Knockout Networking for Financial Advisors and Other Sales Producers: More Prospects, More Referrals, More Business

By Michael Goldberg

90% of financial advisors fail at being financial advisors. Why? Because advisors, brokers, reps, and agents need to see more people to make more sales appointments. And nobody in their firm, agency, branch, or shop trains them how! Knockout Networking for Financial Advisors is the only book written for sales producers in the financial services industry focused on making more connections through networking

In the wake of the COVID 19 pandemic, networking, developing relationships, generating referrals, and making important connections are as important as ever. The ideas and approaches in Knock Out Networking for Financial Advisors can be applied immediately to virtual meetings, online networking groups, social media, podcasts, and of course, phone calls. The problem is, most advisors and sales producers are not born networkers; they develop the skills and confidence through education, training, practice, and having a positive attitude.

Knockout Networking for Financial Advisors covers everything you need to know about going to the right places (virtual or not!), saying the right things, and meeting the right people―essential skills for a financial advisor or sales producer that's serious about making more and better connections! The result? More prospects, more referrals, and more business.

Author Michael Goldberg is a networking specialist, speaker, trainer, author (and boxer!) focused on helping financial advisors, brokers, agents, reps, wholesalers, and other sales producers grow their business or practice through networking.

In this must read if you re a financial advisor book, you will learn how to:

• Confidently meet and greet new people in business settings
• Further define your Target Market to establish more and better connections
• Deliver a knockout elevator speech (not a script!)
• Generate more prospects and referrals from current client base
• Establish important relationships generating more business opportunities

Bottom line, networking is the most effective way to attract more prospects, more referrals, and more business to your corner. Remember keep the left up!

• Language: English
• Publisher: Wiley
• Release date: Mar 31, 2020
• ISBN: 9781119651925

Book preview

Preface

When you put the gloves on, it's better to give than to receive.

—Sugar Ray Leonard

Great quote from an all‐time great boxer! Better to give than receive. The same holds true when networking. It's about giving and giving more.

You may have noticed that there are boxing gloves on the cover of this book. This must be a boxing book! Of course, if you're in a bookstore or ordered this book online, you would know it's a book about networking. Sorry to disappoint you.

Look on the bright side. Maybe the ideas in this book are knockout ideas. Or the stiff jab you need to grow your business. Or the one‐two punch to networking. (Was that title an option?)

There are countless boxing metaphors, expressions, and quotes that come to mind when you associate boxing with business. Well, the fight is certainly on when you decide to become a business owner or sales producer. If you've decided to become a financial advisor, you better be ready to lace up your gloves.

If this is you, you know what I'm talking about. Every day is a fight, baby!

Until you get going, get busy, and get good – as they say in the ring.

Yes, back to boxing for a moment.

Networking, Like Boxing, Is about the Connection

The more great connections you make in a boxing ring or when growing a business, practice, sales team, branch, agency, complex, region, or territory, the more successful you will be.

I have shared that message with literally thousands of financial advisors, brokers, agents, planners, sales managers, business owners, hedge fund managers, private equity bankers, real estate agents, pharmaceutical reps, software sales producers, and just about any type of sales producer you can imagine. And job searchers too. Audiences from all over the world.

If you fall into at least one of the categories I just mentioned, yes, this book is absolutely for you! That is, if making more and better connections to produce more business is important to you.

Most things that are important in life come down to the connections you make and the relationships you establish. The positive ones do anyway. That's what this book is about: being more focused, having more fun, being more confident, and ultimately generating more business.

As in boxing, it's all about the connections you make.

Jumping Rope, the Heavy Bag, and Roadwork

Still disappointed this book is not about boxing?

I am in fact a registered amateur boxer (not a professional). I do hit the heavy bag. And the speed bag. I jump rope, get my roadwork in (running), and occasionally get in the ring and spar for many more rounds than kids half my age. I work hard, train hard, hit hard, and give it my all every day to be the best I can be.

That's both in and out of the ring. Here's how it all started for me.

I have always admired anyone who could jump rope and look cool doing it – like a boxer.

Years ago, I remember staring at a guy jumping rope on the other side of my gym. Even from a distance he looked cool, and what's more is he made jumping rope look so easy. I would come and go to the gym every day and look over and there he was, jumping rope and looking cool. It took me just over two weeks of watching and admiring him to finally get enough nerve to walk over and ask if he could teach me. To jump rope that is. I figured the cool part would come later.

I approached him in the middle of his set and after introducing myself, I asked if he could show me the ropes so to speak. I didn't actually say that but now that I think of it, I'm glad I didn't.

I will refer to the cool jump rope boxer guy as Dan because that's his name. When I asked Dan if he could teach me to jump rope, he looked at me a bit baffled and said that I looked like I could jump rope. It was a nice compliment. I gave Dan a quick demo to convince him I didn't have the nifty footwork he did. It didn't take all that much convincing.

I found out that Dan was a boxer in college and spent a lot of time working on his running, footwork, and of course, the jump rope. Dan actually dared me to come back to him when I could complete twenty jumps in a row. He probably just wanted to get rid of me so he could put his music back in his ears and get back to work.

Anyway, I promised to bother him again when I could skip twenty consecutive times over the rope and in two weeks that day came.

That dare turned into a hundred jumps in a row (and more!), a friendship, a badass skill in a combat sport that's changed my view of the world, a brand, a training and consulting business, and the title of a pretty cool book with boxing gloves on it. Not to mention lots of speaking, training, coaching, consulting, and an online course that companies either subscribe to or host on their Learning Management Systems (LMSs). And more!

Without making that connection to Dan, I guess I'd be telling different stories. The point is that this is not just a boxing story but a networking story. If I never had the guts to introduce myself to Dan, none of this would have happened. No boxing. No story. No jump rope. No glory. No networking. No connection.

How many opportunities have you lost simply because you didn't start the conversation, ask the question, make the introduction, or request the help? Don't we leave opportunity on the table every single day?

Certainly, if you're a financial advisor, broker, agent, associate, planner, rep, producer, or really any type of salesperson, you probably see how important it is to make great connections. And to be intentional about making them. Especially if your paycheck, bonus, commission, vig, ticket, or compensation depends on it.

The best way to make those connections is by networking and putting a process in place so you're always connecting and ready for the next counterpunch. (See what I did there?)

My hope is that Knockout Networking will give you the one‐two punch needed to get you to go to the right places, say the right things, and meet the right people. Networking is the single best way to add more contacts to your database, build relationships, grow your book of business, land the job of your dreams, solve most of life's problems, learn, and maybe even meet the love of your life.

Not bad, right?

Networking Is Your Knockout Punch!

The Wall Street Journal has stated that over 90 percent of all new business comes through networking. This shouldn't be a surprise. But what is a surprise to me is how many financial advisors (and other producers) don't take the time and make the investment to become better at networking. Think of how many more lives would be protected through life insurance, how many more working people could retire because of sound financial planning, and how many more seniors could rest easier knowing they have a good long‐term care policy in place.

That's just in financial services. If you're a sales producer in another industry, think about the problems you could help people solve and the value you can add to their lives.

Imagine how many more clients you could help if you could simply connect with more of the right people and discuss how you can add more value to their lives, not to mention yours.

Networking is the key!

What is networking? Networking is simply a proactive approach (although in some cases it could be reactive) to meeting people to learn and potentially help them. That's it – learning and helping.

The networking process involves face‐to‐face interaction but these days connecting is often started by a connection on LinkedIn or some other social media platform. But those online connections have to result in offline conversations: a Zoom or Skype meeting, phone call, or face‐to‐face meeting (in the same room) for real connections to happen and for trust to be established.

If networking is so important, why do so many sales professionals, business owners, and job searchers avoid it or not spend the time to get better at it? Well, networking requires work. Heck, the word work is right in the word network. Not everyone is willing to put in the work to develop their network.

Many sales producers, and especially financial advisors, simply don't know where to start:

What should I be saying? Who should I be meeting? Where should I be going? Why am I doing this? Where am I? How do I know I'm making progress?

Then there's the fear factor or what‐if factor:

What if I meet someone I don't like? What if they don't like me? What if I run out of things to talk about? What if I need to start a conversation with a total stranger? What if I forget the name of the person I've been speaking with for twenty minutes? What if I forget my own name? What if I say something stupid? What if I don't know the answer? What if I don't know the question? What if I need to end the conversation and they won't stop talking to me? What if they try to sell me their product or service?

Have no fear. I wrote this book for you!

I understand that networking can seem daunting to both the new sales producer as well as the grizzled veteran. I get it. I was there once. Alone. Not knowing what to say and why I was even at an event. I was more focused on watching the time slowly go by rather than figuring out how to talk to people, learn, help, and have some fun talking about our respective businesses.

But you don't have to be an extrovert to be successful at networking!

By dedicating myself to learn about networking and how to master making the connection, I have managed to become an educator and professional speaker on the subject. Since July of 2000, I've been running a sales and training firm and have been hired to speak, train, coach, and consult with top broker dealers, Registered Investment Advisory (RIA) firms, asset management companies, banks, private equity firms, and hedge funds.

Also, companies in software, hardware, real estate, hospitality, and even universities have hired me to help their people develop their networking skills to achieve a goal.

Yes, achieving a goal – isn't that what the whole thing is about? Making the sale! Landing the job! Getting the girl (or boy)! Winning the fight! You can do all of this by making the connection.

In fact, I believe you can achieve almost anything by networking. As long as you're clear on what your goal is, you can almost always figure out where you should be going, what you should be saying, and with whom.

Here's the reality. Most people in sales take networking for granted. They don't realize what a powerful business tool it can be when done correctly. Networking is not about asking for business or pitching your product or service. It's about building, establishing, and maintaining positive (and fun!) relationships.

Then there are those who understand that networking is important but aren't sure how to do it properly. Or think they're doing it properly but aren't getting the results they're looking for, or are getting no results at all.

I have written this book for the people in both of those camps.

In addition to my speaking and consulting work, I've been teaching a public speaking class as an adjunct professor at Rutgers University for many years. I have shared many of my networking ideas and approaches with thousands of students to help them land internships and jobs. It brings tears to my eyes every time a student shares a success story with me based on their networking.

In fact, I've been teaching so long that many of my former students have gone on to have great careers. Some have tracked me down on LinkedIn and have had their companies hire me to speak and train their sales teams. How cool is that?

Yes, I live and breathe this stuff!

Bottom Line!

Anyone who is willing to make a concerted effort to devote the time to learn and practice the art and science of networking (the sweet science!) will develop the skills necessary to grow a business, land a job, maybe save a life.

Every tip, idea, approach, story, anecdote, suggestion, process, and recommendation in this book is based on my personal success and failure at networking. I also base a lot of my approaches on the success and failure of clients as they work hard to grow their own businesses. Then there are all of those students and job searchers looking to develop their own networking paths.

There are no theories here, only proven approaches that have worked for me and those I have had the privilege to help along the way. And if I can practice these strategies and succeed, anyone can do it!

This book will teach you all the networking strategies you need to know: how to deal with sticky situations, develop a target market, perfect your elevator speech, and generate more referrals. You will learn about the right places to go, the right things to say, and the right people to meet (and all the wrong stuff too). You will learn how to work a room, follow up, follow through, start your own networking group, greet people effectively, exchange business cards (that still happens!), end conversations tactfully, and develop your very own networking fight plan.

Most importantly, you'll learn how to develop ongoing strategies to make great connections and establish important relationships.

If you're a financial advisor, this might be the most important book you ever read about prospecting, developing important relationships, and establishing a network that will help you grow a successful practice or business. Bold statement, I know, but twenty years of my experience working with financial advisors is right here between the covers of this book.

If you're not a financial advisor but you're focused on selling something else – real estate, printers, phone services, software, shampoo, cars, window treatments, flowers, or if you're focused on landing a job – this book is still for you! And that goes for business owners too!

Building relationships and establishing a network translates to almost all sales‐related professions focused on proactively developing a book of business.

I may use the terms financial advisor or financial services often, but please replace whatever financial‐based term I may use with whatever position you happen to be in. From time to time when I say financial advisor I may add and other sales producers, but I won't do that every time as it may get to be a bit annoying.

It's more important to me that you embrace the ideas and approaches I'm discussing and apply them to your own business, your own objectives, your own scenarios, and your own successes. Basically, understand the concepts I'm sharing and own them!

By purchasing and reading this book, you have taken a major step forward in your business or practice (and in many cases your life). I am thrilled and honored to be in your corner as you learn and achieve success through networking.

If I can offer further guidance, feel free to visit me at www.KnockOutNetworking.com or follow me on my social media channels. Remember, it's about the connection.

Touch gloves and come out networking!

Michael Goldberg

Jackson, New Jersey

Part 1

Opening Rounds

In boxing, the opening rounds are usually the time that both fighters are getting warmed up while getting a sense of their opponent's style, speed, and power. Rarely does anything significant take place in the first couple of rounds (like a knockout), although fighters like Mike Tyson made knocking out their opponents in the first round part of their style. (Tyson knocked out 22 opponents in the first round, which is second most all time among fighters who have won a title.)

Well, unlike in boxing, as we get into the opening rounds here, I'm going to get right into it!

I'll discuss why networking is so important if you're in sales, especially if you're a financial advisor, broker, agent, planner, or product wholesaler. The reality is that you won't be very successful in your business, practice, or job if you don't know how to connect with people you meet for the first time, develop relationships, and add value to your clients.

After reading through this section, you might discover that you weren't as good at networking as you thought. (This is the most common revelation financial advisors share with me after they have attended one of my Knock Out Networking seminars or keynote talks.)

Of course, you might also realize that you're better at networking than you thought you were.

Even if you are a knockout networker, you might wonder why you don't connect with as many prospects, clients, and referral sources as you would like. Or why they might not connect with you.

Remember, networking, like boxing, is about the connection. And in Part 1, you'll learn how to make more of them in the opening rounds.

Ding‐ding!

CHAPTER 1

Networking Is the Key to a Successful Career: (Especially in Financial Services)

Networking allows you to build strategic relationships where you can ‘nest’ and become a valuable resource within target markets.

—Susan Cooper, Managing Director, Prudential

Why Financial Advisors Should Network

A position in sales is hard. Really hard! Especially sales positions that offer a very low barrier to entry, high turnover, an expensive product, compensation that is commission only (no salary), an important product that is often intangible and difficult to sell, limited training in sales and marketing, and very little risk to the organization.

Welcome to the insurance and financial services industry! If you're a financial advisor, broker, planner, agent, or rep, you know what I'm talking about.

Of course, sales positions in other industries offer similar challenges, including real estate and distributors that sell products through multi‐level marketing (MLM) channels, but sales positions in insurance and financial services are like no other.

When you think of major insurance companies and financial services firms, you can't help but picture well‐known logos posted on the sides of office buildings, nice dark brown furniture, waiting areas with actual printed copies of the Wall Street Journal on the coffee table, flat‐screen televisions with MSNBC and ongoing stock updates, conference rooms, and lots of people walking around in business suits.

Everyone here must make a lot of money!

But the reality is that a very small percentage of insurance and financial services sales producers become successful. And by successful, I mean growing a thriving practice, business, or career where you can come and go as you please and the money keeps coming in.

Industries like banking, private equity, technology, pharmaceutical, telecommunication, food and beverage, and even wholesaling financial services products like mutual funds often provide a generous salary to salespeople with a commission structure. The salary component alone changes the game completely. In these types of positions, you're more of a corporate employee than a sales producer, business owner, or entrepreneur who needs to sell to survive. Of course, positions in some of these industries are in high demand, so in many cases (though not all) there is pressure to succeed.

I'm not judging. It's just the way it is.

In fact, in many industries, you can be a bad sales producer, or worse, not care that you're a bad sales producer and get away with it – for years and years and years.

As a trainer and coach, I've been hired to consult with banking teams whose sole purpose is to provide loans and other related banking services to either businesses or individuals. Some of those bankers have been allowed to remain in their positions for years and fail. In fact, I know struggling bankers who have been in their roles for over ten years.

Here's the thing. If you're a financial advisor, broker, planner, agent, rep, or other type of sales producer in the insurance and financial services industry, you must be successful at producing sales, otherwise you won't put bread on the table. Simple as that. No salary. No income. No commission. No más.

It's the same story if you're an entrepreneur or business owner starting a business from scratch. Being on your own with no salary puts a lot of pressure on you to sell – and sell now.

Networking is the answer!

The need to make money now makes networking so important – essential, really – to a sales producer in the insurance and financial services industry.

As a financial advisor, once you learn about the products and services you'll need to sell, pass a test, and earn a designation or two, you're all alone out there. Once you talk to your family and friends about buying life insurance from you or having them allow you to manage their money, invest their money, take their money, and even borrow their money (until you get your practice off the ground), it's all about you asking for other people's money. And that's the only way for you to make your money.

As a financial advisor you must network to be successful. In fact, financial services firms should make networking acumen a requirement. I'm not sure why they don't.

If I was managing a firm and recruiting, hiring, training, coaching, and retaining productive sales producers was important to me, I would assess a candidate's ability to communicate verbally, to network, and to build relationships.

Many firms assess a candidate's natural market (their friends and family), and their network (often called their Project 100 or 200, depending on how many people are in their network). What happens when a brand‐new financial advisor runs out of family and friends to sell to?

On the other hand, if an advisor or sales producer has the skills to network (or works with a firm that helps them develop those skills), they can develop their own database ‐ forever. The teach a man to fish and you feed him for a lifetime proverb comes to mind.

Think of how much better prepared a financial advisor would be if armed with the ability to go to the right places, say the right things, and meet the right people, all while developing the right relationships.

Financial firms are doing new sales producers a disservice by not teaching them how to network to grow their business. And that is why most of them fail.

Top Producers Should Network Too

Top producers are the financial advisors (or other sales producers) who generate the most sales. Obvious, but thought I would put it out there like a stiff jab. Top producers win all the awards, go on all the trips, get the corner offices, have the ongoing praise and respect of management, and don't have to do anything they don't want to do. Meetings tend to be optional for them, so when a top producer goes to an office meeting or event, it's a pretty big deal.

In fact, top producers rarely need their managers for anything. That's why they're top producers.

Top producers set their own hours, play as much golf as they want, get the support of management for almost anything they want to do, have the admiration of their peers, and get the attention of any product wholesaler (those selling mutual funds, retirement plans, annuities, exchange traded funds, etc. through financial advisors) they want.

Top producers also tend to make a lot of income. So there's that.

Where do I sign up?

It's a pretty cool deal. Not bad being a top producer. But also not easy. It requires a lot of work and being a top producer is well earned. If