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It's All About That Prospect: Being Intentional and Gathering Information · The Perfect RIA

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  Amber: Hello TPR Nation. This is Amber Kuhn, thank you for
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  joining me on today's Follow up Friday, where I'll be recapping
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  this week's episode highlights and action item. On Monday, Matt
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  and Micah, we're talking about prospecting with how do you
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  increase your reps and what are the things that you need to do
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  to grow? They said the most successful practices are the
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  ones that are the most intentional. And the advisors
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  who have the most success with their prospecting are the ones
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  who are intentional about doing the hard work. The guys stepped
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  one step further to state that if you're not being hyper
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  intentional with your time and carving time off with your
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  family, while successfully growing your practice and moving
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  that needle and being profitable - you're not successful in your
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  practice, yet. They throw out some hard numbers as well, that
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  you need to be grinding it out until you have a million dollars
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  of revenue per advisor, that you're operating at a minimum
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  50% profitability, you have a prospect pipeline that's
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  generating 20% growth, and you're taking a significant
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  amount of time to spend with your family or the out of the
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  office. Now this listen to the negative about where advisors
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  are in their practice, but instead to point out that you
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  need to embrace the grind and focus on prospecting and being
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  hyper intentional. With this. You need to be tracking your
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  reps and your results, meaning you're writing them down. You
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  need a trackable process so that you can see where you need that
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  improvement in whatever prospecting system you're using.
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  You need to have those check ins to see what's working. And you
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  need to only do proven systems by those advisors that you want
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  to model your practice after. And for anyone who has a
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  somewhat established practice, the first thing that you need to
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  do is measure where your existing clients came from with
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  their names and the exact source. You also need to have
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  three prospecting channels that you're always working on. The
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  first is referrals. And the guys said, don't worry because
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  everyone's doing referrals wrong. You need to have an
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  intentional strategy about how you're going to grow your
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  referrals. And with this, you have to deliver value that
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  exceeds whatever the prospect or client thought they were going
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  to get. In terms of counting reps for this the guys showed a
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  few different options you can look at and that you need to be
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  counting this every week. The other two channels you need to
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  pick is dependent on you. There's a lot of strategies that
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  work but you need to look at which ones you're willing to do
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  the work and to every week for at least two years. And don't do
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  something just because someone else is doing it. Matt and Micah
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  talked about COI and the centers of influence and how you're
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  engaging with them in your area and positioning yourself to show
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  that you help clients in those areas as well. Now this has to
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  be about what's in it for them too. It can't be all about you
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  networking is another area but Micah cautions that 99% of
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  people should avoid doing this. Matt gets a lot of his clients
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  from networking, and he said that if you're going to do this,
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  you need to do a dream 100 concept and that is long term
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  strategy. Another option is seminars and educational events
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  and this is something that Micah has been doing for years he does
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  this so that the people attending walk away with the
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  most value possible, and it highlights his area of
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  expertise. But this is something that takes months of practice
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  and development to implement. On top of filling the seats. They
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  also highlighted content creation. Now this is where a
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  lot of advisors go wrong thinking that they could just do
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  random posts or random content. You really want to go in depth
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  on a few things, but also really look at what those things are.
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  There's a long strategy and process that's involved in this.
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  Now for any of the strategies that the guys mentioned. It
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  starts with taking action and doing a strategy that works.
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  Find an advisor who you respect, and whose practice you respect,
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  implement the systems that they have also realized that with
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  prospecting, you can't win the money game, but you can win the
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  upper game. Let's get an action items. You need a prospect
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  tracking system so you can break your key steps down and figure
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  out what your three channels are and track the reps that you're
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  going to do. And you also need to define in writing who is your
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  ideal client? Maybe call to this week's World's to Conquer encore
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  episode Jamie walk they're a part of a prospect process
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  related to the information that prospects are requested to
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  provide prior to their initial meeting. A few points that Jamie
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  shared prior to diving into the information portion was to make
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  sure your team understands the basics and the difference
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  between a prospect and a client. And that's just because a
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  prospect reaches out and wants to hire you, it doesn't mean you
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  need to take them on as a client and you want to use the no sell
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  sell approach and a profit meeting. This is by delivering
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  so much value during that initial meeting, you're not
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  going to pitch the prospect. If you have inundated them with
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  value, the prospect is going to ask how they can continue to
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  work with you. Jimmy then went over what they asked a prospect
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  to bring during the initial meeting. The relationship
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  manager will verbally go through the requested items and they'll
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  also send over a written list. Jamie then went in depth over
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  the personal financial factfinder which really sets the
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  tone for what they'll do during their analysis. Now members if
• 5:47
  you're interested in viewing this webinar, visit a member
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  site in search factfinder so you can access the document. Jamie's
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  then went into detail in each section for that from family
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  data, employer benefits to cash flow and goals. Then they'll
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  finish with any questions of a prospect has and include the
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  checklist of documents needed to include for that initial
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  meeting. Jamie so the process will give them as much
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  information as possible because they're paying for this meeting.
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  So they want to share this information with you to get the
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  most out of the meeting. The relationship manager will also
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  ask the prospect what questions they want to ask during the
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  meeting. Jamie said this is usually around five questions
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  and what's great is that it arms you as the advisor with the
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  ability to answer these questions during the
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  consultation. And you can begin building that financial plan
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  with all this information if that prospect does move forward
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  with hiring you as their advisor. Now when the prospect
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  appointment finishes, Jamie will ask if the meeting was valuable
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  and what other questions they have. Jamie knows that the
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  prospect will likely have questions after the meeting as
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  well. And she calls us the parking lot rule which is that
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  as soon as they leave, they'll think of all the questions that
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  they didn't ask. Now if they're quick questions on something we
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  discussed in the meeting, they'll normally answer them but
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  if there's additional questions, then that will require either an
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  additional consultation or then becoming a client. Let's get on
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  to action items. Remember, you don't have to work with
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  everyone. And when you're meeting with a prospect, ask for
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  a lot of information. But make sure that you're being
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  intentional about how you're prepping for that appointment.
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  During the consultation, make sure that you're answering the
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  prospects question and end your meeting asking the prospect if
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  they felt the meeting was valuable. If you're delivering
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  that value and practicing that no sell sell, then the prospect
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  will almost always say yes. Before we go TPR Nation if
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  you're looking for an opportunity to learn in person
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  from that mica Be sure to join us this September at TPR LIVE in
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  Arizona. Visit theperfectria.com/live for more
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  information and to save your spot. That wraps up this week's
• 7:57
  recap thank you for joining me and please share this or any of
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  our episodes with another advisor or team member who you
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  think might benefit from listening. And be sure to
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  subscribe to The Perfect RIA podcast so you don't miss an
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  episode. Until next time, happy planning!