Doing the research to develop a niche or target market is vital to success, Flaxington writes. In one case story, an advisor who sought to develop a niche noticed that his “ideal’’ clients had engineering backgrounds. “He began … speaking to engineers and ex-engineers about how his investment process fit their mindset and way of thinking. He was able to put together materials and workshops that spoke to anyone who was, or had been, an engineer.’’ Ultimately, the advisor had a windfall of referrals from workshops he presented for HR departments of engineering firms.
Flaxington’s book is a handy way to evaluate if a firm or practice has trouble spots. Improving sales tactics might be necessary, so there is a “Selling Secrets That Work’’ chapter. Increasing referrals is dealt with in a chapter that reminds advisors that clients “should be made aware that your business relies upon and grows based on how willing your clients are to refer additional business.’’
She even provides “sample’’ referral conversations that should be presented “in a very soft and very non threatening manner.’’ But these conversations must be done on a regular, consistent basis, not just once, she writes. “Find the ones who want to help and focus on them.’’
“Generational Selling: Crossing the Divide’’ is an important chapter, especially given Flaxington’s statistic that more than 40 percent of financial advisors are 55 and older. Because the same selling approaches don’t work for each generation, Flaxington suggests firms hire younger advisors who are comfortable selling through social media and texting.
The Pocket Guide to Sales for Financial Advisors by Beverly D. Flaxington. ATA Press. 187 pages. $16.95.
Eleanor O’Sullivan is an award-winning freelance journalist who has written for USA Today and Gannett newspapers. She can be reached at [email protected].