Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Practice Management > Building Your Business

5 Lessons Rookies Learn and Veterans Forget

By Bryce Sanders

X
Your article was successfully shared with the contacts you provided.

Older doesn’t always mean better.

Years ago, I heard some excellent trainers remarking on coaching experienced advisors. “List your top 20 clients and how you got them.” Then they would say: “It seems you got them all from doing (this and that). When was the last time you did (this and that)?”

The answer was: “I haven’t done that for years!”

Let’s revisit some rookie advisor wisdom.

1. Scripts.

Many experienced advisors are self-starters. Individualists. They have their own style, put things into their own words. “I never use scripts. Too restrictive.”

Scripts are good because they are structured. Someone researched the product and what clients want. They crafted and tested a script. The finished product is in your hands. Repetition helps make you better and better over time. If a prospect asks a question that throws you off balance, you know exactly where you stopped and can continue. When actors perform Shakespeare, they aren’t supposed to change the words. It’s to be spoken as it was written.

2. Daily plans.

We get distracted easily. People around us make the “immediate” bump the “important” out of the way. We avoid projects we don’t like. Having a daily plan prioritizes tasks. Ranking project importance helps us focus on ringing the cash register. It’s harder to forget or avoid something if it’s written down. It’s a lot easier to answer “What have I accomplished today?”

3. Time blocking.

It’s back to the ease of getting distracted. We lose sight of how long we have been on phone calls. We edge out the tasks we dislike. Prospecting is a good example. Time blocking helps us focus. “I will prospect for one hour. No distractions.” Combined with a daily plan it allows us to get the difficult tasks out of the way first. It lets us group “ringing the cash register” projects together.

4. Competing with yourself.

We are social animals. We like talking with each other. The agents and advisors sitting around you don’t pay your mortgage payments, yet they seem to want a piece of the time you spend ringing the cash register or prospecting. When someone complains about a lack of business, it’s easy to say: “It’s not just me. Things are tough for everyone. Why bother?” When they talk about writing big tickets, it’s easy to think: “I’ll never catch up.” Others shouldn’t determine your attitude for you. You set your own goals. You complete with yourself.

5. Your natural market.

It’s easy to think: “My friends all know what I do?” And “My friends have no money.” Sometimes we feel awkward cultivating family and friends. You know far more people than you imagine! They are in silos. Neighbors. Gym buddies. College alumni. Fellow community volunteers. Merchants you patronize. You don’t need to give them the “hard sell.” Make sure they know Who you are, What you do and Why you are good. Make an effort to learn Who they are, Where they work and What they do. Raise awareness all around. People do business with people they like.

All this sounds so obvious. How much might you have forgotten?

— Related on ThinkAdvisor:

Bryce Sanders

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.