Asking For Permission Just Got Easier

by Duncan MacPherson Co-Founder, Pareto Systems

Legendary industrialist Henry Ford once said, “If I asked them what they wanted, they would have asked for a faster horse.” As an innovator, leader and creative genius, Ford marched to his own beat and didn’t put much emphasis on the importance of listening to his customers when it came to building and selling cars.

However, as a financial professional, it is paramount that you make your clients the voice you listen to. Before you ever take advice from a coach, consultant or manager in terms of how to take your business to the next level, listen to your clients first. They can provide invaluable insight that you can translate into improved productivity, especially when it comes to generating referrals.

A good place to start is with the Call Rotation. This is a simple, yet proven, process where you proactively reach out to your clients on a consistent basis. Make a list of your top 50 to 100 clients and put them into a 90-day call rotation. Keep in mind that you aren’t trying to be the bearer of any profound news – you are simply touching base. Use FORM as your guide as you ask them questions about their family, occupation and recreational interests, including making relevant and timely comments about money and markets. It’s important to be interested rather than trying to be interesting.

As the conversation begins to wind down, ask clients this question:

“How are your friends and family coping with this period of turbulence and uncertainty? Are they looking to the future with anticipation or apprehension?”

Their responses will last anywhere between 10 seconds and 10 minutes. Regardless of length, encourage them to elaborate. Because many core issues are two or three questions deep, follow up with this next question:

“If you don’t mind me asking, when you talk about me with a friend or family member, what do you say? How do you describe me?”

This can be a very revealing question in terms of how your clients perceive you. Furthermore, this series of questions is rooted in what is called Permission Marketing. The answers your clients provide give you permission to remind them of your value proposition:

“The reason I’m asking you these questions is because I want to remind you about a value-added service that I provide for my best clients that many find to be of real value. That is, I make myself available to act as a sounding board for friends and family members of my clients. Now, I’m not asking you to think of anyone right now – this is simply for down the road. But if a friend ever asks about me or you feel compelled to introduce someone to me, simply call me to set the wheels in motion and I will make myself available to address their concerns. And please understand, they do not need to become clients to take advantage of this service.”

This disarming statement positions the concept of you meeting with a friend as a service you are providing rather than a favor you are asking of your clients. You are simply planting a seed and opening a topic of conversation without projecting any neediness. Keep in mind that everything you say to clients is either a “me too” that they connect with or a “so what” that they dismiss. By positioning referrals as a service rather than as a favor, you are using stewardship rather than salesmanship, something that is much more attractive and compelling to your clients.

If their responses are lukewarm or disinterested, you can stop at this point and revisit the topic in a future conversation. Again, you’ve planted the seed. If they are receptive or inquisitive, you can take a deeper dive and explain a little bit more in detail. A common response from clients is: “I wasn’t aware that you provided this service.” Respond as follows:

“The reason I do this is because I became a financial professional to help people make informed decisions about their financial futures. It’s very fulfilling. One of two things typically occurs when friends or family members go through this process. Either I validate for them that their current approach is fundamentally solid, or I reveal a few minor flaws that they might want to consider adjusting. And, as you know, minor adjustments can often lead to major improvements down the road. Either way, if they are friends or family members of yours, I will make myself available and ensure that this is a great investment of their time.”

A couple key points to hit in this conversation include:

• Express your sense of purpose as a financial professional to validate WHY you are doing this.
• Project clarity so that your clients know exactly how an endorsement like this will reflect on them in the eyes of their friends.
• Replace the word “referral” with “introduce.”
• Replace the words “second opinion” with “sounding board process.”
• Be certain that they know that you won’t be trying to sell their friends on becoming clients. There may or may not be a fit in the future, but that isn’t the point in providing this service.

Ultimately, you want your clients to get into the habit of freely introducing people to you as the opportunity presents itself. Based on The Law of Cause and Effect, the activity of meeting people will most certainly lead to productivity down the road. For more great ideas on how to generate referrals and expand your network, contact your Creative Marketing Sales Consultant.

FOR AGENT USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 12083 - 2011/11/30