4 things you should probably, definitely, most certainly do in 2022
Productivity is power
The more hours you “save”, is more time to do what you meant to be doing; building client relationships and helping cover their financial needs. You want to be able to get more output for the same amount of work (or even less work).
Here are a few pointers that will boost your productivity this year. Aim to get 5-10 hours back every week. These focus points should free up some of your own capacity, and your office support staff.
Partner with your ICON Solutions Specialist more intentionally: save time on analysing product options and doing quotes.
Minimize the clutter: what activities, and which people, take hours from your days but gives you little to no reward? Consider the consultants, clients, or even staff that add little to no value, but take up time and resources. Cut down the clutter.
Focus on high-value tasks: this is the inverse of point 2. Evaluate what clients, staff, marketing, activities and consultants bring you value. Think of 3 right now and right them down. Be in intentional about investing in those things or those people.
2. Numbers don’t lie
Do you have an engagement tracking system? A CRM? Easy-to-access financial / sales reporting? The problem with sales people (if you have the gift of the gab), is that you are just as good at convincing yourself as you are at convincing others. I’m just one meeting away from turning the corner with that client, or just one hire away from making my agency profitable. Getting a CRM, productivity tracking, and sales reporting in place is an investment that if done properly, will quickly get you focusing on the right things. Chat to Nic Bowman at www.riivo.io if you need help with putting these systems in place.
Key items to start tracking this year:
How many prospect clients does it take to get an appointment?
How many appointments do I need to have to close a client?
What’s my conversion rate? How many clients am I “losing”, and why?
How much profit (not revenue) do I make per client / company that I work with?
The answers to the questions above may lead to this:
You need to fill your client pipeline with more leads, and set more appointments per week.
You need to drive the conversion of every single client you meet with, and close them quicker (chat to ICON and others such as AssetMap about how)
You may need to charge more per client; have you considered introducing an advice fee and reducing your commission? This may ward off the time-wasters who aren’t serious. Also, by reducing your % commission, you could make your quotes more competitive than any other adviser, and thus result in closing more sales, quicker.
You need to follow up faster. As they say – strike while the IRON IS HOT!
On the flip side – maybe you are the analytical type, and are too focused on the numbers (which is probably why you love financial planning) but perhaps you need to concentrate more on client relationships and spend a bit of moola on high-revenue generating marketing activities. More on this in the next section.
3. Misers are never millionaires
Whilst it’s important to be highly intentional with every minute of your day, as well as every rand that you spend, that doesn’t mean you should be stingy with your time or your money. Just so long as it’s highly intentional. Consider investing in a marketing plan that can increase a revenue return on focused activities. That could be driving client relationship-building events, workshops, network marketing (with lawyers and accountants), getting a good referral campaign going, or spending time on value-added-content and email marketing campaigns.
It’s critical to have a long-term view on these activities – marketing isn’t sales. And it’s not a desperate attempt for a quick buck. Marketing is at its core is about investing in the perception of what prospects and clients think of you. It’s about credibility and legitimacy.
For more info or help on this contact me, Grace, at grace@icononline.co.za. I offer affordable packages to get advisers started on this journey.
4. Educate, don’t sell
If you want to build long-standing relationships and life-long clients, then you should continue reading. The best adviser I ever experienced first-hand was a real financial planning coach – not a sales person. She took my partner and I on an easy-to-understand explanation of our financial needs (and the hierarchy of those needs), life risks, and future planning goals, investment options and outcomes.
I have also experienced another type of adviser. This guy spoke gibberish that went completely over the top of my head. He was arrogant, wore too tight a suit and too much cologne, and never cared about ensuring that I actually understood everything that I was agreeing to.
The contrast was startling.
Replicate what the good adviser did:
Make sure you understand WHY you are putting certain proposals on the table and for exactly what need
Be honest and open
Be approachable and relatable
Show you care
Show your clients that your are passionate about finding the best solution and bang for buck
Don’t do what the poor adviser did:
Try make himself sound super clever
Try to impress clients
Have a big ego (which makes you unapproachable)
Put offers on the table that clients don’t fully understand (this will increase chance of lapses and cancellations)
To close off - why don’t you make 2022 the year for YOU - a year of disciplined intentionality, and smart activities. Use every hour wisely, respect your time, and the time of others. Working hard is important, but working hard and smart is even better.
