Quick. When you think about making more money, what are the first two solutions that come to mind? Were they adding assets under management or adding new clients? Without a doubt, when it comes to increasing compensation, we always think we need to add. But that’s not necessarily the case.
According to The Go-Giver by Bob Burg and John David Mann, the law of compensation doesn’t rely on more clients or more assets under management. Compensation is controlled by how well you serve the right number of people. And those two points remain constant. If you don’t have enough clients, you won’t make ends meet. And if you have too many clients, you won’t be able to provide the service they deserve.
Over the past several weeks, we’ve talked a lot about how to increase your value, and specifically what to focus on when it comes to changing how your clients measure that value. Today, I want to focus on how your value is increased by having the right-sized business. Just like Goldilocks, you want something that’s not too big and not too small.
And what is the right size, especially now, during a global pandemic? And if you are ready to serve new clients, how do you encourage them to meet with you, even virtually? Are they ready to focus on their finances and partner with someone new?
The good news is that many clients are getting more and more comfortable with digital technology. Clients who hadn’t ever had a zoom meeting are now familiar with meeting over the computer instead of in person. And by using the technology available, it is possible to have a face-to-face conversation, even if it’s not in person.
Providing value, however, remains the single most important task of any financial advisor. It’s up to you to calm their anxiety and help them feel confident about their financial future. With digital meetings becoming more comfortable for your clients, and more efficient for you, it is possible to provide value to more clients.
We’re all curious about what post-pandemic life in the United States will look like. Certainly, it will be different, and most likely technology will continue to play a large role in how we do business. And, companies and businesses will still have the same concerns they’ve always had, in addition to some new ones.
Specifically, pension risk transfers continue to be the largest risk to large and midsized companies’ balance sheets. Pension risk transfers affect shareholder value and can be the right topic to start a conversation with a CEO, CFO or HR director. If you can talk to them about taking pension risk off the balance sheet, you can also offer educational seminars to clients in the future. With their employer’s recommendation, you have a level of trust from a group of new prospects that might not otherwise be willing to listen to you. This could be a successful strategy for growing your business after the coronavirus crisis is over. Activity today is required to spur future growth.
By focusing on providing value to your clients and maintaining a high level of service, along with thinking strategically about how to reach new clients, you’ll be perfectly positioned to impact lives both now and in the future.
Concentrate on two things that drive compensation. First, always give value. And second, increase the number of lives you touch.
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