Cold Calling, Branding and Nancy Langdon Jones' book

[GablesGuy]

Well I just read "So You Want To Be A Financial Planner ?" what a gem!!!
If you have not read it you NEED to! It is quite an eye opener! I nearly gave up on this business. I got my insurance (215), series 7 and 66 licenses and had ideas about getting my CFP designation. I entered the business convinced this was the career for me. I LOVED the whole planning and helping people model. I felt it was going to really be something rewarding and I could even make money!!! I signed on with a firm that promised I would have "the best training in the world" etc etc and that "we always do what is best for our customers" etc etc. WELL....there are quotas to meet....you are expected to introduce your 100 closest friends and convince them they all need life insurance. The whole prospecting process discouraged me. I was upset and went to the person who hired me. I told him I had prospects who are interested in actual financial plans he said I just was not with the right "mentor" he put me with another, we had another meeting. I was squirming in my chair as I watched the poor client, a good friend of mine, sit there while the senior rep with commission breath was wrapping this whole conversation into what I knew was no doubt a variable annuity life insurance policy. I couldnt take it. Then, when I got to my manager's office, he said tonight were gonna cold call!!! That was it! I resigned.

Well after reading Nancy's book cover to cover and re-reading a few chapters. It is quite refreshing to know that there are quite a number of different ways to get off the ground. And many would-be planners have stumbled at this very step because of outdated managers with outdated thinking. I believe it does work in some situations but it is not for everyone and certainly is not best for the customer.

I am going to take another swing at this. I am going to use some of the things that Aubrey Morrow recommends like seminars which suite my personality better, teaching, maybe newsletters and networking. Also, I am thinking of maybe starting of doing some group health and 401k to get some clients and offering the employees financial plans. This may be a better way to get some experience while I persue my CFP as I do not have the confidence to charge my friends and aquiantances but could offer some pro bono plans to get experience. I dont mind doing targeted drop bys for prospecting.

Having said all that, this board is the most informative I have ever come across thank you!



Comments Please



Thank You

[Tristan]

I've never liked the "sell to all your friends to get your first few paychecks" approach. I really don't think it's fair to try to profit off your friends. There are many ways to develop a strong client base without scrolling through your cell phone. If a friend of yours has a specific need, great. You can help them out. But otherwise, seek creative ways to build your business and it will make you a better consultant in the process.
_______________________
Tristan Brown / Indianapolis, IN / Medical Insurance / Insurance Guru

[Marie Swift]

Dear Gables Guy,

I'm so glad you found Nancy Langdon Jones' book "So You Want to Become a Financial Planner?" - http://www.nancysbooks.com Not only is her book a gem, but Nancy is a gem.

Many of the best financial planners I know cringe when they hear the word "marketing." It makes them feel slimy. They cringe and avoid it. They want to be of service. They know they have a purpose/passion, mission, the talent and insights, the experience and the expertise, etc. but they hate feeling like a salesman. So you're not alone in wanting to find a business building method that's better aligned with your personality, natural strengths and business values.

I'll offer a few comments for "the readers" in general, and perhaps you'll find a few additional gems herein.

One common misconception I've found over my 23 years consulting with and coaching independent FAs is this: they collapse "marketing" and "sales" and "PR" and "advertising" into one big mental mish-mash.

In reality, "marketing" is the big umbrella.

Advertising (paying for your message and company agenda to be broadcast), PR (using educational means, which are generally not paid for, to broadcast your message and company agenda) and sales (persuading people that what you have is right for them) can all be part of the marketing plan.

Bottom line: Marketing is everything you do to attract and retain business. What could be wrong with that? If you don't attract and retain business, you'll be out of business and won't be able to help anyone.

Good marketing should repeal the wrong people (for you) and attract the right people (for you). So if you are not attracting the right people, chances are your marketing plan needs some work - and, truth be told, there is no one "right" marketing plan for every FA. There are, however, a number of tried-and-true marketing strategies that work consistently over time, with multiple variations.

Here's a list of the marketing strategies that I generally recommend for our consulting clients (FAs and allied institutions):

* Event Marketing (affinity events and educational bring-a-friend gatherings, followed or proceeded by a series of "touches" via email, phone, US mail, etc.)

* Credibility Marketing (PR, usually in the form of sponsorships and media placements, leveraged online and in mail / email to produce results)

* Relationship Marketing (networking and referral building programs, amplified by social media and online visibility)

A couple other tips:

* Carefully targeting your market and tailoring your communications and marketing strategy specifically to them can give you more potent opportunities. Think of yourself fishing in the ocean. You figure out where the schools of fish are - the fish that you'd actually like to catch, that is - and cast a smaller but more targeted net. Niche marketing is more efficient than mass marketing (casting a wide net willy-nilly all over the ocean with the hopes of catching enough of the right kind of fish to make it worth your time and effort.) In my experience, you'll get pretty dern tired and spend more money fishing that way).

* Whenever you hear or read the word "marketing" think "education" instead. That will help you get in touch with your mission to help people and you may begin to feel a burning desire to get out and spread the word about what it is that you do, think and believe.

Good financial planners have a responsibility to make themselves more visible, credible and attractive in their carefully identified niche markets. I am calling on all competent, ethical FAs to get out and DOUBLE their educational efforts right now. You owe it to yourself and to the public. If you don't get out there and tell the-gospel-according-to-you, someone else will come along and lure the fish into his or her net, perhaps using some kind of special bait but most likely that they'll just figure out the best fishing spot before you do.

If you believe you can serve people better, now is the time to double your marketing ... er, I mean educational ... efforts!

A couple resources:

1. The Fiduciary Marketing Report, written by Bob Veres - http://www.bobveres.com

2. The Referral Builder Program, created by Steve Saenz - http://www.asn360.com/grow

3. Best Practices in the Financial Services Industry Blog, Marie Swift mastermind - http://www.marie-swift.blogspot.com

Keep in touch, and let us know how its going, eh?

Marie Swift
Marketing Communications Coach
For FinancialPlanning.com