[LTPC-discussions] (no subject)

Mon, 18 Aug 2003 17:03:24 -0400

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Thank you Richard for all you have done on behalf of the LTPC agents.
Patricia Harty
  ----- Original Message -----=20
  From: ShampooRic@aol.com=20
  To: ltpc-disc@ltpcalums.com=20
  Sent: Thursday, July 31, 2003 6:24 PM
  Subject: [LTPC-discussions] (no subject)

  Interesting article on referrals.  I get this newsletter that has a =
lot of good ideas.  You might want to read and sign up for it.  It's =
free what can be better.

  Richard Moore

  Guest Column by Bill Bachrach=20
  In a practice genuinely focused on clients rather than on production, =
referrals make all the difference. In the best interests of both, =
you=E2=80=99d better let your clients know it.=20

  Of course, that word =E2=80=9Cgenuinely=E2=80=9D can be a stumbling =
block. Ostensibly, we all have our clients=E2=80=99 needs foremost in =
our minds, right? But it=E2=80=99s so much more than that. It means =
setting your mind on considering only what=E2=80=99s best for the =
client, not because it=E2=80=99s expeditious for the business but =
because of the benefits to the people you serve.=20

  Many advisors wrestle with this concept. They struggle to make =
decisions that would be best for clients because they don=E2=80=99t seem =
to be able to not think of themselves. This attitude is endemic in a =
sales culture where it feels as if the prime directive is to get =
something from someone else. Even today, when =
=E2=80=9Cconsultants=E2=80=9D and =E2=80=9Cfull service=E2=80=9D and =
=E2=80=9Cfinancial planning=E2=80=9D are the rage, you=E2=80=99d think =
the emphasis would be on giving something of real value to clients. =
Instead, the thrust of most training for financial professionals is how =
to influence people or, more plainly, how to get something from everyone =
you meet.=20

  In the midst of a persistent production mentality, the Trusted Advisor =
stands out as being honestly able to put other people first, even if it =
means asking them to do something that may appear to be more =
=E2=80=9Cwork,=E2=80=9D such as meeting in the advisor=E2=80=99s office =
instead of their home. It doesn=E2=80=99t matter that prospective =
clients have to do more than they would if the advisor just accommodated =
them. Instead, what matters is that the best possible experience for the =
client comes from just a tiny bit more effort on the client=E2=80=99s =
part. What=E2=80=99s a thirty-minute drive in the context of =
someone=E2=80=99s entire financial future?=20

  But I=E2=80=99m not writing this article to instruct you in what to =
say to people to get them to put in more effort. My point is that the =
way you do business should in every instance reflect your sincere desire =
to put the client first. And one of the most important areas where this =
must hold true is in gathering referrals. Don=E2=80=99t wimp out on this =
critical business practice, which is instrumental not only to your own =
professional success, but more important to the quality of service you =
can provide to your clients.=20

  In the =E2=80=9Cget something=E2=80=9D mindset, asking for referrals =
can take some serious chutzpah. After all, you just earned thousands or =
tens of thousands of dollars from insurance and investments and =
planning, and there you are, with your hand out, asking for more: =
=E2=80=9CNow that you=E2=80=99ve given me all your money, can you =
introduce me to a bunch of people so I can take their money, =
too?=E2=80=9D Only the most hardened salespeople can pull that off =
without sounding embarrassed to be asking.=20

  Worse, some salespeople tie referrals to compensation. You know the =
script: =E2=80=9CI get paid two ways=E2=80=94by commission (or fee) for =
taking care of you and your money and by referrals.=E2=80=9D But =
referrals are not about the number of ways you get paid. They=E2=80=99re =
not about you, period.=20

  A business that finds future clients by referral instead of =
prospecting and marketing simply does a better job for its clients. When =
you ask for referrals, that=E2=80=99s the reason why people should give =
them to you=E2=80=94because it=E2=80=99s better for them if they do. =
It=E2=80=99s as if you were running a country club, and you asked =
members to invite friends to become members. This way, instead of coming =
up with clever ads and spending money on billboards, you could focus on =
finding and training the best chef so members can have great meals, the =
best golf pros so members can improve their game, the best masseuse so =
members can relax=E2=80=94and spend money on things that will benefit =
them, such as grounds maintenance, beautiful furnishings, and so on.=20

  In a country club, it=E2=80=99s a given that there are an optimal =
number of members: enough to secure adequate revenues, but not enough to =
make tee times impossible to get. The management knows it, and the =
members know it, and they both work to achieve that number as quickly as =
possible so that the management can focus on nothing but =
members=E2=80=99 comfort and enjoyment of the club.=20

  You can use this analogy in talking to your clients about referring =
their friends, colleagues, and family to you. But beware: If =
you=E2=80=99re starting to see this as a way to =
=E2=80=9Cposition=E2=80=9D referrals, you=E2=80=99re shanking the ball. =
Salespeople will see this as a =E2=80=9Cgreat line,=E2=80=9D but for =
Trusted Advisors, it=E2=80=99s not a line at all. It=E2=80=99s what they =
know to be true. And if you tell your clients that you need their =
referrals for their benefit=E2=80=94and you don=E2=80=99t really believe =
that=E2=80=94they will know it. And you will either get crummy referrals =
or none at all.=20

  Follow the referral process Bill Cates teaches you (The Unlimited =
Referrals Marketing System=C2=AE). Don=E2=80=99t deprive your clients =
and strategic alliances of one of the finest feelings they can have =
=E2=80=93 referring people to you who need your services. Expect that =
they will give you the names of everyone they know who fits your ideal =
client profile. If you expect two referrals, you will probably only get =
two referrals. What would happen if you expected to get 24, 33, 47, or =
whatever number you pick? You will get more when you expect more.=20

  Remember, it=E2=80=99s not about you=E2=80=94it=E2=80=99s about them. =
Don=E2=80=99t be a salesperson; be a Trusted Advisor.=20

  * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *=20

  If you have a referral strategy that is very effective for you, send =
it to me at Info@ReferralCoach.com. If I determine it has broad appeal, =
I=E2=80=99ll share it with our readers. Let=E2=80=99s =E2=80=9Cshare the =
wealth.=E2=80=9D=20

  * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *=20

  For more business-building ideas, go to: =
www.referralcoach.com/tools.asp=20

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<DIV><FONT face=3DArial size=3D7>Thank you Richard for all you have done =
on behalf=20
of the LTPC agents.</FONT></DIV>
<DIV><FONT face=3DArial size=3D7>Patricia Harty</FONT></DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
  <DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
  <DIV=20
  style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
  <A title=3DShampooRic@aol.com=20
  href=3D"mailto:ShampooRic@aol.com">ShampooRic@aol.com</A> </DIV>
  <DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dltpc-disc@ltpcalums.com=20
  href=3D"mailto:ltpc-disc@ltpcalums.com">ltpc-disc@ltpcalums.com</A> =
</DIV>
  <DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, July 31, 2003 =
6:24=20
  PM</DIV>
  <DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [LTPC-discussions] (no =

subject)</DIV>
 <DIV> </DIV> Interesting article on referrals.&nbsp; I get =
this=20
 newsletter that has a lot of good ideas.&nbsp; You might want to read =
and sign=20
 up for it.&nbsp; It's free what can be better. Richard=20
 Moore Guest =
Column by Bill=20
 Bachrach In a practice genuinely focused on clients rather =
than on=20
 production, referrals make all the difference. In the best interests =
of both,=20
 you=E2=80=99d better let your clients know it. Of course, that =
word=20
 =E2=80=9Cgenuinely=E2=80=9D can be a stumbling block. Ostensibly, we =
all have our clients=E2=80=99=20
 needs foremost in our minds, right? But it=E2=80=99s so much more than =
that. It means=20
 setting your mind on considering only what=E2=80=99s best for the =
client, not because=20
 it=E2=80=99s expeditious for the business but because of the benefits =
to the people=20
 you serve. Many advisors wrestle with this concept. They =
struggle to=20
 make decisions that would be best for clients because they =
don=E2=80=99t seem to be=20
 able to not think of themselves. This attitude is endemic in a sales =
culture=20
 where it feels as if the prime directive is to get something from =
someone=20
 else. Even today, when =E2=80=9Cconsultants=E2=80=9D and =E2=80=9Cfull =
service=E2=80=9D and =E2=80=9Cfinancial=20
 planning=E2=80=9D are the rage, you=E2=80=99d think the emphasis would =
be on giving something=20
 of real value to clients. Instead, the thrust of most training for =
financial=20
 professionals is how to influence people or, more plainly, how to get=20
 something from everyone you meet. In the midst of a persistent =

production mentality, the Trusted Advisor stands out as being honestly =
able to=20
 put other people first, even if it means asking them to do something =
that may=20
 appear to be more =E2=80=9Cwork,=E2=80=9D such as meeting in the =
advisor=E2=80=99s office instead of=20
 their home. It doesn=E2=80=99t matter that prospective clients have to =
do more than=20
 they would if the advisor just accommodated them. Instead, what =
matters is=20
 that the best possible experience for the client comes from just a =
tiny bit=20
 more effort on the client=E2=80=99s part. What=E2=80=99s a =
thirty-minute drive in the context=20
 of someone=E2=80=99s entire financial future? But I=E2=80=99m =
not writing this article=20
 to instruct you in what to say to people to get them to put in more =
effort. My=20
 point is that the way you do business should in every instance reflect =
your=20
 sincere desire to put the client first. And one of the most important =
areas=20
 where this must hold true is in gathering referrals. Don=E2=80=99t =
wimp out on this=20
 critical business practice, which is instrumental not only to your own =

professional success, but more important to the quality of service you =
can=20
 provide to your clients. In the =E2=80=9Cget =
something=E2=80=9D mindset, asking for=20
 referrals can take some serious chutzpah. After all, you just earned =
thousands=20
 or tens of thousands of dollars from insurance and investments and =
planning,=20
 and there you are, with your hand out, asking for more: =E2=80=9CNow =
that you=E2=80=99ve given=20
 me all your money, can you introduce me to a bunch of people so I can =
take=20
 their money, too?=E2=80=9D Only the most hardened salespeople can pull =
that off=20
 without sounding embarrassed to be asking. Worse, some =
salespeople tie=20
 referrals to compensation. You know the script: =E2=80=9CI get paid =
two ways=E2=80=94by=20
 commission (or fee) for taking care of you and your money and by =
referrals.=E2=80=9D=20
 But referrals are not about the number of ways you get paid. =
They=E2=80=99re not about=20
 you, period. A business that finds future clients by referral =
instead of=20
 prospecting and marketing simply does a better job for its clients. =
When you=20
 ask for referrals, that=E2=80=99s the reason why people should give =
them to=20
 you=E2=80=94because it=E2=80=99s better for them if they do. =
It=E2=80=99s as if you were running a=20
 country club, and you asked members to invite friends to become =
members. This=20
 way, instead of coming up with clever ads and spending money on =
billboards,=20
 you could focus on finding and training the best chef so members can =
have=20
 great meals, the best golf pros so members can improve their game, the =
best=20
 masseuse so members can relax=E2=80=94and spend money on things that =
will benefit=20
 them, such as grounds maintenance, beautiful furnishings, and so on.=20
 In a country club, it=E2=80=99s a given that there are an =
optimal number of=20
 members: enough to secure adequate revenues, but not enough to make =
tee times=20
 impossible to get. The management knows it, and the members know it, =
and they=20
 both work to achieve that number as quickly as possible so that the =
management=20
 can focus on nothing but members=E2=80=99 comfort and enjoyment of the =
club.=20
 You can use this analogy in talking to your clients about =
referring=20
 their friends, colleagues, and family to you. But beware: If =
you=E2=80=99re starting=20
 to see this as a way to =E2=80=9Cposition=E2=80=9D referrals, =
you=E2=80=99re shanking the ball.=20
 Salespeople will see this as a =E2=80=9Cgreat line,=E2=80=9D but for =
Trusted Advisors, it=E2=80=99s=20
 not a line at all. It=E2=80=99s what they know to be true. And if you =
tell your=20
 clients that you need their referrals for their benefit=E2=80=94and =
you don=E2=80=99t really=20
 believe that=E2=80=94they will know it. And you will either get crummy =
referrals or=20
 none at all. Follow the referral process Bill Cates teaches =
you (The=20
 Unlimited Referrals Marketing System=C2=AE). Don=E2=80=99t deprive =
your clients and=20
 strategic alliances of one of the finest feelings they can have =
=E2=80=93 referring=20
 people to you who need your services. Expect that they will give you =
the names=20
 of everyone they know who fits your ideal client profile. If you =
expect two=20
 referrals, you will probably only get two referrals. What would happen =
if you=20
 expected to get 24, 33, 47, or whatever number you pick? You will get =
more=20
 when you expect more. Remember, it=E2=80=99s not about =
you=E2=80=94it=E2=80=99s about them.=20
 Don=E2=80=99t be a salesperson; be a Trusted Advisor. * * * * =
* * * * * * * *=20
 * * * * * * * * * * * * * * * * * * If you have a referral =
strategy=20
 that is very effective for you, send it to me at =
Info@ReferralCoach.com. If I=20
 determine it has broad appeal, I=E2=80=99ll share it with our readers. =
Let=E2=80=99s =E2=80=9Cshare=20
 the wealth.=E2=80=9D * * * * * * * * * * * * * * * * * * * * * =
* * * * * * * *=20
 * For more business-building ideas, go to: <A=20
 =
href=3D"http://www.referralcoach.com/tools.asp?c=3D23&amp;l=3D1235011">ww=
w.referralcoach.com/tools.asp</A>=20
 </BLOCKQUOTE></FO=
NT></BODY></HTML>

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