If you are a relationship-oriented
financial advisor, there are three essential elements to making a
sale. If you are missing one element, you either wonít make the sale
or possibly wish you hadnít made the sale at some point in the future.
The three elements are Chemistry, Timing, and Money.
Chemistry is a rapport or a "connection"
between you and the client. Sometimes what you have in common is past
history, mutual friends, or maybe you share similar values. Sometimes
the communication just seems to click. Chemistry is hard to define. It
is different for everyone, but most people know when the chemistry is
there or can learn to identify chemistry. The most significant impact
of chemistry is that it usually leads to trust. And trust is what
ultimately opens the door for the sale.
Of course, you can make sales without
chemistry but if you are a relationship-oriented advisor, no chemistry
usually means that the relationship is going to be an ongoing
challenge. Whatever negative characteristics the client demonstrates
early on will likely always be there. Usually, any negative
characteristics the client has will be amplified when something goes
wrong. Some advisors have a greater tolerance for a lack of chemistry
than others. Some advisors will put up with almost anything, other
advisors have a short fuse when the client is over-bearing, critical,
or demonstrates a lack of respect for the advisor.
I have seen situations where a single
client made an advisorís life a nightmare until the advisor fired the
client. If you have a low tolerance for client whining and
complaining, I highly recommend you donít take on clients where the
chemistry is not there, no matter how much money they have. Hundreds
of my coaching clients have shared with me that limiting their clients
to people they have chemistry with was a turning point in their
Other benefits of limiting your clients
to those you have chemistry with is that they buy quicker, they buy
more often, they will cut you some slack if you make a mistake, and
they are much more likely to refer you to their friends. My experience
says chemistry is a big deal and to a great extent will determine the
quality of your work life. Some would argue that limiting your clients
to those you have chemistry with is required to have an ideal
Timing and Money are less complicated
elements. Timing simply means that the client has a current need for
something you are offering. Money simply means that the client has the
financial resources to pay for the product or service you are
So what do you do the next time you meet
someone who has a need for what you are offering and has the ability
to pay for it but the chemistry is just not there? You can take this
client on but realize they could easily turn out to be a hassle. Dan
Kennedy, the marketing guru, says he will take on a client where the
chemistry is not there, he just charges them twice his normal fee
because he knows they are going to be a lot more work. Unfortunately,
this is not often a workable option in selling financial products and
services, but you get the idea.
If the chemistry and the money are there
but the timing is off, keep track of those people because the timing
will change at some point and those people can turn into great
If you are newer to the financial
services business, I usually recommend you talk to anyone who will
talk to you. This is the fastest way to learn who you have chemistry
with and who is going to be a lot of work. Once you see how this
psychological qualifying process works, you then have the challenge of
deciding who you take on as a client. Only you can determine how
important chemistry is for your practice and it is good to remember
that this is not an exact science so you have to trust your instincts,
which will improve with experience.
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Have a productive June,
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