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7 Deadly Sins That Hurt Performance for Advisors

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

DEADLY SIN # 7: Failure to Sow Your O.A.T.S.


Once you have freed yourself of the first six deadly sins, you can still continue to improve by: Optimizing your practice with small tweaks at each segment of the process to increase efficiency; Automating your processes; Team-building; and Systematizing your practice. You are guilty of sin #7 if you aren't doing all of the above and measuring the results of your efforts.

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

DEADLY SIN #6: Failure to Build Advocates


As your practice grows and your appointment book fills, you'll need to meet wealthier prospects who are more predisposed to implementing your recommendations more quickly. Often the easiest way to do that is to have more client advocates who are out there talking up your talents whenever the subject of money arises. To get there, your clients should think of you as delivering extraordinary service. Marketing is always a game of inches, and almost nowhere is the old adage truer that perception is reality.

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

DEADLY SIN #5: Ineffective or Nonexistent Marketing


On average, it's six times harder to convert a new prospect than to do another transaction with an existing customer. Each month that we don't talk to our clients, their propensity to do business with us again drops by 10%. That means that after a year of no contact, we basically have turned what could be a loyal client into someone who is at the same stage as when he or she was a new prospect. Avoid this by creating a marketing calendar where you plan out monthly communications with clients for the year ahead.

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

DEADLY SIN #4: Inability to Build Urgency


You can profile someone in depth and still not create excitement about the client's end goal and your work together. This is without doubt advisors' most common problem. To open accounts at the first meeting you have to increase prospects' sense of urgency and excitement about their ultimate goals. To do that you must help them imagine what achieving that ultimate goal will mean for them and how it will make them feel.

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

DEADLY SIN #3: Shallow Profiling


You're guilty of this sin if, when you think back over the last 10 selling appointments, you can't recall what the client wanted, how they defined what they wanted, why they wanted it and what achieving it meant to them. It's important to understand the emotional goals behind the numbers.

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

DEADLY SIN #2: Your Bankers Position You Poorly With Prospects


If you haven't trained your bankers in your value proposition, they won't see or position you as an expert serving certain kinds of clients with certain kinds of problems, but rather as the guy who can help customers find a better interest rate or buy a new mutual fund.
Train your bank partners in how to identify and engage the people who fit your ideal client profile.

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

DEADLY SIN #1: Your Bank Partners Don’t Trust You With Their Best Clients


Bankers are concerned about getting egg on their face; they're scared that you will screw up the relationship. Whether you open an account with a client, plan a second meeting, or decide to direct him or her back to the bank for a CD or to the discount brokerage at your bank, elicit the client's feedback. Get the compliment and take it back to your bankers.

7 Deadly Sins That Hurt Performance for Advisors 7 Deadly Sins That Hurt Performance for Advisors

7 Deadly Sins That Hurt Performance for Advisors


By Bob Cobb


I have noticed in my 25 years of working in this industry that almost every advisor is committing one or more of the seven deadly sins. This is not a reason to beat yourself up, but an opportunity to improve your effectiveness. In my experience, redemption from each deadly sin can lead to a 25% to 30% increase in your production. So here are the problems that could be holding you back and some solutions that could propel your performance.

Almost every advisor is committing one or more of the seven deadly sins. This is not a reason to beat yourself up, but an opportunity to improve your effectiveness.

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