Another Pierce friend sets the standard for successful financial advisors. “When he loses, he keeps in touch with the prospect because one never knows when a purchase or a move (to another firm) was a mistake. Staying in touch allows him to get back in the game.’’
A Pierce rule of thumb for success: In a transaction, put your client or prospect first, your company second and your zeal for making money third. “A lot of times financial advisors tend to try to sell something versus really understanding what is important to the client or prospect. I know that when you think about how hard a business financial advisors are in, you can understand the stumbles. There is a high turnover. It’s staggering how hard it is to be a success. But, you should be selling based on their (clients’) needs, and those that do, tend to do well in the business.’’
Pierce says financial advisors have to learn to handle rejection, and that the most successful of them have had the most rejection. “Financial advisors who are realistically optimistic, not pie in the sky optimistic, tend to do better because they can take rejection and they have thicker skin. I have utmost respect for anyone who manages other people’s money and cares about how their clients feel when they lose money, or when there is tragedy in a client’s life. It’s an emotional business; you have to have resiliency. And it’s very hard to do well in our business if you are pessimistic.’’
Readers who have embraced his book’s ideas, including a CEO Pierce met in Dallas during a presentation, have bought copies for their entire sales force. “I’m not promoting the book; it’s more of a grassroots response. A national sales manager or a CEO or COO will get the book, read it and say ‘Wow, this makes sense,’ and then give it someone to help correct a gap. The CEO in Dallas came up to me and thanked me for the concept of looking in the mirror, not out the window, then bought the book for his sales force.’’
Eleanor O'Sullivan is an award-winning journalist and freelance writer for Financial Advisor.