Lesson #6

Is poor prospect selection keeping you on the Performance Plateau?

Wisdom by trial and error

Many, many, many years ago we realized our work was not for everyone. We saw the purpose, principles and values underpinning everything we do resonated with only a limited number of clients.

This clarity helped us realize that in order to be highly effective and make a substantial contribution through our work, we had to be rigorous in whom we chose to work with. We have since proven that this rigor is not based on a false conceit, rather we humbly suggest it is the only way we can realize our full potential and make the best possible use of the gifts and opportunities we have been given.

As a result, and as part of the PROCORP Special Advisor Training and ongoing mentorship, we now help financial advisors apply our highly effective Prospect Selection Standard.

The results have been very rewarding. Rewarding certainly in the success we have enjoyed but also, rewarding in our team’s ability to deeply understand and connect with successful business owners. And most importantly, rewarding in our ability to help them continuously develop and discover new and better ways to gain optimal access to the capital trapped in their businesses.

Characteristics sought and rewarded

While each of our ideal clients is unique, we have identified a core set of characteristics common to all. This is not merely an exercise in creating an aura of exclusivity. At its most basic level, identifying these characteristics challenges us to make sure we deserve the opportunity to help such great clients. That is why, throughout every step and stage of our process, and with every capability, system and resource we bring to bear, we hold ourselves accountable for acknowledging, protecting and empowering each client’s most precious and powerful characteristics.

What to do with this knowledge

By sharing this knowledge, we hope to motivate you to learn more about the Special Advisor Training Program. But, because we are also committed to giving you knowledge you can use right away, here are four steps you can take right now to accelerate your ability to work with the very best clients possible and avoid or escape the Performance Plateau:

  • Think about your very best clients – you may wish to write their names down on a list
  • From among them, identify one type of client (e.g.: business owners, dentists, dual income families with children, etc.) that you think represents the most opportunity for you
  • Create a Perfect Client Profile by listing the very best characteristics possessed by this client type
    • If you find this difficult, start by listing the characteristics you insist they possess, the ones that are deal breakers if they are missing. Then, list the things this client type cares most about along with the areas of their lives they are most passionate about. Finally, list the characteristics that make them easy to work with and that make it easier for them to benefit from your advice and everything else you offer.
  • Now, go back over your list of clients and assess each one based on your Perfect Client Profile.  How many fit? How many definitely do not fit? How many new Perfect Clients would you like to have?

There is a lot you can do with this profile, but to keep things simple for now, try using it in your conversations with prospects, sources of new client introductions (referrals), and with your existing clients. Do this and you will be surprised how much easier it becomes to identify, attract and ultimately work with perfect clients.