Every wholesaler has had this dilemma:
“Rick” is a great prospect.
He writes a terrific amount of overall business, writes business in your product type/asset class, was open and engaging during the first meeting, works at a focus firm, placed a lit. order with you and promised to get on board and write business.
And that is as good as you have been able to do with Rick.
He’s promised a bunch and he’s not written a thing.
What are some things that you can do to light the fuse with Rick that will ignite his production?
1. Close Rick for a next action step during the initial meeting: move the sales process forward in any number of ways which might include “Rick, do you have enough information about the Foonman Funds Extraordinarily High Yielding Short Duration Peruvian Government Fund (FFEHYSDPGF), our process and our returns, to present this to three clients over the next week?”
2. Use your mastery of Forward Scheduling to stay on his calendar and in front of him. If he’s a hot prospect, even if your normal rotation has him in an 8 week queue, you might see him sooner.
3. Make sure your Systematized Follow-up Process is bolted down tight.
4. Before your next meeting with Rick, make sure your Advisor Recon work is done and that you appeal to both his head and his heart.
5. Find a Point of Connectivity that you have in common with Rick and leverage it. “Rick, Corner Office Jill, who I know is a mentor of yours, writes a TON of FFEHYSDPGF and speaks highly of our firm”.
6. Use a Center of Influence to gain more insights about Rick’s business and secure strategic advantage with Rick.
7. Invite him to a monthly Producer Business Builder Teleconference that you hold exclusively for your territory.
8. Add Rick to your snail mail, voice mail and email marketing campaigns.
9. Introduce Rick to a VIP at your firm. Whether it be the head of sales or a senior portfolio manager, connect Rick with someone on high. Top producers like to feel that they have access behind the “velvet rope”.
10. Get Rick engaged in a conversation about planning an innovative client event.
When it comes to moving a top prospect to a producing advisor you’ll need to put that advisor into your sales process, gain multiple (perhaps smaller) commitments along the way, stay thoughtfully tenacious and be pleasantly persistent.