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 email@example.com.
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 firstname.lastname@example.org 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
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 email@example.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 firstname.lastname@example.org.
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.