incomplete list), each of you (without any guidance), rate each other in terms of a strength or weakness for each quality – you’ve got to be brutally honest. The adult beverage and humor enter the game when you’ve completed your ratings and have an open discussion on each...

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