Leadership – In The News2021-10-25T20:35:01+00:00

Leadership in the News

John Capuano is known for his contributions to Wealth Management, Investment News, Financial Planning, On Wall Street, and Bank Investment Consultant where he writes articles about his financial marketing experiences, and how his stories can impact the strategic growth of advisory practices across the country. Check out his latest articles!

Financial Advisors: Our Comprehensive Survey Says to Adapt to Your Prospects

We surveyed over 1,000 people between the ages of 50 and 70 with an average of $500k in net investable assets, and Iโ€™m going to share the ๐˜๐—ต๐—ฟ๐—ฒ๐—ฒ ๐—บ๐—ผ๐˜€๐˜ ๐—ถ๐—บ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฎ๐—ป๐˜ ๐—น๐—ฒ๐˜€๐˜€๐—ผ๐—ป๐˜€ that every financial advisor and institution needs to know.

#1: Youโ€™re competing with more people than you think. 70% of the people surveyed said they vetted two to three advisors before picking one. And 20% said they interviewed four or more! Are you aware of who youโ€™re competing against, and should you be altering your approach as a result? The better you can deliver a simple and trusted solution the more youโ€™ll break through a crowded field to prospectsโ€ฆand itโ€™ll make you more successful with referrals. ๐—”๐—น๐˜„๐—ฎ๐˜†๐˜€ ๐—ฎ๐˜€๐—ธ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฝ๐—ฟ๐—ผ๐˜€๐—ฝ๐—ฒ๐—ฐ๐˜ ๐˜„๐—ต๐—ผ ๐˜†๐—ผ๐˜‚โ€™๐—ฟ๐—ฒ ๐—ฐ๐—ผ๐—บ๐—ฝ๐—ฒ๐˜๐—ถ๐—ป๐—ด ๐˜„๐—ถ๐˜๐—ต.

#2: It takes longer than you think for someone to make a decision. 2/3 of respondents said it took them ๐—ผ๐—ป๐—ฒ ๐˜๐—ผ ๐˜๐˜„๐—ผ ๐—บ๐—ผ๐—ป๐˜๐—ต๐˜€ ๐˜๐—ผ ๐—ฝ๐—ถ๐—ฐ๐—ธ ๐—ฎ๐—ป ๐—ฎ๐—ฑ๐˜ƒ๐—ถ๐˜€๐—ผ๐—ฟ, and 1/3 said it took ๐—บ๐—ผ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฎ๐—ป ๐Ÿฏ ๐—บ๐—ผ๐—ป๐˜๐—ต๐˜€! We need to remember that WE are on THEIR timelineโ€ฆnot the other way around. The better you understand ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ timeline the more likely you will be to close them. Too many advisors give up too quickly because they think thereโ€™s a lack of interest. On the other hand, some prospects might want to be closed faster and donโ€™t want to sit through a long and complex process. ๐—”๐˜€๐—ธ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฝ๐—ฟ๐—ผ๐˜€๐—ฝ๐—ฒ๐—ฐ๐˜ ๐˜„๐—ต๐—ฎ๐˜ ๐˜๐—ต๐—ฒ๐—ถ๐—ฟ ๐˜๐—ถ๐—บ๐—ฒ๐—น๐—ถ๐—ป๐—ฒ ๐—ถ๐˜€ ๐—ฎ๐—ป๐—ฑ ๐—ต๐—ผ๐˜„ ๐˜๐—ต๐—ฒ๐˜†โ€™๐—ฑ ๐—น๐—ถ๐—ธ๐—ฒ ๐˜๐—ผ ๐—ฝ๐—ฟ๐—ผ๐—ฐ๐—ฒ๐—ฒ๐—ฑ.

#3: Consumers arenโ€™t convinced they know how to pick the right financial advisorโ€ฆ And theyโ€™re right โ€“ Itโ€™s confusing. 2/3 of those surveyed said theyโ€™re โ€œunsureโ€ or โ€œonly somewhat comfortableโ€ when it comes to selecting the right advisor for them. We have a rule at Lone Beacon when talking to our clientsโ€ฆ ๐—ง๐—ฟ๐—ฒ๐—ฎ๐˜ ๐—ฒ๐˜ƒ๐—ฒ๐—ฟ๐˜†๐—ฏ๐—ผ๐—ฑ๐˜† ๐—น๐—ถ๐—ธ๐—ฒ ๐—ฎ ๐—ป๐—ฒ๐—ฟ๐˜ƒ๐—ผ๐˜‚๐˜€ ๐—ณ๐—ถ๐—ณ๐˜๐—ต-๐—ด๐—ฟ๐—ฎ๐—ฑ๐—ฒ๐—ฟ. People need a simple solution and they need to know what they should be expecting and when it will be delivered. ๐—ง๐—ต๐—ถ๐˜€ ๐—บ๐—ฎ๐—ธ๐—ฒ๐˜€ ๐—ฒ๐˜ƒ๐—ฒ๐—ฟ๐˜†๐—ผ๐—ป๐—ฒโ€™๐˜€ ๐—ท๐—ผ๐—ฏ ๐—ฎ ๐—น๐—ผ๐˜ ๐—ฒ๐—ฎ๐˜€๐—ถ๐—ฒ๐—ฟ.

Lifeโ€™s too complicated already and there is too much information and too many people handing it out, so it just becomes noise. The common denominator here is, we need to be more aware of consumer trends than ever. Our world is changing. Buyers have more choices than ever. Our prospects are getting WAY more conflicting stories than they ever have before. And as a result, itโ€™s eroding their confidence in making a decisionโ€ฆand their ability to trust. Understand how consumers buy, and adapt.

About theย Author: John grew up in Schenectady, NY & received a scholarship to Norwich Academy. He began his broadcast management career at WOR, learning spoken word marketing from the best in the business with a specialty in financial and long form. John managed broadcast sales for some of the best known sports teams in the world, at the most legendary stations. However his true passion is in the world of direct response advertising to baby boomers and their parents. In this space he has worked with some of the best brands in America. John lives in Boston with his wife, Melissa who is also a broadcast executive, and French Bulldogs Lou and Sal.

Financial Advisors: You Donโ€™t Have a Lead Problem, You Have a Closing Problem

How much would you charge your #1 competitor for your last 50 unclosed leadsโ€ฆthat you paid for?

Now if you were coaching someone who just paid a bunch of money for prospects, what sales advice would you give them? And would you take your own advice?

Weโ€™ve worked with hundreds of advisories and have had thousands of conversations over the past 10 yearsโ€ฆand only a handful โ€“ maybe โ€“ said they had a sales problem. But nearly every one routinely had lead problemsโ€ฆ no matter the source.

๐—ง๐—ต๐—ถ๐—ป๐—ธ ๐—ฎ๐—ฏ๐—ผ๐˜‚๐˜ ๐˜๐—ต๐—ฎ๐˜.โ€ฏ Universally the lead sources are trashedโ€ฆbut almost never does their ability to close. Leads can always be betterโ€ฆand so can the way we use technology to push them down the funnel.โ€ฏ But letโ€™s be honest: ๐—ง๐—ต๐—ฒโ€ฏ๐—ถ๐—ป๐—ฑ๐˜‚๐˜€๐˜๐—ฟ๐˜†โ€ฏ๐—ต๐—ฎ๐˜€ ๐—ฎ ๐—ฐ๐—น๐—ผ๐˜€๐—ถ๐—ป๐—ด ๐—ฝ๐—ฟ๐—ผ๐—ฏ๐—น๐—ฒ๐—บ.

The reality is, itโ€™s going to be a small number of closes relative to total prospects. AND the fact โ€ฏthat weโ€™re onโ€ฏour prospectโ€™sโ€ฏtimeline more than ever, makes it even harder.

So youโ€™ve got to treat every lead, like theyโ€™re your next great lead.โ€ฏ This is a gritty process, but itโ€™s a total sales discipline that must be applied. The advisories that recognize that they are running a sales organization ๐—”๐—ก๐—— a financial planning practice are at a big advantage.

Whether youโ€™re the sole advisor or if you have a team of sub-advisors who work for youโ€ฆ๐˜†๐—ผ๐˜‚ ๐—ป๐—ฒ๐—ฒ๐—ฑ ๐˜๐—ผ ๐—ฐ๐—ฟ๐—ฒ๐—ฎ๐˜๐—ฒ ๐—ฎ๐—ป๐—ฑ ๐—ฟ๐˜‚๐—ป ๐˜†๐—ผ๐˜‚๐—ฟ ๐˜€๐—ฎ๐—น๐—ฒ๐˜€ ๐—ฑ๐—ถ๐˜ƒ๐—ถ๐˜€๐—ถ๐—ผ๐—ป. You put a lot of time, effort, and MONEY into leads.โ€ฏ Can you say the same thing about your sales infrastructure?

The person that you didnโ€™t close today isnโ€™t just lost revenue for youโ€ฆitโ€™s the family that you could have helped.

About theย Author: John grew up in Schenectady, NY & received a scholarship to Norwich Academy. He began his broadcast management career at WOR, learning spoken word marketing from the best in the business with a specialty in financial and long form. John managed broadcast sales for some of the best known sports teams in the world, at the most legendary stations. However his true passion is in the world of direct response advertising to baby boomers and their parents. In this space he has worked with some of the best brands in America. John lives in Boston with his wife, Melissa who is also a broadcast executive, and French Bulldogs Lou and Sal.

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John Capuano is available as an on-air and in-news marketing contributor and commentator. He can also be available for corporate speaking and consultation.

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โ€ข Contact: John Capuano
โ€ข Phone: (857) 350-4534
โ€ข Email: jcapuano@lonebeacon.com

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