Do you know some advisors who put their business into cruise control during the summer? That’s such a bad idea.
You probably know quite a few with significantly annuitized businesses who rationalize they will get paid regardless if they come into the office or not. They take long weekends. Ditto long lunches. After all, winter was so brutal and the weather is so nice… That’s not you, of course.
Here are ten reasons you want to keep your energy level up and seriously work during July and August:
1. First Half Portfolio Reviews. Half the year is gone. How did we do? What should we do different for the next six months? You have some good ideas, but you like everything the client owns already. These ideas will require fresh money.
Similar to the idea of repositioning in December so we will be ready in January, the end of the first half is a timely justification for reviewing and repositioning.
2. Many advisors don’t give 100% during the summer. This should mean less advisors are prospecting. Fewer advisors are calling their clients. Since you are doing first half of the year portfolio reviews, bring that up. It’s what you are doing. Have they gotten theirs yet? When was the last time they heard from their advisor?
At last! In a competitive environment, you have less competition.
3. The Labor Day wake up call. Once school restarts, many advisors think “I need to get back to work!” They look at YTD figures and realize they are behind because they hit the Pause button for the summer. They are lagging in their numbers. Their manager kindly points this out to them.
If you work during the summer, you probably won’t be behind when Labor Day comes.
4. Your manager will notice. On some summer days, you can walk around an office and see half the desks empty. People are enjoying the weather. On the other hand, they are not paying attention to their clients or ringing the cash register. Your manager is continuously being judged on their numbers regardless of season.
Managers have a degree of discretion. If an advisor leaves during the summer, the manager will want to reassign accounts to other advisors who will be calling those clients immediately.
5. Drinking outside is fun. You socialize with clients. You meet with them to discuss new ideas. You can have these conversations over the phone, but they are a lot more fun in a sidewalk café with a glass of wine in hand. People watching is an added bonus.
You get to meet and socialize with clients under almost ideal circumstances.
6. People are more at ease and relaxed. You will be under pressure to hit your numbers by year end. So will your clients. When you have half the year in front of you and the weather is perfect, it takes the edge off. Your clients and prospects should be more receptive to new ideas.
During the summer, you aren’t competing for their attention. Life moves slower.
7. There’s more opportunity to meet their friends. You like your clients. You keep in touch. They like you. You go out for drinks or iced coffee. They do the same with their friends too. If you tend to frequent the same places, it’s likely you will run into them. Alternatively, they might confirm drinks with you and ask if they could bring a couple of friends along.
When you meet their friends, there’s a good chance they’ve said favorable things about you.
8. The days are longer. How late do you stay in the office when it gets dark at 5:30 PM and the TV news announces yet another snowstorm is coming? You pack up and get out. When it gets light earlier and it gets dark later, many people don’t mind extending their workday.
You get more stuff done when the sun is shining and the days are longer.
9. It’s easier to get the specialist’s attention. Your firm likely makes some experts available. Often they work in fields like lending and insurance. Those products are complicated and different prospects have different needs. You don’t want to do those presentations alone if you can avoid it. Your specialist should have more time on their hands since so many other advisors are on vacation.
Specialists can help close business, but you need to get on their schedule and hope your client is available. This can be easier during the summer.
10. Christmas is coming. Five months from now, you will probably be under pressure to close the year strong. Meanwhile, you’ve got a full plate in terms of family and social commitments during the holiday season. Clients are gift shopping. They must hit their own numbers. The business you hoped would close before December 31st becomes “Let’s talk in the New Year.”
Continuing to work through the summer takes some pressure off getting business done in December.
You need a break too. It’s also easy to rationalize clients go away on vacation during the summer. Focusing on work in the summer months helps make your year and takes pressure off you in December.
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