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Kevin
launched his career as a financial advisor in September
2001. At first, his timing seemed unfortunate.
"I
was watching the 9/11 terrorist attacks on television
and my heart went out to the victims' families and our
nation," he told me. "As I saw all of this,
I wondered if my career change was a smart idea."
However,
it turned out Kevin was in the right place at the right
time. With his focus on serving clients, he was able to
help people through a confusing financial and personal
time. And he built an impressive client base from scratch.
His financial results are a testament to his success.
But Kevin measures his career in a different way: he wants
to help others and leave a positive impact on the world.
Kevin's
success offers lessons that can help other financial advisors
transform their business from "good" to "great."
Here is Kevin's story.
FROM
JUDO TO FINANCES
Kevin's journey to financial advice followed a winding
path. An athlete at heart, Kevin competed in the 1988
Olympics and won a Silver Medal for judo. Then after working
a few years at an electrical contracting company, he decided
to become a pastor.
For
eight years, Kevin served a congregation at a Christian
church on the Hawaiian island of Oahu. Though the work
was fulfilling, he felt a tug toward financial services.
With his degree in accounting, his passion for helping
others and his athletic desire for a challenge, Kevin
was slowly realizing that financial services was the next
step in his career.
The
problem: He had no savings, so a career change would be
difficult. On top of that, he did not want to be a "sales
person."
"I
looked at all the different angles," Kevin told me.
"One of the things that sold me on the career transition
was when my friend (and future manager) Herb told me about
this outstanding marketing system he used. He was referring
to the Effort-Less Marketing Research Interview process."
When
Herb offered to hire Kevin and provide him with a small
base salary to help with the transition, Kevin jumped
at the opportunity.
FIRST
STEP: RESEARCH INTERVIEWS
To get started, Kevin made a list of roughly 300 people
he knew, and then divided them into A, B, and C prospects.
He set out to conduct research interviews with approximately
40 of the A prospects. During these interviews, he asked
his friends and associates for help and advice on his
new career.
Kevin
understood that the Effort-Less Marketing process is centered
on helping people clarify what they want, not trying to
force them into buying something. Because he was trained
in counseling and advising people, he approached the meetings
as an opportunity to help others.
This
approach is very different from a typical sales process.
When you try to "sell" people, they tend to
resist. However, when you try to help them, they work
with you. That's why we call it Effort-Less Marketing.
"The
thing I like most about the research interview process
is that you are finding out what people's needs and wants
are, instead of just telling them what you have to offer,"
Kevin said. "The research interview is a relationship-oriented
way to get people talking about their finances instead
of just coming right out and asking them for the information."
Kevin
told me he was initially concerned that some people would
question his competence and wonder, "Why should I
trust you to provide financial advice and help me manage
my money?" However, that question never came up.
Instead, people were interested in his career change.
They would say, "Being a financial advisor and being
a pastor are quite different aren't they?"
His
response was, "No, it's pretty much the same thing.
The difference is that as a pastor, you're only dealing
with spiritual matters. As a financial advisor, you're
dealing with financial counseling, but you are also getting
to the heart of the matter - what people truly want in
their lives. You're just reaching that point through a
different route."
Kevin
said that for him, the motivation behind both careers
is the same. "I'm here to help people," he said.
"And what I found quite interesting is that in my
role as a financial advisor I often learn more about someone's
personal situation than I did when I was a pastor."
Said
Kevin, "Since I didn't know anything about the industry,
I did the research interviews to gather 'soft' data. I
asked people what was important to them and what they
wanted in their lives."
Typically,
at the end of the interview Kevin says something like,
"We covered a lot of ground here today. Would it
make sense for us to get back together and discuss specific
ways we might be able to help you in some of the things
we've talked about." Because he approached the matter
as a counselor and not a salesperson, a large number of
people accepted Kevin's offer.
ESTABLISHING
A PROCESS
Kevin told me, "At first, after 9/11, I thought it
would a terrible time to get into the industry, but with
the market going down, many advisors aren't calling their
clients, and people have a lot of questions and concerns.
It is not unusual for them to say, 'I don't know what
to do with this money,' or 'I have questions about this
policy.'"
To
help his prospective clients navigate their concerns,
Kevin established a straightforward process for providing
service.
First,
he gathered the "soft" data during a research
interview. He specifically listened for ways he could
help his potential clients. If he saw an opportunity,
Kevin would then bring Herb or another experienced advisor
into the picture to help design solutions for the prospective
client.
As
Kevin became more comfortable with the industry, he started
gathering soft data and hard data during the research
interviews. He now brings this information back to Herb
or Dan and works with them to define a set of solutions.
Then they visit the prospective client together.
The
key for Kevin is to avoid talking about products or solutions
at first. Instead, he focuses on each prospective client's
concerns, interests, and needs. Only after he understands
a person's situation does he begin to think about the
services that could help them. Through it all, Kevin enjoys
trying to find the right solution for each specific situation.
"I
like the challenge of the financial service industry,"
he said. "Every day, it's like going to an athletic
tournament. You have to remain focused and motivated."
STRONG
FINANCIAL PICTURE
Kevin's approach to financial advice is clearly making
an impact. In his first full month in the industry, Kevin
made over $12,500 in gross dealer concession. Last year
- his first full year in the industry - Kevin earned $290,000
in gross dealer concession. Not a bad start, considering
2002 was the worst year in the financial markets since
the great depression.
I
asked Kevin what he thought about his spectacular success.
He answered, "I'm kind of overwhelmed with the success.
I was very, very surprised. But being an athlete, I found
that when you win a championship you think, 'O.K., next
time I've got to try even harder.' I know this is a tremendous
blessing for me, but at the same time I'm planning for
an even better future."
Kevin's
goal, however, is not the money. As he explained, "I've
always wanted to have a major impact. My goal is not to
be rich or have a lot of material goods, but to make a
large, positive influence on the world. In fact, eventually,
I'd like to work internationally and help people in other
countries."
Indeed,
Kevin's manager Herb has attracted a group of top-notch
advisors who truly care about their clients. Case in point:
one of Herb's goals is to give away 90 percent of his
income.
From
my perspective, this outlook is a much more powerful place
to come from rather than just "wanting to make a
lot of money." Ironically, it seems those advisors
who really want to help their clients end up making a
lot more money than those advisors who are simply in it
for the money.
ADVICE
FOR READERS
Kevin shared several words of wisdom for readers.
"One
reason I'm successful is because of what I learned as
a pastor," he said. "I realize that this business
is not just about finances and investments, but about
relating to people and being able to listen. And when
they open up to you, they feel comfortable with you, and
then they feel they can trust you with their money. That's
what makes this business effortless."
Kevin
also learned that relationships are critical. During his
research interviews, as he talked to people he had known
for years, he discovered things that he'd never known
about them. This allowed him to take the relationship
to a new level.
He
also benefited from mentors who helped him early on. "I
have three advisors that I call my success coaches,"
he told me. "I asked if they would be willing to
come along and help me become successful. They've been
very instrumental in my career."
Teamwork
is equally important, he said. Kevin's manager and fellow
team members were always there to accompany him on meetings
and help him strategize solutions for prospective clients.
They worked hard at making him successful. At his office,
it is truly a give/give situation.
In
closing, Kevin shared his thoughts about the industry.
"I think the business is really about personal development,
integrity and honesty," he said. "It is having
the right values and wanting to truly help people instead
of just make money. This is how I will have a positive
impact, leave a legacy, and improve people's lives. The
way I see it, I am using my career to impact others in
a positive way - and if that is your focus, the money
will come."
Kevin
is the epitome of an Effort-Less Advisor. He truly is
an un-salesperson. I nominate him for the Rookie of the
Century-the role model for financial advisors for the
new millennium.
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