I spent the day at IN|VEST 2018 yesterday in NYC as an evangelist, a trainer and thought leader. The conference was well produced and the speaker roster couldn't have been a better fit. The goal - provide concrete ways to leverage digital wealth technology internally and externally to drive seamless financial experiences that feel like consumer experiences. Here's a list of the key observations. Please excuse the brevity:
For more insights, call or text 917-439-3271 and I'd be happy to share more. - Bill
Financial professionals all agree that they need new clients. But the challenge of balancing a healthy client base and dealing with an endless flow of admin is crowding out the time for a strategic prospecting effort. The result? A prospect-when-I-get-to-it approach that barely moves the needle. Without a dedicated prospecting effort, advisors, planners, bankers and insurance pros face real revenue gaps in their practice. In order to respond, this book provides a proven system that will get the growth readers need that positions them as credible, not salesy.
Taming the Four Headed Dragon gives Bankers, Private Client Advisors and Insurance pros an easy-to-adopt process that validates what they’re already doing well while giving them the three things successful prospectors possess:
Start winning more that your share of new business by ordering your personally signed copy of Taming the Four-Headed Dragon. Go to https://www.4headeddragon.com to order. Most credit cards accepted. For an earlier start on your client acquisition efforts, download your free copy of the chapter that helps you ask for the business. Click here to get yours: www.billwaltonsalestraining.com/freedownload2.html.
In part one, we talked about the coffee talk meeting as a co-created experience. The key is to build momentum for next – the all-important second meeting in business. Here are 10 tips to ensure you get your share of the pie in your next coffee talk meeting.
“Hi Ellen, it was great seeing you this past Tuesday and thanks for being so generous with your time. We covered a lot of ground together but wanted to follow up on some of the things we both thought were important:
• This is the video of my Chamber talk on messaging
• A Whitepaper on what the best are doing around prospecting in wealth management
• A link to my blog post on social media that I told you about. Nice tie to your team’s challenges.
Thanks also for your help in connecting me to Steve over at TKD Securities. I know we said that we’d connect at the end of the month - here are some additional dates and times for us to reconnect on the prospecting topic. Please feel free to pick one that works or suggest another.
• June 6 – after 12p
• June 7 – all day
• June 13 – before 3pm
Thanks again, Ellen. I look forward to seeing you soon."
If no response in two weeks, send a calendar invite with the same message above around timing flexibility. This assumes that you made firm and purposeful connections in the coffee talk meeting and the next meeting was implied and agreed upon.
As always we value your comments and success stories. Please send all good news to email@example.com.
Join me at In|Vest 2018 in a discussion on what wealth management firms can and should be doing internally to prepare their marketing and distribution organizations for a new era of digital client acquisition. promo code GUEST to save $200 to attend. https://bit.ly/2EPerj9
CLIENT ACQUISITION EXPERT BILL WALTON LAUNCHES “THE CLIENT SIDE PODCAST” TO SHARE SALES SUCCESS STRATEGIES WITH WEALTH MANAGEMENT PROS
Co-hosted by branding expert Shakira M. Brown, the podcast aims to help financial services firms “mean more” to clients.
FOR IMMEDIATE RELEASE– Award-winning financial services client acquisition specialist Bill Walton, founder of Bill Walton Sales Training (billwaltonsalestraining.com), recently launched the Client Side Podcast (https://clientside.podbean.com) to share strategies wealth management professionals can implement to acquire and retain more clients. Co-hosted by award-winning media and branding expert Shakira M. Brown (smbstrategicmedia.com), the podcast will cover how being a “thinking partner” and practicing the “joy of helping” can attract new prospects and offer more value to clients.
In the premiere episode “The $30 Trillion Chase,” Walton and Brown address the $30 trillion chase: the $30 trillion dollars that has begun to shift from one generation to the next as baby boomers pass on their legacies. Plus, discover how to “Mean more to clients” in Walton’s “Bill-ism” of the episode. Listen now and subscribe to hear future episodes at https://clientside.podbean.com.
With more than 20 years of experience helping financial services firms “mean more” to clients, Walton applies his expertise to help professionals in the wealth management industry win and retain more business who are often burdened with limited time and resources. Walton launched “The Client Side Podcast” to further share his signature “just add water” value added programs and live pipeline coaching approach with a larger audience. Along with his two books, Taming the Four-Headed Dragon and The Winning Way with Brian Tracy, the podcast aims to help professionals in wealth management, banking and insurance mean more to their clients.
“We’re in the midst of a massive shift in generational wealth, and wealth management firms need to be ready to shift their focus,” said Walton. “These companies need to avoid heading down a commodity path in their respective sectors. I’ve spent years helping businesses meet client expectations and aim to encourage a value creation approach – one that offers insight over product and service – through this podcast.”
Listen to the first episode of the Client Side podcast and subscribe for future episodes at https://clientside.podbean.com.
The Client Side Podcast is recorded at IBIS Venue Center in Hamilton, NJ. Learn more about these professional meeting spaces by visiting www.ibisvc.com.
For questions or comments about the podcast, email firstname.lastname@example.org.
About Bill Walton
Bill Walton is the CEO of Bill Walton Sales Training a Client Acquisition firm with over 20 years of experience in helping financial services firms "mean more" to clients. He has worked extensively in wealth management, banking and insurance as a sales coach, facilitator and author. Learn more about Bill Walton and download the free whitepaper “The New Era in Prospecting in Wealth Management” by visiting www.billwaltonsalestraining.com. Visit his blog for even more tips on client acquisition at: https://www.billwaltonsalestraining.com/blog.
About Shakira M. Brown
Shakira M. Brown is an award-winning PR and marketing expert with over 20 years of experience leading communications strategies for various small and high growth corporations, public companies, celebrities, personalities and professional services firms. As a speaker, Shakira as “The Small Biz Whisperer” has addressed audiences of her peers in public relations around the country. Shakira is available for speaking engagements; please contact email@example.com with inquiries.
Thanks for reading part 1 in our series that spoke to the need to connect uniquely with HNW prospects with CREATED wealth as their main characteristic. In part 1 I wrote about serial entrepreneurs, mature business owners and C-Suite execs and the pebbles in their shoes that Wealth Management firms can address. In addition to this client type approach, firms need to be ready for the millennial-like client who will be looking for their own brand of relationship with you... or with another firm.
So to continue our client acquisition glide path, let me share with you three more client types that should also be part of your HNW prospect segmentation. This set of client types can best be associated with INHERITED wealth. Source of wealth is hugely important when making distinct connections with HNW prospects:
Client Type # 4 – Family Office
Potential Problem Areas
Client Type # 5 – Large Asset Owners
Potential Problem Areas
Client Type # 6 – Philanthropic Organizations
Potential Problem Areas
For more ideas to support an effective client-type prospecting strategy, sign up here for a link to the corresponding chapter in my book, Taming the Four Headed Dragon (https://www.4headeddragon.com)
For nearly three years you’ve been hearing from me on the need for a client type approach to new client acquisition. We are in the midst of a massive shift in generational wealth and Wealth Management firms need to be ready for the millennial-like client who will be looking for their own brand of relationship with you. Those in client facing roles must shift their focus – private client advisors on whole are not achieving their appropriate share of wallet with clients, relying too heavily on AUM and pressing issues of the day. I actually write about this in my book Taming the Four Headed Dragon – current clients, compliance and events are crowding out the time needed for a dedicated prospecting effort.
So to make things easier (As BWST always does), I've provided a window into six client types. Each come with their unique problems or aspirations not yet met. I've also provided some nuances to be mindful of when surfacing opportunity during your prospecting. The first set of client types will be those associated with CREATED wealth. (Part 2 will address prospects associated with INHERITED wealth). Source of wealth is hugely important when making connections with HNW prospects:
Client Type #1 - The Serial Entrepreneur
Potential Problem Areas
Client Type #2 - The Mature Business Owner
Potential Problem Areas
Client Type #3 - The C-Suite Executive
Potential Problem Areas
For more ideas to support an effective client-type prospecting strategy with High Net Worth individuals, sign up here for a link to the corresponding chapter in my book, Taming the Four Headed Dragon (https://www.4headeddragon.com)
The Differentiator in Retirement Relationships: Be a Value Creator
Most Account Management training has been available for over 20 years. But business has changed as have the expectations of clients in Retirement. The record keepers that command the lion's share of the plans in the Fortune 500 all deserve a seat at the table. But a rare few keep it year in and year out. The ones who do- they are the value creators.
High performing Retirement relationship management teams are taking a value creation approach to clients - an approach that speaks to the need to offer insight over product and service virtues. These firms are on a mission to avoid heading down a commodity path in their respective sectors.
Research from the Sales Executive Council and Harvard Business Publishing speaks to the need to trade on the insights RMs bring to multiple stakeholders, rather than acting reactively with one "buyer". With the help of Bill Walton Sales Training, these value creators are moving farther upstream in their client's business strategy and planning. They're leveraging genuine curiosity and insight as retention tools, and conducting better conversations with key stakeholders as a result.
There is great upside in celebrating the role of the RM in Retirement. RMs have an opportunity to deepen conversations with their HR partners – partners that need to create value for their own organizations beyond benefits. An opportunity exists for a common language among RMs to create value for clients and drive ideas that support mutual objectives.
Here are a few recommendations for those looking to create a legion of value creators in their organization:
To grow more value creators in your organization, send me at note at bwalton@billwaltonsalestraining and I'll send you a fresh copy of our new whitepaper titled The Era of the Value Creator.
Since this is a blog post I’ll get right to it. Not enough emphasis is being placed on closing. The reasons we typically hear range from a fear of being too salesy to the reluctance to confront the mortality of a deal. Flashbacks to Alec Baldwin’s famous “A-B-C” sales office scene in Glengarry Glen Ross also add to the pall. But to understand how to improve this, it’s important to understand some of the success factors that drive high close ratios:
1. Prospect fits criteria of past success and aligns with core competencies.
2. Initial contact came via credible outreach or respected referral.
3. Rapport was built and an authentic connection made.
4. Dialog revealed a true need or aspiration not yet met consistent with success factor #1.
5. Other influencers in the sales process were identified.
6. Several solution ideas were exchanged and feedback provided.
It's at Next where all the trouble starts. Is the client supposed to ask for the order? Does the client know that they are at the end of your process?
What we recommend is a meeting among parties that acts as a collective gathering of where everyone is in the relationship. We call this meeting The Relationship Review™. It’s an agenda as much as it is a conversation designed to do one thing: get the client to realize that it’s time to decide. Together you’ve left no stone unturned and it’s time to act. Here’s the flow:
Bottom Line: The goal of this conversation is to continue to engage the prospect. More important - you want the prospect to see the full extent of your effort. This meeting should demonstrate the depth of agreement on key points, the uniqueness of the needs uncovered and the pragmatism in your recommendation. You want to create the impression that you've both been diligent. The ask then, is very simple. You have demonstrated your/your firms’ commitment – now you are simply asking for theirs.
Need to improve the closing skills on your team? Check out our program Taking the Stress Out of Asking for the Business. Delivered online or at a location of your choice! Click here to learn more: www.billwaltonsalestraining.com/uploads/2/6/7/2/26723831/wmfactsheetpack-04-07-18_1.pdf
The perceived value of sales management and the nature of the role have morphed over the years. From the “top closer” to “product expert” to "administrator", the role is being redefined as there has never been a more dire mandate for new client acquisition.
Investing in sales leadership can yield top line revenue gains of up to 29% - Wilson Learning
To get there, help sales leaders adopt these 4 roles that are helping firms grow their topline:
Role 1: Enabler of Success
The bottom line - sound sales and performance management works best when it supports striving rather than keeping score. If you’re hiring right, your best people want to see the connection of their work to strategy, and strategy’s connection to value for clients. Your moderate (“movable middle”) performers need your coaching and training to help them get to their next level of performance. These four roles applied simultaneously will help your sales teams get there.
Click here to learn more about how Bill Walton Sales Training can help you develop high performing sales leaders in your organization: https://www.billwaltonsalestraining.com/wealth-management1.html
Bill Walton Sales Training has over 60 years of collective Fortune 500 company experience in Sales, Sales Training and Field Sales Management. Our specialty is preparing individuals and organizations to present their value propositions in a way that results in higher close ratios. Our team are un-blurring the lines of differentiation between their client's fiercest competitors.