behavioral fnance

So You Think You Know Me? Here’s What You Missed

Do you think your sales team is connecting (i.e., maximizing revenue) with all the advisors in their territory? They might tell you they are but read on.

I’m very intuitive, said the wholesaler of a major asset management firm. Excellent, we should get along very well, I replied.

I was talking with a wholesaler who wanted to learn more about one of our behavioral solutions, Communication DNA.

The wholesaler’s goal was straightforward: Show me a solution that decreases the amount of time it takes me to get to know an advisor so trust can be built immediately.

The wholesaler was skeptical about what I was saying so we decided to do a test. We had been talking for 30-minutes (about the same amount of time you talk with an advisor) when the wholesaler suggested to me that he could already tell exactly what “type” of personality I was.

Game on, I said.

OK, here’s what I’ve gathered so far about you in the first 30-minutes:

  • Fun
  • Fast-paced
  • Very sociable and enjoys people
  • Likes to take the lead

So what did I miss? asked the wholesaler.

Just a few pieces of critical information that most sales people miss about me (and why they lose the sale):

  • I can be very fun but turn into a “driven, goal-oriented” individual, especially under stress. Do you think an advisor’s job contains any elements of stress? As a wholesaler, you could keep going down the fun path when I have taken a sharp right turn. If you are not with me, I may smile and act like I am listening, but I have totally disengaged.
  • Getting me to make a decision: Tell me stories about how you have helped others like me. Don’t try any other “closing technique.”
  • Trusting you? I am loyal beyond belief. But you need to prove yourself from both a competency level and people skills in equal amounts.
  • The amount of detail: Don’t confuse me with the facts. High- level first or I will not even listen or worse yet, cut you off. I will let you know how much and when I need details so follow my lead.

Now the wholesaler was ready to listen: How could I possibly get all this behavioral intelligence before an advisor even decides to do business with me?

You don’t have much time to create a good impression and to get an advisor to trust you. Find out how to become a behaviorally smart wholesaler. Your business success depends on it.

Peggy Mengel

Peggy Mengel

Peggy Mengel - Business Coach - The Biz Sherpa

As CEO and founder of The Biz Sherpa, I coach and consult with executives on developing deep and strong relationships with clients, staff and most importantly, themselves. When you align your talents, passions and strengths with a strategy that fits your uniqueness, you will transform yourself, your client experience and your business.

Throughout my career, one my driving principles is to understand people before numbers. It is this philosophy that ignites my desire to help financial services firms meet the challenge of driving results through a behaviorally based strategy.

How can your firm balance the demands of effectively managing people and maximizing profits? Start building business from the "inside-out" with a coach who understands your industry and your challenges.

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