Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Dear Readers,
For advisors, the idea of being a salesperson is distasteful at best, distressing at worst. When I presented at an AICPA conference, and I asked the audience to describe a salesperson, the responses were things like “slimy,” “used cars,” and “pushing insurance.” My recent article on dealing with difficult clients generated a response on APViewpoint from someone who said it reminded him of the “feel, felt, found” sales training that went on years ago.
It’s distressing that even acknowledging a client’s feelings and taking the time to understand what’s underneath their concerns would be considered as “salesy.”
Unfortunately for financial advisors who believe selling is wrong or bad, in order to grow one’s business and help as many investors as possible reach their goals, it’s important to sell. The best salespeople are not those with specific techniques, or those who try to one-up someone, or those who “overcome the objection.” The best salespeople are those who have a genuine interest in helping others, understanding their issues and concerns, and moving them to action somehow – even if the action is to decide against working with that particular advisor.
Without taking some steps, most prospects will never be aware of what you can do for them, and why it is important. This means telling your story, helping prospects to tell your story to their loved ones, and sharing what you can do (and also what you can’t do). It means having an orientation toward growth by letting the market know you are available and can help them.
When I ask a room full of advisors if they want to help others, the hands are raised and it is a unanimous chorus of “yes!” When I ask about the desire to grow organically and to continue to improve the firm and leave a legacy for current employees and clients, and those of the future, the room responds with a unanimous “yes!”
But when I ask about who wants to be a better salesperson, the room goes silent. I often say “sales” is not a four-letter word (it is five!).
Being a good salesperson and growing your firm requires several things:
- You need a desire to understand people – what they care about, what they need and what matters to them. This takes time and patience and often means going past the “presenting problem” or the risk questionnaire to truly understand the person on the other side of the table. Finances are very personal and allowing someone the time and the space to open up about fears and concerns can be a painstaking process. But it’s important not just to “solve,” but understand and meet someone where they are.
- Selling is a process just like financial planning. It requires setting goals, understanding strengths and areas for improvement, knowing who in the firm is responsible for sales and tracking what’s working and what’s not. Because many advisors think negatively of selling, they don’t treat it like a process with objectives, milestones and measurements.
- “Selling” is letting potential clients know what you are capable of doing, and letting existing clients know how to share your story and help those they care about. Yes, it’s important to ask for the business at some point, to track steps in the process and to qualify – classic sales steps – but it is also important to know you are sharing good news about what you can do and how it can help someone. Most advisors are in this business because they are passionate about helping investors meet their goals, and they know they possess the financial and investment acumen to do just that. Don’t hide this talent; share it widely.
- There are considerations and assessments to make – if you have satisfied clients, but they never refer to you, there are steps you need to take to help make it easier for them. If you work with centers-of-influence (COIs), and you refer to them, but they do not reciprocate, there are steps you need to take to make it easier for them. If you are in a region, but no one knows you are there or what you are capable of, there are steps to take to make it easier to understand what you can do. Review what you are doing and see where you need to make some changes and become more efficient.
I’ve worked for a long time to create approaches that work specifically for financial advisors who don’t want to be “salesy” (and we agree, this isn’t the best approach!). I’ve recently launched a new online program with many of our best action-oriented ideas. Check it out, and see if there is anything here that can help you and your team: https://advisorssalesacademy.com/
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008, she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
Read more articles by Beverly Flaxington
Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here. 
