Out of Comfort Zone Opportunities
The other day I was speaking with one of our performance coaches, Kevin Nichols, and he relayed a story to me about one of his coaching clients that speaks volumes for today’s opportunities. This advisor has transformed this financial tsunami into a perfect storm for new assets, and all it took was a shift in mindset and getting outside of his comfort zone. Rather than paraphrase this performance coaching case-study, I thought it best if I let Kevin share it with you in its entirety. You might want to take notes.
By Kevin Nichols
As we ended our coaching session, David made a rare boast, “I’m really starting to get outside of my comfort zone; it’s an invigorating feeling. I’m going after more business than ever and people are actually taking me up on it. I figure, the chances of them asking me to manage their portfolio are pretty slim. So I’m taking the guess work out of it, I’m asking.”
For David, this was a revelation on two fronts. First, David realized that in order to become a Rainmaker he must commit himself to specific high-impact marketing activities. Secondly, in order to fully execute those activities it was going to require venturing outside of his comfort zone.
Before this transformation, David was like many advisors not fully capitalizing on the current confusing financial waters. He was doing his best to keep his own head above water, concerned about getting his personal portfolio in line and trying to appease any disgruntled clients. But now, after a small renaissance, he is singing a different tune. He is not only welcoming financial conversations and needling questions from affluent prospects, the types of conversations that make most advisors cringe; he is out in traffic actively soliciting them.
But this didn’t happen overnight, it took some coercion, commitment to action, and convincing David of two important statistics from our 2009 research. These statistics heighten the importance of getting out of your comfort zone and prospecting like there is no tomorrow. The first is the fact that a dismal 15% of advisors are spending more than half of their time on offense. The majority of advisors are not actively prospecting; this leaves more opportunity for the rest of us. Secondly, our research indicates that most advisors have not put together a recovery strategy for their clients and even less are communicating it. Combining these two telling statistics, we have a competitive landscape that is ideal for prospecting and an underserved target market.
Here are the tough times statistics:
Percentage of Time Spent on Offense (Prospecting)
No time spent on offense 6.7%
25% or less 49.0%
25-50% 30.0%
50-75% 12.3%
75-100% 1.9%
Client Portfolio Recovery Strategy
No recovery strategy 17.5%
Not comfortable w/ recovery strategy 30.0%
Clear recovery strategy, but don't talk about it 14.3%
Clear recovery strategy and communicate w/ confidence 38.2%
David took heed once he heard these statistics and it was the boost he needed to convince himself that an unprecedented opportunity abounds, especially for the advisor who lives and breathes outside of his comfort zone.
David went on an “out of comfort zone” warpath. He started asking for introductions, planting himself in the right affluent circles, approaching social contacts with whom he had never before spoken business, and holding regular recovery plan events. He committed himself to action and removed any insecure hurdles in his mind because the need was evident; the affluent aren’t being serviced properly and advisors are at a standstill.
The biggest problem that advisors face when marketing is threefold: (1) they aren’t doing enough activity (2) when they are active, they aren’t doing the right activities and (3) even when they execute the right activities, they don’t execute with the necessary affluent sales skills.
Take an advisor who is targeting the affluent, like David, who is willing to jump outside of his comfort zone, get him doing the right activities, add a dash of seamless affluent sales skills, and you have a recipe for new assets.
Are you taking full advantage of this opportunity?
If you are ready to get on the affluent playing field and start doing the high impact activities required to bring in affluent prospects, here is a glimpse at the action plan that helped get David started...
1. Identify the Opportunity: Take a chance to talk business with that social prospect, ask for an introduction through one of your best clients, or take that CPA to lunch. Revitalize those opportunities you let slip away.
2. Commit Yourself to Action: Determine your plan of attack and get the wheels in motion. Be prepared to step out of your comfort zone and sharpen those sales skills. Revel in the comfort of being uncomfortable.
3. Be Consistent: Set a weekly goal for getting out of your comfort zone and hold yourself to it. Eventually, your comfort zone will expand. The initial activities that really make your hair stand up will become second nature.
As David and I concluded our session I asked him if activities like offering affluent prospects a “second opinion” took him outside of his comfort zone. He boldly responded, “Of course, but I’m ok with that.” He rhetorically continued, “Am I doing activities that take me outside of my comfort zone? Absolutely. Am I bringing in more business than ever before? Absolutely.”
The transformation Kevin just shared with you is available for virtually every financial advisor willing to grow. Today’s environment is ideal for affluent client acquisition. However, the psychology of achievement requires each of us to venture outside of our respective comfort zones if we expect to grow. So, let’s capitalize on the environment; get outside your comfort zones and bring in those new affluent clients.
Today’s opportunities will not last forever. Go for it!
By Kevin Nichols
As we ended our coaching session, David made a rare boast, “I’m really starting to get outside of my comfort zone; it’s an invigorating feeling. I’m going after more business than ever and people are actually taking me up on it. I figure, the chances of them asking me to manage their portfolio are pretty slim. So I’m taking the guess work out of it, I’m asking.”
Before this transformation, David was like many advisors not fully capitalizing on the current confusing financial waters. He was doing his best to keep his own head above water, concerned about getting his personal portfolio in line and trying to appease any disgruntled clients. But now, after a small renaissance, he is singing a different tune. He is not only welcoming financial conversations and needling questions from affluent prospects, the types of conversations that make most advisors cringe; he is out in traffic actively soliciting them.
But this didn’t happen overnight, it took some coercion, commitment to action, and convincing David of two important statistics from our 2009 research. These statistics heighten the importance of getting out of your comfort zone and prospecting like there is no tomorrow. The first is the fact that a dismal 15% of advisors are spending more than half of their time on offense. The majority of advisors are not actively prospecting; this leaves more opportunity for the rest of us. Secondly, our research indicates that most advisors have not put together a recovery strategy for their clients and even less are communicating it. Combining these two telling statistics, we have a competitive landscape that is ideal for prospecting and an underserved target market.
Here are the tough times statistics:
Percentage of Time Spent on Offense (Prospecting)
No time spent on offense 6.7%
25% or less 49.0%
25-50% 30.0%
50-75% 12.3%
75-100% 1.9%
Client Portfolio Recovery Strategy
No recovery strategy 17.5%
Not comfortable w/ recovery strategy 30.0%
Clear recovery strategy, but don't talk about it 14.3%
Clear recovery strategy and communicate w/ confidence 38.2%
David took heed once he heard these statistics and it was the boost he needed to convince himself that an unprecedented opportunity abounds, especially for the advisor who lives and breathes outside of his comfort zone.
David went on an “out of comfort zone” warpath. He started asking for introductions, planting himself in the right affluent circles, approaching social contacts with whom he had never before spoken business, and holding regular recovery plan events. He committed himself to action and removed any insecure hurdles in his mind because the need was evident; the affluent aren’t being serviced properly and advisors are at a standstill.
The biggest problem that advisors face when marketing is threefold: (1) they aren’t doing enough activity (2) when they are active, they aren’t doing the right activities and (3) even when they execute the right activities, they don’t execute with the necessary affluent sales skills.
Take an advisor who is targeting the affluent, like David, who is willing to jump outside of his comfort zone, get him doing the right activities, add a dash of seamless affluent sales skills, and you have a recipe for new assets.
Are you taking full advantage of this opportunity?
If you are ready to get on the affluent playing field and start doing the high impact activities required to bring in affluent prospects, here is a glimpse at the action plan that helped get David started...
1. Identify the Opportunity: Take a chance to talk business with that social prospect, ask for an introduction through one of your best clients, or take that CPA to lunch. Revitalize those opportunities you let slip away.
2. Commit Yourself to Action: Determine your plan of attack and get the wheels in motion. Be prepared to step out of your comfort zone and sharpen those sales skills. Revel in the comfort of being uncomfortable.
3. Be Consistent: Set a weekly goal for getting out of your comfort zone and hold yourself to it. Eventually, your comfort zone will expand. The initial activities that really make your hair stand up will become second nature.
As David and I concluded our session I asked him if activities like offering affluent prospects a “second opinion” took him outside of his comfort zone. He boldly responded, “Of course, but I’m ok with that.” He rhetorically continued, “Am I doing activities that take me outside of my comfort zone? Absolutely. Am I bringing in more business than ever before? Absolutely.”
The transformation Kevin just shared with you is available for virtually every financial advisor willing to grow. Today’s environment is ideal for affluent client acquisition. However, the psychology of achievement requires each of us to venture outside of our respective comfort zones if we expect to grow. So, let’s capitalize on the environment; get outside your comfort zones and bring in those new affluent clients.
Today’s opportunities will not last forever. Go for it!
posted by Matt Oechsli at
3:38 PM
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