Matthew Asser

Perhaps you're familiar with the AIDAS theory in selling. According to the Attention, Interest, Desire, Action, Satisfaction model, a prospect will experience all five emotions, and it is the salesperson's responsibility to ensure that the potential client passes through the stages in the correct order. The sales story that you tell can significantly impact whether you are able to lead a prospect to a positive sales cycle outcome - specifically, him or her becoming...

When first launching their businesses, entrepreneurs start small, gradually expanding their client base and product or service offerings as they grow. However, they sometimes forget to assess that growth. As you build your company, make sure you are questioning how new services or products will impact your existing operations. Will they fit in with the rest of your product menu? Are you adding options that suit your area of expertise? Did you simply allocate time...

The famous self-help book "The Seven Habits of Highly Effective People," written by recently deceased management guru Stephen Covey, offers several lessons that are just as applicable to management and entrepreneurship as they are to personal improvement. His three-phase plan, from independence to interdependence to self renewal, is closely aligned with the trajectory of a business. Entrepreneurs by their very natures have won a "private...

Typically, when we talk about strategic partners, we refer to those external professionals or firms that offer the subject expertise a business does not hold internally. However, it is also possible to have strategic partners inside your organization - those who have high-level skill sets and are central to running a successful company. It is a matter of perspective and resource management. For instance, in order to build your business, you will need to launch...

When you network or meet a prospective client for the first time, how do you explain what your company does? Do you give a long, detailed explanation? Or have you whittled it down to a concise and compelling description that is unspecific and yet targeted all at once? The way you summarize your organization's purpose and vision can either pique someone's interest or cause them to disregard the prospect altogether. Carmine Gallo, a contributor to the Forbes blog,...

After you have assembled a team of highly capable, responsible employees, it may feel as if the hard work is over. However, resource management - of your equipment or your staff members - is an ongoing process that requires constant analysis and adjustment. As the fourth installment in this series about compensation and resource management-related issues, I would like to discuss the process of evaluating employees. Just like a sports team, a group of...

In the third installment of my ongoing series discussing compensation concerns, I want to talk about delegation, and how you assign a new hire tasks after he or she has started working with you. Some financial services professionals may be used to managing themselves and not a team of employees, so learning how to clearly describe and assign functions and responsibilities is essential to building an organization of self-directed, talented people. Norm Trainor...

After creating a new position, setting a salary range, interviewing several candidates and selecting a person whom you would like to hire, the next step will be making an offer to the finalist. This is the second in an ongoing series about compensation concerns. While I discussed setting a salary range for a new position in my last post, today I shall be covering how to come to an agreement if your final candidate decides to negotiate his or her wage. If you...

Resource planning serves as a major part of a long-term business strategy, and touches not only upon the monetary assets you have on hand to fund future growth, but also the hiring and management of your human assets - the talented people who serve your clients and elevate your company. Previously, I shared advice about creating positions and filling in your financial services organization. This marks the first in an ongoing series about compensation-related issues....

Especially in an industry such as financial services, it is vital to be as above-board and transparent with your clients and business partners as possible. Financial services professionals' relationships with the people they serve depend on more than just delivering results. Representing yourself as someone they can truly rely upon and confide in are main features of an effective, sustainable partnership. As Neal Rodriguez recently pointed out in a piece for the...

Creating a hierarchy with clear distinctions of each person's role is one of the keys to running an effective organization. The leaders and support staff should know their individual responsibilities and strive to fulfill those every day. However, it is essential that you do not pigeonhole any one of your team members into a narrow role within the company. While they should be given the room to work to the full extent of their capabilities, they should also have...

Digital networks such as LinkedIn, Facebook and Twitter have changed the way we interact in the business and social worlds. Now, we can communicate with the click of a button, and we can learn about each others' interests, work histories and more without ever having met in person. This level of personal and professional access is a boon for marketing and sales operations (which are intertwined, not separate actions as some may believe). It allows salespeople to...

While a rose by any other name may smell as sweet, titles mean much more in a financial services firm. Titles differentiate employees across departments and across roles, and give them more ownership over their functions within the business. How do you draw the demarcation between employees' different duties? What do you do to create a clear hierarchy in the organization? Do all of your team members understand where they stand in relation to everyone else at...

For a financial services organization to be successful, its salespeople need to focus not only on hitting sales targets, but also on the relationships they create through those interactions and on building client capital. They need to nurture the client connection in addition to driving current and future sales. A financial services professional may understand this as he or she works closely with a select group of clients. Yet other employees in your organization...

When The Covenant Group is working with financial advisors, we focus on providing value-added service even after the initial sales process has ended. While salespeople may be interested only in the sale, entrepreneurs have to build client capital by constantly striving to improve the service they deliver to clients and the expertise they offer. This also includes expanding the products your business provides for consumers. According to a recent survey by...

I recently pulled up an old New York Times blog post written by Tom Szaky, the CEO of recycling specialist TerraCycle. His words about sales resonated with me, and I drew a lot parallels to what we do here. "Sales is not about what you are selling, but about making friends and about getting someone to see the world the way you do," he writes. "If you do that, everything else will take care of itself." Through our financial advisor...

When hiring salespeople, financial advisors often look for top performers who can deliver high sales numbers. However, it's not enough to hire great people and then leave them to their work. Even the most capable people need input, productive criticism, guidance and, when merited, praise from their managers. Do you have a system for recognizing when an employee is struggling? Have you set up a mentorship program that pairs workers with colleagues for performance...

Financial advisors who decide to start working independently often try to do everything required in running a business. They are their own administrative assistants, as well as the chiefs of marketing, the heads of operations and the lead salespeople. A central aspect of financial services training is learning how to delegate, how to allow someone else to manage the details so you can focus on building the business. Norm Trainor emphasizes the importance of...

As the entrepreneur and founder of your business, there is no doubt that you are eager and willing to step in and do whatever is necessary to bring your vision to life. However, that level of enthusiasm may not be contagious, and it can sometimes be challenging to motivate other employees to step outside their realm of responsibility to complete a task that was not in the job description. That is one reason why defining your staff members' roles and outlining how...

Securing the initial sale is one of the early stages of the sales process. But after a new client has agreed to do business with you, the sale is not over. Rather, it is just the beginning of the cycle, and when managed properly, it can lead to ongoing sales spanning many years. It is necessary to position yourself as a trusted advisor rather than a salesperson, which involves shifting the focus of your client meetings from the sale at hand to future deals. Norm...

Setting goals for your business provides the direction needed to maintain an upward trajectory. Unless you develop tangible aspirations (having a $2 million year, for example), neither you nor your staff will be able to determine what must be done to achieve them. I recently stumbled upon a Forbes article from September 2011, written by Heidi Grant Halvorson, that offers some strong advice about motivating your employees to strive for the goals you set . She...

No sales strategy is static - it must constantly evolve and transform to fit each individual client's needs. Creating a sale requires convincing yourself and your prospect of the product or service's value and why you are best suited to deliver it. Among our top sales tips at The Covenant Group is the concept of knowing your client. The sales process you apply will vary by situation and individual, and your level of preparation will impact how it moves...

The sales process in the financial services industry is more complex than in other sectors, as the ability to secure a deal is so dependent upon the personal understanding between the salesperson and the buyer. Entrepreneurs who are able to build momentum by using one strong client relationship to lay the groundwork for the next often have greater success in the process. How do you leverage your current relationships in order to amass more client capital? What...

For many financial advisors, getting swept up in the day-to-day responsibilities of running a business is common. With so much to do to keep operations moving forward, it's difficult to find the time to step out of the constant grind and determine what you need to do to make your operations sustainable. Short-term tasks lead to short-lived success. To truly build the business, you need to create a business model, one key component of which is your mission...

Previously, I discussed how preparing and researching for the interview process can result in more fruitful discussions with applicants. In this sixth part of the ongoing series on resource management and hiring, I want to discuss some of the considerations in choosing a hire from your list of applicants. While it can be fairly simple to gauge whether an applicant has the necessary experience, personality types can add another variable to your decision....

Holding a conversation is rarely a challenge for financial advisors, especially when discussing services with prospective clients. However, conducting job interviews requires a different approach. This is the fourth part in an ongoing series about resource management and the process of hiring new employees. Most recently, I discussed the strategies for going through resumes, so we'll discuss the interview stage next. What questions do you ask when looking for...

If there's one thing entrepreneurs have, it's passion. In order to establish themselves as experts in their industry and ensure their companies grow to achieve their full potential, financial advisors will put in long hours at the office and even more time afterward, networking with prospects and following up with existing clients. Making sacrifices is a necessary part of building a business. However, it's also important to weigh the consequences of those...

If you've been struggling to complete sales, know that you are not alone. A recent study conducted by Senior Market Advisor magazine surveyed licensed insurance and financial advisors and subscribers in an effort to gauge the current state of the industry. Out of the respondents, 30 percent named the economy as the main reason they lost sleep at night, while 29 percent said lead generation was the No. 1 issue they worried about. The good news is that the rate...

This is the fourth part in an ongoing series about resource management and the process of hiring new employees. Last time, we covered how to write a job application, and now I'd like to cover what you need to do as the resumes start rolling in. As a salesperson, you may be able to spot a good deal or prospect when you see it, but as an entrepreneur working to build your business, you may need some financial advisor training when it comes to building a talented...

I've been addressing the various steps in the hiring cycle (a process that can last up to six months) in a series of resource management articles. In my last post, I discussed creating the job description. The next step in recruiting and hiring a new employee involves writing a job application, which can actually be more involved than one would expect. Planning ahead for hiring is essential to avoiding major disruptions or blockages in your company's workflow....

This article series addresses the steps you need to take throughout the hiring cycle, a process that can sometimes last half a year. In my first post, I discussed why planning ahead and hiring for the work you expect to have six months down the road is a smart strategy that will help you avoid being overwhelmed later. Now it's time to address the job description, often one of the hardest aspects of hiring a new person. In building your business, resource planning...

When you sit down to plan out the year ahead, you will likely outline the goals you want to accomplish, perhaps in terms of revenue or new clients. However, in preparing to take on more work, are you also thinking about who will shoulder the burden of those responsibilities? Do you have enough room in your own workday to give new clients the attention they need without sacrificing your service to existing clients? Can your staff members handle the extra load?...

When you start your own business, your approach to hiring staff may consist of just picking those capable of coping with an increasing workload, resulting in a patchwork of skills and responsibilities. Yet to create a sustainable, well-organized company, it's not enough to find skilled, capable employees - you also have to keep them. A recent study suggests that demonstrating to the advisors and other staff members in your firm that they are valued is a strong...

Recently, I was reminded of a March 2009 article for the Harvard Business Review , where Todd Hewlin, Geoffrey Moore and Philip Lay explained the way some firms get their customers to act - in the midst of a downturn when no one is in the mood to spend, and even in the good times. If this situation sounds familiar, they advise provoking your business customers, even if they make the excuse that they don't have the budget for your services or the money to be...

Does it feel like the number of prospective clients in your pipeline is drying up? Have you hit a wall when it comes to closing on a deal? Perhaps it seems as if no one is in the market for financial advice. You are not alone in thinking there's less demand. A survey commissioned by the Main Street Alliance, the Small Business Majority and the American Sustainable Business Council found that 34 percent of small business owners felt weak customer demand was the...

When you have a good rapport with your clients, it can be easy to assume that they'll talk to you about anything, and that they wouldn't hesitate to contact you if there were a problem. In reality, the volume of customer complaints (or lack thereof) is not the best measurement of your clients' satisfaction levels. Does your firm have a system for tracking client complaints as they come in? Do you regularly review the performance of your firm, your employees...

In prior blog posts, my colleague Shauna has communicated the importance of leveraging social media as a means of building your Client Capital , allowing you to do research on those in your network and engage existing and prospective clients. Business social media is often discussed from a marketing point of view, but what can go unmentioned is the channel's potential for closing on sales leads. After you've made the connection, how do you convert that into a...

An important part of financial advisor training is learning how to address your clients' questions and ensure they are left satisfied, knowing that their questions and concerns have been heard, taken seriously and resolved. Not only will quality client service keep your clients happy, but also it will serve a marketing purpose, building a better impression of your brand and helping you become the trusted advisor you clients want.  For entrepreneurs who...

If there’s only one secret I can pass on about keeping a healthy and vibrant online community -- it’s this. Love your 1%. It only takes a few people to engage hundreds of others and as a community owner/builder it is your job to keep those few as pumped and engaged about their participation in your dream as possible. If you treat these folks like family you’ll reap the rewards. Remember a community is built on dialogue. You need someone...

Wow. Seems like an easy question. But watch executives squirm as they try and articulate the ‘various’ clients they have and then defend why each is as important as the next.   Who’s your ideal client?   Many marketing consultants will tell you that you have to mine your database. They tell you this to help you understand your client. Databases are great. Information mining is fantastic. Understanding where your clients spend...

We need a blog. If we had a blog we'd be able to demonstrate our commitment to the industry, the profession and our clients, it will put us at the center of a sphere of excellence. Hmmm, interesting remark, is it fact or fiction? I was interviewed as a subject matter expert once by a journalist for a prominent trade publication; the subject was client communications. Several contributors discussed passionately their views on multiple media. It was interesting...

The image below shows a typical communication model that has developed over the years. Any effective communication is developed with this essential model in mind. The model underscores the key factors in effective communications. Senders must know what audiences they want to reach and what responses they want; They must be skillful in encoding messages that take into account how the target audience usually decodes messages; The source...

Do you ever just sit and stare? I know I do . . . but sometimes there are also thoughts running and whole conversations being conducted internally. Of course it’s always a good idea to keep those internal conversations, internal . . . especially if you are sitting alone on a train-station bench. So this is what was running through my head the other day while sitting on a bench waiting for the local commuter train. There are five factors associated...