2. Homework The Pursuit of Happiness(Will Smith) Dr. Randy Pausch’s Last Lecture: Really Achieving Your Childhood Dreams http://download.srv.cs.cmu.edu/~pausch/Randy/pauschlastlecturetranscript.pdf http://www.youtube.com/watch?v=ji5_MqicxSo
3. Measures To Success Scorecard Compensation Accolades/Awards Professional Development
4. The OWL’s Sales Process Acquisition Initial Stages(Meeting Immediate Needs) Planning Stages(Planning For Future Needs) Relationship Stages(Client For Life-Follow up & Follow Through)
6. Owning Ownership of Your Roles & Responsibilities(Institution You Represent) Ownership of Your Roles & Responsibilities(Client) (The Self-Employed Should Fully Understand #1)
7. Institution Firm’s Role In The Industry-Meet Financial Goals & Objectives Firm’s Dedication To Industry-Provide Cutting Edge Products (CDARS)-Efficient Delivery-Knowledgeable & Experienced Advisors (You)
8. YOU MOST IMPORTANT CONCEPT YOU ARE YOUR [BANK] AND YOUR [BANK] IS YOU!! YOU MUST BE MORE PROFITABLE THAN THE [BANK] ACROSS THE STREET OR YOU WILL BE THE [BANK] ACROSS THE STREET!
9. YOU Utilize the resources of your institution to achieve the goal of the firm Understand the goal of the firm Agree with the goal of the firm Deliver the goal of the firm to the client Insure the firm is profitable- It is up to YOU to make the company profitable and it is up to YOU to make sure the fees are offset by service, savings, & Most Importantly, meeting their financial goals they may not otherwise meet or may not have known they had!
10. Client Financial Doctor (Not A New Concept) Keep a Client Financially Modern! GATHER ASSESS RECOMMEND IMPLEMENT MONITOR
12. Owning OWN YOUR ROLETraining manuals & development websites are great resources to master this OWN YOUR CLIENTOnce you own your role, your confidence in your client meetings will help you master this
13. Sub Sections Many seminars and trainings are designed to provide a daily structure for OWNING. Some of Sub Sections Include: Financial Profiling Credit 101 Connecting Needs With Solutions The Value of You (OWNING)
14. Winning Once you are comfortable you OWN your role and you OWN the client, it is time to WIN! You OWN through the relationship, you WIN in the Planning Stages (Planning For Future Needs) & Relationship Stages (Client For Life-Follow Up & Follow Through) ***For This Model, You Have Not Won “Meeting The Immediate Need”, But You Have Successfully OWNED***
15. To Win Or Not To Win TO WIN Earn Trust Earn Referrals Receive Christmas Cards From Clients Client Initiates Contact For Advice Thank You Cards Unexpected “Windfall” Business (Note That You Can Use Some of These Yourself To WIN!)
16. NOT TO WIN Client Will Not Give Additional Data No Referrals Reactive Selling Complaints : ( (There are others, but this model is not about LOSING. These examples only restart the OWL process. Back to OWNING!)
17. Winning In The Process To clarify, sales is closing deals. A closed deal is a win. This model guarantees a multitude of closed deals, month after month, quarter after quarter, year after year. We are not referring to a Win, But WINNING! Winning is the Planning and Relationship Stages. WINNING provides a strong pipeline for success. It also allows a financial associate the ability to control their position on the scorecard and control of their income.
18. Sub Sections Many seminars and trainings are designed to provide a daily structure for WINNING. Some of Sub Sections Include: Financial Planning: Putting It All Together Client Relationship Management 101 The Value of You (WINNING)
19. LEADING LEADING is the ultimate WINNING At This Point, You Have Won With The Client’s The Institution, & The Industry This Comes Naturally, You Don’t Plan When You LEAD, it just Happens
20. TO LEAD Partnering With Other Professionals Utilizing the Entire Financial Team (CPA, Estate Attorney, CFP, Broker) Training Other Industry Professionals-Developing “OWL” Creating More Efficient Ways to do Business-Product Structuring-Process Structuring Speaker for the Industry-Graduations-Company Meetings-Client’s Events Hosting Your Own Client Events
21. LEADING On the Client Level, LEADING is the Relationship Stages of this model-Follow Up & Follow Through-Celebrating Financial Successes On the Institution Level, LEADING is best described on the scorecard. LEADING is mastering OWNING & WINNING on the client and Institutional Level, & mastering LEADING on the Client Level
22. Sub Sections Many seminars and trainings are designed to provide a daily structure for LEADING. Some of Sub Sections Include: Professional Development & Training to be a Trainer Networking 101 The Value of You (LEADING)
23. The OWL’s Comments This presentation is for overall success. Do not discount the day to day trainings and sub sections of this model. TAKE ADVANTAGE OF ANY OPPORTUNITY TO REFRESH YOUR SKILLS. Many seminars will provide new catchy terms that will help to simplify the steps to success. Professionals are constantly learning from mistakes and failures. LEADER’s help make sure you do not fall in the same hole. DO NOT REINVENT THE WHEEL!
24. What the LEADER does in the beginning, the others will do in the end. I have customized a Spanish proverb. Another version was quoted by Warren Buffet, but I felt this to be more politically correct.
25. SUMMARY OWNING-Acquisition-Initial Stages (Meeting Immediate Needs) WINNING-Planning Stages (Planning For Future Needs)-Relationship Stages (Client For Life-Follow up & Follow Through) LEADING-OWNING-WINNING-Relationship Stages (Client For Life-Follow up & Follow Through)
26. Homework The Pursuit of Happiness(Will Smith) Dr. Randy Pausch’s Last Lecture: Really Achieving Your Childhood Dreams http://download.srv.cs.cmu.edu/~pausch/Randy/pauschlastlecturetranscript.pdf http://www.youtube.com/watch?v=ji5_MqicxSo
Will Smith’s The pursuit of HappinessDr. Randy Pausch @ Carnegie Mellon University- first link is a transcript, second is the speech…Gotta love YouTube!
In every role, client acquisition is most important. Later we will get into the simple secret, but I’ll give it to you straight…you will be doing your industry a disservice letting a client go anywhere else. These are what they are…We have not reinvented the wheel…Just removed the unnecessary spokes and put on a tire that will never go flat
Removed some spokes and put on a tire that will never go flat!
With respect to two aspects. Own Your Role…Self employed determines the roles and responsibilities to insure success of clients and their business
3 Aspects Here- Your Firms Role & Responsibilities In the Industry, Your Role & Responsibility to your firm, your role responsibility to your client. You might say there’s a forth aspect- your clients roles and responsibilities to you, but they have to know what these are and it is our responsibility to educateDedication to the industry- How does this firm set themselves apart? Products? Services?
Ex. Jack & The Box, Joe’s Hamburgers
You get what you pay for
Financial Doctor- Assess Aches and Pains To Prescribe MedicineFinancially Modern- Look at Products, Look at Advances (checking acct fees, online banking, insurance policies)GATHER…Data Collection, ASSES…Analyzing Data Received (At this point, you may need to reach out to fill in missing info) Do not assume without the permission of the client and the client will expect you to reach out if there are questions. The client understands through your initial conversation, you may overlook a detail. In this presentation, I have not address everything on your mind. After the presentation, I collect your thoughts and adjust the presentation. If in adjusting, I am unclear as to the specific detail, I will call you back and clarify. It is all about getting it right TOGETHER! RECOMMEND…Providing Solutions, For those financially savvy clients, this might be a collaborative effort. For those not, this is simplifying the solutions and disclosing the important information and benefits over other solutions (i.e. this savings acct requires a $10,000 minimum balance or there will be a $20 fee, but based on your statements, you have sufficient funds to maintain this balance and the interest rate is 1% higher than the savings without this requirement) IMPLEMENT…the client is coming to you or you have uncovered a need. It is your responsibility to implement. You cannot force the client, but you can collaborate to understand any holdups. It may be a detail you were not given and may impact your advise on implementation as well. If you are better at analyzing a particular area, partner with a closer and get it done. Your manager will be very willing to assist in closing the deal! MONITOR…Monitor is critical in the other areas of the OWL model, so I will not go into detail, but just know, this absolutely your responsibility. Waiting for the client to let you know how he/she is progressing towards their goals could cost you the client.
CRITICAL, this is your main responsibility, Over Compliance (which could be a reason to reach out to a client), over coffee, over the daily water cooler talk. Do not get distracted. Your manager will also be very willing to work with you on time management to insure the administrative things are done. This might mean utilizing other members of the team. Success is everyone’s destination
This slide is to show the importance of daily activity planning. OWNING is a large umbrella and it takes strategy planning to accomplish owning. You cannot do this on the first call, the first meeting, the first contact. You need the others to plan the steps to get to owning. I will make reference to this later.
If you have a problem with this comment, hang tight, we’ll get back to it.
You have not owned (the client must feel providing this info will benefit them). Back to the doctor exampleReactive Selling Vs. Proactive Selling (Lost their job and need money..Emergency Reserves?) Called you to ask about low rates, Called you to ask about their FDIC protection
Financial Planning- Now we are ready to venture out of the box, let’s look at education planning gaps, let’s look at insurance gaps. Protecting the client is protecting yourselfCRM 101- Systems, Calling (What if I talked to the client 30 days ago and nothing has changed?) evaluating previous data, confirming previous data, client event, looking at 30 day results of the plan & celebrating success, planning for next crucial callTVoY(WINNING)- You now Own and have big wins with others, value goes up, scope broadens (EX. SBA Client)
Compare yourself to the professionals you see as leaders of the industry, what are they doing?
PD&TT-designations, separating yourself, investing in you, Sharing what you’ve acquired, directing others to success, relating and translating, simplifying (Condensing Years into minutes)Networking 101- Industry Groups, Focusing on The Miscellaneous section of your resume, Public/Community Service, Walks, etc.
Will Smith’s The pursuit of HappinessDr. Randy Pausch @ Carnegie Mellon University- first link is a transcript, second is the speech…Gotta love YouTube!
