In the video below, Scott Keffer explains the great prospecting myths of advisor marketing.
The Prospecting Myths
(Below is the transcript from the video.)
Here is a great prospecting myth. You would have more clients if you only had someone else to market you. Really? Like people in the home office who … It’s funny, right? If people worked for my FMO or people worked for my broker/dealer.
So, let me ask you a question. So, a $5,000,000 prospect sitting in your waiting room. Who would you send out to sell them? Who’d go out? Raise your hand if you would. Raise your hand if you would send the marketing person from your FMO. Raise your hand if you would send … See, so that’s a clue.
Because marketing, what you do in selling is the same you do in marketing. So people who can’t sell, can’t market. You get that? People who can’t sell, can’t market. Now, the aha came to me that all the highest paid copywriters, you know how they all started? Door-to-door selling. They all did door-to-door selling. All did door-to-door selling. You can’t.
How about more industry designations? That’s what I need. So, when Barry Spencer, he actually has a seminar tonight, so he’ll be in the morning. Barry and I met. He’d been two-and-a-half years in the business. He said, “I want to grow a million dollar business as fast as I can.”
He had no experience, no certifications, no designations, a rented Regis office, and IKEA furniture. How many would say he’s got a challenge? Yep. So, I’m going to show you how industry designation.
By the way, CFP. How many have CFP? Good for you. Great designation. It is a great designation planning. How many believe it’s going to help you get more clients? Well, that’s what they told us.
So, if you look at CFP’s marketing budget, by the way, who do they market to? They market to 30-year-olds. To the public, it’s the 30-year-old, sort of pre-wealth folks. Why? Because they want clients in the future. They’re long term for that, right? They want you to believe that their designation, not bad, just that their designation’s not going to get you clients.
Oh, what I need is a better brochure. Gosh, a better brochure. So, when I went to the two-year turbo estate planning process, at the end, they said, “Here, buy this brochure. 10 Grand.” I said, “$10,000. That makes sense. All I need’s one client. That’s fine.”
So, I’m looking through it, and it’s beautiful. Man, it was beautiful. Rice paper. It’s gorgeous. So, at the time I’m also learning from Jeffrey Gitomer. How many of you know Jeffrey Gitomer? Sales guy.
Jeff says, “Here, take that beautiful brochure, open it up, take a pen, write Up Yours. Close it. Give it out and see if you ever hear from somebody.” Why won’t you? So, you all laugh. I laughed too. Why won’t you? They’ll never open it. Why? It’s marketing.
Oh, I need a prettier logo. Golly, if I only had a better logo. That’ll do it. People are just saying, “Honey, you know what? I was hoping we’d hear from an advisor with a really pretty logo.”
Better elevator speech. Haven’t you heard that? I usually speak in-between and Bill Gates is a buddy of mine. The referral guy and the elevator speech person. So, I speak on the docket and I say, “Both, neither of those works.” Here’s the only elevator speech I know that works.
How many of you have tried the elevator speech? Does it work? Of course not. It doesn’t work. So, here’s the only elevator speech I know. I’m on the plane. So, if I knew he wasn’t with 3D systems, here’s what my normal elevator speech is. “Hey, what do you do?” “Well, what I do is get on planes so I can do work and not talk to people,” but that’s not my elevator speech.
My elevator speech is, “Hey, I sell insurance. I happen to have an application right here in my bag.” It’s the quietest like you ever … It’s better than the Bose noise canceling. I mean, that’s the best elevator speech.
A nicer website. Oh, yeah. Okay. The affluent are going on Google to find financial advisors. That’s what millionaires do. That’s what you heard, right? Like, pump up your SEO. Pump up all that stuff, because that works, yeah. Millionaires go onto Google to find advisors. How many believe that’s a load of crap? Well, there’s a reason you believe it’s a load of crap because it is. They don’t do that. It doesn’t happen.
More social media. Oh, you’ve got to post. The average business post, this came out from Suma. What’s the name? The average business post gets re-posted four times. I mean, it’s generally a waste of time.