Take the title of this blog with a grain of salt. Just like everyone else. I take a cheap shot now and again. I am human. I also am known to give credit where credit is due.

A couple of months ago my parents were in need of a lawyer to get some estate planning done. To understand the implication of this you need to understand that my father has had a couple of bad experiences with being over charged by lawyers and being treated like a second class citizen in the process. He has issues with being charged 25 cents for paper clips when the advice was worth less than that.

With the stage set you can understand why my heart sank into my stomach when he phoned me for a referral to a lawyer. I was left little wiggle room and agreed to ask an accountant I knew for a referral to a lawyer who could do estate planning work. I passed on the name and contact information for the lawyer and left it at that.

Two weeks later I had a call from my Dad on a Saturday morning to inform me that they had met with the lawyer I had referred him to and that the initial meeting had gone as well as could be expected. In fact, he actually passed some comment that used the words refreshing, professionalism and integrity in the same sentence.

Here is where my curiosity about process got the better of me. I knew I could be opening a can of worms but I could not help myself. I asked what process the lawyer had followed to create such a favorable impression. I was amazed. This lawyer had taken a page right out of my play book. Her assistant had confirmed the initial appointment and had emailed directions to the office along with a list of what to bring two days before the appointment. During the appointment the lawyer had used an agenda and spent the first 5 minutes talking about her background, the small firm she worked with and why she worked with them instead of a bigger firm. She then spent the rest of the 45 minutes they had together discussing my parent’s needs. The meeting ended with the lawyer outlining the next course of action, summarizing everything that had been discussed and setting the next appointment. My father was impressed to the point of wondering if his good fortune in finding an honest, trustworthy lawyer was a stroke of good luck or if something was about to go wrong.

Not fully trusting the process he was going through, Dad requested a copy of all the documents that were being created so he could review them before the second meeting. He was respectfully told by the lawyer that she would not do that because that was not her process. She said instead her process was to personally review each document in the next appointment to ensure their complete understanding and that the solution she had created was exactly what they were looking for. Immediately the respect she had earned sky rocketed.

The second appointment was once again confirmed two days ahead of time and agenda was used to ensure everyone stayed on track. All the details were finalized and the presentation of the customized estate plan went off without a hitch. My parents, the clients, walked out of that lawyer’s office with a big smile on their face and a huge weight off their shoulders knowing their estate plan is in tip top shape.

What we have here is a classic case of a process achieving an extraordinary result. In the final assessment the process the lawyer followed was designed to have the clients as the focus. This was a point of difference. At no point did she give the impression that she was more important, self important or condescending. She in fact made the same amount of money and turned someone with a negative outlook on lawyers into a raving fan who has probably already told everyone he knows about her and how she is the best. In hearing all this goodwill, I did my part as well and followed up with my accountant friend to let him know that he had a winner lawyer to refer people to. So the lawyer wins four times. She gets paid and she gets three advocates signing her praises.

Kudos where they are due!

Posted by Tom Frisby, Business Coach, BC

At a recent seminar I did in Long Beach, an advisor who had recently adopted our recommendation process had tremendous success attracting referrals from his best clients. What he failed to do however is coach his newly referred clients how to make an introduction as well. As you know, someone who has been referred to you and has been through your fit process is a tremendous candidate to make an introduction to you as well.

The following is the scripting that you can use with new clients. This is a variation of the process for existing clients as well as promotional partners and is proven to be effective at fast tracking new clients to advocate status.

In your initial prospective client meeting, plant the seed for the concept of recommendations when you reach the agenda item * Introducing Others towards the end of the meeting.

“Bob, there are several value-added services that I provide for my clients that they really find to be of value. One of them is, I make myself available to act as a sounding board for friends and family members of my clients and should we decide to work together I will outline that process for you.”

Assuming there is a “fit” and you both decide to work together, at the Signing Ceremony meeting proceed to coach your new client Why, Who and How. Why he should feel comfortable to introduce people, who is a good fit and how to make the introduction. The agenda item to prompt this conversation is * Making Introductions. Remember, use a hypothetical tone, position this as a service you are providing rather than a favor you are seeking, project scarcity, don’t look needy and be clear, forthright and congruent.

“Bob, you’ll remember at our first meeting, I mentioned to you that invariably throughout the lifetime of our relationship there may be a situation where either a friend of your asks you about me or you simply feel compelled to introduce a friend or family member to me. Now please understand, I’m not asking you to think of anyone right now, this is simply for down the road.

Now first off, it’s important that I explain to you why I have made the commitment to be a specialist, who I work with and then how to get the wheels in motion should a situation present itself.

First and foremost, I like to think of my business, for lack of a better term, as a small exclusive club. By that I mean, while there are some financial advisors out there who are trying to build these big businesses and try to be all things to all people, I’d rather strive to be all things to some people. In other words, my goal isn’t to see how big I can get but rather how small I can stay.

I’ve taken this approach because it enables me to provide a variety of value-added services to my clients that they really find to be of value. One of those services is that I make myself available to act as a sounding board for friends and family members of my clients.

Now please understand, anyone you introduce to me does not need to become a client to take advantage of this service. I’ll simply make myself available to answer their questions and ultimately help them make informed decisions with their financial future. And I have to tell you that this one of the most fulfilling things I do. Financial success is a matter of choice, not chance. I don’t like when people take chances with their finances, I like when they make informed choices, whether or not they are a client.

What’s interesting is that on occasion I will meet with a friend of a client and we really hit it off and we do decide to work together, as was the case with you and I. Let me explain to you who those people are.

(Proceed to write AAA vertically on the client’s agenda and explain Assets based on your expertise fitting those specific needs based on being a specialist, Attitude based on rules of engagement and their being chemistry and rapport, and Advocacy based on a mindset of the person buying into something rather than simply buying something.)

Now what’s interesting is that on occasion I will meet with a friend of a client and the friend will want to work with me but if I don’t feel we would be a good fit for each other based on my Triple A ideal client profile, I won’t bring them on as a client and I hope you’ll understand that. I will however introduce him or her to a more suitable advisor if in fact they are looking to make a switch from their current provider.

And let me explain why I can’t work with everyone. As I mentioned, there are some advisors out there who have more of a mindset of salesmanship meaning they simply ask people to buy something from them. That’s not me. I have a mindset of stewardship meaning I ask people to buy into something. A meaningful long-term relationship based on trust. Furthermore, there are only 24 hours in the day and we prefer to stay small and be mindful of our capacity to serve a smaller group of clients. We can’t be all things to all people. If we go beyond our capacity, the service we provide will get diluted and that is a path I don’t want to go down.

That said, there is a process in place that my clients use to make introductions. If someone asks you about me or you simply feel compelled to introduce a friend or family member to me, give me a call. Tell me about your friend and give me their contact information. I will touch base with them, arrange to meet and send them my introductory kit to outline my investment philosophy and mindset. And of course, hold me accountable. Anyone you introduce to me will afforded the same level of professionalism and confidentiality my clients receive.”

In my travels to various conferences throughout North America, invariably I come across speakers who present on why every entrepreneur should have an elevator speech.

The concept of having a brief, compact statement to make when someone inquires about what it is you do makes sense. However, the inherent flaw with virtually every elevator speech I’ve heard is that they are essentially a pitch. Everything you say to a client or prospective client is either a “me too” or “so what” to them. A pitch isn’t engaging and often is a compelling “me too”. Keep in mind, one of our core goals is to help entrepreneurs evolve from a mindset of salesmanship to that of stewardship and in the process increase their persuasive impact. Great things happen when you stop trying to impress people and instead start striving to impress upon them how your approach and philosophy is unique.

So here is my challenge, if you have created an elevator speech yourself, does it incorporate the fundamentals of scarcity, professionalism and the Law of Attraction or is it a data dumping “stop me when you hear something you like” spiel? Does it chase and make you look needy or does it attract?

As an example, not long ago we had a consulting client of ours – a very high caliber financial advisor - begin deploying our recommendation process to his best triple-a clients with incredible results. One of his best clients said in response, “You know, I didn’t realize you were accepting new clients. I’m going to a charitable function in a couple of days and I want you to come so that I can introduce you to some of my buddies.”

The advisor called us up frantically looking for help to refine his elevator speech so that when the friends of his client asked him the inevitable question “What do you do?” or “What’s your opinion on…?”, he would be prepared. “Once they realize I’m a financial advisor to their friend, they’re going to ask me about the markets, gold, oil and every other topical issue out there. I need to be ready.”

We told him to “86” his elevator speech and instead use a variation of the Advocate Referral Process from our curriculum. A couple weeks later we heard back from him. Sure enough, he got peppered with questions from his clients’ friends and the advisor replied as follows:

“You know, now is probably not the best time to get into this. But as your buddy probably told you, I do have a valued added process that I offer to friends of clients where I make myself available to act as a sounding board. I don’t want to claim miracles will occur but one of two things always happens during these meetings. Either I’ll validate that your current approach is solid or I’ll reveal a few minor flaws that can be adjusted and minor adjustments can often lead to major improvements. Either way, it will be a great investment of your time. Give me your card and my assistant will contact you and set a time to meet.”

Sure enough, the advisor went out for lunch with the friend of his high net worth client and the friend became a client himself after the initial meeting and the subsequent fit process.

As we often say, when you stop selling your persuasive impact with go through the roof. That is the difference between chasing and attracting.