7 Tools to Speed Your SuccessR - Bill Good© 2011 Bill Good Marketing, Inc. Reproduction, adaptation...

© 2011 Bill Good Marketing, Inc. Reproduction, adaptation or translation without prior written permission is prohibited, except as allowed under copyright law.

Gorilla and Gorilla Marketing are ® trademarks of Bill Good Marketing, Inc.

Bill Good

Chairman

Bill Good Marketing, Inc.

Contact Information

12393 South Gateway Park Place, Suite 600

Draper, UT 84020

Phone: 800-678-1480

Fax: 801-495-7288

E-Mail: [email protected]

www.billgood.com

© 2011 Bill Good Marketing, Inc. Reproduction, adaptation or translation without prior written permission is prohibited, except as allowed under copyright law. Gorilla and

Gorilla Marketing are ® trademarks of Bill Good Marketing, Inc.

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1. GENERATE IMMEDIATE INCOMING CALLS

You’re looking at the best “call me” letter in the world. It gets nearly 100% response.

The magic of “call me” letters is: they are short.

Pick 20 clients the FA would like to talk to. Send them this letter. The phone will ring.



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2. RE-OPEN COMMUNICATION CHANNELS

This one is really easy.

The odds are excellent that you have some clients you haven’t spoken to in too long.

Because you haven’t spoken to them, you may now worry that you will be pro-rated or

criticized when you call. You might be.

Perhaps you put them in a bad investment. But this I can guarantee you. If you don’t

reach out, someone else will.

So here is your tool.

Call clients you have not spoken to in too long.

Don’t try to sell anything.

Don’t ask them to do anything.

Don’t update any demographic information (unless they volunteer it).

It really is this easy.

This is Wooster Hamilton. We haven’t spoken in a while. I wanted just to call and find

out how you are doing. I thought we would take just a few minutes and play catch-up.

How are you and Marge doing?

Under no circumstances ask any question about investments. This is purely a call about

them.

If they ask early on something about markets, investments, or whatever, you should say

“We will come to that. But for now, how is Marge’s golf game coming along”?

Make them drag it out of you. And then resist even more.

Do this with 20 clients you haven’t spoken to in too long. Do it at a time during the day

when you can take the time. Or evenings. Or Saturday morning.



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3. CREATE THE ACTIVITY EFFECT

Surely you know that a lot of activity creates more activity.

Just as you can feel the energy in a high activity office, you can feel the veil of

depression in an office where not enough is happening.

The solution is: Kick-start the activity by setting appointments with clients likely to

have additional funds to invest.

Now that’s going to take you some work. With some of the other tools, you can just

jump right in. Pick up the phone. Call 20 clients. Promote referrals. Done!

The key question here is: Which clients to call? Call the wrong clients, and you will not

generate profitable activity.

So who are we going to call?

To answer this question, I need to explain a system we used to evaluate “client

goodness.”

Client Goodness Defined

No question about it, some clients are better than others. But a reasonable question is:

What makes a good client?

Is it liquid net worth, i.e., investable wealth? Is it revenue? Is it quality of the

relationship? Is it AUM?

Yes, yes, yes, and yes.

While it is all of these, over the years I have focused on two of these qualities: Quality of

the relationship; and liquid net worth.

By assigning each client two different grades, one for relationship, and one for wealth,

you will not only identify your best clients, but you will get an idea of where to find

additional assets.

The names I have assigned these “goodness” standards are:



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Book—This measures the quality of the relationship. This comes from old terminology

that still survives. People used to have physical notebooks, an A-book, B-book, etc. But

no one ever defined exactly what an A-client is.

I decided to resolve the issue and define an A-client as a responsive client. Bs, Cs and

Ds are progressively less responsive.

“Book” then has nothing to do with size. It measures the quality of the relationship

only. I use an A B C D grading scale for quality of relationship as follows:

A: Responsive, does what the FA recommends when advised. No selling is required.

Almost all referrals come from A-clients.

B: A bit cautious. This client will follow advice about half the time, but often wants “to

think it over.”

C: Cautious. Only follows advice about 20 percent of the time. Frequently requests info

in writing.

D: Negative, either client to FA or vice versa. Rarely returns calls. Rarely comes for

reviews. The relationship is soured, if not gone.

Wealth—This is your estimate of the client’s liquid net worth. Important note: It’s not

just what they have invested with you. It is total liquid net worth.

To measure this quality, I recommend a 1 2 3 4 5 scale.

1: Top 5 percent

2: Next 20 percent

3: Middle 50 percent

4: Next 20 percent

5: Bottom 5 percent

Depending on whether you live in a wealthy market, or poor market, your choices

could be defined as:

Palm Springs El Paso, Texas

1 $2.5 million+ $500K+

2 $1 million $250K

3 $500K $125K

4 $250K $75K

5 $100K $25K or less



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Keep in mind: These are your choices in your market.

The optimum client is, therefore, an A1--wealthy and responsive.

Show Me the Money

How do we know then who to call?

Here’s something we have learned from experience, many times over.

As you drop down the “book” scale from A to B to C to D, you are really dropping

down the scale of trust. An “A” client has extended to you the “trusted advisor

relationship.” That’s why there’s no selling. None is necessary. No persuasion is

required.

Now consider a B client. This person is a bit cautious. As far as granting you trusted

advisor status, they’re not there yet. And if this person has any significant assets at all,

there is an excellent chance you don’t have them all.

That chance becomes much more pronounced when you get to the C client.

I hope you’re with me. As we have a little bit more reasoning to do.

Your best client would be an A1-- responsive and wealthy. If you tell me, “Bob Barking

is an A1 client but he has two other advisors,” I will then tell you, “By definition, you

don’t have all of Bob’s trust.”

Look at this client list. I’ve highlighted the people I would be calling.

Name Source Book Wealth Emp Status Referred ByReferrals Given

in last 12 Months

Hawthorne, Hester & Thorny Prof Introduction A 1 Other Alice Ape

Apple, Juan Other A 2 Teacher/Clergy Velda Oldbucks

Ape, Alice Referral A 3 Retired 3

Besider, Elizabeth Cold Call A 3 Retired

Dundee, Croc & Adele Seminar A 4 Business Owner 2

Smith, Adam/Jones, Rebecca Referral A 5 Professional Croc Dundee 2

Apple, Adam Seminar B 1 Retired

Beecher, Henry Ward & Eliza Networking B 2 Teacher/Clergy Alice Ape

Doctor, Dr. Bob and Prof Alice Seminar B 2 Professional Rex Futurus

Grug, Lug and Bertha Prof Introduction B 2 Business Owner

Futurus, Rex & Gwen Networking B 3 Corporate Rebecca Jones 1

Rabit, Rhoda Seminar B 3 Retired

Decatur, Steve & Susie Referral B 4 Professional Alice Ape

Frang, Lawrence and Mary Seminar C 1 Retired Bob Barking

Snodgrass, Hermine Referral C 1 Retired

Axelrod, Adam and Adamant Cold Call C 2 Professional

Billy, Bob Cold Call C 2 Other

Oldebucks, Velda Cold Call C 2 Retired 3

Crusoe, Uncle Rob & Friday Networking C 3 Retired Croc Dundee

Buonarroti, Mike Other C 4 Business Owner

Gaga, Lassie Cold Call C 5 Professional Fred Friendly

Barking, Bob and Woofie Seminar D 1 Business Owner Velda Oldbucks 1

Smedley, Harvey Prof Introduction D 1 Retired

Friendly, Fred and Kinda Networking E 3 Retired 1

They are you B1s and C1s—people in the very top of your estimated liquid net worth

category but in the relationship category, not your best. That’s where the money is.



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Creating the “Activity Effect” List.

Here’s where you have some work to do.

I’ve created a spreadsheet for you. What you have to do is get an electronic list of your

clients and follow directions in the spreadsheet. If you decide to fill out all of the

columns, you will get some bonus information. But at a minimum, for each client

assigned them a “book value” and “wealth index value.”

By way of reminder, you have to understand our definition of “Wealth.”

It’s not what you have. It’s what they have.

Wealth—This is your estimate of the client’s liquid net worth. Important note: It’s not

just what they have invested with you. It is total liquid net worth.

You will find the spreadsheet here:

http://www.billgood.com/managechange/

The link to the spreadsheet is in the third paragraph. You are already registered for my

website. Click the link. Download the spreadsheet. Do exactly what it says.

Kick-start

Now that you have your list, get on the phone and call your B1s and C1s. Set

appointments. If they are reluctant to come see you, go see them.



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4. MANAGE TIME BETTER: THE “FOURTEEN HOUR A-WEEK” PLAN

Let’s say, for the sake of argument that you have decided it’s time to go prospecting

again. If I were you, I would implement what I have called the “Fourteen Hour a Week”

plan.

Monday-Friday 8:00 10:00: Call business owners or executives. Tell your office

receptionist to hold your calls. During the first hour, you can frequently get right

through because the “screener” typically does not arrive until 9:00. Where you run into

screeners, try this: “In case I get disconnected, what is his/her direct extension?”

Monday-Thursday 4:30 – 5:30: More business owner/executive calls. Again, you are

calling after the screener has left. Continue adding to your direct extension list because

you will be using it tomorrow. As you build that list, you will make more contacts.

This gives you 14 hours.

During your 14 hours, do your very best not to take any incoming calls or make follow-

up calls of any kind. These 14 hours a week represent an appointment you have with

the future of your business. Keep that appointment.

By blocking 14 hours a week for prospecting (which can also be applied to our “See

More Prospects” tool you will read about shortly), you are immediately managing time

better. And guess what, if you try this for three weeks, you will find you force yourself

to accomplish in the remaining time everything you did before you started prospecting.



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5. PROMOTE REFERRALS

Over the years, I have asked various seminar audiences, “Raise your hand if you like

asking for referrals.” Occasionally, one or two hands go up. Mostly they didn’t

understand the question or thought I was asking if they wanted more referrals.

So it is fair to say, dear reader, that you, like the overwhelming majority of people I

have informally polled, hate asking for referrals and won’t do it.

Well, congratulations. You got this one right! Because in my humble (okay, so not so

humble) opinion, asking for referrals not only does not get you referrals; it can generate

ill will from those clients you put on the spot. In your heart of hearts, despite repeated

entreaties to ask for referrals, you have known or felt something was wrong with doing

it. And fortunately, you refused.

Old Bad Advice

I didn’t always have it right. Back in 1988 and 1989, I wrote a series of articles

for Registered Rep magazine on referral questions to ask. They included these gems,

contributed by readers:

Who do you know, socially or professionally, who has common sense and might

have some money to invest? If a client shows any hesitation, I add, Think of people

with whom you work, play golf, or are in a club.

Mr./Ms. Client, we have been getting a lot of requests of late for information on

tax-free income investments. It seems as though everyone wants to save money

on taxes. Do you know of anyone who may have an interest in learning more

about how tax-free bonds can reduce their tax bill?

Thank you for your business, Mr. Jones. You’re obviously confident in the

investment you’ve just made, and I am sure you have a friend or relative who

might also want to hear about it. If you will give me a name and telephone

number, I’ll be happy to call and share this idea with them.

And the beat goes and on and on. Ask for referrals. Ask for referrals. Ask for referrals!



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Newer, Better Advice

After a series of detailed studies in the early 1990s, initially on my own business and

then reviewing referrals who became clients for various advisors, I changed my tune

completely.

In one study on my own business, I had my sales crew ask for referrals. Over about a 2-

month period, we asked for and got 503 referrals. Of these, I had three buyers. That’s

one in 162. Since my direct-mail and conference-call leads were closing about 1 in 8, the

referrals were killing my sales crew. I was doing the marketing equivalent of backing a

truck of horse manure up to my sales team and saying, “OK guys, there’s got to be a

pony in there somewhere. Here’s a shovel. Start digging.”

After this study I did some detailed interviews with about 30 of my clients who claimed

that they generated the largest amount of business from referrals. When we analyzed

the referrals who actually became clients as opposed to just referrals given, this

stunning conclusion was obvious: Referrals who became clients were unsolicited.

Big Problem

This presents a problem, doesn’t it?

You would like to have more referrals. But if you ask for them, what you get are not

referrals. Not only do the names you get fail to become clients, but the process of asking

puts your clients on the spot and can damage the good will you do enjoy with them.

Solution?

Promote Referrals!

If you can’t solicit referrals, you can and must create “referral consciousness.”

Referral consciousness is a frame of mind: If your client has it, then whenever s/he

encounters a social situation where referral to a financial advisor is appropriate, s/he

immediately thinks of you.

The key is for you to gently remind your clients that you appreciate and value their

recommendations.

One of the best ways to do this is to have what we call a “referral conversation.”

The Tool: Promote Referrals in Referral Conversations

A “referral conversation is a casual – but carefully scripted – conversation that gets

worked into the normal course of business.



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They can occur easily almost anywhere.

For instance, you are having a conversation with the client who mentions, “I won’t be

available for a couple of days. Marge and I will be up at the lake Thursday and Friday.

But will be back Monday.”

You: Sounds fun. Golf? Fishing? Or just hanging out?

Bob: Some friends of ours get together every year about this time. There’s a lot of golf,

fishing, and a lot of hanging out.

You: Sounds fun. You know, Bob, I’m always interested in developing a few more good clients

just like you. Mostly it’s because we have such a good working relationship and friendship. If the

topic of investments should come up, and if your friend likes our style of business, would you put

in a good word for me?

That’s how easy it is. You just have to be very familiar with the different styles of

conversation.

Action Plan

1) Read the first “Referral Conversation” aloud. Perhaps read it several times.

Pencil in any changes necessary to adapt it to your way of speaking.

2) Now do the same with each of the other 10 “Referral Conversations.”

3) I have stashed a “secret copy” of the MS Word version of “Referral

Conversations here: http://scr.bi/referralconversations. You can download it and

edit it so the conversations become your conversations.” Before you click

download, make sure you select the .doc version. Otherwise you will get PDF

and you cannot edit it.

4) Call 25 clients. Use a log to record the results.

Referral Challenge: If you will do this, you will get 2 real live referrals right now.

The reason the client has not called you is simple:

They did not know you value and accept additional business.



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6. SEE MORE PROSPECTS

I strongly recommend you do spend some time each week “cold walking.”

There’s a right way and a wrong way to do it.

Get Organized for Cold Walking

This idea will cost you a little money. Go to a computer store or Amazon and buy

Microsoft’s “Streets and Trips.” Get the least expensive version. It’s $35 or $45. You

don’t need the version that comes with GPS.

Call your favorite list broker and order a list. (I recommend CIS at 800-547-LIST. Ask for

Marcia.) Now order a list of businesses, doctors, lawyers, dentists, or whatever kind of

business you want to prospect in the day.

Make sure you order your list electronically.

When you get your list, you’re going to import it into “Streets and Trips.” The

program’s Help message will help you import the list. It takes about 15 min. to figure it

out.

The magic is that the program puts an electronic pushpin at each address on your list.

So you can see where your prospects are and then even create a route to go call on the

people you want to call on.

If you want to have actual driving directions, you can enter up to 25 addresses in the

MapQuest route planner. You will find it here: www.mapquest.com/routeplanner.

What Do You Say?

What can you do when you drop in on these folks?

You can drop off an invitation to your seminar. Just tell the receptionist, “I have an

invitation for Dr. Jones. May I wait here until he’s free and then take less than 30

seconds to give it to him?”

Or put together some information on 529 plans. Get a list of small manufacturers and

head for the part of town where they make stuff. Walk in. To the first person you see,

say, “I have some information on how to accumulate money for kids’ education tax

deferred and tax free. I would like to give it to Mr. Owner so he can pass it on to the rest

of you. Can you point me in his direction?”

See what I mean? You need to be in front of more people, right? So get in front of more

people.



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7. FIND MORE MONEY

When someone buys the Bill Good Marketing System, one of the first things they get is

an assignment package.

One of the assignments is, “Find the Money.”

They are instructed to call 25 clients and have a “Find the Money” conversation.

As with referral conversations, you have to work in the question.

The reason we give them this assignment is we really want them to use one of our

system techniques to pay for their system before they come out here for training.

Hint: This could work for you.

So here is your assignment.

Call 25 clients. Have a “Find the Money” conversation with each. Make a log sheet.

Note the results for each client.

And by the way, for this exercise, just pick 25 names from your book. Don’t pre-judge

them. Just call the first 25.

“Find the Money” Questions

1) When, in the next six months, do you expect to have additional funds available to

invest or re-invest?

2) Key Client Question: In order to do the best job possible for you, I need to know

when you’re going to need investment advice. I am really trying to make certain that

nothing slips between the cracks. So is there a time in the next six months to a year you

may have a lump sum due, say a bonus, tax refund, property sale, gift or inheritance?

3) When is your next CD due?

4) Do you have any kind of lump sums due; say bonuses, tax refunds, gifts,

inheritances?

5) What investments do you own, say with another firm or in the safe deposit box,

which you might like a second opinion on?

6) Do your parents ever gift their grandchildren with money? (Or) Do you ever gift

your grandchildren with money?

7) Any bonds maturing in the next year or so?

8) Have you left a 401(k) at a previous firm?

7 Tools to Speed Your SuccessR - Bill Good© 2011 Bill Good Marketing, Inc. Reproduction, adaptation...

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