In the Mind Of: Common Financial Advisory Employee Questions
In the Mind Of: Common Financial Advisory Employee Questions
By AES Placement | December 15, 2017
There’s no shame in asking questions. The problem is in knowing who — or when — to ask. Your boss is always busy (or it’s a touchy subject), the internet is a great resource — but maybe doesn’t fully answer your specific question — and your friends mean well, but just don’t really “get” it. That’s where we come in.
We’ve gathered some of the most popular questions asked during AE employee and advisor training events and answered them here. So, without further ado:
“What’s the best way to learn (podcasts, books?) in order to become a Producer?”
Once you know you want to become a Producer, get as much hands-on industry experience as possible. See each department and how they work through the sales process. This could include marketing, client service, new business, and most importantly, sitting with the main Producer. Shadow an entire sales process a few times to see what types of questions are asked and what is accomplished in each specific meeting with the prospect. Another way to prepare to become a Producer is to start with your Life and Health Licensing.
“How do I overcome being a young Producer? People ask themselves ‘how can he/she manage my retirement assets?’”
Being educated and honest will show immediately in any part of the sales process. There’s no reason to be nervous about your age as a barrier to being a great Financial Producer. We have a lot of “younger” Financial Producers within the AE system who are giving established ones a run for their money. At the end of the day, it’s about helping clients retire comfortably and feel safe with the strategy you’ve come up with together. As long as you are honest and do what you say, age will not play a factor in your success. You will know you’ve overcome that obstacle when you start getting referrals from your clients.
“Did you always know you wanted to become a Financial Producer?”
It is more typical than not for a Financial Producer to come from another industry entirely. Family owned businesses are where most often we see young children groomed to one day take over the family business. Within the AE system, we have ex-chefs, ex-principals, engineers, etc.
“What is the best way to diffuse an angry boss when business is bad, nothing is paying and the hopper needs to be refilled?”
First, grant some grace. Understand that when the pending business $$ number is lower than your Producer’s “ideal number,” you should put on your hard hat until you see the next marketing strategy hit. Yes, they all have an ideal number anywhere between $1M-$2M average in pending business or they get antsy. Imagine having a $45k rent check to pay every month! An independent Financial Producer’s overhead is astronomical and includes paying YOUR salary, keeping the lights on, paying the rent and funding marketing strategies – to name a just a few. Money doesn’t grow on trees so, again, grant some grace. Second, as a team, think about what you can do to generate revenue. What prospects fell out of 1st or 2nd appointments that you can re-engage in the sales process with a phone call or unique gift? Get creative! Don’t just sit twiddling your thumbs wondering how to stop the madness and bad attitudes….go find the revenue!
“How do I better communicate ideas/suggestions with a Producer who may be resistant to an idea?”
Typically we suggest that when there is an issue that needs to be fixed, go to the producer with two solutions. If you have the solution you think is best…it all comes down to numbers and facts. How much will it cost and what is the anticipated impact it will have on the business? Do your homework, find other Producers in the AE system who are doing the suggested idea and come with a pro/con list and how much it will cost (both time and money) to implement. Also – how will it impact efficiency in the office. If you do the homework and your Producer doesn’t have to, more times than not you’ll have an approval to move forward right away.
“Do you believe that because you are paying an employee, that gives you the right to delegate whatever you feel like delegating even though she/he has clearly outlined duties/responsibilities?
In a small business, EVERYONE PITCHES IN NO MATTER THEIR JOB DESCRIPTION….This is NOT corporate America. Did we yell? Sorry. YES, having defined job duties between the marketing department (front stage) and the client services department (back stage) is very important for efficiency in the office. However, the Producer paying your salary does have the right to ask for your assistance. It’s your responsibility to ensure clear communication surrounding who should be responsible for that specific task without an attitude. Your busy entrepreneur business owner is running a million miles a minute and sometimes they give a file folder without any communication to the first warm body they see. It happens. Get used to it and communicate nicely and with a sense of humor to iron out any confusion.
“Our seminars don’t seem to be working, but our Producer is dead set on them and not looking for any other ways to generate new business. How do I broach the subject with him? Or tell him to be better at closing?”
It’s all in the data. If you are tracking the seminar ROI using the AE Seminar Tracker (contact your VP Team) there will be no need for you to verbalize that either the seminar isn’t working or he/she needs to be better at closing. By tracking, you can see that your conversion rate is X% and exactly where the prospect fell out of the sales process (before 1st, after 1st/2nd) and that’s information enough to find out where the disconnect is happening and find a solution to fix it. A seminar is one of the most expensive marketing funnels but also one of the most impactful to production numbers. Once you can have the data in front of you, even a minor tweak in the sales process or drip program can make a huge difference. Your advisor will thank you one day.
Do these not quite cover it? We’d love to hear from you! Email us at info@aesplacement.com to request that we cover additional questions in future blogs!