Zachary Karr and Joe Pessetto, Financial Advisors with Wells Fargo Advisors, LLC, felt stuck with their financial advisory business. They had a full roster of clients but found they were working so hard; they had no time left to grow their practice. So they took a step back and analyzed their time log and client list. They found that 80% of their clients were generating only about 20% of their sales, but taking over 90% of their time. They decided to take a radical step to get them out of their current rut and onto a new growth path. They transitioned their majority of clients to other advisors or do-it-yourself solutions that better aligned with their needs.
Zach and Joe then clearly defined their ideal client (the remaining 20%) and the elements that made their working relationship so mutually beneficial. They wanted to connect with clients on a personal level and invest in a long-term meaningful relationship. They had learned from past experience that philosophical and/or personality differences could lead to later relationship problems – for clients and for them. They designed, therefore, a sales process (FIT) that quickly helped qualify upfront which prospects would make great clients:
Your Next Best Three Steps?:
1) Be Picky in Selecting New Clients. What are the characteristics of your best clients? What are the characteristics of the clients that drag you down? Describe the first with as much detail as possible
2) Design and Communicate Your Game Plan. Spend the time to design, and then put on paper, the process by which you will work with a client. If you have an online business, the process can still be communicated up front. This gives the client confidence and often can distinguish you from the competition.
3) Be Clear with Fees Up Front. After knowing the specifics of the product/service package you are offering, clearly communicate everything up front. Studies consistently show that “unexpected” fees, no matter the amount, leave clients angry and distrustful.
How do you pick through your prospects? Share in the Comments section below.
And sign up to get sales tips at the upcoming SCORE webinar December 2nd.