Illuminating Lessons for Financial Advisors
February 25, 2021 by Greg
Allow me to share an email I received from one of the business owners I know because it provides several illuminating lessons for financial advisors:
“I did two sales today that went well; and one Saturday that went to hell. The wife was infuriated with our agreements and wished to terminate. She did some research about your products and services that you provide and was rather irritated that we would like to make money for a living. How in the hell do you respond to that statement? She was ignorant about our products and service, and just frustrated the living hell out of me. Sorry, I just thought I would vent a little.”
You can’t please everyone all the time.
First, and, most importantly: you simply can’t please everyone all the time. If you try to please everyone, then the results are inevitable. You mean nothing to anyone. It’s important to recognize most personal success stories are polarizing. The successful people tend to be at one end of a spectrum or another, such as Rush Limbaugh and Howard Stern on radio, Donald Trump on TV, or even Bruce Lee.
Anyone who is very successful gains both a loyal following and an opposing group who loathes his or her success. Successful people must realize that offending a segment of the population goes with the territory.
Be immune to criticism
Second: Be immune to criticism. Never, I repeat, never, take rejection personally or worry about what the critics say. My business operator was frustrated and his report to me was full of his raw emotions because he was reacting to the woman’s criticisms personally. I immediately recognized his ‘personal’ reaction; however, I also realized if his feedback about this dissatisfied customer was even 30% accurate, then we didn’t want her in his business.
Part of the definition of a professional is the ability to reduce the intrusion of emotions or personal reactions into the decision-making process and operation of your profession. If movie stars and celebrities did not have this ability (and not all of them do), then they would be emotional wrecks. You must be immune to criticism to be successful, and the more successful you become, the more critics you will attract.
Two steps forward and one step back
Third: be extremely satisfied with ‘two steps forward and one step back’. You read the email: ‘I did two sales today that went well; and one Saturday that went to hell’.
Naturally, the owner was allowing his frustration and disappointment about the one bad customer to make it seem more important than the two sales that went well. Those were easy; full of pleasantries and no spikes of emotion to register sharply on the memory. While the one ‘that went to hell’ sent emotions off the scale, which is the one most remembered. The trick is to re-direct your emotions to your successes. Revel in those and forget the rejection.
There’s no value to becoming frustrated by one dysfunctional human being, except to learn there will be more!
Supply and demand
Fourth: the solution is often ‘supply and demand’. Supply and demand are one of the oldest theories, or laws, of economics, and it applies to your business, regardless of size, in much the same way as the largest global corporation. Understanding supply and demand and using it advantageously will solve many problems operating your business.
In simplest terms, you win when what you supply is limited, but there is a great demand for it. If you have a huge surge of new customers, then several positive results occur, for example, fewer people complain. Furthermore, you are less concerned about clients who ‘don’t fit’ with your business’s culture. You reduce the need to sell because the trust and credibility of your ‘social proof’ begin to dominate prospects’ decision-making, which makes them want to be involved with your business.