Part 20

Moment of Truth #2: First impressions

There are a number of key ‘moments of truth’ in the process of developing profitable, long-term client relationships. In a previous article, we looked at that moment when someone asks you “What do you do?” Your answer is critical. This time, I want to look at another key moment – a first meeting with a potential client.

First impressions count and you only get one crack at it – this is no place for a sloppy or casual approach. The first meeting is the opportunity to do two things:

* To qualify the prospect: It just doesn’t make sense to go through the whole process of factfind/research/gathering details of existing policies/creating a plan or set of recommendations/writing a report until you know:
- This is the sort of client you can help (and will enjoy working with);
- They genuinely need what you offer and are willing and have the means to pay for it; and
- The relationship will be profitable for you and valued by them.

* If the answer to all three questions is positive, then this is your opportunity to demonstrate you understand their issues or challenges, concerns or worries and can help to remove, reduce or eliminate them.

Therefore, what you say and what you do in this meeting is crucial. It is important to be able to see the client’s world through their eyes. There is an old American Indian saying: “You are my friend when you walk in my moccasins”. Getting inside their head and engaging with them on an emotional – as opposed to just an intellectual level – is the key to converting prospects into clients. Ask yourself how they are likely to be feeling ahead of the meeting, particularly if “financial issues” are something they are unused to dealing with regularly.

Scared? Apprehensive? Worried? Concerned? Daunted? Very probably.

The client has probably already checked out your website – which probably looks like every other adviser website they looked at – and have probably read media articles that are highly critical of the adviser community. They have probably also had their fair share of helpful “advice” from family, friends and drinking buddies, all of whom they probably trust more than you right now. So what questions are likely to be uppermost on their mind if that is their mindset?

* Who are these people and this firm?
* Will they still be around two years from now?
* Are they any good and will they know their stuff?
* Can they be trusted?
* Will they be able to help me/us/our business?
* What is likely to be involved?
* How long will it take?
* How will things be different afterwards?
* What will it cost?

If they have used other advisers before they are also likely to be thinking: “Will they be any better than – or as good as my previous adviser?”

The agenda for this meeting has to cover off all these questions and what you say and the way you speak to them has to allay the feelings of concern and apprehension mentioned earlier. Having a consistent process for talking prospects through who you are, what you do, how you do it, what it costs and how they will benefit will ensure you do this. The challenge for most advisers is achieving all this in language clients understand and relate to rather than technical and jargon-filled “adviser speak”.