If You Want to Achieve Success, You Have to Stop Focusing on the Sale

The following is adapted from Aloha Financial Advising by Stephen Kagawa.

Years ago, an article I wrote about disability insurance and reverse mortgages was published in a magazine for seniors. It told the story of a man in a wheelchair who was at the mall speaking with this young woman.

The man’s neighbors happened to see him and assumed he was flirting with the girl. They were friends of his wife, and what they didn’t know was that the man was asking the woman for help picking out a dress for his wife as a gift. The message was basically that things aren’t always as they appear.

A mom read the story and sent it to her daughter and son-in-law. She wanted them to visit with me and set up disability insurance plans for themselves and a reverse mortgage for her.

Find the Right Fit

I wrote the article to encourage people to get the facts about reverse mortgages before buying into one, not necessarily to sell them. Reverse mortgages aren’t right for everyone or every circumstance, nor is anything else, for that matter.

Whatever the product, it needs to be the right fit, and it needs to be structured properly to maximize its ultimate benefit to a person. I needed to find out what was important to this couple and their mother about this particular financial move. As it turned out, Mom needed money for another one of her children.

I could have done what they asked. Instead, I asked them if they wanted my professional advice. They did.

“Professionally speaking,” I told them, “I can help get this done for you. My advice is to also consider other alternatives among the many that may prove better for your mom’s situation.”

They were glad to hear that there were other strategies to consider, and I was happy to step them through several better options than what they thought best to get the job done.

Sometimes a Product Works Well. Sometimes, It Doesn’t.

In a different publication, I wrote about a technique commonly referred to as pension maximization, where an individual opts to receive their entire pension while they’re alive instead of leaving the remainder, after death, to their joint survivor, their spouse.

In some situations, this plan works well. Sometimes, it doesn’t. Again, someone read the article and passed it on to a friend, who, along with his wife, came to see me. They wanted me to set them up in a pension maximization plan.

I listened to the couple, and then I talked to them about what I do and how I do it. I asked them about what was important to them and why, and I broadened the conversation beyond retirement.

The more I learned about these people, the more apparent it became that there were more important options for them to consider and immediately prioritize. In the end, they asked me to help them with their retirement plans, their income protection plans, and their estate plan. They eagerly introduced me to other couples they knew.

Instead of simply completing transactions and earning fees and commissions, I secured new, trusting clients for life, and that’s because I was able to help them get what they really wanted. I ended up with advocates who promoted me to their families and friends and who learned that they shouldn’t accept the first thing that’s offered to them.

Teach People to Expect More

People have been conditioned by our efforts and expect to be sold. They’re surrounded by marketing and sales in their everyday lives, and they expect the same treatment from people they meet with when they want something. You can teach them to expect more from their advisors.

When your prospects begin telling you about themselves, your mind may immediately jump to what you think is the “solution” to what they raise as their concern or hope. You’ll want to tell them all about it. It feels like the hottest of leads that you need to turn into a sale as quickly as possible. You want to be their hero. You want to tell them that you have the answer for them.

When you get that urge, stay silent and let them keep talking. Ask. Listen. Learn. Repeat. There’s usually a lot more going on than what they first tell you.

When you get to that point with a person, their picture comes alive. It becomes vivid. You should be able to repeat all that they’ve shared with you and ultimately say to them, “This is what I understand is of importance in your life, and this is what needs to happen to make you happy.”

If they agree that this is it — achieving all of this will make them happy — then you’re there. And when you lead them toward that promised place, they’ll follow you anywhere.

For more advice on how to achieve success as a financial advisor, you can find Aloha Financial Advising on Amazon.

Stephen Kagawa is committed to helping financial advisors love the work they do. This purpose drives his efforts as the CEO of The Pacific Bridge Companies, an organization comprised of various international firms spanning the US and Asia that helps financial advisors guide their clients wherever their lives may lead. Stephen is a consistent qualifying and lifetime member of the Top of the Table of the Million Dollar Round Table, the premier association of financial professionals. He’s a GAMA International Diamond award winner who regularly speaks on international consultative and wealth management principles around the world.