Advisor Today - March/April 2015 - (Page 18)
MANAGING YOUR PRACTICE
By J. Leland "Lee" Davis, LUTCF
The Advisor's Real Job
Your main goal as an advisor is to help your clients make the right financial decisions.
hat is the financial advisor's
real job? It is to inspire the
confidence in a client to
make a decision.
But how does he do this? By doing
that which only the advisor can do.
Here are the seven steps that can
give you the best chance to have your
clients and prospects make the right
decisions on the important financial
matters in their lives:
Create and stick to your "model
day." First, determine the number
of days you wish to work this year,
the number of days per week, and
the number of hours in your normal
day. Then identify and write down
the specific duties you alone are
responsible for during your model
day. Next, create a block of time
during which you will ONLY do a
particular type of duty.
Make sure to focus on the most
profitable duties first and allow
the most time for them (such as
calling and meeting with clients and
prospects). Early in your career,
you'll need to allow time for case
preparation and administration, since
you'll be doing most of this yourself.
However, those types of duties can
quickly be delegated as you acquire
competent staff members, the
"teammates" you'll develop.
If you already have staff, alert
them to your model day and ask that
they create one of their own. In our
office, every team member has their
model day laminated and accessible
so that it stays in front of them at
all times. And they stick to it. Your
model day should have you in close
communication with potential
clients and strategic alliances (CPAs,
attorneys, centers of influence).
Social time with your family and
friends is important too. Remember
to show up socially like you want to
be perceived-a true professional
and caring friend. Be authentic.
18 ADVISOR TODAY | March/april 2015
Focus on the most profitable duties first, and allow the most
time for them.
Say NO (nicely, of course).
Refuse to do anything that is not
a specific task in your model day
during the blocks of time allocated.
For example, if you are to be
phoning or meeting with clients and
prospects between the hours of 9:00
and noon, don't be checking your
email, reading articles, chatting
with family members, visiting
with staff or doing ANYTHING
ELSE. Only meet with clients and
prospects or speak with them over
the telephone during that time.
Conversely, if your model day calls
for meeting preparation between the
hours of 7:30 a.m. and 9:00 a.m.,
then only do meeting preparation at
Read and study prodigiously.
In Stephen Covey's magnificent
book, The Seven Habits of Highly
Successful People, references are
made time and again to "sharpening
the saw." Covey's premise is that if
you want to cut more wood, as an
example, you need to take time out
routinely to make sure your saw
is as sharp as possible. Similarly,
as financial advisors, we have to
take time out on a regular (daily)
basis to study. Allocate time to
read journals and brush up on case
studies. Consistently take advanced
courses, such as the CFP, CLU and
the ChFC. Be sure you stay on top
of the latest trends, economic news
and market events. Stay sharp.
Work on your sales skills.
Consider a Dale Carnegie course.
Look carefully at the LUTCF (Life
Underwriter Training Council
Fellow) program, which is a "learn
by doing" set of three courses
designed to quickly give you the
knowledge and sales tools for
increased success. A plethora of
programs are available. Pick a
course or a coach and jump in.
Market yourself. Muhammad
Ali, widely regarded as the finest
heavyweight boxer in history,
famously said, "I AM THE
cont'd on page 20
Table of Contents for the Digital Edition of Advisor Today - March/April 2015
From The Editor
The Power of Going the Extra Mile
The Advisor’s Real Job
How to Improve Your Life Sales
Lifetime Transfer Planning
I Did Not Check the Box!
How I Got a Jump Start on My Day
The Next Generation of High-Limit DI Plans
The Gift of a Lifetime
Preparing Your Clients for Retirement
LTCI Trends and Opportunities
LTCI Riders for the Sandwich Generation
Increasing Demand for Special-Needs Advice
Top Tips for Selling Annuities
Entering the 401(k) Market
Reaching Diverse Markets
NAIFA Government Relations
Sales Ideas for a Profitable Practice
Five Things Your Client Is Thinking . . .
Advisor Today - March/April 2015