T R
HE
UMMAGE
R
EPORT
The “Sports Agents” Of The Financial Industry
Our Expertise
Wire Houses
Regional Firms
Large Banks
Small & Medium Banks
RIAs
Small Financial Planning Firms
Independents
Boutique Firms
Hybrid Firms
Discount Firms
Insurance Companies
Quote Of The Month
Life moves pretty fast. If you
don't stop to look around once in
a while you could miss it.
~From the movie
Ferris Bueller's Day Off
The Rummage Group is a Very Unique, nationally
recognized Career Consulting firm specializing in the
Financial Industry. We are the “Industry Experts” that
connect Financial Advisors with the hundreds of firms willing
to hire them. We are one of the only firms started and run
by a 20 year veteran of the Financial Industry. We are
the “Sports Agents” for Financial Advisors.
Everything we do is always 100% Confidential.
When a Financial Advisor decides to change firms or even
just look around, their first call should be to The Rummage Group. Most are
unaware there are over 1,000 firms that employ Financial Advisors and the
average advisor is only familiar with a handful. We save Advisors the heartache
of having to go it alone and rely on biased information. Since we do business
with most firms, we can provide unbiased assistance during this important
transition. The Rummage Group is truly a one stop shop that can help keep
Advisors from making a major career mistake by ending up at a firm or model
that does not match their goals.
What We Do For You:

Tip Of The Month

Become A Public Speaker
Public Speaking is one of the most
underutilized methods of growing a
practice. It was just announced that
Ric Edelman sold his company for
over 200 million dollars. He became
successful mainly because of public
speaking. Many just like him have
grown quickly because of radio and
television. Public Speaking works
great because once you come up
with a few great presentations you
can repeat them many times.
Organizations are always looking for


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We help you negotiate the deal- We know the deals on the street as
well as "The Secret Deals"
We help you select the right firms by discovering all of your
options (Wire House, Regional, Independent, RIA, Bank, Boutique,
Insurance, Discount & Hybrid).
We know the REAL pros and cons of each firm - Unbiased
information.
We help you ask the right questions - We have over 50 questions
you should be asking each firm.
We save you time and frustration- We have relationships and
contacts at over 500 firms - We can get anything answered with a
phone call.
Rick Rummage
a good speaker with strong subject
matter. Spend 30 minutes each day
calling on various organizations to
offer them your speaking services.
The person at each organization
charged with finding a speaker
often becomes desperate to find
the next speaker. Call associations,
groups, clubs, charities etc. and
offer to give a presentation. Like
with seminars, you must be good at
public speaking otherwise this
method is not recommended.
Areas Of Expertise
Brokerage:
Senior Level Executives, Complex Managers, Branch Managers, Sales Managers,
Financial Advisors, Operations Managers and Compliance Officers.
Banking:
Senior Level Executives, Commercial Lenders, Private Bankers, Wealth Managers,
Credit Officers, Portfolio Managers and Branch Managers.
For more information on Rick Rummage and The Rummage Group visit:
www.therummagegroup.com
http://www.linkedin.com/in/rickrummage
Featured Article
The Art of the Close
For more information contact:
Rick Rummage
Managing Partner
The Rummage Group
Off 703.435.2822
Fax 757.299.4677
Cell 443.739.7866
[email protected]
www.therummagegroup.com
By Rick Rummage
April 1, 2012
Anyone who has spent enough time in sales has heard about the ABCs of selling-Always Be
Closing. If you want to make money in sales, "you have to know how to get the client to sign on
the line, which is dotted," as Alec Baldwin said in the movie Glengarry Glen Ross.
If you want to succeed and grow as a financial advisor, you must first understand the art of sales.
You must also acknowledge to yourself that you are indeed a salesperson. Some advisors have a
tough time with this. They are often the ones who do poorly.
First, you are a salesperson; second, a financial planner. After all, you can't do the planning part
until you convince a prospect to do business with you.
To be sure, both parts are necessary to succeed (more on that later.) For now, the hard part is
getting prospects to sit with you in the first place.
As a Financial Advisor, if you're not a rainmaker you most likely will struggle. However, if you are
in a bank model that's usually taken care of because of the "warm leads” you receive.
In any type of model you must know how to close.
Remember, it's a numbers game. First, consider the fact that competition in this business is fierce.
There are over 2,000 firms selling financial products and services with more than 300,000
advisors competing for the business. So you must have a lot of meetings with prospects and you
must close a high percentage. For the sake of this article, we'll just discuss the art of conducting
the meeting.
In sales there is a lot of psychology at work. Even most seasoned salespeople don't realize how
much psychology plays into the process. Human beings by nature are skeptical and scared of
change. We all have fears and dreams and we all buy into certain stereotypes and biases. This is
how we have evolved over many years and it's kept us out of trouble for the most part. Much of
the information we have is wrong but we are unaware of it - in this case, ignorance really is bliss.
Just think about how many times in your life you were told something from a family member or
friend that you believed to be true but found out later it was untrue or exaggerated.
These beliefs and thoughts are going through your prospects' minds all the time. They go into the
meeting thinking things like investments are always risky, or don't trust a financial advisor or I am
not going to buy anything today.
Sometimes they'll voice the concern as an objection. Other times, they won't-this is called a
hidden objection. Hidden objections are the silent killer in sales and you must know how to find
and address them. Asking a lot of questions and digging deep will eventually help you find them.
There have been books written on overcoming hidden objections; the best of the lot is Brian
Tracy's The Psychology of Selling.
The important thing in sales is to have a plan and be prepared in a presentation. Many financial
advisors take the "fly by the seat of their pants" approach during a closing meeting. Just think
about how much more business you could close if you actually had a plan of attack. Most sales
trainers have their own version of a multi-step process to conduct a sales presentation. Here's my
version.
1. Research the prospect. You first need to learn as much as possible about the prospect. If you
are in a bank and the prospect is an existing customer, find out what you can. If you have access
to their accounts you can check family members with accounts, ages, addresses, deposits and
loans. Next, you can check social media sites such as Facebook, LinkedIn and so forth. You
should find conversation topics: schools, hobbies, family, travel, etc., for the next step in the
process. Learn what you can and this will help during the meeting and impress the prospect.
2. Build rapport. This is probably the most important step. People buy from people they like. If
the prospect likes you they will keep listening. There is also a greater chance they will agree to
meet with you again and, therefore, you will have a higher likelihood of closing. I have trained a
few FAs who were naturally so likeable they had prospects practically falling in love in the first
meeting. They would have a very high close ratio. You should spend at least the first 5 to 15
minutes getting to know the prospect and finding common areas of interest. If you can find out
what the prospect's true passion is they will light up as they tell you stories. I once had a senior
manager interview me and I got him talking about his days playing college ball. There were 20plus candidates competing for the management job but he gave me the job the next day without
really asking me one question. All you really need to know is to get the prospect talking about the
things that interest them – smile, agree and ask another follow up question.
3. Ask good questions. It's important to understand the art of asking questions. Here at the
Rummage Group, I teach my consultants to "find out what a client wants and needs, and then
provide it to them." This is sales in a nutshell. After rapport building, you should spend the next 10
to 15 minutes asking good questions. It's important to know what to ask and when. There's a fine
balance between open- and closed-ended questions. It's always amazing what a person will tell
you if you just ask. (For a list of over 50 good questions, register at our website,
therummagegroup.com.)
4. Provide a plan. This is where you lay out a well-defined financial plan or product selection.
You already got the meeting, obviously, which establishes the fact that you're a salesperson. So
now it's time to be a planner. Indeed, you will not typically get a client's full relationship unless
you're perceived as a full planner. Make sure the client fully understands and buys into the plan.
Even if you're just selling one specific product, make sure they fully understand why they're
making the investment and set realistic expectations.
5. Close. At this point in the process, hopefully you've learned a lot about your prospect. And
hopefully they like you and you have provided them with a great plan. Now it's time to ask for the
order and close. I prefer the assumptive close best. If you truly believe this is the right plan for the
prospect, then of course they will want to move forward. Tell them where to sign and you're done.
If they say no, don’t beg. Make sure you carry yourself like the big producer you are. Tell them
you have other clients waiting and you will follow up with them in a few days. Big producers are
notorious for telling clients things like, “I am only taking on 12 new clients this year” or “I usually
only work with assets over 1mm, but I will make an exception in this case”. Humans always want
what they can’t have. Using a little psychology goes a long way.
6. Post-close follow-up. Most advisors drop the ball at this stage. If you're working with a new
client, it's important to follow up with them a few days after you implement a strategy or plan. Your
goal is to quickly reinforce the plan or strategy and show the client you care. Let them know all the
orders were executed and reinforce the fact that you'll keep them updated periodically. Make
them feel good about the decision they have made. Give them your cell phone number (for
emergencies) and remind them you're always available to answer their questions. This is a classy
step and because most advisors skip it, you'll stand out from your competition.
These are simple steps, which can easily be implemented. I would suggest all FAs read and listen
to as much sales training as possible. You are never too old or too successful to learn more. If
you aren't closing as much as you would like, start by looking in the mirror to see who is holding
you back. Work hard, stay disciplined, focused and become a student of sales, and you will close
more business.
Benefits of The Rummage Group
We work very differently than other firms in the industry and truly are a
“One Stop Shop”. Whether or not you decide to utilize the Rummage
Group and its services, you will at least benefit from a better awareness
of your options. Some things to think about……….
“A Knowledgeable Partner To Help You”
Rick Rummage spent 20 years in the Brokerage Industry as a Top Quintile
Producer, Sales Manager & Branch Manager. He has hired, coached and
trained over 100 Financial Advisors. He worked at a Wire House, Regional
Firm and Bank Brokerage and has had first hand experience moving a practice.
Rick knows firsthand the challenges of being a Financial Advisor as well as
what it takes to move a book of business.
“How We Save You Time & Frustration”
Changing firms can be a full time job. Each market has anywhere from a dozen
firms up to hundreds and the average Advisor is only aware of a few. Each one
of these firms has strengths and weaknesses. Financial Advisors need to focus
on their clients at all times instead of researching which firms exist in their
market. We have spent hundreds of hours researching & building relationships
with many companies, so that you can focus on building your business.
“How To Get A Good Transition Package”
We know the mindset of the typical hiring manager, how recruiting affects
his/her goals, his/her negotiating flexibility, the approval processes, and how the
entire recruiting process is typically managed. This allows us to help you get a
very competitive transition package.
“The Real Pros & Cons Of Each Firm”
Because we do business with many firms on the street, we can give you
firsthand knowledge of each firm’s management, product offering, clearing firm,
technology, grid payouts, T& E allowance, administrative support, benefits,
culture, titles etc.
“Questions You Should Be Asking”
Transitioning your clients is the number one question during a move. There are
various strategies that can help you transfer more of your clients. There are
many things to think about: Should I have a business transition coach? Is my
firm part of the protocol? What will happen with my Non-compete or contract?
What should I tell my clients and how should I contact them? Who puts the
ACAT packages together and when are they mailed? Will clients get the same
margin rate and fees as they currently do? Should I have an Attorney and who
pays the fee? We can help you with these and many more important questions.
“How To Select The Right Firm For You”
Since we have relationships with many firms, we are unbiased about which
ones you consider. We can get you in front of multiple firms when necessary.
We work with Wire Houses, Regionals, Independents, Banks, Insurance
Companies, RIAs & Discount Firms. We can help keep you from possibly
making a big career mistake by ending up at a firm that does not meet your
needs. We don’t try to sell you, we try to help you. We build our business via
referrals from happy clients and we hope you become one soon.
.©2010 The Rummage Group
The Rummage Group
Off 703.435.2822
Fax 757.299.4677
Cell 443.739.7866
[email protected]
www.therummagegroup.com