At the beginning of each of my one-on-one coaching sessions, it is standard procedure to request a recap of all the activities that an advisor has accomplished since our previous session. Jim F. and I had worked preparing for his upcoming “big appointment” the last time we spoke. Jim had been anxious about the meeting because he knew that closing this prospect would mean the difference between experiencing a bad month versus having a good one. Since he seemed to be just surviving and not thriving with his practice a close would most certainly give him both the financial and emotional confidence that he needed.
“Well, how did it go?” I asked hopeful. “Not very well” he admitted. “I had prepared but I was nervous during my presentation. I just wanted to close him but I did not. I don’t think I will get another chance either since he seemed to be in such a hurry to get out of my office.”
This is a common story for many financial advisors and agents who are new in the business. The anxiety, nervousness and fear of making the sale can overwhelm them during their presentation and prospects can most certainly sense it.
I paused and asked Jim an inevitable question, “Do you know why you didn’t get the sale?” “I guess it’s because I didn’t prepare enough” he quickly replied. “No, that’s not it” I assured him. “It’s because you are tuned into station W.I.I.F.M. “What?!?” he snapped back. “It stands for “What’s In It For Me” I stated.
In other words, what he was doing was listening to the little voice inside his head that continually repeated the message that he needed to get the sale because his success was dependent upon the commissions that would be generated from it. As a result he was feeling anxious, nervous and fearful. The prospect had picked up on it and regardless of how great the recommendations may have been those cues pushed the prospect away.
The solution for Jim and all advisors who find themselves tuned into the wrong station is to simply change your frequency—go into each phone call, appointment and/or networking event—with the willingness to find out and convey “What’s In It For Them” because at the end of the day you should be saying “What’s In It For Them” IS “What’s In It For Me”.
One example of this would be that during each appointment envision the prospect/client having the acronym W.I.I.F.M. written on their forehead as it will help remind you that somewhere inside the mind of your prospect/client they are tuned into their own station and you need to be listening to it too; if you can you will soon find that individuals will be very willing to work with you because you have their best interests in mind.