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Making large leaps in production

By following these five resolutions, you and your team can make 2015 a transformational year

As 2014 draws to a close, we have more time to reflect on business results. For many financial advisers, 2014 was a good year, yet we realize we could have done things differently and had a transformational year. Large leaps in adviser production start with avoiding the potholes in the road that can slow us down or lower our productivity.

Let’s look at some things you and your team can improve upon.

CRM details matter. Are you and your team fully leveraging your CRM so that details and opportunities don’t fall through the cracks? Your CRM allows you to build a competitive intelligence library of important dates, high-touch communications, tailored topics to avoid or explore, along with external connections and community engagement opportunities to develop referrals.

Too often, your CRM is viewed as an address book and not a high-powered production optimization tool. Leveraged effectively, your CRM can help you double your production in the next three years.

SUCCESS DOESN’T COME EASY

Short cuts don’t work. You have one of the most difficult jobs in our industry. You take care of the hard-earned wealth of your clients. They, and their families, depend on you. You also need to run a compliant practice that is efficient and grows.

Sometimes advisers believe there are shortcuts to success when they consider the complexity of their jobs. Unfortunately, there are no shortcuts in our business. When you think about taking a short cut, take a moment to evaluate if you will feel good looking at the person in the mirror the next day. Many times when we take our foot off the gas pedal and slow down, we are tempted to take short cuts that might not benefit our businesses in the long run.

Negative self-talk derails relationships. Things don’t always go the way you want them to. When this happens, you or your team members may react with personal negative self-talk. By starting to build awareness of when there is negativity floating around your mind, you can choose instead to focus on what is important to your client, prospect or team member. Start pausing when you have negative thoughts. Before you act or react, consider the consequences of your next comments or actions.

Give away clients that don’t fit your model. You probably have a handful of clients who are time drains or who are detrimental to your practice. Many times, you’re not even aware of these people because your team handles them. While you know that some clients should be asked to leave your practice, you have a hard time cutting them.

ACT NOW

If you have not identified, with your team, clients who are time drains, are not respectful to your team, create unnecessary turmoil or are people you don’t enjoy working with, it is time to act. Ask your team who they would cut and why. Then, cut the people who should not be your clients. You will grow more if you work with people you like and trust. Your team will function better when they are happier and don’t dread answering the phone because they see “Mr. X” is on the other line.

Be prepared for “yes.” While it may be unrealistic for a prospect to become a client after your first meeting, sometimes clients or prospects are ready to act. One way to derail success is not being prepared for a quick “yes.” If someone is ready to transact business, be prepared to do so, anywhere, any time.

As the year closes, you need to create and implement your business plan daily. You also need to eliminate the mindset of “hoping it works out.” Hope is not a strategy. Spend time over the holidays reviewing these concepts. Share them with your team along with written action steps to drive success. Implement your plan and have an awesome 2015.

John Richard Pierce Jr. is the author of “Sell More and Sleep at Night: Developing Relationships with Emotional Intelligence to Increase Sales.” For more information visit JohnPierceConsulting.com.