“Mercury Financial Group Way”
Business Development
Workshop
June 9, 2015
Copyright © 2015 Akina
Session Objectives
- Target Market & Profile – Ideal client and
A-Level advisors
- Discovery, Conditioning & Coaching
Questions – process and standard questions
for disciplined qualification
- Messaging – a clear and memorable value
proposition through Story Telling
- Relationship Mapping – a system to
measure, monitor and invest in building
Relationship Value Capital building with ALevel contacts
- Sales Planning – territory and time
management best practices to get organized
- Sales Roadmap & Scorecard – business
development action planning and
accountability metrics
Copyright © 2015 Akina
Confidential
Page 2
DNA of Business Development
Stage
Target
Relationship
Building
Transition
Sales
Execution
Closing the
Deal
Identify
contact within
your target
market and
find the “in”
that
establishes
affinity or
interest in
having a
relationship
Build and
nurture the
relationship with
authenticity and
provide solutions
to problems that
should be solved
Be aware of
any triggering
event that
happens that
aids in
identifying a
legitimate
need, problem,
opportunity,
etc.
Execute a
sales process
that may
include
introductions,
content,
pitches,
solution
planning and
proposals
Close business
when you
satisfy the 6
Qualifiers:
- Problem
- Solution
- Urgency
- Access
- Expectations
- Budget
Time
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Principles of Effective Business
Development
- Authentic Relationships
- The Platinum Rule and Use of Effective
Questions
- Finding the Authentic Reason and the 3 INs
- Providing Other-Centered Solutions
- Securing the Definitive Next Step
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Four Sales Objectives
- Profile a book of business
- Get an introduction to a qualified client
- Get in front of a qualified client to present a
wealth advisory idea
- Meet to close the business
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Buying Triggers
- Concern or unmet desire with current state
- Known risk
- Lack of confidence in current service
provider
- Interest in maximizing income
- Curiosity
- New approach
- Innovation
- Creative options
- Assurance
- Second set of eyes
- Audit
- Nibble/Bite
- Attraction
- Recommendation from a trusted resource
- Observation of recent success
- Others?
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“Must Haves” to Close
- 6 Qualifiers
- Problem
- Solution
- Urgency
- Access
- Expectations
- Budget
- Decision Maker Map
- Emotional/Political landscape
- Influencers/Gatekeepers
- Decision making criteria
- Buyer Readiness
- Urgent problem
- Believe in your solution
- Rate = Value
- Credibility
- Due diligence
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Page 7
Target Market & Profiling
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Your Ideal Financial Advisor
- What is the ideal client profile for your best fit
Financial Advisors:
- Net worth
- Demographics
- Situation/life stage
- Other
- Which of your Financial Advisors have several
clients that match this profile?
- Which of your Financial Advisors have made
qualified client introductions in the past?
- Which of your Financial Advisors are prone to
“be their word”?
- With which Financial Advisors do you most
enjoy working?
- Which of your Financial Advisors share the
same values as Mercury Financial Group?
- Which of your Financial Advisors would be a
strategic good fit long term for you to
develop?
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Top 20 Financial Advisor
Contact List
Name
Company/ Firm
A
Notes
B
C
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Discovery, Conditioning and
Coaching Questions
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Asking Effective Questions
- Platinum Rule
- Engaging Emotions
- Credibility – Character and Competence
- Non-Verbal Communication
- Active Listening
- Ears and Mouth Proportionately
- Discovery Questions
- Learn/Uncover
- Find an “IN”
- Conditioning Questions
- Set the stage for your unique value
proposition
- Condition a bias to listen/choose you
- Coaching Questions
- Capture momentum to get the
introduction scheduled
- Help the advisor anticipate and prepare
for how to overcome objections
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Sample – Discovery Questions
- Tell me your back story. How did you get to your
current position?
- What do you like best about your company?
- What do you like best about your role?
- Where do you hope to be in the next 5 – 10 years?
- How is the year going so far?
- What are your top priorities balance of year?
- What do you like to do when you aren’t working?
- What is your ideal client profile?
- How many clients do you have that match your ideal
client profile?
- What are some of the most pressing issues facing your
ideal clients?
- What is your best experience working with outside
Wealth Advisors?
- How do you choose when to introduce your clients to
new Wealth Advisory services?
- If you were going to consider a new outside Wealth
Advisory firm, what would the firm need to bring that
is new or different than your current relationships?
- What would WOW or delight you from a Wealth
Advisory firm?
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Additional Discovery Questions
-
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Sample – Conditioning Questions
- On a scale from 1 – 10 how important is:
- Having a comprehensive wealth management
plan for your ideal clients
- Minimizing risk/taxes for your ideal clients
- Increasing your personal compensation
- How confident are you that your ideal clients’ current
financial plans are on track to match your priorities?
- How many ideal clients have a share of wallet
opportunity that you aren’t yet capturing?
- What ideal clients are your competitors actively
targeting? How do you keep apprised of what your
competitors are doing?
- How often do your ideal clients seek your counsel
beyond their financial plan?
- When was recent time when an ideal client acted
upon your advice? What happened?
- How many ideal clients would be willing to expand
their wealth advisory services based solely on your
advice?
- What are you currently doing to treat your ideal
clients’ insurance plan as an asset class in their
financial plan?
- When is the last time you reviewed the performance
of your ideal clients’ life insurance?
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Additional Conditioning Questions
-
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Sample – Coaching Questions
- What will you say when you reach out to an
ideal client to set up a time for us to meet?
- What push back might you encounter when
you invite the ideal client to a meeting with
us?
- How would you respond to the push back?
- What should our follow-up communication
plan be to keep the process moving forward?
-
-
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Messaging & Conversation
Tools
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Your Background
- Be ready to tell your story and journey to
Mercury Financial Group.
- Why you are interested in your work
- What you enjoy most about Mercury Financial
Group
- What strengths/talents/traits you have been
historically known for at work, working with
others
- What are your core values and philosophies
to doing business
- What creative ideas do you have that you are
interested in sharing and exploring with the
right Financial Advisors
- Where you see yourself in the next 5 – 10
years
- What you enjoy doing when you aren’t at
work
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Page 19
Creating Conversations
- Accelerating Introductions
- I don’t think I’m adding enough value to your
business, and I want that to be different.
- What ideal clients haven’t I met yet that we
could work on together to bring a more
comprehensive wealth advisory approach?
- What ideal client situations should we be
revisiting?
- Investigative Reporter
- Seek opinion/advice
- Ask a provocative conditioning question
- Be message ready with a best practice, insight
or wisdom
- Dream Out Loud
- Authentic acknowledgment
- Communicate goal/vision
- Ask for opinion/advice
- If you were me…
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Story Telling
- 3 – 5 Stories ready to tell
- Key Financial Advisor success
- Key Financial Advisor’s client success
- Responsiveness/proactive communication
- Total value/client care
- Recent Financial Advisor feedback/accolade
- Using the SAI Model for Story Telling
Impact
Action
Situation
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Quick Pitch & What’s New
Quick Pitch
- 15 – 30 second message
- Answers the “What do you do?” question with
a response to the “What problem do you
solve for whom?” question
- I (verb) (target ideal clients) (problems
solved)
- Why you?
What’s New Message
- 15 – 30 second message
- Answers the “How are you?” or “What’s
new?” question with a punchy, pithy, positive
headline
- Professional News
- Personal News
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Quick Pitch (What Do You Do?)
Personal
Technical
Firm
What Problem Is
Solved For Whom
What Problem Is
Solved For Whom
What Problem Is
Solved For Whom
How It’s Done
Why It’s Compelling
Feedback Received
How It’s Done
Why It’s Compelling
Feedback Received
How It’s Done
Why It’s Compelling
Feedback Received
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“What’s New?™ Messaging”
“What’s New?”
News
- Firm Updates
- Innovations
- Personal News
Recent Wins
- Client Wins
- Project Wins
Current
Work
Projects
- Interesting
projects
- How you are
spending your
time
What’s Best
about the
Firm
- Culture
- How this Firm
differs from
others
Looking
Forward
- What’s on the
horizon
- What excites
you about the
future
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Relationship Mapping
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Relationship Value Capital
- 3 Currencies
- Revenue
- Relationship
- Reputation
- 3 Relationship Measures
- Intimacy
- Influence
- Invested In Working With You
- 5 Levels of Relationship Value Capital
- Level 5 – SuperFan/Champion
- Level 4 – SuperFan/Ally
- Level 3 – Fan
- Level 2 – Friend
- Level 1 – Acquaintance
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Relationship Value Capital
Level
5
Intimacy
Influence
Connected to
spouse, children,
extended family
Trusted Advisor
Close enough to
travel together
Exceptionally organized/
disciplined in client service
Clients routinely call for life
advice
Regularly introduces new
advisors to clients
4
3
2
Connected to
spouse
Trusted Advisor
Dinner, weekend,
evenings, social
activities
Highly organized/disciplined
in client service
Clients will call for life advice
Often introduces new advisors
to clients
Social 1:1
relationship
Preferred Financial Advisor
Dinner, weekday,
evenings, social
activities
Organized/disciplined in client
service
Clients call for financial advice
Has introduced new advisors
to clients
1:1 relationship
Competent Financial Advisor
Lunch/Coffee
Advisor initiates calls to
clients
Fairly organized
Expresses interest in making
introductions
1
Limited 1:1
relationship
Average Financial Advisor
Site meeting, phone
calls
Disorganized
Copyright © 2015 Akina
Infrequent calls with clients
No visible interest in
introducing
Confidential
Invested in
Working With
You
Proactively
shares client
information for
joint selling
Routinely
promotes you to
clients and other
advisors
Will share client
information when
prompted for
joint selling
Promotes you to
clients and other
advisors
Selective client
information
sharing
Will communicate
positively if
asked by others
Limited client
information
sharing
Is neutral to
positive in
communication if
asked by others
Little to no client
information
sharing
Is neutral to noncommunicative if
asked by others
Page 27
Relationship Value Capital
Rating
Name & Company
Copyright © 2015 Akina
Intimacy
Confidential
Influence
Invested in
Working with
You
Page 28
Relationship Value Capital
Elevation
Status
Elevating the Relationship
Level 5
Inquire, invest, include
SuperFan/
Innovate and invent
Champion
Co-create networks
Proactive research and
collaboration
Level 4
Create, communicate
SuperFan/
Engage with networks
Ally
Investment in professional
advancement
Scenario planning, issue spotting
Level 3
Scheduled touches
Fan
Introduce to networks
Standing offers to engage
Ideas to advance professionally
Level 2
Friend
Access and visibility to your
availability
Integrate as you are going with
networks
Ideas to advance professionally
Level 1
Acquaintance
Give away something to gain more
access
Create visibility to networks
Ideas to advance professionally
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Navigating RVC Challenges
- The “do nothing” phenomenon that “green
arrows” (healthy market) do to FAs
- Lame/lazy FA tendencies to not genuinely
care about the total well-being of their clients
- How do you know when you have a WOT
(waste of time) FA on your hands
- Advisors who may not consider the value of
insurance beyond GUL products
- Non-responsiveness to email/phone calls
after a verbal commitment has been given to
make an introduction
- Others?
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Confidential
Page 30
Sales Planning & Territory
Mapping
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Organizing Your Time
- The “Milk Run”
- The “Signature Events”
- Personal accountability for a definitive next
step
- Shorter time boxing for definitive next steps
- Default communication and action to cover
slippage
- Pre-work/prep work to advisors in advance of
visit
- Standing communication/huddles with key
advisors and the Mercury Financial Group
internal team
- Three Gives and a Get
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Preparation Best Practices
- Why are you going to see the FA?
- Who do you ideally want to meet or see?
- What do you want to be better/different in
the relationship?
- The CORE 4 for Prep:
- What is your objective and how will you
know your time spent was worthwhile?
- What are your key messages?
- What discovery, conditioning or coaching
questions will you ask?
- What are your potential definitive next
steps?
- Introductions
- Information
- Invitations
- Other?
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Confidential
Page 33
Sales Roadmap & Scorecard
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Sales Roadmap & Scorecard
Start
Success Metric
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Stop
Continue
Result
Confidential
Timing
Page 35
Creating Personal Accountability
& Sustainability
- Choose a partner/small group
- Schedule regular checkpoints
- Ask for help
- Leverage support teams
- Share your stories, learnings, best practices
- Measure & celebrate successes
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Confidential
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Deborah Knupp, Managing Director
312-560-5940
[email protected]
Copyright © 2015 Akina