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

• Acts in the role of mentor—using communication, negotiation, and development skills to lead their people.
• Refrains from TELLING people what to do, rather holds people accountable to what they think is best.
• Removes barriers – redundant processes, resistant internal support – the best sales leaders intercede and make it happen.

Role 2: Technical Expert

• Pulls from their own in-depth knowledge, experience, and credentials to make the tough decisions and adapt to changing market/client demands.
• Influences sales opportunities with their recognized skill and unique knowledge.
• Applies their knowledge of systems – new and legacy.

Role 3: Business Manager

• Uses business management skills to operate the team like a business.
• Manages the P&L, invests wisely, and manages the forward-looking commitments of their people.
• Gauges pipelines – assesses what real, what’s worth it and where their people can win.

Role 4: Visionary

• Pulls people out of tunnel vision to see the interrelation of things
• Shares where client demand is shaping the industry and why.
• Helps their people understand client behavior and potential sources of motivation.
• Paints a picture of where the organization is going and their role in it.

 
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

Pipeline lag
So here we are in the second quarter of 2018. If your numbers are on track – excellent!  I was always a big fan of frontloading my sales year so I’m sure there’s a lot of you out there that aren’t satisfied. So here’s an entry that might help boost your close rates a bit. According to research from our last book, Taming the Four Headed Dragon, division and complex managers reported that less than 30% of advisors were closing prospects on an outcome. Likely fearing rejection or appearing too pushy, they’re letting too many opportunities sit on the pipeline with no defined path to next.
 
It’s all in how you create “fit”
Prospects know that any wealth management firm still standing is capable. But clients aren't buying on value proposition and history. They are buying based on fit. When there’s fit, prospects are likely to take action. When there’s fit, they share more. And when prospect’s share more, you receive a salesperson’s greatest gift– the client’s spoken words.
 
Use the CPS™ model to close on “fit”
A reliable way to sell around fit is to design prospect conversations around a specific client type with an associated set of problems that your firm’s solutions can address. We created a framework for closing on fit and it's called CPS™ – Client Type-Problem-Solution. By engaging in conversations grounded in who they are, their dissatisfaction with the current state (or goals not yet met), you create fit for an eventual recommendation because there’s context in the dialogue.  Here are a few examples of how you can achieve greater fit based on some of client types our clients are engaging: ​

Messaging Example – Using CPS™ for Fit
So that's the theory on CPS. Here is some sample language to consider when designing your next conversation with a new prospect: 

“Mr. and Mrs. Tyson thanks for meeting with me today. I was thinking about our last conversation about your honeymoon and your excitement for your future together – congratulations again.  We work with many newly married couples that for the first time are thinking about comingling finances and planning for a future beyond just them.” [CLIENT TYPE]

“These clients think they have it covered with the numerous retirement accounts between them. But what we are finding is that many of these couples’ holdings are not asset allocated and thus hedged against market downturns or focused on a future goal like college or a second home.” [PROBLEM]

“So we help couples in your situations in a few ways. We ease them into the concept of combined finances by talking about joint goals and the timeframes for them. We tap into their investor personality and determine where each party might to retain some independence with their investments. I had a couple recently agree to start an IRA together with a few target dates mutual funds. They were pleased to able to take a step forward together while retaining some flexibility for each other.” [SOLUTION FIT]

Look for part two of the series as we talk about structuring the closing meeting. To learn more about our approach to closing, download a free chapter on closing from our book Taming the Four Headed Dragon. 

If you sell in the B-to-B space you know that at some point Procurement or a formal buying committee will request to engage with you. Not new news. But what they want to see and what they expect has changed dramatically in the last 5 years and you may not be winning as many deals as a result. 

For years I made a good living teaching presentation skills to salespeople. It was fun; you could see folks improve right in front of your eyes and for participants, watching your video was never as bad as it felt recording it. But with new business pitches being held in different meeting environments and the needs of stakeholders changing, the simple rules of touch, turn and talk don’t fully apply. 

In most cases, your new business pitch was already submitted via some form of formal proposal. I can’t tell you how many sales teams try and recant all that was proposed. I literally had a client come to me with an 85-page deck for a 90-minute presentation! Well, the last time I checked 85 will get you a ticket in more ways than one. What clients want is to hear from the folks that will handle their business day –to-day. They want to meet the delivery mechanism of the service. 

Doesn't sound so bad, right? Wrong. These subject matter experts rarely present, and are rarely asked about who they are and the significance of their role. These are the things that you’ll need to nail in a new business pitch. In fact – I hate the word pitch because what you’re really creating is an experience. 

Here are 6 things you can do to ensure your best showing at your next new business presentation: 

1. Assign a team leader. There HAS to be someone to act as the ambassador of the agenda - to direct the energy and focus of the assembled team. 

2. Clear the agenda. Rather than launch right in, share that your team is prepared to tackle all of it. But ask if there are areas of deeper emphasis client stakeholders would like to focus on. Ideally you’d know this going in. 

3. Know each other well. The client is looking for how oiled your machine is – you need to have regard for one another, be able to speak to each other’s strengths and connect to the purpose of the meeting and the client’s requirements.

4. Practice handoffs. What gets awkward in presentations is when it’s your turn as the presenter who rarely presents. Wait for your cue from the team leader; make your key points and end on a confident point. Then hand it off to the next presenter with an intro as to who they are and their significance. 

5. Expect the tech to fail. If you are going to the client site, expect the outlets to be far away, the projector to have a bad bulb and the client to have forgotten their pen. Bring perfection with you – take an extra extension cord, power strip, projector and pens. 

6. Pledge your commitment. The close at these presentations can be awkward, but they don't have to be. For the selling team, affirm your commitment by stating it and reiterating a key point from your presentation that was important to the client. Then, acknowledge that the client has a process, but that your team feels you’ve earned the right for their commitment and that your organization will give the client its highest energy and priority. And that's it. Assume equal business stature in these meetings. With the right prep, you wont have to worry about wearing an air of confidence. It will already be all over you. Good luck and good selling. 

To make the most out of your next new business pitch, please contact us at 917-439-3271 or bwalton@billwaltonsalestraining.com. 

Princeton, NJ: September 14, 2017 - Today we delivered an Executive Briefing on 5 Trends Impacting Client Acquisition in Wealth Management in 2018. Sorry you couldn't make it! 
Key themes: The struggling economies of developed nations, unrelenting expectations around service and technology, and the need for transparent pricing models, go-market-strategies with the right mix of service, tech and navigation, and client type segmentation. To download the presentation, click the PDF below. For a personal narrative on the topic, write to Bill Walton at bwalton@billwaltonsalestraining.com. 


​I think we’re all surprised by the fact we are in late August. We lead full lives and the lives of our prospects are full as well. But coming out of the Labor Day holiday we will all be met with a need for a plan to close the year.  Now is the time to take stock of what’s worked, what hasn't and what we can all do differently to bring in a solid 2017. Here are 4 keys to accelerating your client acquisition efforts to finish strong:
 
Part 1: You and client acquisition – you are the indispensable resource!
To accelerate your pipeline, get prospects to see themselves in the relationship with you. Most probably they are working with another FA and they want to see if the effort is worth it to change. YOU ARE WORTH IT. Immerse yourself in the issues, challenges and aspirations of your best prospect types – make sure your messaging reflects them:

• You have four demands on your time: existing clients, prospecting for more, networking and compliance. Prospecting is always under attack from the other three.
• Find ways to create value that transcends your platform or the prospect’s portfolio. Your competition can do this well.  You are the differentiator.
• Sell the verb, not the noun. Prospects care more about the context of the why and what you do vs. your title.
• Great messaging answers 4 questions: 1-Who you work with, 2-the problems you solve/needs you address, 3-the impact you’re having and 4-a glimpse into your secret sauce for how you do it. 

Part 2: Create Greater Affinity – get closer than the incumbent!
When prospects sense that you understand their unique situation they share more. The more they share the greater the impact of your recommendations. Be “issue fluent” in the issues that matter most to your prospects. Improve your business acumen and let your COIs know of your focus and why:

• To mean more to prospects you need to know more.
• Focus on 3-5 client types that qualify and hold a personal interest for you (Physician Groups, CEOs, Franchisees, Newly Married Professional Couples).
• Know the dominant client types in your market area.
• Create “issue fluency” in these prospect areas. This gets you to equal business stature with your prospects.
• To go fast you need focus. Your COIs and other referral sources need to know who’s right as well. Declare who’s ideal and why.

Part 3 - Meetings and Interactions  - It’s your time too. Done waste it!
People have interesting relationships with their money and their pets. And they’re not always rational. Data shows the confidence level of prospects actually goes DOWN after a first meeting as the prospect of change and the skepticism of someone new doing better sets in.  Your first meting goal has got to be to secure the second meeting!

• In progressing with prospects, meetings will take on a different feel. 
• There are typically three types of meetings: 1-Coffee Talk, 2- Discovery and 3-Recommendation
• First meetings should be about mutual sharing: Second meetings should shape an idea and build urgency for action.
• Use prospect spoken words to align your solution. Prospects buy context.
• All meetings: Review the progress and suggest a next best step for all.

 
Bonus – Closing: Let prospects know how much you’ve done to their benefit!
By this time you’ve followed your playbook to get to this stage. But the prospect doesn't have a copy. Bring them back to the value you’ve both created over time.

• Ensure the prospect knows where they are in the process and how you both got there.  Bring them back to how it all got started.
• Communicate the value created during the process, dates of meetings held, mutual value established and the rational for your recommendation.  This can be your actual closing meeting agenda.
• Pledge your commitment and ask for theirs!

 
For more support for your client acquisition efforts this fall, visit www.billwaltonsalestraining.com or write to Bill Walton at bwalton@billwaltonsalestraining.com. 

People who manage to get a lot accomplished each day aren't superhuman, they've just mastered a few simple habits. Some may be easy to guess: Keep your desk organized and aim for around eight hours of sleep a night.
In this episode, Moment Masters Show Host Shakira M. Brown a.k.a. Small Biz Whisperer interviews Bill Walton, President of Bill Walton Sales Training, a national authority on client acquisition, who provides helpful strategies to help you rethink productivity in a way that will provide you with not only more efficiency but also a better sales strategy. Now who wouldn’t want that? Click here to listen and learn how!

momentmasters.podbean.com/e/bill-walton-productivity/

For sellers there’s always time to enjoy the lingering reverie of a sale gone well.   The perfect touch points, the internal sponsorship, the business value you personally brought to the sale are all parts of a great deal.  Who doesn't want more of that? But more and more of us are sitting scratching our heads trying to figure   out why a prospect isn’t converting, why an opportunity isn’t advancing. 
 
In competitive sales situations in wealth management, there’s a force out there to be reckoned with and it’s not about you or your firm. It’s not about the markets, and it’s certainly not about the lack of “wealth”.  So what’s happening? 
 
Financial professionals need to realize that anyone worth working with is likely engaging another advisor.  In a way you want that – you want a prospect that sees the value of advice and thought partnership.  More good news, many investors are mildly satisfied with their current advisor.
 
But it’s the negative perceptions around change that’s slowing the sales process down or stalling it altogether.  Some see too much effort in locating statements, consolidating accounts or learning a new platform and user interface. Others fear the time it will take to educate another advisor on their affairs.  Some just hate change. Period.  So we de-veloped a diagnostic for assessing and working with prospects based on their appetite for change. For simplicity’s sake (and for a little fun) we’ve labeled these change types   as five animals: The tiger, the eager beaver, the wise owl, the chicken and the alligator.
 
THE TIGER
This prospect is excited by new and innovative developments in investing. They see change as opportunity rather than a risk. They ask inquisitive and challenging questions based on their own research. 
Questions to assess if you’re working with a Tiger:

• What information do you like to have access to when making important financial decisions?
• How did you become so proficient in your knowledge of markets and investing?
• Where should your advisor to fit into your investment decision-making process?

Ways to work with the Tiger:

• They are ready to move quickly and have no interest in kick-offs or group events
• Build on their desire for change by being excited during your communications
• Send them agenda’s, reports and topical research before first meetings and follow-up
• Don’t tell them how your approach can help them – ask them, because they’ve done their               own research and like to show it off

 
POINT: These are great clients to work with. Keep them informed, keep your commitments, and maintain  a good information flow. They are low maintenance and will remain relatively loyal.
 
THE EAGER BEAVER
The eager beaver is excited by new and beneficial solutions and will eagerly be a proponent to their contacts. They’re often the first to adopt new ideas and will share their knowledge and insights with others.
Questions to assess if you’re working with an Eager Beaver:

• What gets you most excited about having a plan for your financial future?
• Can you share with me something new that you’ve added to your method of investing over the past year or two?
• What information, training, or resources would you like to be involved in over the life of your relationship with your advisor?

Ways to work with the Eager Beaver:

• They’re excited about being first to do something new and exciting – emphasize that they’ll be a thought leader among their peers
• Provide them with information and training – they’ll take advantage of all you offer
• Ask them for their endorsement and referrals to other prospect’s
• Have them stand up at your educational events and tell their story

 
POINT: Eager Beavers are your de facto salesforce so fully educate them on your process so they can accurately communicate it to others. Keep the idea flow rich.
 
THE WISE OWL
This prospect is willing to change with good reason. At the outset they see more risk than opportunity in change. They’re cautious about change and need time to think and deliberate.
Questions to assess if you’re working with a wise owl:

• What type of research do you like to do before making big decisions, ones with a significant financial implication?
• Who do you like to consult with when making such decisions? Do you have a thinking partner or two that you trust?
• What information, training, or resources would you like a firm to provide you over the life of their relationship with you?

Ways to work with the Owl:

• Stress the benefits of the process to the prospect
• Keep communication clear and straightforward
• Stay in constant but not oppressive communication-six to seven touches over 90 days
• Share success stories frequently
• Encourage their involvement with Eager Beavers (attend events or joint calls)
• Don’t push too quickly

 
POINT: This change type is highly analytical, which provides a great opportunity
to inform and educate. There is comfort in the details for this change type.
 
THE CHICKEN
Chicken’s are fearful and skeptical of change and will not change until it is proven and the majority of their peers have done so. The more you try to convince them, the more they will resist.
Questions to assess if you’re working with a chicken:

• When thinking about investing, whose opinion do you trust the most before making a decision?
• Can you think of a significant change that you’ve made in your life recently? How did you go about it?
• What value would you place on speaking with some of my existing clients who were in a similar situation to yours?

Ways to work with the Chicken:

• Provide them with consistent, repeated information about your platform and process
• Give them regular updates on progress
• Provide solid business AND personal reasons to make a change
• Provide opportunities for them to connect with Eager Beavers

 
POINT: If you have good research at your fingertips combined with solid testimonials, the Chicken can be a valuable prospect.
 
THE ALLIGATOR
This prospect is very alluring. They have asset levels that make them attractive and they are receptive to meeting. But their theory is, “If it isn’t broken, don’t fix it” and will work to refute your claims and the elements of your approach. Alligators despise change and will adopt only when it becomes the standard.
Questions to assess if you’re working with an alligator:

• What metrics or gut feeling do you use to determine if your investments are performing as you expect?
• Picking an advisor to work with is a big decision. How did you go about that process with the person you’re currently working with?
• What consequences would you like to avoid given your age and goals for retirement?

Ways to work with the Alligator:

• Alligators will look for ways disturb your approach and possibly distort the facts
• Don’t ignore their resistance, but consistently and repeatedly state the consequences of NOT changing
• Don’t spend time and energy trying to convince them of the merits of changing

 
POINT: You may be tempted to work with the Alligator, especially if he or she has sizable assets or engages in serious debate that feels like interest. Be aware that change means loss to the Alligator, and you may wind up spinning your wheels with a prospect that will never commit.
 
Have any other thoughts on change and its impact on closing? Send us a note at bwalton@billwaltonsalestraining.com.
 

Coffee talk meetings are a great way to meet potential prospects. There’s typically no obligation on anyone’s part and coffee most often happens in comfortable places. Done well, coffee talk meetings can pave the way to a fruitful relationship. Unfortunately too many business developers are not thinking “pie”.
 
I’m occaisionally guilty of saying “I’d really love to pick your brain” or “When we get together I want to hear about your most pressing challenges”.  I try not to make that    the platform for all discussions but even the best slip up from time to time! Now we all know meetings like this can be really helpful – for us. What also tends to happen is the curse of “the two extremes”. 
 
Extreme #1 - The seller totally surrenders the meeting to the prospect and scurries at the end to make a pitch or suggest a next step. It typically lacks context and faint pledges to email each other while jumping into cars never materialize.
 
Extreme #2 - On the other side of the spectrum is total domination – either pitching or questioning with little prospect engagement. These meetings feel good, but lack bite when attempting meaningful follow-up.
 
                   The best coffee talk meetings achieve the number one goal of any first meeting
                                                             – agreement to a second meeting.
 
Pie Concept
So to have more productive meetings, think pie – you get half, and the prospect gets half. Also realize that your prospect wants to walk away with an asset for their time investment. This can be learning something new, a contact that can help their business, or an insight they would’ve never received without meeting you. Use this asset concept when setting the purpose and value of your next meeting.
 
Those of you who get caught in Extreme #1 should realize that this is your time too. Come prepared to engage the prospect in their issues or universal issues that you think they'd enjoy engaging in.  For you Extreme #2 folks, work more curiosity into your conversations – think a smaller number of questions and push for clarity and intent. 
 
Here are some additional steps to ensure you get your share of the pie in your next coffee talk meeting.

1. Asses a client type category that you think your prospect falls into such as a Rental Car CFO, top producing commercial Real Estate Executive or Brand Director for large Pharma. This can help you get some fluency in the specific trends these folks encounter.
2. Introductions: Try it’s nice to “see you” vs. nice to “meet you” It implies more intimacy and projects confidence.
3. Check timing: ask if your contact still has the full hour that was pledged. You want to make sure you can bring your conversation to a good segue if time gets cut short.
4. Ask these three “journey” questions during your meeting for light discovery (and be ready with your answers!):
   1. What’s been your journey? (Gets at the prospects view of their path)
   2. Where are you now? (Gets the prospect to divulge the current state)
   3. Where are you going? (Gets at goals, and potentially some dissatisfaction in the current state)
5. Take notes selectively. In your notebook, draw four rectangular boxes one over another on one page. As you hear a key point, fill in the box. Remember this is a connection meeting, not a court case.
6. Based on your journey question answers, offer to help in your own special way of authentic generosity.
7. Context is king - if your meeting is scheduled for an hour – protect the last 10 minutes like gold.     Use this time to play back and clarify key points and suggest a next meeting.
8. Have one specific ask. This should be tied to what you thought the client type (prospect) could realistically help you achieve. Link the ask to the value of the current conversation and extend that    to a second meeting.
9. Craft a hand-written thank you as soon as you can. Bullet your playback points as  a tee-up to meeting #2.
10. A few days later, send an email follow-up that looks something like this:

 
“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.  

What are your best coffee talk tips? Send me an email at bwalton@billwaltonsalestraining                or join/post your thoughts in the Client Acquisition Group on LinkedIn. 

A few years ago we conducted a research study into the barriers to effective prospecting. The usual suspects revealed their heads as they always do – “no time”, “I don't want to appear too salesy”, “most of my business comes from referral”.  While these may be true on occasion, two interesting nuggets also came from this study on “barriers”:

• I’m not really sure who I should be targeting
• I don't really have a great story to tell

Here are some tips on messaging that have been helping our clients connect a little faster: 

​Seek Client Input
The best companies know what their customers value in their service, and figure out how to deliver on that consistently. For new prospects, more needs to be said around why customers and clients work with you and the impact you’re having. Prospects want to “see themselves” in the relationship with a provider. Let them know why they might be interested and what it could look like.
 
Sell Comfort
So much of what you are selling is not the nuts and bolts of your solution, but the comfort that it’s the right time and investment for it. Customers hate to be wrong with their limited capital. Sell what’s right with stories of where you’ve been successful before. Ask a prospect to describe their ideal scene and continue to align your message with that.
 
Make it part of who YOU are (Within the realm of compliance of course)
Great messaging comes when you’re not thinking about it. For sellers, it’s about finding a connection to a business problem for a certain client or customer type and aligning your solution to that. Messaging also supports the reason for your solutions’ existence (the why), and the impact that it’s having. Don’t forget to explain the special process, or technology that enables that value.
 
Client Type focus vs. Niche
A relevant and timely message speaks to a client type, the problems or aspirations they share, and relevant solutions that align. When building a conversation, start with a conversation starter that primes a path for how you help customers, the problems you solve, the impact you’re having and that a special process or technique is behind it.
 
Download our messaging best practices tip sheet below: 
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