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:

• Create a balanced client interaction grounded in insights valuable to CFOs,  HR Heads, and Benefits Managers. Don't forget the Benefits associates that never go home on time. 
• Steep yourself in the jobs of key stakeholders. Google their job descriptions to see what truly keeps them up at night (so you don't ever have to ask that question).
• Practice conducting engaging and focused discussions about business pressures and drivers - pressures and drivers your solutions can potentially remedy. 
• Proactively build business issue-specific, value-based relationships with “Accountable Executives” in accounts. Accountable Executives are the true "intrapreneurs" in the organization - they get stuff done and love developing people. They're the leaders people want to work for. 
• Get clients to view your RMs as industry "thinking partners". Create the wonderful confusion among stakeholders so they wonder if your RMs actually work for the 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.
7. “Next”.
 
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?
 
The Solution:
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:  

1. Summarize the Relationship: Bring the prospect back to the conditions that were present when you first met - who introduced you and the context of the discussions thus far.
2. List a Contact Chronology: List the dates of meetings held, with whom, and at which venue.  Show the client the variety and value of your meetings in addition to the sheer volume of them. The goal is to show the prospect that you’re invested.
3. Share Unique Needs Uncovered Together:  This is a capture of what both parties has learned through the process – learnings that are pointing to a likely and logical solution.
4. Recap objections and accepted responses: At this stage you are not selling in reverse. Acknowledge any resistance or objections, but focus more on how they were handled and the benefit of that clarity.
5. State Your Investment Recommendation:  This is your recommendation for the prospect, stated in context with steps 1-4 above.
6. Layout easy next steps: We recommend no more than 3 easy steps that, upon the prospect's commitment can get your recommendation moving.

​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

• 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.