By Jeremy Nason

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 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

a solid foundation. They do not have a marketing plan. They have not defined who their ideal prospect is. And, they do not have a set sales process.

6. Mistake...Selling a product or sales idea - instead of solving a problem. Are you focusing on “selling”, instead of “helping” people? Do you want to increase your productivity? Then learn to ask the right questions to help people to identify and understand what they need and want. Focus on their needs and wants. Keep your own goals and agenda out of the conversation.

7. Mistake...Talking too much - poor listening skills. We all love to talk about our products or ourselves, but we need to focus on asking questions and then listen to our prospects’ needs, concerns, and challenges. When we listen first before we talk, then we will understand what is driving their buying decision. Our prospects will tell us what they want, the problems they face, and what it will take to get on board. We just need to take the time to truly listen. The key to successful sales is the ability to meet prospects’ needs and wants, so that we create a relationship with our clients that keeps them coming back.

Only after you have listened to them and have taken the time to understand the why of the issue... will you be able to solve the problems... that they want to solve!

8. Mistake...Not practicing. Many of us enjoy playing sports. All of us love to win. But to consistently win, we must practice. Consider, champion tennis players like Nadal and Federer. How much do they practice? Most people make the mistake of winging it in every part of their process. Do you have an elevator speech, referred lead talk, appointment script, etc.? How often do you practice your delivery skills, such as asking the right questions to drive the conversation? In the past month, how many times have you practiced your appointment script? We will improve when we practice and master the basics.

9. Mistake...Not seeking help or coaching. Consider, most of us know what we need to do to increase our income. But for most of us, ‘knowing’ is of little value. For example, we all know that exercise is beneficial, but do we do it? Or we know that eating more vegetables is good for us, but do we? Those who are truly committed to being their best get a coach to keep them on track. No athlete could ever make it to the Olympics without a coach. Many successful business owners, executives, and salespeople have their Executive Coach for the same reason. Professionals have coaches. Amateurs do not. Coaching helps the best to get better... the good to become great... and the struggling to break through.

10. Mistake...Lack of Confidence and Passion. Oftentimes, the difference between acquiring a client or not is about your level of confidence. If you allow yourself to get caught up in the bad news of a “struggling economy”, then you may freak out. You may not project yourself as the confident financial professional that you are. Remember that desperate people never get dates. Similarly, desperate consultants rarely acquire clients. You are good and so are your products and services. Be confident and exhibit skills that will help you to gain clients. Client acquisition requires passion to be successful. As the owner of your business, you know that you can help people. But if you are not passionate about it...then your efforts will not work. Be honest with yourself...how many of these consultant mistakes do you make? Are those mistakes hurting your practice right now?

Starting today, focus on fixing just one of these mistakes and you will be amazed at the good things that will happen. You will soon be on your way to earning the six and seven-figure income you want!

Jeremy B. Nason, RFC®

Jeremy B. Nason, RFC® is the co-founder of the Insurance Pro Shop™ – The first affordable, full-service Insurance Marketing and Sales Resource Center for today’s Financial Pro, and Found Money Management™, a life insurance sales training system dedicated to helping Middle-Income Families to ‘Live Debt Free and Truly Wealthy!’

Contact: (877) 297-4608 jeremy@insuranceproshop.com www.insuranceproshop.com

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