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"How to Think Clearly During Times of Change" (So you can focus on what’s important) Steve Konig
“It’s not the end of the world; it’s the end of a crazy era.” Martin Weiss Ph.D.
The Day of Reckoning So - where do you stand in this world gone amuck? How are you personally dealing with the uncertainty, the chaos and the loss? What is your plan for navigating through an economic tsunami that has the potential to wipe out every signpost and landmark you’ve ever used in the past for reassurance that you‘re moving in the right direction?
And what about your clients? What are you saying to them and how often are you saying it? More important - is what you’re saying congruent with how you are really feeling?
Even when we manage to heal our fractured financial system to the point where it can once again function with a measure of predictability - what will be much more difficult to mend are the deep-seated feelings of uncertainty, distrust and vulnerability that now permeate the hearts and minds of investors across the globe.
Some of you won’t be able to weather this storm. Some of you will. And some of you will not only weather it - but rise because of it, because you already understand the vital role relationships will play in shaping the future of your business.
The New Solid Ground During times of change it is human nature to look for something solid to grab onto; something we know will last. And we are, undoubtedly, experiencing one of the most profound changes in our lifetime as we witness the rapid dismantling and reordering of our financial system. During these challenging times as well as in the foreseeable future, the relationships you have cultivated may be the only solid ground upon which you and your clients stand.
Now is the time to be reaching out like you never have before in creative and meaningful ways to existing clients and prospects. Financial product companies & BDs should be doing the same for you. If they’re not - ask for their help. Reason: Investment companies and BDs want to be reaching out to you just as you want to be reaching out to your clients; They have a vested interest in your success. Maximize these resources to generate creative ideas that add value and bring the best solutions to your clients.
Following are some thoughts to help you to not only survive -but thrive - during these ever-so-changed times.
First - Make Peace with Current Conditions Integral to your role as an advisor is your ability to leave your clients in a better emotional state today - as well as in a better financial position in the future. If you allow yourself to become rattled by outside circumstances of which you have no control - you are in no position to counsel your clients, let alone garner new ones. Even if you think you can manage to get it together on the outside while still feeling jittery on the inside, think again: A jittery inner state and lack of intrinsic confidence are contagious - and your clients will catch it. You need to clear the noise from your head and untie the knot in your gut first.
If your mission as an advisor was to guarantee clients a double digit return on their investments and you promoted yourself as a clairvoyant with a crystal ball, you messed up. If your mission, however, is to use your expertise to help clients maximize their quality of life by helping them to manage their financial future to the best of your ability, you are still on track. So first and foremost, if you are feeling any guilt or remorse about your recommendations, you need to come to grips with the reality of the situation and get comfortable inside your own skin. As long as your intentions and your motives were and are sincere about serving clients and your performance is not outside of the industry norm, you can remain confident, as most everyone is in the same boat.
Manage your state of mind and control your focus Make time for conscious acknowledgement of the things in your life for which you are grateful, both professionally and personally. If your head is buzzing with self-defeating “Why didn’t I…?”, “What if…?”, or “What will clients think about…?” questions most of the time - and this has become your dominant focus - it can keep you stuck, off-center, and it will eventually chew away your confidence.
Pay attention to the questions that you are asking yourself. Your brain goes to work to answer the question you ask of it; it has no choice. You steer your brain with the questions you ask. By focusing on where you want to go - and not on what you ‘coulda, shoulda’ done differently, you will find it far easier to adapt to new conditions as well as recognize opportunities that arise along the way.
TIP: You can interrupt self-defeating dialogue instantly by identifying what is good in your life. Just 20 seconds of reflection and appreciation will not only help to re-establish your equilibrium and confidence - it’s also been shown to lower your blood pressure. A good idea would be to make a list the things for which you are grateful and accomplishments you are most proud of, and keep it handy, so whenever you find yourself gripped with anxiety you can review it, be grateful, and stabilize.
Few people consciously decide what to focus on; rather, they unconsciously let emotions dictate where their attention flows. What we focus upon we grow - and only you can choose your focus. Choose wisely.
Upgrade Your Relationships with Clients and Prospects You need to be a trusted friend and life counselor every bit as much as a financial adviser. As a financial advisor you are in the business of improving the financial quality of life for your clients and offering them the peace of mind that they are on the right track. You earn the right to provide your services by developing a trusting relationship and gaining access to necessary information. The value your clients place in your counsel is in direct proportion to how well you know and understand them.
How and What to Communicate - NOW The act of listening, understanding and educating provide you the opportunity to strengthen the relationship even when returns are down. Are you doing this for your clients? Are you educating them, helping them to understand what they are reading and hearing? For some, the current conditions present new opportunities that did not exist before. Are you adapting and being proactive?
Whether it’s a phone call, newsletter, or an educational workshop or seminar - you need to educate and communicate. Enlighten your clients as to the over-all picture and then to the issues that affect them. Then explain the options available or ones that may become available. Bring in outside experts, such as an attorney, CPA, mortgage broker, or wholesaler who is an expert on a product or strategy.
TIP: Pool your resources Team up with other professionals to put on seminars or publish a newsletter or weekly email update. By pooling your information and client databases - you will be able to not only educate in areas beyond your own expertise - you will reach a far greater audience then your own client base, which will likely be rife with concerned prospects.
Beyond Numbers As a trusted friend and life counselor, you will get to know your clients on a deeper level. You must learn the softer side of your client - the real values that underlie his or her most important life decisions. You will gain insight into the character and functionality of the family. You will know the name of their dog. You will learn what they consider as their greatest achievements - as well as their most profound losses.
Does this take time? Of course it takes time, sometimes a lot of time, but it can be rewarding and fun. Think: How much time, energy, and oftentimes money - it take to earn a high-net worth, quality client? What’s the cost of losing one? If you focus on your relationship you will become part of an ‘inner circle’ that, like family - becomes impenetrable. And the quantity and quality of referrals that result from trusted relationships are plentiful and profitable.
TIP: Consider taking a course in “Life Coaching” or read a good book on the topic. This addition to your skill set may prove invaluable, as you will learn how to ask questions in order to elicit honest responses, how to handle emotional situations, how to understand the difference between what a client says and what he or she really means, etc.
Consider conducting educational presentations at influential clients’ homes or places of business. Position it as a “Vital Information Workshop” for people they care about. You can become a value added strategy for a business by inviting their employees, partners, and clients for a much needed informational workshop in these challenging financial times. It can be a simple program where you teach them about the financial terms and discuss what they have been reading or hearing about in the news. Get creative and look for new ways to add value to your clients’ quality of life beyond investment returns.
It’s difficult to distinguish yourself from the competition in a bull market when everyone is doing relatively well. This is the time to demonstrate your value by showing you care and are readily available to answer questions and address frustrations. It’s your responsibility to make sure clients aren’t asking themselves questions about their investments and planning to which they don’t have answers. Unmet frustrations will be met with rash decisions that could cost you a client and many potential referral introductions. Ferret out their questions and concerns so they can be addressed, even if you don’t have a fix at the moment. The act of encouraging clients to get their questions and worries out in the open - helps to strengthen your bond.
New Business - is out there NOW! Frankly - right now it may be difficult to fill a seminar with strangers who reply to an ad, flier, or phone call. And attempting to snag new business without being introduced and highly recommended from an inside source may be nearly impossible. The bridge that will allow you to effortlessly connect to potential clients will be one that is built on your relationships. And now is the perfect time to build that relationship bridge for obtaining new, high-quality clients. In a time when investors are unhappy and fearful, ’word-of-mouth‘, is sacrosanct. When clients have a strong relationship and truly trust you, they are willing help others by introducing you to them, if you ask, and make it easy for them to do so. Strong relationships build advocates who welcome the opportunity help others they care about.
Important Note: Don’t be afraid to ask your clients what they think of the services you are providing and what they would like to see you do differently in the future. If you’re doing everything you should be doing, most will tell you they are pleased with the relationship - regardless of what the market is doing. If the client has concerns you must find out now and take appropriate action. Once your value has been confirmed, it’s natural to ask your clients about the people you know they know - and who need - but may not be receiving the level of service they acknowledged you are committed to providing. There are a lot of people right now who would greatly appreciate an introduction to a trusted and knowledgeable resource; everyone, including your clients’ is talking about the market, so the topic is front and center like never before. It’s never been easier to identify others who could benefit and to get introduced, if.., your relationships are solid and you feel confident in your value.
Turn Ideas into Strategy and Implement: Many advisors have excellent ideas to make the best of this challenging situation but struggle to organize and implement. Gather your team of strategic partners and design your strategy for the next 90 days and get busy. Clients and prospects need you more than ever. Get in front of as many clients and ideal prospects as you can and give them hope and direction, even if it’s only a better understanding of their current circumstance and options. There may never be a better opportunity in your career to distinguish yourself as a true partner toward a better quality of life.
You are the captain of the financial ship. Although you may not know how severe the storm will become and the exact course of action you will take, as long as you remain confident at the helm in your commitment to serve, your passengers will most likely ride the storm out with you. However, if your passengers can’t find you because you’ve retreated into your cabin or sense your desperation as you struggle to keep your hands on the wheel - they will head for the lifeboats.
Stand strong, keep your head clear, reach out, and then reach out some more - and down the road you will look back at this time as being pivotal to your success, as well as your capacity to form deeply gratifying and mutually rewarding relationships that last a lifetime.
Steve Konig is President of Results Plus Executive Coaching and a senior coach for the Referral Mastery System. For free tools to help you turn ideas into strategy and schedule a complimentary consultation, contact Results Plus at info@resultsplus.cc or call (330) 225-0707. www.resultsplus.cc |