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You've been Socked!

Paul Dwyer B.A CFP RRC • October 28, 2020

Professional Introductions Reimagined.  Differently?  Better! 

Anyone in the people business knows the value of a warm introduction, the gold standard of client confidence a.k.a. "Client Referral".  After nearly 15 years in practice I've learned from the best in terms of positioning and managing this precious resource of business development, in terms of expectations and social interactions.  They preach Professionalism!, but most clients say they experience authentic, sincere, enthusiastic, humorous, and heartfelt concern when they work with me.  They get professionalism at the bank, and its not impressive.  

Sending a package ahead of a first meeting to prepare the recipient for the pleasant experience including what I offer was a great way of warming and calming potentially awkward meetings.    The results improved, but I found that the some curiosity was necessary for prospects to overcome social awkwardness.   I innovated by sending parts of a puzzle or other incomplete gifts where, during the introduction, I would offer the complimentary components.  Again Improved results.  

Existing clients still had mild resistance to offer introductions because of the FEAR associated with being the middle-man.  Risk of being associated with a socially awkward interaction, or risk of not fulfilling expectations or risk of professional or non professional conduct.  Whatever, that risk was real for clients.  After considering this, I offered my clients anonymity - so that they would not be identified in my introduction process, should it lead to disappointment.  WOW... what a response..  It has been raining introductions since.   

So today an existing contact... or client... offers me a name with contact details, explains how they know this contact, why they think that the contact would want to know me, and vice versa.  Based on that I accept decline or defer that offer.  On acceptance, I connect with the contact and then send out a welcome package including:
  • Postcard with contact information, the Rules/assurances, and Instructions.   
  • A packet with a single sock and a pair of googly eyes 
  • An introduction, to be accepted, declined, or deferred.  
While the vast majority of contacts respond positively and meet within 30 days, responses do vary from no response, to rude misunderstandings.  I have found the response reveals so much about the character of the contact.  It's a very good indication of how the relationship will go.  I've also found that in many cases the client chooses this anonymous method for a reason, as they are aware of the abrasive prickly character of their colleagues.  

If you are lucky enough to receive notice of "Getting Socked", know that you are loved by your colleagues and you have an opportunity to change your financial planning experience for the better. Trust the process, or maybe just be open to an introduction.  You don't know what you don't know.  

Paul 

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Hope Help Pride Fear More than 4 letter words

4 Letter Words. Hope, Help, Pride, FEAR

By Paul • January 27, 2021
A Financial Planner is a trusted role. Empathy, understanding, free of judgement or blame. The advisor must embrace the client and fearlessly know the client to the point that the client can feel safe enough that they will permit their best interests to be served, beyond and often contrary to their pride and ego.

Does your Advisor see you like this?

By Paul Dwyer • December 12, 2020
Friendly Advisor? So what? Used car salesmen, realtors and lawyers are friendly too. Are you getting value for the fees you're paying? How do you know? it's a question of relative not ABSOLUTE VALUE. Financial planners are paid to plan? Even up to 5 years ago planners were compensated by the sale of investments , and they performed planning services for free. That's completely opposite today. Because of computer literacy, and the internet... all ages and stages of society have direct access high quality investment strategies, with or without a plan. Are you getting planning value? Is your financial plan still relevant? How would you know? Fees... Touchy subject? Not if you're keen on the comparative value versus alternatives. The TRUTH is. Relationship quality is a binary qualifier, and not an indicator of value . Friends - should be and are - FREE. Not all Advisors are the same. They vary in: Qualifications and Professional Development Experience Platform Specialization COMPETENCE WORK ETHIC ASSOCIATED LICENSING. Advisors may also have different capacities based on their Dealer or Brokerage. Access to: Experts Suitable Products Pricing Related Services Independent advisors are unbound and able to seek planning tools, experts, and premium products services and strategies and more. This January... when you open your Investment statements... Find out what your Fees are and get mad enough to seek better value elsewhere. or... Not. Its a question of Relative Value... Paul
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