What Best Practices Have Become Worst Practices?

Long sideburns, three piece suits, square-toed shoes.  Back in the day you were stylin’.

Some best practices need a mirror too. The concept may still make sense, but advisor expectations have rocketed. A wardrobe makeover is calling your name. Here’s some practices that have crept into worst category:

Thank you calls

“Hey Joe, I saw you dropped a ticket in our fund and I wanted to say thanks…”

Yes, you gotta find creative ways to say thanks and a worst practice is to do this in a stand-alone thank you call.

Internal intro calls

“I am calling to introduce myself as your new internal wholesaler partnering with Dave in the field.  I am here to answer any questions you might have…”

Would you welcome this call in the middle of a busy day?

Follow up from wholesaler meeting calls

“I know my partner Dave was out to see you and you were interested in X.  Do you have any questions?… Ok let me know if I can help you with anything…”

A giant throwaway call AND often this counts as a quality contact????!!!!

Scheduling calls

“Hi This is Ken. I wanted to let you know Dave will be in your area on September 10 and would like to set up some time to talk…”

Please tell me there is more to this conversation…

The profiling process

“What percentage of your business is in mutual funds?”

30% — does that help you? PLEASE ask me a question that causes me to think….

Smiling and dialing

Hit those activity numbers!!! When Buzz is Bad

Asking for their matrix

“I got the matrix!  Quality contact!!!”

Now I can show him why his decisions have been wrong! And you know how good it feels to be wrong…

Using the phrase “If I could show you…"

“If I could show you a fund that outperforms what you are using now, would you be interested?”

Just a step away from “If I back you into a corner, will you agree that I know more than you?”

Walk throughs

If it appears that advisors are not looking up, pretending to be on the phone, or just avoiding you in general…

They are.

Lunch Meetings

Lots of smiling, eating and cards exchanged

Is your audience interested or hungry?

Sneaking past the gatekeeper

With a deep voice saying (no intro) “Is Danny available?”

Sucker punch: “Is he expecting your call?”  See Working the Gatekeeper

Ending the call with: “I’ll follow up with you on Tuesday…”

I’m bettin’ many advisors are forgettin’

Dripping without strategy (in response to ‘stay in front of me’)

Call me crazy but how are those rotation calls going? Is it Time to Drop the Drip?

Want more info on specific makeover techniques?

Email / Call me — maybe?

mdoggett@interactive-com.com / 914-552-0155