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I regularly meet advisors who, upon learning that I coach advisors, ask me about the “silver bullet” – the one thing that will help them grow more successfully. I have to regretfully break the news that there is no silver bullet. So how do successful advisors grow their businesses on a consistent basis? It comes down to habits.
Successful advisors, without even realizing it, have developed a set of habits that they repeat day in and day out that leads to their achievements.
Many of you have probably read Charles Duhigg’s bestseller, The Power of Habit: Why We Do What We Do In Life And Business. In it, Duhigg outlines the three-step neurological process that helps you create a good habit or break a bad one. The process is initiated by a cue that triggers the behavior or routine so you receive a reward. A cue for initiating your business development work could be a time of day, triggered by a calendar reminder or a weekly team meeting. Rewards will also vary by advisor. One may choose to take 15 minutes to surf the web to read the news after some prospecting activities. Another might choose to leave work early one day to watch their kid’s hockey game.
What are the tactical habits you can introduce to make business development a larger part of your new routine? Here are 10 habits that I have seen some leading advisors adopt as behaviors that have helped them consistently grow their practices:
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Start with high energy: Increase the chances of success by starting the day with high energy. Exercise early in the day, eat a healthy breakfast and start your day with prospecting activities, while your energy is high.
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Schedule it: I know some advisors who schedule time for prospecting every morning of every day. Others schedule it once a week on the same day and time. Still others move the time around each week based on their schedules. Regardless of when you do it, put it on your calendar to make sure you do it.
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Stay focused: It is too easy to simply respond to emails and phone calls all day long, without getting any of our priorities accomplished. Try responding to emails for an hour at the beginning of your day and again just once later in the day. Use the rest of the time to focus on priorities that truly make a difference.
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Turn clients into advocates: Make it a habit to give clients an update on your business so you can talk about growth for you and your firm in a more natural way. Top advisors take it a step further, making a habit of sending a handwritten note or small gift to clients who give referrals.
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Be a leader: Many client-service teams dedicate a meeting to prepare for the upcoming week. And most firms have management-team meetings in which they discuss strategic initiatives. The top advisors make a habit of including business development as a topic of discussion in all these recurring meetings.
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Get In the news: Some advisors are regularly in the news, and many wonder how they got so lucky! A little bit of luck certainly helps, but high-profile advisors make a habit of reaching out to reporters with regularity, even providing ideas and insights for articles in which he or she is not going to be quoted.
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Get active on LinkedIn: One advisor has his assistant scour his network regularly to identify new prospects. He then reaches out to advocates in his network to get introductions to the prospect — not just once, but again and again and again.
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Get social: I have seen advisors who truly enjoy the social scene make a habit of planning events. What makes events successful? Advisors should view them as a prospecting opportunity and fill the room with both client advocates and qualified prospects. Not interested in planning your own events? One advisor became active in a couple of professional networks and developed a habit of meeting at least three new faces at each event, then scheduling a separate lunch to discuss business opportunities. And he doesn’t even need to sit through the entire event!
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Always advance: Top advisors make a habit of regularly reviewing their pipeline and thinking of ways to advance conversations until the prospect becomes a client. Some send relevant articles. One successful advisor met with a couple to understand their needs, wrote an article sharing how he has dealt with similar client situations, got it published and then sent it to the prospect to further the conversation.
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Adopt new habits: Not surprisingly, the best of the best are always on the lookout for new ideas. If something works, they make it a habit. If it doesn’t work, they simply move on.
A few ideas on this list might spark your interest. Give one a try. See if you can find the cue, routine and reward that work for you. And then find another one. Success will follow!
Jennifer Geoghegan is an Advisor Coach and VP of Marketing at Focus Financial Partners, coaching Advisors and Leaders on how to grow their practices. You can reach her at [email protected] and read her previous article here The Keys to Successful Client Appreciation Events.
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