© Copyright 2004                               Creating Opportunity from Adversity: Successful Producers Improvise, Adapt and Overcome! By William L. Willard, CLU Adversity elicits talents which, in prosperous times, would have lain dormant. -- Horace Whoever can make and implement his decisions consistently faster gains a tremendous, often decisive advantage. Decision making thus becomes a time-competitive process, and timeliness of decisions becomes essential to generating tempo. -Warfare The past couple of years have been hard on the financial services business. As our colleague, Kirk Lowe, writes of the current business environment: "...[M]any financial services professionals (advisors) are struggling not only to keep pace but to survive. I'm not talking about flash-in-the-pan advisors, I'm talking about successful professionals who are increasingly faced with bottom-line business decisions; is this still a viable business?" Of course it's a viable business, he concludes, adding, "Well, it is for those advisors willing to commit to marketing: building and sustaining relationships." Agreed! But I would add a caveat. Make that three caveats. I'm speaking of the three-word maxim the U.S. Army uses when faced with seemingly insurmountable obstacles: Improvise, Adapt and Overcome! Indeed, our armed forces have had such unparalleled success on the battlefield in defense of the nation due to their ability to overcome obstacles, improvise on the spot, and adapt to new circumstances in fulfilling their missions. Successful agents and advisors do the things the failures don't do or won't do. The unalloyed grit, determination and stick-to-itiveness displayed by so many producers is summed up in the three-word maxim the U.S. Army uses when faced with seemingly insurmountable obstacles: Improvise, Adapt and Overcome! An independent financial planner I know exemplifies that can-do mind-set and will-do approach to doing business in an uncertain marketplace. Let's look at what he's doing not only to survive when times are tough, but to prevail: Improvising He's developing an affiliate program with CPAs in his marketing territory. After building good rapport with area CPAs, he asks selected firms or independent practitioners to join his affiliate program: "You have the clients, we have the products/services (or vice versa). We'll work together and co-promote our products and services." If turned down, he keeps in touch, and keeps asking. By getting CPA affiliates to bring him in when their clients need financial products and services (IRA funding, for example) he automatically expands his marketing base. Experience shows that without the advisor's support, a CPAs presentation of retirement planning or financial security needs can be less effective. Conversely, when an advisor is well-educated in the use of tax-planning techniques, he or she is more likely to incorporate them into planning recommendations. Financial services advisors become a link to many new clients for CPAs. So the goal of CPA firms and independent practitioners to educate area financial services producers who have the potential to refer business to them. The program works both ways. My friend refers his customers and clients who need the services of an accountant to his CPA affiliates. Often these are the biggest and best clients of both my friend and his CPA affiliates, so it works out rather nicely. Adapting In a marketing area where many other producers have gone on to supposedly greener pastures, my financial planner friend is holding his ground. He wants to be there pick up clients who have suddenly found themselves without an advisor. He's doing it by... Marketing & Promotion Maintaining a consistently positive presence and high profile in his target market(s) through articles, press releases or interviews in local media outlets, print and other forms of advertising. Linking his web page to his Company's web site. Sending brief email and direct mail letters on the economy, market conditions and other topics of importance and interest to clients and prospects. These letters would ordinarily have to be submitted in advance to company compliance departments for approval, but his company provides first-rate, pre-approved letters that can be personalized by their advisors. Quality Service Providing excellent client service, requesting referrals and introductions from existing clients at every opportunity. Being open and receptive, but never proselytizing, making promises he can't keep, or misleading prospects by claiming special insight into the direction the economy or market is taking. Prefacing marketing and sales initiatives with the statement that his first priorities with clients have always been: 1) Understanding their situations, needs, wants and objectives, and; 2) Assessing their tolerance for risk and developing realistic risk profiles. Adding that only then can he recommend financial products and services to meet his clients' needs, wants and objectives consistent with their risk profiles. That hasn't changed, and won't. Never denigrating other advisors or impugning their motives or reputations, especially not his prospects' or clients' former advisors. Overcoming He appreciates the benefits of long-term client relationships, and provides value. Offering quality products and services that meet his customers' needs, wants and objectives. He knows that once he has them, customers will buy from him (and maybe only him) again and again--and become clients. That's how he's not just keeping his head above water, but turning this temporary period of adversity into opportunity. Question: How often have you faced obstacles that you never thought you'd be able to get past-but did! How did you do it? What would your maxim be? Mr. Willard has been writing high-impact marketing and sales training for the financial services industry for over 30 years...but as Will Rogers put it: "Even if you're on the right track, you'll get run over if you just sit there." Through interactive, Web-based "Do-While-Learning" programs, e-Newsletters and straight-talking articles, Bill helps agents and advisors get the job done: profitably improving performance, helping grow your business, skipping expensive mistakes, making the journey to success faster, smoother, easier. And fun! w.willard3@verizon.net