An exceptional experience
The following is based on one of The Covenant Group’s clients. All of the names and telling details have been changed.
All of the clients and cases we work on are rewarding, but over the last twenty-five years some stand out even more than others. Our experience with a client called James was one of those exceptional encounters that taught us something important about work and people.
James had been a financial advisor for four years when we first met him. He worked for a large producer group and had an average income - perhaps $40,000 to $50,000 a year.
When we first met James, it was as part of a training program we were conducting for his producer group. One of the first things we noticed about James was that he didn’t really seem to fit in with the rest of the advisors in his group. On breaks during the course, they would all gather in groups, talk, catch up on business, and personal matters. James, however, always seemed to be off to one side. He seemed defensive and hard to approach. Surprisingly, he was not reluctant to answer questions during the course. His answers were always intelligent and well-spoken. We suspected that James had a lot more going for him than met the eye.
When we had our first one-on-one coaching session with James we asked him where he’d like to be in five years. To our surprise, he told us that he would probably be making the exact same amount of money and seeing the same number of clients. All of the other producers had regaled us with dreams of huge improvements or significant life changes. James was definitely the odd man out. We probed a little deeper with James, trying to get him to open up about his life. We asked him if he was satisfied with the business he was doing. He thought for a second and then told us, that he really wasn’t. When we asked why he didn’t see himself improving, he explained that he worked very hard for that revenue, but no matter how many clients he saw, he never seemed to be able to break out into a larger income bracket like some of his co-workers. He was stuck with a large number of small clients.
When he mentioned his co-workers, James’ attitude seemed to darken. He told me that, in five years, he’d actually like to be with another producer group. We were surprised, because, from what we had seen, this group had all the makings of a top-notch team. Although James had a great deal of respect for the manager who had hired him, he just didn’t feel that he fit in. He didn’t feel that he got along with the others. He said that his wife, Pamela, who he had been married to for nine years, even thought they were a coarse and insensitive group. They had been on trip sponsored by their manager, and things had been so bad, James and Pamela ended up leaving early. After they left, Pamela told him she never wanted to go on another trip like that again.
We had a hunch about James, so we asked him to describe his life outside of work. What he told us was not a big surprise. He always went to the same place for dinner, always to the same place for vacation, and generally seemed reluctant to try new things. He had driven the same type of car for years and the style of his clothes hadn’t changed in just as long.
We were beginning to see what James’ problem was. We didn’t think it had anything to do with his clients, his wife or his co-workers. It had everything to do with James. It was clear to us that James’ issues were internal. At the heart of his trouble was a lack of self-esteem. He didn’t see himself as belonging to the group and didn’t think he was worthy. It seemed to is, especially after discussing his clients a little more, that James’ self-image was costing him both professionally and personally. He played safe and kept his life small. He was scared to open himself up to new experiences and as a result his life was stagnating. His business was flat, he wasn’t forming good relationships with his peers, and even his marriage had grown a little dry.
James was open to what we had to say but didn’t know how to change. Over the next few weeks we worked together on some strategies for building his business which we thought could break him out of his rut. We suspected that if he could make one breakthrough sale, it might really turn things around for him. During those sessions we explored how he might increase the revenue he generated from each of his current clients and how he might use those clients to generate more prospects. One thing we had noticed about James’ self-esteem problem was that it impacted not only his view of himself, but his perception of his clients. Because he thought of himself as a small entrepreneur, he saw his clients in the same light. As a result, he often didn’t see protection or investment needs they may have had. We showed him how to better evaluate his clients’ worth and to make sure that he was providing them with the best solution for their needs. We were trying to teach him to ask for more of his clients’ business. We knew he could do it.
One of the things we've learned is that the best advisors have one thing in common. They make people feel better about themselves. Their clients feel much bigger than they did prior to working with the advisor. We shared this idea with James and he intuitively grasped it.
When we turned to the issue of trying to generate new prospects, James told us he primarily used direct mail. This made sense because direct mail only required the prospect to mail in a reply card. It was a very safe and impersonal approach - but not very effective. Instead, we showed him how to ask his current clients for introductions to their associates and peers. We knew if he could master that skill, his business would blossom.
After three months of hard work and a lot of baby steps - James finally had his breakthrough. One day he came into our office with a huge smile on his face. He was dressed in a crisp white shirt and dark blue suit. Quite different from the old grey thing he had worn before. He slapped a printed envelope on the desk and said, “Thanks. Everything is going so well.” In the envelope were two tickets to Paris for him and Pamela. We were blown away. This was a very adventurous step for James. When we asked him what happened, he smiled again and told us that he had just had a meeting with a Mr. Corisio. He had been introduced to Corisio by another of his clients. Corisio was a successful accountant with a large family. By the time James had met Corisio and identified all of the needs he had for financial products, James was looking at a significant deal. James closed his deal and as a result made over $40,000 in revenue from Corisio alone. To celebrate he was taking his wife on the trip of her dreams. When he left our office we knew that James’ insecure days were behind him and he’d never have to worry about fitting in or being good enough again.
Lessons Learned
The lesson we learned from working with James is that making changes in your professional life can have a powerful effect on your personal life. A positive change in business often creates a positive result in your private life.
When we were able to show James how he avoided new and stressful situations, how he was reluctant to learn or try new things - his business and personal lives both improved. Living is really about growing and when anyone, let alone financial advisors, begin to stagnate, they paint themselves into a corner. They blueprint themselves for failure.
In James’ case, he needed to take more risks. When he started being more aggressive everything turned around for him. When he began asking for introductions and for more of his clients’ business he was able to meet and close a huge deal with Mr. Corisio. It wasn’t easy for James, but change never is. However, if we don’t take risks and try to expand our horizons, we cease to be challenged and often withdraw - both our personal and professional lives are bound to suffer.
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The Covenant Group is referred to by many as where entrepreneurs go to become Business Builders. They are considered to be thought leaders and authors of the best-selling books, The 8 Best Practices of High-Performing Salespeople, The Entrepreneurial Journey, and The Business Builder.