Personality Success Traits

Here we are at the end of July and going into August. Are you working ON your business? It's OK to take a break, go on vacation, spend some time with the family, but realize that all successful business owners get back to working ON their business after the break.

What should you be working on? Your five to ten year Business Vision and your Marketing Plan are good places to start. You might also review your income goals to see if you're on track or whether you need to adjust.  Your situation may have changed which means you need to update your projections and take the actions to reach your goals.

For me, it's been an interesting time. I learn from my clients what they need and then I make products to solve their problems.  This month I'm working on a new program: 90 Days to New Clients. Stay tuned for more!  

Here's an article I recommend you read since we are right in the middle of summer and it's a good time to work on yourself: 3 Personality Success Traits for Financial Success.  What are the personality traits that lead to success?  The ability to handle fear, a willingness to invest in YOU, and persistence and a never give up attitude.

Happy Summer!

Suzanne Muusers

Is success in the mind?

That's a question that was posed to me recently. Yes, absolutely true. Success is all about what's going on in our mind and what we think about ourselves and our capabilities. If we are too busy focused on the news, the TV, and the negativity on the internet, we can't focus on being positive. Or if we are too busy blaming others or being stuck in "woe is me" then we'll dig a big hole for ourselves.  

So how do you get out of your mind and into a positive frame of reference?

1.       1. Stop drinking in the bad news. The media is happy to sell us all the negativity we want to take in. They know bad news sells. When you run into bad news, change the channel.

2.      2.  Get clarity about what you should be doing. Ask yourself daily "What is the best use of my time?" Focus on what you CAN do not what you can't do.

3.     3.   Look for opportunities – they are all around us. There are always opportunities that we are not taking advantage of. Think carefully – what opportunity have you let fall by the wayside? 

Best Business Networking Strategies

There's nothing like face to face in person business networking to grow your business.  Meeting a prospect at a networking event presents an opportunity to get to know people in a relaxed environment.

A question I'm frequently asked is "What's the best strategy when networking?"  To better understand networking, let's look at the different types of networking events:

Leads groups – one member per occupation

Trade membership organizations – architects, attorneys, home builders, women business owners

Special interest events – wine, art, movies

Business chambers – local business owners

My preference in order of effectiveness is the first three types of groups.  I like leads groups because you develop deeper business relationships and have a group of professionals to refer your own clients to. I like trade organizations because I always think it's better to be one business coach or one financial advisor in a trade organization rather than competing against many others in a general networking environment. I absolutely love special interest groups because I love wine and art and if belonging to one of these groups allows me to build my business while enjoying what I love to do, so much the better. My least favorite group is a business chamber. To be effective networking at this kind of group, you will need to be on a committee or heading up some sort of special sub group, otherwise you are just one of many who belong to a chamber.  

To find out what type of group works best for you, your best bet is to visit 3-5 different groups. Many cities have a business networking web site that lists events in a calendar format.

Here are a few resources to help you network more effectively

Feel more confident when networking: Four Ways to Be a Better Networker

Don't know what to say when networking? Maybe it's time to update or Write Your 30 Second Commercial?

Suzanne Muusers

Marketing Coach for Financial Advisors

Where Do You Get Motivation?

Do you think it's possible to grow a successful business without motivation and a positive attitude?  I was asked this question yesterday and thought deeply about whether success is dependent upon motivation. I'm sure there are businesses where the owner has a negative attitude yet new clients come in the door like clockwork. But I'm willing to bet that without motivation, it's far more difficult to build a business.

So just how does one get motivated?

  

You have to get excited about your business and the possibilities! We all need to be reminded of the big vision and the energy we feel when we think about what we're building.  It's natural to have highs and lows but we must learn to uphold a positive attitude no matter what.  To let fear or doubt in the door is to take the wind out of our sails.  

Here are a few things you can do to get more motivation:

• Declaration - Type out your BIG GOAL and post it at your desk so that you see it daily. Remind yourself what it is you want to achieve.
• Read - Subscribe to a success-focused publication. Reading about success breads successful habits.
• Inspiration - Listen to motivational CD's in your car and in your office. By surrounding yourself with positive messages, you will create a new mindset.
• Articulate - Talk to people about your big goals and the life you want. By verbalizing your desires, you will make the commitment to achieve them.
• Dream - Close your eyes and envision your life as though you have achieved your goals. What are you doing? Where are you living? What is your life like? If your mind's eye can see it, you can believe it.

I've always said, in order to be successful you must have not only a vision of what you want to achieve, but also a positive attitude and the motivation to succeed.

Suzanne Muusers

Business Coaching for Motivated Advisors

Scottsdale, Arizona

Client Appreciation Golf Event

Making a name for yourself is what it's all about.  If you don't stand out, you'll have a tough time positioning your practice to attract quality clients.  That's where client appreciation events come in. I have always said that doing what you love while building your business is the fun way to accomplish your goals. If you love what you do, financial success will follow.

Do you love Golf? Having a golf event to show client appreciation is an example of doing what you love to build your practice. Part of building deeper relationships with clients is getting away from the business environment and really connecting on a deeper level. 

Golf events can be anything from eight players on a golf outing to a tournament with lessons from a golf pro. It all depends on your budget and how many clients you want to invite.

Last month, one of my clients organized a golfing event for his clients. He invited ten A clients and asked each of them to bring one guest. He divided the group into great players, average players, and "needs help" players.  Each group met with his local golf pro and practiced a few corrections and new techniques.  After the lessons, the group played the course. Afterwards, they all had lunch. My client reported that he has two interested prospects from the group, but more than that, he and his clients had a great time getting to know one another outside the business environment.  His total cost for hosting this event was less than $1,000.00.

If hosting a wine event is more your style, read Marketing With Wine Events or read the entire post about Client Appreciation Events.

Suzanne Muusers

Business Coaching for Entrepreneurial Advisors

Prosperity Coaching LLC

Don't Forget to Ask for the Business

"Go ahead and think about it."

"No pressure. Let me know what you think."

"Whenever you're ready."

If this is what you say at the end of a sales presentation, you're not asking for the business. This is very common among advisers far and wide, whether ultra successful or newbie.  Ultimately it's the fear of rejection that causes us to hesitate when we should be moving prospects to a logical conclusion.

• Imagine having the confidence to ask for the business at every presentation?
• Imagine how much more business you could close if you made it a practice to ask for the business?
• Imagine having a 90% close ratio?

Wouldn't life be easier if this were the case?

If you'd like to be more polished in asking for the business, read an article I wrote for The Journal of Financial Planning:  Build Confidence, Establish Rapport, Ask for the Business

Grow Your Business and Prosper!

Suzanne Muusers

ICF Credentialed Business Coach

Creator of the Prosperous Advisor Coaching Program

Financial Advisor Coach

Ideas for Client Appreciation Events

What are the most effective client appreciation events? I am asked quite frequently about the best events for financial advisors to hold so I thought I would start a blog series detailing a generous list of ideas to help you plan your next event.  Client appreciation events allow you to celebrate your business success AND demonstrate that you really care about your clients. Appreciation events can also be used as a tool to secure referrals to new qualified prospects, if done correctly.  Many of these events can also be used as a Marketing Tactic to attract new clients.

Today I'll start with a list of client appreciation events and a brief explanation of the event. The list is meant as a brainstorming tool to assist you in thinking outside the box with your marketing. After all, you want to show that you're different and one way to do that is to come up with exciting events that will create "referral buzz."  In the coming weeks and months, I'll break some of the events down into individual posts. So check back frequently!

Client Appreciation Event – Brief description

·      * Wine Tastings – Organize an event for five to ten couples. This can be a wonderful way to get to know people better. See this post I wrote about Hosting a Wine Tasting Event

·      * Cooking Classes – Host an evening at a cooking school or cooking business.

·      * Meal Assembly Night – A new type of business has popped up that helps busy people pre-package a number of healthful meals in one sitting to take home and heat up at their own convenience. Invite clients and provide wine and appetizers for a fun evening.

·      * Book Club – This is a great way to involve clients in investment topics of the day. Poll your clients and find out what books they'd be interested in discussing.

·      * Golf Event – Lessons from a pro and/or a tournament will bring you closer to your clients.

·      * Dance School – Are you the next Fred Astaire? Why not show off your dancing skills with clients at a dance school?

·      * Local Sporting Event – Buy tickets for a local team and provide hot dogs and snacks.

·      * Coffee Talks – Host a monthly informal gathering where clients and friends can bring their topics and questions for you to answer.

·      * Theater Event – Many cities have "boutique" theaters with good shows suitable for bringing clients. 

·      * Family Picnic – Rent space at your local park and cook up hotdogs, hamburgers, and the like. Play games and sports.

·      * Birthday Luncheons – Invite your A clients to provide you a list of five to ten of their friends and hold a luncheon in their honor.

·      * Casino Night – Hold this type of event at a resort or local casino. Donate the proceeds to charity.

·      * Money Roundtable – Similar to the Coffee Talk, only more formal held at in your conference room.

·      * Hot Air Balloon Rides – This is certain to be much talked about and memorable. Invite your special clients for a fun-filled time.

·      * Spa Night – OK, women will love this one more than men. Rent a spa for the evening and provide appetizers and drinks and a spa service to each client.

·      * Dress for Success – Bring in an Image Consultant to speak about styles and trends for business and personal attire.

·      * Art Gallery Showing – Many art gallery owners would be happy to have you host an event in their space. Serve Wine and Cheese and feature an artist speaker.

·      * Mystery Dinner Theater – Haven't you always wanted to attend a mystery theater dinner?  Reserve a section of the restaurant for your clients.

Phew! There you go. I hope this list will help you think of client appreciation events in a different light. By showing your clients that you care about them, you will bond with them and become more referable.

Have you held an event in the past that's not on the list? Please write a comment and add to the list.

Suzanne Muusers

Financial Advisor Coach

4 Habits to Manage Your Time Effectively

Can you really manage time? We all want to be more effective with our time, so it's not a matter of controlling time; it's a matter of controlling your activities. What you CAN do is manage what you focus on. Here are a few tips to help you manage your time more effectively.

1. Plan your day every day. When you get to the office, or before you go home the night before, decide what you'll spend your time on.
2. Write your goals down daily on a piece of paper. The repetition of listing your goals helps your subconscious mind guide your daily actions. What is your revenue goal this month? How many new clients do you want this month?
3. Ask yourself daily “What is my main goal today?”  and list it on your piece of paper.  Whenever you find yourself wasting time, ask yourself if what you are doing is contributing to reaching your goals.
4. Also ask yourself "Am I being productive?"  Productive activities lead to business income.  If you’re not being productive, stop and reassess.  Ask yourself if you are being busy to look busy, and if you are moving your business forward.

It's still early in 2010 so you can work on achieving your annual goals by being efficient with your time. There's no better time than now to grow your business and prosper.

Suzanne Muusers

Prosperous Advisor Coaching Program

Coach versus Consultant - What's the Difference?

The term "Coach" is quite popular in this internet-based age we are living in. There are "mortgage coaches," "interior design coaches," and even "tax coaches." It seems that these days everyone is a coach. I answer questions about coaching and consulting often enough that I decided to clarify the differences.

When hiring a consultant, the business owner wants something specific done by an expert. A consultant is usually an expert in a specific area and once hired can create what you want for you. They may also implement their recommendations for you if need be. The relationship is time-specific and project-related.

Coaches can also be consultants by advising and assisting clients to make changes in their business and their life. But not all consultants are coaches.

A true coach is a trained professional, not someone borrowing the term "coach." Look for a coach who has earned a credential from the International Coach Federation (ICF), an organization of 14,000 members in 80 countries. The ICF does not train coaches – it certifies training programs and awards credentials to coaches who have a specific amount of training from an ICF accredited organization, have accumulated client hours, and can demonstrate coaching experience.  A coach with an ICF credential has agreed to uphold a strict code of ethics.

Leaders are made, they are not born. They are made by hard effort, which is the price all of us must pay to achieve any goal that is worthwhile. Vince Lombardi

GROW

You hire a coach when you want to grow personally and professionally. You may want to grow your business, but growing yourself could be what you truly need. A coach can see things you cannot see and can point out where you may need to improve your skills.

CHANGE

Hiring a coach is all about change. If you continue to do the same things you're doing now, you'll get the same results you had in the past. Change requires action on your part. There's no growth where there's no implementation.

FOCUS

When hiring a coach, you are hiring a business partner focused on your success. You learn to focus on high pay off tasks and actions that move you forward.  You learn to work ON your business weekly rather than getting caught up in the busy work of the day. You are focused on SUCCESS. You have a long term relationship with a coach that builds your character and your business.

There is absolutely a time and a place for hiring a consultant. However be aware that not all consultants are coaches. Coaching is effective because it delves into the human psyche and pulls out that which is great.  For further discussion on why coaching is effective, read Marketing, Change and Success

Suzanne Muusers

Business Coaching for Financial Advisors & Entrepreneurs

What Do Values Have to Do with Success?

Everything! Success comes to us easily if we know what makes us happy, what we VALUE, and what we stand for in life.

A person who has integrity knows what they value.  If we live life based on our values, we have integrity. We don't make mistakes as often as those who don’t know what they truly value.  Long term happiness comes from knowing what you value- what you STAND for in your business and your life.

"Open your arms to change, but don't let go of your values." Dalai Lama

I'm helping an advisor reposition his practice in the market place. In essence you could say that he is reinventing himself.  After many years of experience, a great many lessons learned, and a dose of luck his practice has grown to provide a decent living but not the kind of fulfillment you might expect.  The advisor wasn't attracting the type clients that are a joy to for him to work with.  After working on his Mission Statement and Practice Values, he was able to draw to him just the kind of clients that are joyful and profitable.

Values are like a COMPASS – drawing to you what you want

Business success comes from running your business based on your values. Your passion comes out in the way you manage your business.  If you'd like to attract more ideal clients, read this "How to Article" about how you can create a Mission Statement based on your values.  The article has a long list of sample values and my own Mission Statement.

Grow Your Business and Prosper!

Suzanne Muusers

Business Coach for Entrepreneurs & Financial Advisors

Guest Post: Focus on Benefits Not Features in Your Marketing

Susan Weiner CFA writes a guest post about stating benefits rather than features in your marketing:

Focusing on the benefits your clients will receive from your financial services is much more effective than touting your firm's features. In other words, focus on you, the client--not us, the firm.

I found a great example of this when I looked for gyms near me.

Gym 1 said, "Gym 1 is a premiere fitness, athletics, and rehabilitation facility that features the highest caliber trainers, equipment..."

Sounds impressive, doesn't it? But does it get you excited about joining a gym?

Now read the beginning of Gym 2's ad.

     We've helped our members:

     -fit into their clothes

     -make their exes jealous

     -look amazing at their wedding

Sure, some people would opt for Gym 1 over Gym 2. But clearly Gym 2 makes more of an emotional connection with the reader.

You can find similar contrasts in wealth management. For example, one firm says, "Our company has been in business for 60 years." Prospective clients may read that statement and ask "So what? Why should I care?" 

They might re-word that as "Your money will be managed by a firm that has weathered up-markets and down-markets for 60 years."

How would you re-write "Our company has been in business for 60 years?" It would be great to get your suggestions: http://investmentwriting.blogspot.com/

Copyright 2009 by Susan B. Weiner All rights reserved

Susan B. Weiner, CFA helps financial professionals increase the impact of their writing on clients and prospects. She writes and edits investment commentary, white papers, articles, web pages, and other communications for leading investment and wealth management firms.
Visit her: http://www.investmentwriting.com 

Do you Really Know Your Ideal Clients?

I bet you think you know who your ideal clients are… but do you really?

One of the questions I ask prospects during a sample coaching session is "Who are your ideal clients?" I like to get a feel for how much work an advisor has done regarding finding out who their ideal clients are and what makes them tick. Once you find out what makes them tick, you can find out where they hang out, which makes your Marketing Plan much easier to implement.

Invariably I hear answers something like this:

"I work with individuals or business owners who have more than X investable assets"

"I target clients who are over age 50"

"I like clients who pay me"

"I work with clients who need advice"

If any of these answers sound like you, you may need to work on an Ideal Client Profile.

When we have a firm idea of our Ideal Clients it is far easier to find them and attract them.  An Ideal Client is your Target Client on steroids.  Take all the demographics and a dose of who you love working with and that is your Ideal Client.  What do your ideal clients do for a living? What organizations do your Ideal Clients belong to?  How can you fine tune your networking to attend events where your Ideal Client congregates?

 How to spot an Ideal Client:

• They know they need a financial advisor
• They are busy and don’t want to manage their investments
• They understand investing strategies, but want and need professional advice
• They have discretionary income to invest, at least $25,000 annually
• They meet your investable asset minimum ($100,000 to $500,000)
• They are fully honest with you and disclose their assets, debts, and goals
• They are willing to pay for your professional advice
• They will likely inherit a considerable sum in the future
• They are friendly and courteous
• They value your service
• They like and trust you
• They are ready for action
• They take responsibility for their decisions
• They have realistic expectations
• They are willing to invest in their long term financial success
• They act on your advice/suggestions
• They are open to new ideas
• They refer other A clients to you

One of the many benefits of engaging in deeper research regarding ideal clients is that you become more referable. If you're able to educate allied professionals about who you'd like as clients, you're more likely to get referrals to them. Make this an area you research this year!

Grow Your Business and Prosper!

Suzanne Muusers

Business Coach for Entrepreneurs & Financial Advisors