John always says that the difference between six figure advisors and seven figure advisors are powerful words. A single word has the power to change the course of a discussion. It can change the mood of a conversation and influence the motivation of those you are engaging in dialogue.
Take the word because for example. Social psychologist Ellen Langer found that when the word because followed a request that over 90% of people would comply as opposed to just making a request. People would even comply with the request if the reason given didn’t really make sense.
For instance when an actor tried to cut in line to make copies and said, “Excuse me, I have 5 pages. May I use the Xerox machine, because I have to make copies?” was nearly as effective as when they said, “Excuse me, I have 5 pages. May I use the Xerox machine, because I’m in a rush?”
In other words, it was the...
The good ol’ on-boarding process. I see so much variation in this process and…well, let me ask you a question.
Do you know EXACTLY what to say to a prospect to make them say: “We not only need to do this, we want to do this…here’s our money for the planning fee, when can we get started?”
Even if you said, “Of course I do, John!” you might be surprised after reading this.
We all know that gone are the days of one and done meetings, grabbing signed applications and making a sale. A quick note, though: If your focus is first on AUM or generating sales, then this article probably isn’t for you. I still see many advisors that want to get ACAT forms signed in the first or second meetings, typically prior to delivering any true value.I’m guilty of this – it’s how I started out.
But don’t get me wrong – I LOVE growing AUM and revenues (who wouldn’t) but those are not...
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