¬¬
Top 10 Mistakes Financial Professionals Make and How to Fix Them Let’s review the 10 top mistakes most consultants make that stop them from earning the six and seven-figure income they want. And then, what consultants can do to fix the mistakes right now.... even with all the problems that we have out there today! 1. Mistake...Always looking for shortcuts. You will be more successful and will earn a lot more when you realize that your success comes from mastering the basics of marketing and sales. There are no secrets, no shortcuts, and no magic bullets. Your success will take patience and determination. The get-rich-quick mentality is a disease, just like drinking or gambling. It can ruin your life if you do not stop it. You will not earn the income that you need and want until you stop looking for a shortcut. It is a huge mistake most professionals make! 2. Mistake...Spending all your time studying products. Product knowledge is overrated and misused in the sales process. As a result, making sales for most is just “pitching and presenting” the product. Studies show that 80% of training money is spent on product training. And then, because all that is learned is about products, you want to share all this information with your Page 29
clients. So the focus is just on products, when the focus should be on the sales skills training needed to identify and then solve the prospects’ problems! 3. Mistake...Failing to treat yourself as a professional. Professionals like doctors, lawyers, and CPAs all have one thing in common, they must study all the time to keep up to date with their skills. Yet how many financial professionals make the mistake of not looking for ways to update (increase) their skills? Many consultants have the attitude: “I’ve been doing this for years, what more can I learn?”. The Top Performers in every profession always look for the best ways to sharpen their skills so that they will gain the fine edge that leads to consistent success. The top sales performers study an hour every day to improve their marketing and sales skills! The more training you get to help people, the more clients you will retain and the more sales you will make! And when you learn to help people find the money, you will finally earn the money you have been dreaming about. 4. Mistake...Not approaching and staying in front of the people you know. Consider who do you trust
more - someone you already know or a stranger? Do you honestly believe that you help people? Are you focused on making a ‘positive difference’ in people’s lives? Then who are the first people you should be helping? Do you want your friends, family, neighbors, clients, and prospects to call you when they have a problem, need your help, or advice? Or, do you want them to call your competition down the street. Who is going to take better care of them, you or a stranger? Now consider, is there any business out there that does not depend on repeat business and referral from their clients. Do you want the people that you know to come to you for new and repeat sales? Then do not make the mistake most make... you must use a client monthly communication to stay in front of the people you know! 5. Mistake...Expecting to get overnight results. When you do not get immediate results from your marketing and sales efforts, do you just move on and try a new idea? Instead, you should measure and analyze your results, giving you an idea on how to proceed. Would you ever build a home without a strong foundation? Yet, most businesses are built without The Register | Spring 2022
