More and Less in 2021 (Part Three)
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In my third and last article in this series, I identify the two most powerful steps I’d like to see advisors take to get more clients.
More them. Less you.
Recently, I had roughly the same conversation with three advisory firm clients. My firm was designing websites for them.
They each (independently) wanted to include extensive information about their “process.” Each had a process that was quite elaborate involving as many as eight steps and a number of meetings with pre-set agendas.
The process was illustrated in a graph, with boxes showing each step.
Here’s a summary of my pushback:
- Most prospects don’t care about your process. They are interested in whether you can address their issues.
- A comprehensive or complex process makes it seem like a big commitment and a lot of work before the prospect has even met you.
- Having a processconveys the impression you deal with everyone the same way.
I recommended the following content in lieu of including their charts and other descriptions:
At our initial meeting, we'll explore your goals and obtain an understanding of how a relationship with us might benefit you. If there's a fit, we'll customize a plan that suits your unique requirements, agree on a fee and get started!
This language is about the prospect, not about your process.
More eliciting. Less conveying.
It’s understandable you believe you’re being consulted because of your expertise. It may seem logical that prospects want you to convey information about yourself, your firm, your investment philosophy and what it’s like to work with you.
Making this assumption causes low conversion rates.
As sophisticated advisors, you’re familiar with the dimensions of market returns. What about the factors that cause prospects to retain you?
We make decisions emotionally, not rationally. If you need more convincing, I highly recommend this book by Antonio Damasio, Descartes’ Error: Emotion, Reason, and the Human Brain.
When you’re lecturing, you’re not likeable.
When you’re eliciting information and focusing in a genuine manner on your prospect, your likeability goes through the roof.
Instead of conveying information, elicit it.
Instead of being the most interesting person in the room, become the most interested.
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Instead of making declarative statements, start more sentences like this:
I’m curious about...
What made you do that?
What was that experience like?
Would you do that again?
What can I tell you that you would find helpful?
Is there anything else you would find useful to discuss?
To deepen and transform all your relationships, follow the same process in your interactions with family and friends, especially children. You’ll be amazed at how inner-directed you were. Once you focus on others, you’ll see an immediate, profound change.
Once you implement this advice, I’m confident you’ll have a wonderful 2021!