The One Skill Your Junior Advisor Needs - Bill Good Marketing

The One Skill Your Junior Advisor Needs

The One Skill Your Junior Advisor Needs Most

Featuring Special Guest John McAlister

Here’s the one skill: It’s the ability to reach out beyond your sphere of influence and bring in new business.

“OK,” you say, “I agree with that. How do we teach that?”

Me: “Learn how to cold call.”

“Oh GASP!” you say. “Not that. I did that.”

Don’t hang up yet. Listen, just for a minute.

Your Junior talks to how many new people a week now? Five? Ten?

And in your day, you talked to how many a week? 100? 200? More?

Why does your Junior talk to so few?

Simple. You first gave them the very bottom of your book. Then a few more. Now maybe 25%. Life is comfortable. It’s warm and fuzzy dealing with clients and perhaps their kids.

But sadly, your Junior is sliding into the role of servicing advisor. When that metamorphosis is complete, they will NEVER be able to reach out beyond your sphere of influence.

When you move on, your Junior will inherit a dying business.

You know how to reach out. You could do it again if you have to.

Your Junior does not know how to make that reach.

Don’t get me wrong. Cold calling is not the ONLY way to teach the ability to reach out. It’s how you learned. At a minimum, consider this as part of your Junior’s apprenticeship.

“But Bill, COLD CALLING DOES NOT WORK TODAY!! Merrill Lynch has even forbidden their 3000 rookies to do it. I’m not about to doom my Junior to guaranteed failure.”

Guaranteed failure? Don’t tell my guest, John McAllister, he’s doomed to guaranteed failure. As far as I know, he’s the best cold caller in the industry. He calls on families worth at least $50 million, and everyone knows the only way to reach the Ultra High Net Worth is through referrals.

John just didn’t know that.

Bill has personally trained thousands of financial advisors as the Baby Boomers poured into the industry in the 1980's.

Some of his students are at the very top of the industry today. He wrote the book on cold calling in this industry.

Prospecting Your Way to Sales Success, published originally in 1986, is still in print on Amazon.

Bill Good
Founder & Chairman, Bill Good Marketing 

John is vice president of The Beringer Group. He started as an insurance agent, created his own practice in 2000, and the sold it in 2010. He started with Beringer in 2011.

John spends about three hours a day researching HVT (High Value Target) people and websites. He calls about 75 HVTs a weej that results in one, sometimes two, meetings a week.

He may make his presentation 3-4 times throghout months or years. "I don't ever give uup on them unless they die, sell-out, or become so rude I would not work with them anyway."

John McAlister
Vice President, The Beringer Group

In an email, John wrote,

“Yes, cold calling still works!

However, just like any other art form, you MUST evolve with the times.

Gone are the days when you could bully your way past “Valerie” to get to your target and make the pitch.

Now you must have voice mail scripts, email addresses, and you will more than likely be giving the pitch to Valerie. I have secured meetings with many of the most successful business owners on the planet by simply dealing with the person who holds the keys to the Magic Kingdom.

Patience is your secret weapon. Some meetings may take up to a year to secure. My record is five years to gain a meeting that has so far resulted in over $3 million in commissions and fees. When we were hired, the Chairman thanked me for NEVER giving up on her to get that first meeting. We saved that family over $80M in estate taxes. Oh, and the law firms’ fees were nearly $800,000 to fix critical issues we uncovered.”

So, the next time you hear the words, “cold calling is a waste of time,” you will know it is not true.

Who Should Attend:

Senior Advisors who already have at least one Junior in place.

Junior advisors who know they do not know how to reach out.

What Else Will You Learn?

Why Cold Calling Fails—this is a big one, including what Merrill Lynch most likely missed.

Three approaches to cold calling that work today. One of these approaches is the one John uses to prospect the Ultra Ultra High Net Worth. It might work in your market.

Where your Junior should sit in your office. (This is another big one, much bigger than you think.) You grew up in a boardroom, right? Your Junior has a private office. What did you learn in the boardroom that they missed?

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