Lloyd Williams

How are your New Years resolutions going? For many they have fallen by the way side like excess baggage. Yet at the time you created them, they were important to you. What changed? Maybe nothing. On reflection they may still be important to you. So why are they no longer active?

These questions reveal a problem we all face, both personally and as business owners. We and our clients want to make changes, but in the end most never happen. The dream, goal, or desired outcome is real, but unfulfilled.

There is a simple two word answer. NEXT ACTION. Without a defined next physical action our dream, goal, desire, or resolution is simply a nice slogan. Look back at what you resolved at the beginning of the year and identify the next physical action. Then block off time on your calendar this week, and set an appointment with yourself to complete that next action. Then identify the next action and set another appointment with yourself for the following week.

In less time that you can imagine today you will have accomplished your desired outcome and can set something new. Twelve months from now you will be amazed at all the things you have accomplished.

In December I resolved to begin the P90X Fitness Program in January. After the first month I am amazed how well I feel. Having just turned fifty-three, I look forward to seeing my abs again. Shedding 11 pounds and 5.4% body fat in a month, this program’s discipline of daily next actions makes this program successful. What desired outcome to you have? What desired outcome do your client’s have? Make them a reality by identifying the next physical action.

Attract Clients
10-Week Workshop

In the past this workshop was restricted to participants from a sponsoring firm. For the first time Lloyd Williams’ 2-Day Workshop is being offered to all financial advisors.

The same workshop used by over fifty top financial service firms is now available to you and your entire team through ten 90-minute conference calls. Lloyd will take you through all aspects of building and running a successful practice in today’s market.

The workshop is updated to include new material following the lessons learned in 2008.

Dates: Every Friday starting October 2, 2009
Time: 11:00-12:30 pm Eastern

To register for the workshop download registration form here and fax to 309-294-5519.

Advantages for your team:

• No travel expenses
• Entire team can participate
• Actionable ideas
• Fifteen hours of material
• Easy to implement
• Weekly feedback
• Email access to Lloyd
• Great refresher

Outline:

• Build a Practice in Today’s Marketplace: Fees or Not
• The First Conversation - Part One
• The First Conversation - Part Two
• Present a Unique Solution
• Handle Questions and Objections
• Be a Catalyst for Positive Change
• Action Plan for Change
• Build and Manage Your Team
• Counter Intuitive Investing
• Presentations to Move Money Now

If you attended the workshop in the past, come for a refresher and learn what has changed because of 2008. The ten weeks will allow you to gradually incorporate these concepts into your practice.

For half the price of an airline ticket you and your entire team can participate in the updated Workshop and apply it to your practice weekly.

REGISTER NOW

The new half-day workshop titled, What To Do Now is helping financial advisors during these difficult times. Many are replacing lost assets in a matter of weeks that were lost in the last quarter. The opportunity to grow your business is outstanding, see what others are saying.
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The window of time left is small, but the opportunity is great. In the next four weeks you can make a significant difference in the lives of others. And as they see in your actions your desire to help them achieve their dreams you can replace the lost assets that the market has temporarily taken away. So instead of just breaking even when the market returns, you can have a significant gain in assets and revenue, while having added outstanding value to the relationship.

 

 Four Next Actions Before December 15th: Play Now | Play in Popup | Download (5)

The window of time left this year is small, but the opportunity is great. In the next four weeks you can make a significant difference in the lives of others. And as they see in your actions your desire to help them achieve their dreams you can replace the lost assets that the market has temporarily taken away. So instead of just breaking even when the market returns, you can have a significant gain in assets and revenue, while having added outstanding value to the relationship.

Example script for call to Top 25

Mr. Client over the past several weeks we have talked to many people who are worried and fearful. They had no one to help them understand their situation. If you know someone you respect and value who is worried, there is no need from them to be in that situation. We’ll be happy to take them through the same analysis we use with each of our clients, at no cost or obligation, to make sure that they know where they are today, where they want to be in the future, and have a plan of action to get there. We do not what someone you care about to be afraid.

We will post the audio file and notes from the conference call next week.

The following is an excerpt from the new Second Edition of Attract Clients that will be available soon.

There are times when the biggest difficulty you face in business is getting clients to commit their funds to an investment choice. Perhaps they agree with the concept of fee-based assets and even go so far as to say they want to place their money with professional managers, but then the question becomes not so much what to do or how to do it, but more importantly when. When is the best time to make the change and move the assets?

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With the markets in turmoil and your clients worried, what do you tell them and what is your most important next actions. This podcast will help you focus your attention on what to do now in you practice.

The notes for this Podcast are here.

 

 What to Do Now: Play Now | Play in Popup | Download (9)

The following notes from the conference call today is an expansion of what I have been discussing with my coaching clients over the past several months.

Be positive.
Clients do not need you to parrot the negativity of CNBC or the local paper. They need hope in a times of crisis, not someone to shout “the ship is sinking.” If the market is going down stating the obvious is of no value. Your job is to be a valued added strategic partner. You help them achieve their dreams. In difficult times clients are distracted from their dreams and you must first deal with the distraction before you can refocus them on their dreams.

Two Great Resources
We are lucky today to have two great resources from knowledgeable experts to help in refocusing our clients.

Fed Chairman Bernanke’s Speech to the Economic Club of New York, NY on October 15

Click here for the speech.

1. The speech is good, but the important information is in the answers he gave during the Q&A.
2. This is not 1929-32 - we learned from our mistakes. Hover waited three years to respond and then tightened money. Fed acted immediately and loosened.
3. Fed Reserve has doubled in size, giving it a greater ability to impact the economy positively.
4. Everything hinges on the banks lending money again.
5. Therefore the Fed’s money will be used to stimulate the economy, if a bank does not lend money they will not be given money. They will learn quickly to start lending.

What controls the market?
What makes the Market go up? Cash flow. What makes the market go down? Lack of cash flow.
Cash flow into the economy is cash into the market. The infusion of $800 billion into the economy will be a stimulus

See Mastery Habit - Never Follow Institutional Managers During Extremes in the Stock Market

SO WHAT DO YOU DO NOW IN YOUR PRACTICE?
First, realize what is happening - you are surrounded by a crisis situation. People are panicking and need your help.
Second, respond properly to the crisis - with a calm, clear head.
Third, act quickly - great leaders do not delay. Rarely does delay improve a situation, it just postpones the problem. Be decisive.

See Mastery Habit - In Good Times Focus on Clients, In Bad Times Focus on Prospects

To review:

1. Prepare yourself
2. Settle clients’ worries through a rational argument using mass communication
3. Ask if they feel a need to reassess there risk and comfort level
4. Offer an opportunity to help others they know who are not being communicated with properly
5. Focus on prospects

How to Focus on Prospects

1. Add paragraph mentioned earlier to the bottom of your mass communication.
2. Contact every existing prospect, even those who told you to call them later. Offer them a “no cost, no obligation” analysis.
3. Call your Top 25 and ask for an introduction to other they know are worried. This is the only time you can do this without risk.

The press continues to encourage investors to watch what the institutional and hedge fund managers are doing as an indicator for what they should do. And because they are selling, so should the investor. This is foolish advice, because institutional managers, during the extremes of the market, are never doing what they personally want to do. Because of redemptions during crashes and infusions of new money during rallies they are forced to liquidate or invest against their own best judgment

Investing is counter intuitive. One of the great counter intuitive investors is Warren Buffett. Read his letter to the New York Times here.

Forwarding this letter to clients might be a good way to comfort them in these difficult times.

Lloyd Williams’ Conference Call

Subject: What To Do NOW in Your Practice…

Date: October 27, 2008

Time: 2:00 PM Eastern

Call in number: 646-519-5883 (note please mute your phone)

PIN: 1027#

Bridge Instructions:
The bridge will open up 5 minutes prior to the start time.

Functions for Callers:
To place oneself in mute, enter *6
To remove oneself from mute, enter *6

NOTE: The bridgeline is limited to 500 callers. If you call in after the max is reached you will recieve a busy signal. Branches please use conference room with speaker phone on mute.

Please read Lloyd’s Mastery Habit post titled In Good Times Focus on Clients, In Bad Times Focus on Prospects (click on the link)