Closing the Deal
Some of the best advice on how to win business can be boiled down to six letters, according to Brian Ward, Managing Director-Investment of Ward Financial Advisory of Wachovia Securities: STP and ABC. More precisely, those six letters are acronyms for two solid pieces of wisdom—see the people, and always be closing. “Make sure you know exactly what they are looking for,” Ward said. “You have to work on their agenda, not your agenda.”
“The best way to win is to win before you go in,” commented Henry Yoshida, Wealth Management Advisor of Merrill Lynch. He said the best way to do that is to “know who you are talking to.”
Steve Cronin, VP, National Sales Director of Ascensus, said that the advisers who stand out emphasize a personalized presentation. That can range from the basics, such as taking the time to incorporate the prospect’s logo on sample materials, to things as creative as bringing in a video tape of client testimonials—a medium that can be even more effective if it includes clients in the same industry, or even the same geographic locale as the prospect.
Mike Daley, VP, Retirement Plans Consultant of OppenheimerFunds, Inc., said the best advice was “be prepared.” He said that can be something as basic as putting together an agenda for the presentation, but he emphasized the importance of establishing the adviser’s role vis-à-vis the provider ahead of time.
It is important to be able to talk consultatively to the potential client. “[You want to do] more than just talk about the assets,” said Stephen DesRochers, Wealth Management Advisor at Merrill Lynch. To do that, you need to make sure you have access to a copy of the plan document or summary plan description, counseled Cronin. “If you don’t, all you’re pitching is cost and platform,” he said.
“Be prepared to improvise,” Daley said. Ward said his firm does not use projectors or PowerPoints, opting instead for pitch books with tabs and page numbers. “Everybody knows how to work those,” he explained. Cronin said that it can be useful to demo plan sponsor and participant Web site(s).
Yoshida said he references a statement of services they provide to all clients—“four pages of what we will do for you,” he said. Ward cited the value of doing “free work for them,” including things like an education policy statement or a sample investment policy statement. “You’re showing them what you can do,” he said, “and that you care.”