The Unmasking of Asking

Transcription

1 Preferrals The Unmasking of Asking A System Designed to Win Introductions from a Place of Integrity and Genuineness

2 3 Steps to Building Your Preferral: Step #1: When Asking for Referrals, Write Down the Main Thing You Do Not Want to Do, or Be? A: B: C: Step #2: What Are Your Biggest Concerns that You See Amongst Clients that Are Not Being Served Well Today? A: B: C:

3 3 Steps to Building Your Preferral (cont.): Step #3: Integrate Steps #1 and #2 within an offer to help. You have probably noticed that I don t often ask you for introductions. That s because I never want to (Insert #1 A, B & C). At the same time, given all of the turmoil over the last few years, I see some things that concern me. I see (Insert #2 A, B & C). For these reasons, if there is anyone that you care about, that could benefit from a second set of eyes, I would be glad to help them.

4 Preferrals Referrals: The Industry s Biggest Liar s Box! Everyone talks about them. Everyone likely assumes others are doing it, and few, if any, actually ask for them. Why? The simple truth is, asking for referrals can be uncomfortable. It is often awkward, even unnatural. If you have felt this way, while simultaneously hearing how other advisors have enjoyed great success, you are far from being alone. Indeed, you are likely the majority! Invesco Consulting retained Prince & Associates to conduct some groundbreaking research on the subject of referrals with more than 300 established, highly successful advisors. The Research Reality % of advisors said they did not ask a top client for a referral in 2012* - When asked, Why? 87.4% of advisors said the #1 reason they did not ask is because they were not comfortable doing so* - They simply did not want to put their Relationship Capital at risk with the commonly used strategies. - Top Performer: 32 Referrals between February 2012 and November 2012** What s Wrong with Traditional Approaches: The advisors instincts aren t wrong. Invesco Consulting tested the emotional reaction of clients with more than $1MM in investable assets to the actual verbiage of the three most common strategies used in the investment advisory business. Two out of three of those approaches actually damaged the client s assessment of the advisor, and the other one was neutral no harm, no gain. *Prince & Associates (January 2013). **Advantage Coaching and Training Preferrals Training Study, 2012

5 Preferrals Preferrals Preferrals was tested the same way, and it was the only one we found to cross a numerical level we call The Sales Threshold, where Yes becomes possible. How does it work? It is an innovative system that is designed to extract the individual advisor s concerns about which the advisor likely has great and genuine conviction. It then integrates this material into a structure that does not ask for referrals, but offers help to their clients. This is a small but profound change. No longer does the advisor feel unnatural. No longer did they feel they were risking the client relationship. When these issues were resolved, the advisor began using the system and receiving referrals. Preferrals Results % of advisors coached on Preferrals began using it immediately % received a referral the very first time they used Preferrals. + - Preferrals had more than 5 times the number of Will Definitely Refer responses by HNW Clients with $1MM+ investable assets than three of the other most common approaches combined. ^ Contact Your Invesco Representative today for your copy of our guide that focuses on how to implement Preferrals. This helpful tool is designed to show you how to identify which clients may be most receptive to Preferrals and will provide guidance on how to potentially maximize the effectiveness of your Preferral. +ACT Coaching (2012) ^ Invesco Consulting I-Dials Language Testing (September 2012.)

6 Helping financial professionals get, keep and grow business with never seen before ideas. Invesco Consulting (I C), wholly owned by Invesco, specializes in unique and creative sales consulting programs for financial professionals. Each of the 25 programs offered is based on extensive research, designed to captivate audiences and delivered by talented presenters. Our staff of 14 presenters, developers and support staff is dedicated to finding actionable answers to the unique challenges within financial services. Founded in 1998, I C has helped more than 439,000 financial advisors, high net worth teams, variable annuity producers, retirement specialists and home office managers to get, keep and grow business through our 1,340 speaking engagements from December December Communication & Conversations High Net Worth Practice Management Retirement Market Intelligence Overcoming the challenges in connecting with clients, prospects and peers. Transforming your HNW business with client acquisition and retention strategies. Maximizing your return on effort with best in class practice management techniques. Navigating today s retirement of changing regulations, client conversations and investment opportunities. Gaining a sharper perspective on global markets, economic trends and portfolio strategies. Contact Your Invesco Sales Team National Wirehouse Division Regional Broker Division Independent Advisor Division Registered Investment Advisor Division Retirement Plan Division Institutional and Insurance Sales Division Closed-End Funds invesco.com/us This information is for illustrative, informational and educational purposes only. If the illustrations herein are used outside of the designated audience, it is the respective user s responsibility to ensure that such material complies with all applicable regulations and is filed with the appropriate regulatory bodies if so required. We make no guarantee that participation in this program or utilization of any of its content will result in increased business. It does not constitute a recommendation of the suitability of any investment strategy for a particular investor. The opinions expressed are those of the author and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. All data created and produced by Invesco Consulting unless otherwise noted. This brochure is meant to be used in conjunction with the Preferrals presentation Preferrals is based on our firm s research with Prince & Associates (January 2013), Advantage Coaching and Training (2012) and Invesco Consulting I-Dials Language Testing with Maslansky Luntz + Partners (September 2012). Invesco Distributors, Inc. is not affiliated with Prince & Associates, Advantage Coaching and Training or Maslansky Luntz + Partners. FOR US INSTITUTIONAL INVESTOR USE ONLY NOT FOR USE WITH THE PUBLIC NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE invesco.com/us VKC-PRF-BRO-1 11/14 Invesco Distributors, Inc