"Do Not Call"? 3 Reasons Not to Worry by Bill Bachrach, CSP, Bachrach & Associates, Inc.

The "Do Not Call" legislation was prompted by telemarketers interrupting people who were working on deadline, eating dinner, doing other things they didn't want to stop doing to talk to some stranger about something they couldn't care less about--what the rude so-and-so wanted to sell them. But the person who picked up the phone used to have little recourse other than to hang up. Now, folks who are fed up with whole thing can just put their names on the National Do Not Call list to discourage--nay, penalize, to the tune of $11,000 per infringement--anyone who might ring them up with the intention of foisting their "wonderful opportunity," "must-have product" or annoying, persistent sales chatter on them.

Fair enough.

What's scaring financial professionals about this is they believe the law applies to them. But take a breath and think about this for a moment. If you're reading this, you probably consider yourself a financial advisor, not a financial products pusher. And if you're doing your job right, your clients make this distinction, too. Furthermore, the new law doesn't affect you, except to save you from having your dinner interrupted by a pesky phone call.

How can I be so sure? Here are three reasons.

1. You are not a telemarketer.
If you've read other articles I've written, you already know I think cold-calling has no place in the business practices of a financial professional, and it's antithetical to my definition of a "Trusted Advisor." And now there's a legal reason not to do it.

2. You don't behave like a telemarketer.
So if you're not calling random people from lists, and your clients don't consider you a salesperson, just what kind of call might get you in trouble with the FCC? Maybe you're concerned about phoning people to whom you've been referred. But this doesn't have to be an issue if, again, you don't behave as a telemarketer. Telemarketers call up and quickly angle around to the services or products they want to sell. When you follow our Values-Based Selling® system, then there's no way you'll ever be perceived as doing this, and it's for one glaringly obvious reason: You don't do it.

Consider this script for a call placed after sending someone an introductory, "value-added" piece, such as the Values-Based Financial Planning book for consumers we recommend.
Hi there, Joe. Your Uncle Hank asked me to call you because he said you love to spend your time with your family and that everybody really enjoys sailing trips together. Is that true?
Of course it is true, because you have spoken with someone who knows Joe really well and who has his best interests at heart. That's how you get your referrals; you don't just call anyone. So when Joe affirms what you've learned about him, you can continue.

The reason for my call is that your uncle and I sent you a copy of a book, Values-Based Financial Planning. I know you're busy, and I'm offering to spend just a few minutes with you, to help you explore how some of the concepts in that book could help you make smart decisions about your money, and put you in a position where you can spend even more time with your family on the water.

Just so we're clear: You're not going to explain your services, provide your credentials, or suggest a financial strategy, all of which would meet the FCC definition of a telemarketing call. Instead, you are offering to spend a few minutes with someone who is dear to one of your clients, helping him to get something personally useful out of a gift from his uncle. As long as you make this the entire aim of your call, it is not a sales call. It is not telemarketing in any way, shape, or form.

The pragmatist in you may be asking how on earth you are supposed to generate new business by calling people and discussing the ideas concepts in a book with them. It's so simple: When the 15 or so minutes are up, based on what aspect of the book you discussed, there is a next logical step. You would discuss what that is at this time.
If you have provided valuable assistance, and Joe wants the services of a financial professional, then there's a natural next step: Joe will ask you if there's the possibility of a professional relationship. That gives you the permission you need to talk about how you could work together in the future.

And if Joe doesn't recognize your value or have an interest in going to the next step, no harm done. In fact, even if Joe doesn't get it yet, you've probably helped him, and at the very least had a pleasant conversation. All of this builds goodwill for your business, so it's a no-lose proposition.

3. Therefore, you shouldn't be treated like a telemarketer.
Some financial pros I know are running scared mostly because company compliance departments are issuing stringent rules so that the company does not get fined. Admittedly, they are within their rights to do so; if the company has genuine Trusted Advisors mixed in with salespeople masquerading as financial advisors, it has to regulate to the lowest common denominator. One fellow I know told me once that managing a large financial firm was like having a neighborhood swimming party: You watch all those kids splashing around and having a good time, and you just know somebody's peeing in the pool.

In sum: Don't be a salesperson; be a Trusted Advisor.

©2004 by Bill Bachrach, Bachrach & Associates, Inc. All Rights Reserved.

Bill Bachrach is the author of four industry-specific books, including the newest book, It's All About Them; How Trusted Advisors Listen for Success. His third book, Values-Based Financial Planning: The Art of Creating an Inspiring Financial Strategy, is written for the clients of financial professionals. For information about Bill's speaking services, The Trusted Advisor Coach® program, 3-Day Values-Based Selling® Academy, or to order his results-oriented books and learning systems, contact Bachrach & Associates, Inc. at 800-347-3707 or visit their website: http://www.bachrachvbs.com. Request your FREE audiotape of Bill Bachrach 'live' via www.bachrachvbs.com and sign up for the FREE monthly Trusted Financial Advisor e-newsletter.