There's a quote from the movie "Heist" where the character played by Danny Devito says "Everybody needs money. That's why they call it money!" You would think that being in a business where you help people get more money would be extremely popular. It is, but oddly enough not with the people who would use the service.
I see a lot of people joining financial planning companies, struggling with it for about six months and then quitting. The turnover rate is incredible because in part, these new insurance agents and financial planners are told to "go network" in order to sell their services. Then they get frustrated because "it doesn't work" and no one wants to talk to them anymore.
If you're in this position - new to your financial planning business - and wondering how to get out there and network so you can sell your services, here's how to do it:
Don't.
Don't go to networking events, hand your card out and tell people you want to help them with their money. Don't ask anyone about their savings, 401k or life insurance the first time you meet them. And don't talk about their family just long enough to invite them to a coffee meeting where you start asking for their financial information so you can start filling in the profile sheet the company gives you.
Nobody will like you. We hardly talk about life insurance and savings with our own family, much less in front of our friends with a complete stranger at a business networking event. People do business with people they know, like and trust. They don't know you and they are going to not like you if you try to talk to them about personal issues before they have a chance to trust you.
If you don't have a pipeline of sales already coming to you from other marketing or advertising efforts, then stay in the office and make cold calls. Otherwise your desperation will drive other networkers away twice as fast.
For new financial planners, networking is definitely a long-term strategy. You'll need to invest months of effort before expecting or looking for any payoff from networking. Otherwise, you will be frustrated, unhappy and friendless.
For the flip side, the positive side of this coin, look for the companion article to this one called "How to Network When You've Just Started Working as a Financial Planner or Insurance Agent."
Beth Bridges has attended over 2,000 networking events in the last 7 years as the Membership Director and Chief Networking Officer of a large west coast chamber of commerce. She has lost track of how many financial planners she has seen come and go. Please share her information with anyone you love who is starting this kind of business.I see a lot of people joining financial planning companies, struggling with it for about six months and then quitting. The turnover rate is incredible because in part, these new insurance agents and financial planners are told to "go network" in order to sell their services. Then they get frustrated because "it doesn't work" and no one wants to talk to them anymore.
If you're in this position - new to your financial planning business - and wondering how to get out there and network so you can sell your services, here's how to do it:
Don't.
Don't go to networking events, hand your card out and tell people you want to help them with their money. Don't ask anyone about their savings, 401k or life insurance the first time you meet them. And don't talk about their family just long enough to invite them to a coffee meeting where you start asking for their financial information so you can start filling in the profile sheet the company gives you.
Nobody will like you. We hardly talk about life insurance and savings with our own family, much less in front of our friends with a complete stranger at a business networking event. People do business with people they know, like and trust. They don't know you and they are going to not like you if you try to talk to them about personal issues before they have a chance to trust you.
If you don't have a pipeline of sales already coming to you from other marketing or advertising efforts, then stay in the office and make cold calls. Otherwise your desperation will drive other networkers away twice as fast.
For new financial planners, networking is definitely a long-term strategy. You'll need to invest months of effort before expecting or looking for any payoff from networking. Otherwise, you will be frustrated, unhappy and friendless.
For the flip side, the positive side of this coin, look for the companion article to this one called "How to Network When You've Just Started Working as a Financial Planner or Insurance Agent."
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