You know the secret to attracting more profitable cases and larger clients. But, every time you get close to doing it, you freeze.
You know that you have to segment your clients into four groups: A, B, C & D. Maybe you’ve even gone to your computer and done it. That’s the easy part. And then, you freeze.
The next step is much harder. You have to actually have a conversation with those C and D clients, maybe even the B’s. Something like this: “John, I really appreciate working with you. We have a great relationship and I want that relationship to continue. As in most industries, we’ve got a shortage of financial advisors in my specialty, and so I’m going to be focusing solely on that from now on. That’s why I’ve hired Frank. Frank specializes in the area where you need the most service, and he has the expertise that you need. I’m going to keep an eye on what Frank is doing for you. I want to work with you both on this. Would that be okay with you?”
Sounds easy, so why does it feel so hard?
Some of these clients might be among your earliest, and getting them initially made you feel like you were meeting your Unmet Needs of safety and approval. You need to detach from that and realize that no outside source can truly meet your Unmet Needs. Servicing these clients is keeping you stuck and blocking you from attracting the bigger and more profitable clients that you want and deserve.
Keep this in mind as well… referrals are like water – they find their own level. If your current clients are at a certain income level, they will likely be referring other clients at that similar level. That’s what you’ve attracted and that’s what you will continue to attract, unless you make a change.
I’ve worked with five-year veterans and thirty-year veterans, and it’s the same thing. They hit a ceiling and can’t break through. The Unmet Need for worthiness is replaying the same negative belief message over and over again, “I am not good enough to work with high net worth clients. I don’t know enough and I don’t have enough experience.” The outcome? No action and no results.
After I’ve helped advisors cure their Unmet Needs Disease, I hear things like, “I don’t know what’s going on. Prospects I have been calling for ten years are suddenly calling me.” These financial advisors have strengthened themselves from the inside out. They are no longer trying to prove themselves. They’re comfortable. They’re centered. And, interestingly enough, that changes the entire environment around them.
This article was originally published in Curing The Unmet Needs Disease © Simon Reilly 2008
International Values and Behavioral Analyst, Business Coach, Speaker and Author
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