As a business coach, I hear advisors talk about getting stuck a lot. Whether they’re excuses, blind spots or impasses, the point is that these issues cost them leads.
I understand that running your own practice is a full-contact sport, and sometimes you need a minute on the bench to catch your breath. But sitting out for too long, for any reason, can let vital relationship and prospect opportunities slip away, faster and more frequently than you think.
Beware of these five common mindset traps that you can fall into that prevent you from getting new business. If you find yourself thinking any of these things, pick yourself off the bench and get back into the game.
“If they can’t fill out the paperwork, we’re not setting a meeting — we don’t want them.”
Everyone wants the prospect to be the one who does the work first. But that’s idealistic, not realistic. A lot of serious prospects need a little hand-holding. Maybe they’re not prioritizing you or maybe they’re technology-averse.
A little nudge in the beginning might be what gets the ball rolling. Set the appointment, welcome their assets, cater to their needs and help them gather the necessary information. It’s more important to help your client than to be right.
2. Giving Up Too Easily
“We sent them an email to come in for a review and never heard back.”
Did someone in your office follow up by phone to encourage your client to come in? Sending an email might be quick and easy, but they are just as easily opened and ignored. Calling someone might require more effort, but it will leave a deeper impact.
Phone calls have a personal touch since you’re hearing someone’s voice and not just reading words on a screen. Don’t just communicate with your clients and prospects — show them you value them and pick up the phone.
3. Outdated Criteria for Screening Clients
“They already have an advisor.”
“They don’t have a particular pain point (divorce, college planning, etc.).”
“They are a DIY-er.”