Ok, so you might be thinking that sounds utterly ridiculous. The possibility that you could fail continuously and still make six-figures.
It is possible, but before I dive into that, I want to talk about prospecting (clearly one of my favorite topics).
People buy from someone they know, like, and trust (always keep that in the back of your mind). We’re in the people business, so as long as you’re building relationships with people, you’re contributing to the growth of your business.
However, be cognizant of who you consistently bring on as clients. If your clients make a million dollars, you will make a million dollars
If your clients are living paycheck to paycheck, you will be living paycheck to paycheck.
My point being, your goal should be to prospect (up) to people who are successful, because successful people have problems that we, as financial advisors, can solve.
The lowest hanging fruit would be to focus first on a demographic that puts you in an income bracket you’d be comfortable with.
Let’s say that is $100,000, which is extremely attainable, even if you’re constantly getting rejected.
To paint a clearer picture, let’s look at baseball. The league-wide batting average has generally ranged between .250 and .275, and players with batting averages above .300 are considered to be very good batters. All-Stars to be exact.
Batting .300 means that player is failing 70% of the time.
70%! And they’re still considered an All-Star!
As financial advisors, our business is no different.
You miss 100% of the shots you don’t take, or in this case, balls you don’t swing at.
As an Advisor, most of the appointments you set won’t turn into a close, but that doesn’t matter.
You don’t need to close all of them, not even the majority of them.
If you strive to set at least three appointments per day, and you only close two small policies per week, that can equate to six-figures.
Let’s do a quick exercise together called the Value of Scheduled Appointments. Take the amount of commission you made this month, and divide it by the number of scheduled appointments you had.
Count EVERY meeting even if it was a no-show/reschedule/close, etc.
What number do you get?
Let’s say you get $500. That means every scheduled appointment is worth $500. If I gave you $500 every time you scheduled an appointment, whether they showed up or not how many would you set?
I bet a lot, right?
That’s how you need to think of appointments.
Now all you have to do is get out and prospect like you breathe!
Whether it’s at a kids party or golf tournament, always be prospecting.
You can easily strike up a conversation with someone by commenting on what’s happening at the moment, and by asking them a lot of questions about themselves. In most cases, the tide will eventually come back to you.
When it does, and they ask more about what you do, don’t talk at them (as in educating them about a product). Talk about yourself, your experience, and most importantly, how you help your clients from a 30,000-foot perspective.
“I help my clients protect their assets, minimize taxes, and maximize returns.”
Peak their interest just enough and make it relatable to them.
Let’s say they don’t ask about you and it goes nowhere – so what. You’ve lost nothing. But it’s that mindset which you need to have because you only need to succeed 30% of the time to make $100,000.
If you take this simple prospecting tip and strive to set as many appointments as possible, you’ll quickly surpass the $100,000 mark.
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