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shareAre You Prepared to Capture This Summer's Crescendo of Referable Moments?
David Richman, National Director, Eaton Vance Advisor Institute
Usually they are Monday morning calls. But with the 4th of July falling on Monday, our question is: "Did you get many calls the following Tuesday morning?" If not, why not?
This summer may be a record time for referable moments. Why? Because the market's recent correction coming so soon after the recent market crash is happening just in time for peak friend and family gatherings. People are talking about the markets and MONEY like never before. When your clients were gathered with friends and family over the holiday weekend, perhaps discussing the markets, it should have led to your client calling you. "Bill, we were at a picnic yesterday and I was speaking to my old friend Jim. We started discussing the markets and money and I told him some of the things we are doing with you. He would like you to call him. Here's his number."
Many advisors are not only getting these calls, but are seeing an increase in such calls since Memorial Day. I expect this trend will continue at least through Labor Day. If you are not getting such calls what can you do about it? I suggest three things.
First, yes, you have been through so much the past two years and would love to kick back and enjoy the summer in low gear. Enjoy the summer, but don't kick back. Instead, step forward. Your mindset can be your own worst enemy (see the newly released book by Dr. Brooks and me, The Charismatic Advisor, chapter 1, "The Power of Mindsets"). Your mindset is already predisposed to not working too hard in the summer. This was ingrained in us as kids. But you may have gone further in convincing yourself that kicking back is ok, telling yourself, "My clients don't want to be bothered in the summer. I'll initiate calls after Labor Day." Wrong! With the recent downturn and all of the global crosscurrents, especially so soon after the crash, they DO want to hear from you...summer or no summer. Don't hit the beach, hit the phone.
Second, to capture referable moments you must have a well-developed thesis about what you think lies ahead and communicate it in plain English to your clients, as well as tie it to how they are currently positioned. That way, when they are gathered with friends and family discussing the markets and money they can articulate your view. This will create a very natural segue for them to start talking about you. Hopefully, even bragging about you.
Third, once they start talking about you they need to say something special. If you don't have an impassioned brand, let us help you.
Referable moments should not be squandered this summer. As Alan Parisse and I suggest in the recent edition of our book This Is Your Time, this may be the best time of your career to capture new clients.
Wishing you a fun-filled and highly productive summer.