ARE YOU M.A.D? (Making a Difference)
What Advisors are Doing Now to Become More Relevant and Valuable Than Ever
By Leo J. Pusateri
“It Was the Best of Times; It was the Worst of Times”—Charles Dickens
Dickens’ opening line to “A Tale of Two Cities” begins the literary masterpiece that describes the European environment leading up to the French Revolution. But he easily could have been describing financial industry sentiment for the past year or so. After the market plummeted 350 points in July ’08, advisors and investors have watched in horror and disbelief almost daily as “the best of times” in the market and the economy quickly became the “worst of times.”
The dizzying perspective between absolute despair and absolute hope created turmoil and confusion in the business, and led to much suffering, pain and loss among clients and advisors alike. Many clients lost assets, yes, but they also lost trust and confidence in the firms and in the advisors they trusted with their life savings and, consequently, their hopes and dreams for the future.
Given that the financial community has been pretty beat up over the past year, advisors have had to regain their equilibrium and spend almost every waking hour trying to calm their clients’ fears and trying to instill the “hope” that we will soon see the end of the “worst of times.”
I truly admire and respect the hard-working ethical men and women in this business who never seem to tire of listening with compassion to their still-loyal clients. In the current environment, advisors are striving to maintain their current client base, trying to keep the relationships healthy, and searching for innovative ways to grow their practice. They are trying to do all of this while attempting to differentiate themselves, too. Talk about challenges!
So how can these advisors take their business to levels they have only dreamed of, all the while juggling the many issues of client service and trying to choose the correct wealth management solutions for clients? How do you “take the bull by the horns” with all of the market turmoil, downturns, economic uncertainty and client paralysis? How do you stay in control, deepen your relationships as a trusted advisor, and provide extreme value? These are the crucial issues facing advisors today, and I would love to share my perspective as well as some ideas on how you can rise above the noise and “make a difference” in your clients’ lives.
So, to begin— let me ask you: Are you M.A.D ????
Are You M.A.D? (Making a Difference)
We all remember the 1976 movie, “Network,” where television evening news anchor Howard Beale delivered his impassioned on-the-air speech, “I’m as mad as hell, and I’m not going to take this anymore!” and persuades Americans to shout out of their windows during a spectacular lightning storm. An enraged Beale begins, “I don’t have to tell you things are bad. Everybody knows things are bad. Everybody’s out of work or scared of losing their job. The dollar buys a nickel’s worth; banks are going bust and there’s nobody anywhere who seems to know what to do, and there’s no end to it. We all know things are bad — worse than bad — they’re crazy. All I know is that first, you’ve got to get mad. So, I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window, open it, and stick your head out and yell, “I’M AS MAD AS HELL, AND I’M NOT GOING TO TAKE THIS ANYMORE!”
Sound familiar? Have you been feeling like this lately? Well, in order to really “Make a Difference” you have to get mad! What will it take for you to stick your head out of your office window and say, “ I am mad as hell and I’m not going to take this anymore!” What will it take for you to get up, dust yourself off, and get back up on that bull? Well, there are many ways to pull yourself up and to “make a difference,” and I truly believe you must begin by getting closer to your clients than you have ever been before. Let me explain why I believe this:
The vital and overriding theme for your business today—unquestionably— should be “Get Closer to Your Clients.” This means using strategies you have never used before. Particularly in current times, it is vital to enhance your already-good relationships and, in clear discussions with them, let them know you “truly” care about them and their families, and about what is happening in their lives. AND—that you are not just calling to talk about the state of the market, the state of their portfolio, or the state of anything other than their lives. I call this process a “Relationship Time-Out™” (RTO) and this strategy is my number one out of seven ideas to help you become more relevant and valuable than ever before.
7 Strategies to Become More Relevant and Valuable Than Ever Before
1. The Relationship Time-Out (RTO)
As I mentioned above, now is the time to “Get Closer” to your clients than you have ever been before. Call a Relationship Time-Out. What I mean by this is calling them, having authentic, respectful discussions that are beyond the nature of what they originally hired you to do for them. You must ensure that you know them personally, understand what they are up against in business, in their professional lives, in their personal lives. Look at the big picture from these vantage points. Just think about the added value you can provide as a result of understanding them better! Important: It’s not simply the words you use, but it’s how you DELIVER the message that can make or break the conversation. It’s your tone, the conversational respect. Your client will feel you are speaking from the heart. You will be amazed at how well it works and how much better you will understand your clients. Are you M.A.D yet? Making a Difference?
2. Challenge Your Clients to Be Different
Help your professional clients to become indispensable to their own clients! Consider hosting a seminar or client appreciation night and invite CPAs, attorneys, and business entrepreneurs. You can teach them various ways to compete on value more effectively in their own businesses. It’s a great way to differentiate yourself in a tough market, yet few advisors do it. You could even lead a 1-2 day offsite retreat and act as a business consultant to them. Frankly, your clients and prospects may be losing more sleep on keeping and growing their own businesses than on how they can invest. You may think that the investments you recommend are the most import matters they should be taking action on, but I can tell you— the number one “stock” they are most committed to is their own business. Step in and help them now, and you will have “made a difference” in their lives.
Put yourself in their situations: would you entrust your money to someone else to take risks when you are uncertain about your own earning potential? The trust and confidence that such events can build are remarkable. Did you Make a Difference? Are you M.A.D ?
3. Re-visit Your Own Business Beliefs
Ask yourself what you have learned during the past year. What have you experienced throughout this difficult and painful period? This period where both you and your clients have been beaten down so much you may feel you can hardly get up. Have you re-visited your Business Beliefs? The real power of Business Beliefs is that they can “ground” you when you feel lost and confused. Think about the power your beliefs hold—the compelling reasons for your passion and what differentiates you in the crowded marketplace. The client can feel your passion and what you believe in. Talk to your clients about their beliefs, too. Discover the similarities and confirm how important it is to have Business Beliefs, not only in the “best of times” but perhaps more importantly, in the “worst of times.”
Here is one of my favorites: “Hope is not a Strategy.” Certainly makes sense for today’s environment, doesn’t it. Two more examples of Business Beliefs might be, “I believe people need to be more connected to their dreams” or “I believe that equity builds wealth.” What are some of yours?
If you are proud of your Business Beliefs (and you should be), why not make them more visible? What do I mean? Well, put them on a flip chart near your desk so that they are in plain sight of your clients. You can print them on high quality parchment paper and display them in a beautiful mahogany frame on the wall behind your desk.. Your Business Beliefs need to be shared, so place them in ways that will catch the client’s eye and will encourage a discussion about them. Things are so uncertain today, it will help put a client or prospect at ease, lessen their anxiety if they know where you are coming from. A client may say something like, “What are those sayings?” or “What do you mean by that?” or “Why do you feel so strongly about the second belief?” Before you know it, you are engaged and you have the perfect opportunity to explain what you mean by each one.
Shout to the world what you believe in. Go ahead, get M.A.D; Make a Difference!
4. Going Global
Get out of your cocoon, that’s the first thing you need to do. Get out of your office, out into the community, into your city, your state. Think “globally” — outside of your four walls. When you do, you will accomplish great things. I am reminded of Tiger Woods’ remarkable career. He announced his arrival on the professional circuit at the Greater Milwaukee Open in 1996, with a drive that took the ball 336 yards down the fairway. He stepped up to the microphone and said, “Hello world. There are still courses in the United States that I am not allowed to play because of the color of my skin. Hello world. I’ve heard that I’m not ready for you. Are you ready for me?” Tiger was just 20 years old at the time, and this is when he won the first PGA in Las Vegas. His “Hello World” speech, much like Howard Beale’s in Network, will long be remembered for its passion and commitment and the impact it made on us.
I see parallels to what Tiger has done to be the best in the world, and to what you need to do to get out of your cocoon and to think and act differently. To make yourself
more knowledgeable than ever about world views, politics, the economy, markets, and how it all impacts your clients in their businesses. You can be advising them on these issues.
But are you really prepared? What are you doing to understand what is going on globally and how it might impact the decisions you will make now and in the future. Some of your clients’ businesses might be affected by their own participation in the global economy. How prepared are you to talk to your multinational clients who do business around the globe? What can you advise them on and how can you add value on a global level? I hope you are not just showing up and reporting to clients about their performance. Any commoditized registered rep can do that. But you are not just any registered rep!
Get Global. “Say, Hello World.” Make a Difference. Get M.A.D.
5. Stop “Winging It”
Don’t allow the insanity in our current environment to distract you from your business beliefs and your core message. Get your core messaging down; then take it up a notch. Determine what you need to do to passionately deliver your message, be convincing, and then illustrate with words and feelings what you believe and what your value is. By doing so, you won’t feel like you are communicating ambiguity about who you are and what your value is.
For example, when prospective clients ask you about your background, or about your unique value proposition…are you winging it? When you are asked about your business beliefs or your process….are you winging it? When clients ask how you will work with them or what you can do for them….are you winging it? If a client asks you how you are different, or how is your team different…are you winging it? When a client finally asks you why they should turn over their wealth, their money of a lifetime….are you winging it?
Is the insanity driving you M.A.D? Make a Difference.
6. The “I-Didn’t-Know-You-Did-That!” Syndrome
When you are re-connecting with your clients during a Relationship Time-Out period, and discussing the changes in their lives and businesses, this is when you offer various services that would be suitable for them. You might be surprised to hear how many of them might say, “I didn’t even realize you did those things. Why haven’t you talked to me about these things before?” It could be that you offer business succession planning, or legacy planning, or connecting clients with some of your strategic alliance partners like CPAs, estate planning attorneys, insurance professionals, real estate agents, travel agents and the like. This can open many more doors for you—and for them. Now you’re Making a Difference. Now you’re M.A.D.
7. “What’s Up Doc?”
One of our most beloved cartoon characters, Bugs Bunny, was always inquisitive, curious, and well known for his great one-liners to his pal Elmer Fudd and others. I think he really had something there. “What’s up, Doc” had more meaning that just “hello, how are you.” To me, it means “what has been happening lately” or “what is happening in your life right now.” Think about this: Maybe you have had several prospective client relationships that did not come to fruition. Perhaps a few small business owners that might very well be struggling right now could use your perspective and your help. Why not call? Be gracious and say you just wanted to check in with them to see how their business was faring in this environment (for example). You might say something like, “We weren’t the right fit for you last year—although I know we were a close second—but I wanted you to know I never forgot the respect you gave me in making such a tough choice. How did your decision work out for you during this challenging time period? In essence, I just wanted to call and say, “What’s up, Doc?” You should even call former clients you have lost over the past few years. In these unprecedented times, you might change your approach in reaching back to them. Just let them know you are still around if their needs change, if things didn’t work out with the other advisor, or they just want another perspective or opinion on an issue they are having. Now, you’re really M.A.D! You’ve Made a Difference.
Get Going
If you follow the above 7 strategies, I promise you will become more relevant and valuable than ever before to your clients. What sets you apart is the fact that you are “Making a Difference” in their lives. You are M.A.D!! And you are not going to take what the volatile markets and uncertain economy is dishing out any more. You are now prepared to take the “worst of times” and turn them into the “best of times.” Dickens would be proud and Howard Beale would be smiling.
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