The Catalytic Conversation. Converting prospects into clients today

Transcription

1 The Catalytic Conversation Converting prospects into clients today IGC-WMM-MOD4-PPT-1I

2 Today s goal Help grow your business with a fresh approach to generating referrals in today s markets 2

3 3 FOR ILLUSTRATIVE PURPOSES ONLY

4 4 FOR ILLUSTRATIVE PURPOSES ONLY

5 5 FOR ILLUSTRATIVE PURPOSES ONLY

6 Catalytic event observations Rare and short-lived Increases client dissatisfaction Provides client acquisition opportunities 6

7 Catalytic event observations Rare and short-lived 7

8 Rare and short-lived DJIA Black Monday % DROP Dotcom Bubble 2002 Great Recession % DROP 25,000 20, % DROP 15,000 COVID % DROP 10,000 5, Source: Invesco. Investors cannot invest directly in an index. Index returns do not reflect any fees, expenses, or sales charges. This chart is for illustrative purposes only and not indicative of any actual investment. These returns were the result of certain market factors and events which may not be repeated in the future. Past performance is no guarantee of future results.

9 Catalytic event observations Increases client dissatisfaction 9

10 Increases client dissatisfaction 29.0 % LOOKING FOR A NEW ADVISOR Historically, when markets drop, client dissatisfaction rises. - Russ Alan Prince, President, R.A. Prince & Associates, Inc. Used with permission. 10 Source: February 2015 study conducted by R.A. Prince & Associates, Inc. of 405 affluent investors with $1-5M in investable assets.

11 Catalytic event observations Provides client acquisition opportunities 11

12 Provides client acquisition opportunities 82.1 % Clients that had a conversation with their advisor in the last 5 weeks Willing to refer their advisors 12 Source: April 2020 study commissioned by Invesco Global Consulting of 160 investors with investable assets between $200K and $2M.

13 The Catalytic Converter 13 FOR ILLUSTRATIVE PURPOSES ONLY

14 Research basis The largest professional development organization in the financial services industry 1 International researcher specializing in the private wealth industry and advisorclient relationships Word specialist on finding the emotional response to language 14 "What Matters Most Right Now: The Catalytic Conversation' is based partially on Invesco Global Consulting's work with R.A. Prince & Associates, Inc. and Maslansky + Partners. Invesco Distributors, Inc. is affiliated with neither R.A. Prince & Associates, Inc. nor Maslansky + Partners. The R.A. Prince & Associates, Inc. and Maslansky + Patners logos are used with permission. 1 Source: R.A. Prince & Associates, Inc. as of 3/31/20

15 Agenda 1 The block to referral generation 2 Researchproven effective method 3 Building your Catalytic Conversation 15

16 Agenda 1 THE BLOCK TO REFERRAL GENERATION 16

17 1. The block to referral generation WHERE DO YOU GET YOUR GROWTH? Seminars Cold calling Walk-ins Referrals from clients Referrals from attorneys & CPAs Advertising Community sponsorships 77.5 % #1 source of new clients Social media Networking events Direct mail 17 Source: R.A. Prince & Associates, Inc. January 2013 study of 338 advisors with an income between $200k and $500K after expenses and before taxes.

18 1. The block to referral generation How often do you ask for referrals? ASKED ZERO TIMES 88.1 % 18 Source: R.A. Prince & Associates, Inc. January 2013 study of 338 advisors with an income between $200k and $500K after expenses and before taxes.

19 1. The block to referral generation What is the block? ASKING CREATES IMBALANCE WITH CLIENT RELATIONSHIPS 19

20 1. The block to referral generation ASKING CREATES IMBALANCE 20 FOR ILLUSTRATIVE PURPOSES ONLY

21 1. The block to referral generation Equilibrium is established by the mutual understanding of each other s roles ADVISOR CLIENT 21 FOR ILLUSTRATIVE PURPOSES ONLY

22 1. The block to referral generation Do you know anyone? 22 FOR ILLUSTRATIVE PURPOSES ONLY

23 1. The block to referral generation Do you know anyone? WHOA! 23 FOR ILLUSTRATIVE PURPOSES ONLY

24 1. The block to referral generation FOR ILLUSTRATIVE PURPOSES ONLY

25 1. The block to referral generation Exercise #1 Write down the main things you do not want to do or be when asking for a referral. A. I never want to make my client feel obligated. B. I don t want to put my client on the spot. C. 25 EXAMPLES SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY

26 Agenda 2 RESEARCH-PROVEN EFFECTIVE METHOD 26

27 2. Research-proven effective method Testing HNW clients EMOTIONAL REACTION to referral requests Sales threshold: Where yes becomes probable Damage threshold: Where relationship is at risk 27 FOR ILLUSTRATIVE PURPOSES ONLY

28 2. Research-proven effective method Example: CONVENTIONAL 50 Now that we are through for today, let me ask you for your help with my business. I mentioned in our first meeting that I am compensated in several ways. Commissions are one way; I also get compensated by introductions to other people by my satisfied customers. 47 Can you think of any family, friends or associates who might benefit from my services? I am really interested in meeting people who run their own successful businesses. Whom do you know that fits that description? Source: 2013 dial session by Invesco Global Consulting and Maslansky + Partners.

29 2. Research-proven effective method Example: EXCLUSIVITY 50 One of the services I offer to you, a preferred client of mine, is the opportunity to introduce me to your friends, family and associates so that they may also take advantage of the same type of service that has benefited you. 40 When you are speaking with someone whom you feel might benefit from working with me, 35 share with them what you like about working with me. This summary sheet will remind you of the steps to follow when you want to introduce people to me. (bullet-pointed sheet provided to client) Source: 2013 dial session by Invesco Global Consulting and Maslansky + Partners.

30 2. Research-proven effective method Convictions create connections Sales threshold: Where yes becomes probable Damage threshold: Where relationship is at risk Conventional: 45 Exclusivity: FOR ILLUSTRATIVE PURPOSES ONLY

31 2. Research-proven effective method Example: CATALYTIC CONVERSATION 50 You have probably noticed that I don t often ask you for introductions. That s because I never want you to feel obligated to refer to me or put you on the spot. 66 At the same time, given all of the volatility in the markets, I see some things that concern me. I see clients that were not contacted by their advisors to discuss their concerns and situations. I see clients that had much more exposure to downside risk than they realized, putting their retirements at risk. And I see many advisors that merely talk about markets, not about the individual client s situation. 71 For these reasons, if there is anyone that you care about who you think could benefit from a fresh perspective, I would be glad to help them Source: 2013 dial session by Invesco Global Consulting and Maslansky + Partners.

32 2. Research-proven effective method 1. Preserving client equilibrium. 2. Sharing your concerns 3. Your genuine content within an offer to help CATALYTIC CONVERSATION: You have probably noticed that I don t often ask you for introductions. That s because I never want you to feel obligated to refer to me or put you on the spot. At the same time, given all of the volatility in the markets, I see some things that concern me. I see clients that were not contacted by their advisors to discuss their concerns and situation. I see clients that had much more exposure to downside risk than they realized, putting their retirement at risk. And I see many advisors that merely talk about markets, not about the individual client s situation. For these reasons, if there is anyone that you care about who you think could benefit from a fresh perspective, I would be glad to help them. Conventional: 45 Exclusivity: Source: 2013 dial session by Invesco Global Consulting and Maslansky + Partners.

33 Agenda 3 BUILDING YOUR CATALYTIC CONVERSATION 33

34 3. Building your Catalytic Conversation Exercise #2 What are your biggest concerns that you see amongst clients that are not being served well today? A. I see clients who were not contacted by their advisors to discuss their concerns and situation. B. I see clients who had much more exposure to downside risk than they realized, putting their retirement at risk. C. And I see many advisors who merely talk about markets, not about the individual client s situation. 34 EXAMPLES SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY

35 3. Building your Catalytic Conversation STEP #3 Integrate your content into Catalytic Conversation framework. You have probably noticed that I don t often ask you for introductions. That s because I never want to. make you feel obligated or put you on the spot. 1. Preserve client equilibrium At the same time, given all of the upheaval in the industry the last few years, I see some things that concern me. I see clients who were not contacted by their advisors to discuss their concerns and situation. I see clients who had much more exposure to downside risk than they realized, putting their retirement at risk.. And I see many advisors who merely talk about markets, not about the individual client s situation. For those reasons, if there is anyone about whom you care that might benefit from another pair of eyes, I would be glad to help him/her. 2. Share your convictions 3. Close with an offer no asking 35 EXAMPLES SHOWN ARE FOR ILLUSTRATIVE PURPOSES ONLY

36 Review Blocks to referral generation Researchproven effective method Building your Catalytic Conversation 36

37 The Catalytic Conversation: Taking Action BUILD YOUR TARGET CLIENT LIST TOP CLIENTS OBSERVABLE ADVOCACY CONNECTORS TARGET CLIENTS 37 FOR ILLUSTRATIVE PURPOSES ONLY

38 Next steps If you like what you heard today 38

39 The Catalytic Conversation: Taking Action REVIEW REHEARSE REACH OUT 39 FOR ILLUSTRATIVE PURPOSES ONLY

40 The Catalytic Conversation Converting prospects into clients today IGC-WMM-MOD4-PPT-1I

41 Footnotes and disclosure What Matters Most Right Now: The Catalytic Conversation is based on Invesco Global Consulting s work with Maslansky + Partners, Advantage Coaching & Training, Tim Ursiny, Heidi Hanna and R.A. Prince & Associates, Inc. Invesco Distributors, Inc. is affiliated with none of the aforementioned. The R.A. Prince & Associates, Inc. and Maslansky + Partners logos are used with permission. This material is for illustrative, informational and educational purposes. If the illustrations herein are used outside of the designated audience, it is the respective user s responsibility to ensure that such material complies with all applicable regulations and is filed with the appropriate regulatory bodies if so required. We make no guarantee that participation in this program or utilization of any of its content will result in increased business. This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions. All data is created and produced by Invesco Global Consulting unless otherwise noted. Stock and other equity securities values fluctuate in response to activities specific to the company as well as general market, economic and political conditions. The opinions expressed are those of the author and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE invesco.com/ic IGC-WMM-MOD4-PPT-1I 05/20 Invesco Distributors, Inc Invesco Ltd. All rights reserved. NA