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1-715-262-2040

The Advisor Solutions Toolbox:

Equipping You with Strategies for Success Just three short months after my high school graduation I boarded an airplane bound for Europe with a goal to backpack through eleven countries alone; it had been a dream of mine to take this bold step into adulthood by going on such an adventure. As any backpacker can tell you, packing light is a necessity, take only what you truly will need or use and never leave home without the proper “tools”. For my anticipated needs, many of the right tools came neatly compacted in my Swiss Army knife. This multi-purpose tool came with a standard blade, mini-saw blade, can opener, screw driver, corkscrew and even a tooth pick. Many of these tools seemed little more than amusing features to me as I began my journey, only time and experience would show me otherwise. So what does my detailed description of my Swiss Army knife have to do with being a successful financial advisor? Simply stated, being equipped with the right tools for your business is a strategy for success. Often times, we do not see the value of these tools until we need them most. When I began the journey of building my financial advisory business, like many of you I studied for the Series 7 exam. I knew that this was merely a “tool” that would help me gain the knowledge to build my business. Upon passing the exam, my firm sent me off to their corporate headquarters for a three week training period which consisted of learning processes and procedures utilizing all of their resources giving me additional tools to help me succeed. After training, I order a phone book, bought a list of business owners and even photocopied the chamber of commerce directory believing that they would also be valuable tools as I searched for new clients. By then, I was confident that I had all of the resources I needed in order to be successful; little did I know how wrong I was! There were numerous tools I had yet to discover because I did not know I needed them. And I didn’t know I needed them because I had not yet experienced those issues. Most financial advisors run into similar challenges—not knowing what tools they need and when to use them in order to be successful. Now, remember a day you came to the realization that you had spent hours putting a financial plan together only to hear the prospect tell you “I need to think about it” and ultimately end up not getting the sale. What about the second, third or fourth time you heard that same objection? Maybe the thought crossed your mind that you needed some type of technique for handling that specific objection, or many of the more common objections for that matter? So why is understanding what tools you need so important in order to be successful? Because financial advisors who do not understand what appropriate tools to use, why to use them and how to use them effectively are doomed to come up against the same challenges. For instance the veteran financial advisor with fifteen years of experience who literally shared with me that seven prospects from each of his closing appointments from the preceding week were, “thinking about it.”

Lack of awareness is a common obstacle in our type of business. When asked why he did not prepare for this objection, he simply replied, “Because if I were making a large investment, I would want to think about it too.” Instantly, as his coach I realized that he needed a tool to test his limiting belief system which was that all prospects should go home and “think about it” he also needed another method to prepare himself for objections! The point is that it can be nearly impossible to understand what tools you need if you are unaware that you have a challenge to begin with. Broker/dealers spend millions of dollars a year providing advisors with software, information and back office support to help us succeed. But, at what point is it your responsibility to look past your existing resources and realize that you might need some additional tools for your toolbox? The answer is, the minute you realize that your present situation is not one you want to keep repeating. In order to truly move to the next level, you must first identify the challenges in your business, understand solutions to overcome them, find the right tools to help you apply these solutions and continue the process until it becomes a habit. Evaluating your results takes you back to the beginning of this process and soon challenges are merely opportunities to utilize tools for your success. So, why was the Swiss Army knife so important? I never dreamed that the mini-saw blade would come in handy to cut hard French bread, that the can opener would mean the difference between eating a meal or not or how important the corkscrew would become when I wanted to open a bottle of wine while sitting on a rock wall on the bluffs of the Rhine River watching the sunset. You just never know when you might need the right tool to enjoy your journey.

The Birth of the Advisor Solutions Toolbox

“You know what I need” said Anna a rookie financial advisor during a business coaching session with me in 2004 “I need some tools to make sure that I can implement these ideas that we have been talking about.” I paused in embarrassment at the fact that I had been coaching her for weeks focusing on her specific challenges but it had not dawned on me to design tools to help her utilize the solutions we had discussed. During that time, my business development consulting and coaching service was in its’ infancy. Although I had been a financial advisor for over a decade, I had only been coaching for a few short months and Anna was literally my second client. “Why do you thing that would help you?” I asked hoping she would clarify. She hesitated for a moment as if she were choosing her words carefully, “I guess because sometimes I forget what we talked about. It would be nice to have some tools or some information to refer back to.” Back then, I was using more of a pure “coaching” model which called for asking the financial advisor a series of questions to help him/her determine the appropriate solution(s). Occasionally, I would interject with a “consultative” approach by offering recommendations followed by action steps which the advisor was supposed to write down and complete before our next session. But, after her comment, I knew this approach was not being as effective as I had hoped. “So what you mean is that you need tools for each solution to help you focus on the day-to-day activities needed to overcome your challenges?” I curiously asked. “Yeah!” she quickly replied, “I get off the coaching call, get interrupted and then go about my day. The next thing you know a week has gone by and I didn’t do the activities that I told myself I would.” And therein lies the challenge with Business Development Tools. Most financial advisors, rookies and veteran advisors alike do not realize that in order to get better results, you need to not only understand the solutions to common challenges, but you need to utilize specific tools to implement solutions on a consistent basis; thereby, turning your new activities into long-term habits. Managing the many facets of your business can be difficult for financial advisors to master; the reason is because advisors work in a very re-active environment with many constantly changing factors, the fluctuating market, ongoing client concerns and compliance, just to name a few. In order to become pro-active in a re-active environment, you need to have the right tools, techniques and resources to help keep your day structured, your interruptions prioritized, your client servicing items organized and your motivation and momentum at full steam. Think of a carpenter going to work each day with his/her toolbox, without it they may not have the right tool(s) to get the job done. Your business is the same way. You need an array of tools to stay on track. All of the tools you will find in the Advisor Solutions Toolbox were created to help you manage the

multiple demands of your day-to-day responsibilities. If you use these tools long enough you will turn them into habits. However, it is important to remember that you also need to anchor your activities with positive reward systems and negative punishment systems; this is to ensure that any successful systems that you do utilize you continue to use! All of the tools and strategies you will find in the Advisor Solutions Toolbox can help you to keep your focus which is a primary challenge for most of the clients I have worked with. You can also create and add your own tools to this toolbox as you may find that some of your best tools are just variations of other tools you come across. Simply, if you are armed with the right equipment you can get down to the job of building a better financial advisory business! So, what happened to Anna? I took Anna’s comments to heart and began constructing tools to help her compartmentalize her annual goals down to quarterly, weekly, monthly, daily and even hourly activities. “Before I started working with Advisor Solutions, I was experiencing situational depression, finding it difficult to focus on my work and structure my time. But, since we have put a plan into place I am better able to handle the emotional ups and down’s that come with starting a financial advisory practice. And, as a result I have had a 500% annual increase in revenue” as she states in her audio testimonial on the Advisor Solutions website. The reason that Anna had such success is because she put into use the proper tools to keep her focused on her daily activities which in turn increased the amount of people in her pipeline which resulted in new clients, assets and additional gross commissions. What neither of us knew at the time was that her request for tools would turn into my obsession with creating the Advisor Solutions Toolbox. As financial advisors would discuss new challenges, I would research new solutions and custom design tools to help them complete the activities needed to apply these solutions. Soon, a handful of tools turned into a half dozen, then a dozen and now I have generated over two dozen! All of which will be discussed in the following section. After seven years of developing tools to assist advisors in every facet of financial advisory services, one thing has become abundantly clear—if an advisor is given too many tools too quickly they tend to feel overwhelmed, not necessarily knowing which ones to apply first, resulting in which is commonly referred to as “paralysis by analysis”. In other words, there is too much information to analyze which results in not applying these tools effectively or at all. That is why I have also developed the “A-to-Z” Assessment Test to help advisors determine which tools they should apply first: however please note that each statement that is marked in any of the categories may not be applicable to you, for example a statement regarding the topic of networking, when you may not be networking at all. It is my goal with this “A to Z” Assessment Test that you increase your awareness of what tools you may need.

The Advisor Solutions Toolbox “A to Z” Assessment Test

Rate yourself on a scale of 1-10 on the following questions. Add your scores and record the total at the bottom. Use the following key as a guide while rating yourself.

Never Seldom Sometimes Usually Always

A. I know how balanced my business is. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

B. I have clearly defined written monthly goals and action steps. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

C. I have split my calendar into hourly blocks of time.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. D. I create daily structure by doing the “5 Most Important” activities.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. E. I have a process for prioritizing my interruptions and tasks.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. F. I have a system for measuring my productive daily activities.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. G. I have a systematic way to reward myself for accomplishing daily goals.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. H. I have a detailed pipeline report that shows what step each prospect is on.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. I. I know the difference between the four most common types of questions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. J. I have a systematic way for handling objections.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

K. I have a process for creating my own great scripts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

L. I have a process for creating stories to explain my products and services. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. M. I have a way to track who I have asked referrals to and the results. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

The Advisor Solutions Toolbox “A to Z” Assessment Test (continued)

Rate yourself on a scale of 1-10 on the following questions. Add your scores and record the total at the bottom. Use the following key as a guide while rating yourself.

Never Seldom Sometimes Usually Always

N. I have a way to track my fee-based discussions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

O. I have a way to conquer my negative self-talk.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. P. I have a process for understanding my core personality type.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Q. I have a systematic way for segmenting my book of clients.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. R. I can determine if my business is low maintenance & scalable.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. S. I have a process for identifying what triggers daily mood swings.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. T. I have a strategic process for identifying clogs in my pipeline.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. U. I have a process for preparing for the first appointment.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. V. I have a process for conducting my second appointments. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. W. I have a pre-appointment process to prepare for communicating effectively. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. X. I know how to ask “the best question” after hearing an objection. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Y. I have a system to determine if my goals are obtainable. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Z. I have a system to determine what actions to implement to obtain my goals. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Understanding the Advisor Solutions Toolbox: “A to Z” Assessment Score Card

Now that you have taken the “A to Z” Assessment Test, you may be wondering the best way to proceed. Being introduced to 26 tools can seem a bit overwhelming, that is why we have designed a prioritizing system, the “A to Z” Assessment Score Card, to help you identify which tools you may want to utilize initially. It is important to note that some tools may not be applicable to you. Take for instance, question “N”—“I have a way to track my fee-based business”. If you gave yourself a low score because you do not or will not do fee-based business then using a tool for this section would not be relevant for you. On the other hand, if you gave yourself a low score but would like to do fee-based business then using a tool for this section would be appropriate. On the following page you will find the “A to Z” Assessment Score Card, use the key below to help score yourself appropriately for each question you answered in the “A to Z” Assessment Test. For example in the “A to Z” Assessment Test if for question “C”, you marked or circled a “5” then your score based on the key below would be a 5 =

Sometimes. Score Key Never = 1 or 2 Seldom = 3 or 4 Sometimes = 5 or 6 Usually = 7 or 8 Always = 9 or 10 Then look over your “A to Z” Assessment Score Card to see where the tools in this Module #1, Tools “A-F” fall on your Never, Seldom, Sometimes, Usually and Always columns. You will then be aware of which of the six tools in this module you should be applying. If your score card indicates the need to implement more than one tool, be sure to only begin applying one tool a day.

The Advisor Solutions Toolbox “A to Z” Assessment Score Card

Letter Tool Never Seldom Sometimes Usually Always

A. Advisors Business Wheel & Matrix

B. Monthly Action Plan

C. Time Blocking Worksheet

D. Bottom-Line List

E. Time Matrix To-Do Worksheet

F. Daily Score Card

G. Rewards System Tracker

H. New Business Strategy List

I. Questions-Based Selling Quiz

J. Objections-Resolution Model

K. Creating Your Own Great Script Template

L. Story-Based Selling Model & Quiz

M. Referral Tracker

N. Fee-Based Tracker

O. The Negative Self-Talk Worksheet

P. Personality-Based C.O.R.E. Model & Profile

Q. Client Segmentation Worksheet

R. Product Mix Matrix

S. The One Minute Business Coach Exercise

T. Unclogging the Pipeline Worksheet

U. The Advisor Solutions First Appointment F.O.R.M.

V. The Advisor Solutions Second Appointment Worksheet

W. The Advisor Solutions Pre-Appointment Check List

X. Dissecting the Best Question Worksheet

Y. The Advisors’ S.M.A.R.T. Goals Assessment Test

Z. The Advisors’ G.R.O.W.T.H Coaching Model

Tool A: Understanding the Advisors Business Wheel and Business Wheel Matrix

When I began Advisor Solutions I knew that there was more to building a better business than most financial services business development books focused on. That is because I had already been in production for 13 years, and I knew that most of the books designed for advisors only focused on a specific facet of the business such as prospecting, sales or marketing. Entire workshops and course material were designed to only focus on a very small part of the business. What also fascinated me was that most of the material was written by people who were never in the business! Thus, they missed the big picture. So, I sat down and mapped out a pie chart with each of the most important fundamental facets of a financial advisory business. Next, I used a tool that most coach’s use called the Life Wheel or Wheel of Life, designed to understand how balanced a person’s life is. Out of this process emerged the Advisors Business Wheel. In order to understand where you want to be, you must first understand where you are. The Advisors Business Wheel is a simple but effective exercise in understanding how you rank your current level of satisfaction in each of the eight fundamental facets of your business. Following the Advisors Business Wheel is the Advisors Business Wheel Matrix which is a more in-depth process for understanding why you rate yourself the way that you do. It asks what your #1 challenge is in each facet and what your ideal score would look like if you were to get to the next level in it. In addition, the Solutions column is designed to incorporate/list the solutions that you learn from this process. It is important to complete the Advisors Business Wheel Matrix as honestly as possible. This helps increase your awareness of where you perceive you are as well as where you believe you need/want to be in each facet of your business.

1. Record on a scale of 1-10, (1 being not satisfied to 10 being very satisfied) your level

of satisfaction for each facet of your business. Remember, each ranking is independent of the others.

2. Rank the 8 Most Important Facets of Your Business.

• Time Management = ____

• Prospecting Skills = ____

• Relationship Skills = ____

• Selling Skills = ____

• Marketing = ____

• Servicing Clients = ____

• Product/Market Knowledge = ____

• Managing Accounts = ____

3. Plot the Points.

Now, create a pie chart with a horizontal line, vertical line and an “X” lines. Your pie chart should have 8 lines that intersect into the middle point. Take the middle point and move upward on the vertical line to the crust of the pie. If the middle point were a 0 and the crust of the pie were a 10, plot your number accordingly on that line. Outside of the pie chart, label that line Time Management and continue this process for each of the 8 facets of your business.

4. Connect the Points.

Now, connect the points! This is what your Advisors Business Wheel looks like. Is your business balanced or round like a wheel? Is it shaped like a star? If it is a star, your business is out of balance!!!

5. Bring Balance into Your Business.

Focus on your daily activities in facets of your business that are out of balance!

Sample Business Wheel Matrix

Name: Joe Advisor Business Start Date: 2/10 Date: 8/20/2010 AUM: $6,000,000 Facet Rank #1 Challenge If 2 Points Higher Solutions

Time Management

3 Interruptions Time Blocking Preparation: Week or Day

I would get more tasks completed and feel more productive which would make me feel more motivated and successful

* TMTD* * Have the TMTD* out on the desk* * Use a Bottom-Line List* *Prepare call list the night before*

Prospecting 4 Blocking out the time to prospect Interruptions

I would have assets in the pipeline four times what I have now. By end of 1st year, I could be at $50,000,000.

*Make calls first thing in the morning* *Frame the Conversation*

Sales 8 Lack of Technical Expertise

I would be cross selling more, and looking more in-depth into all of the clients’ needs. I would feel more confident about my recommendations because of increased technical expertise.

*Product Mix Matrix* *Objections- Resolution Model* *Getting Past the Smoke Screen Objection* *Use the “Curiosity Statement”*

Relationship Building

6 Being the “Perfectionist Advisor” Identifying who I work best with

I would bring in more assets because I would be making better connections with my prospects and clients and have a better system for my negative inner dialogue.

*Use Relief Questions and Positive Counter- Statements* *Understand Personality-Based Selling*

Client Servicing

6 Coming up with client servicing system(s).

Segmentation of the book-A’s, B’s, and C’s I would have sound client servicing levels.

*Client Segmentation Worksheet* *Create client servicing levels, automate and communicate them*

Business Wheel Matrix Template

Name: ____________ Years: ____________ Date: ____________ AUM: ____________

Facet Rank #1 Challenge If 2 Points Higher

Solutions

Time Management

Prospecting

Sales

Relationship Building

Client Servicing

Marketing

Product & Market Knowledge

Managing Portfolios

Tool B: Understanding the Monthly Action Plan

The Monthly Action Plan (M.A.P.) is a tool designed to help you start the month and the rest of the year off right! We will clearly define your current situation, create written goals for this month, create obtainable action steps, develop a monthly time horizon complete with monthly milestones and discuss expected outcomes. Most financial advisors create a business plan in late December, have great intentions of following it in early January and then cannot seem to find the business plan by June! This tool will help ensure that you are not like most financial advisors!

Action Plan Terminology Current Situation: This may also be referred to as the challenge. You are to create a statement of your current situation. Here is an example:

I currently have 10 people in my pipeline totally an estimated $1.5 million in investable assets. In order to hit my goal of $1,000,000 in new assets this month, I need a minimum of $4,000,000 in the pipeline.

Monthly Goal: Clearly state in one sentence your monthly goal for this specific situation. Time Line: The last date of your monthly goal—January 31, 2010. Action Steps: A series of tasks you will do to accomplish your goal. This will be in conjunction with your Monthly Milestones and Time Horizon. Monthly Milestones: This is a series of milestones during the month which will keep you on track to hitting your monthly goal. It’s how you measure success! Review: An ongoing review of each milestone during the month. Did you hit it? If not, why not? Expected Outcome: A brief description of what you expect to happen during the current month so that you can prepare for any potential roadblocks and avoid them. Observed Behaviors: A brief description of what behaviors you observe, good or bad, during the month and identify new pattern shifts. A Pattern Shift: A brief description of how you broke a pattern or will shift a pattern next month to get better results. On the following page is an example of the Monthly Action Plan (M.A.P.) Note that as you create your own M.A.P., you will most likely have several pages of material.

Sample of Monthly Action Plan

Current Situation: My current situation is that I need to move people through the pipeline in order to close more sales.

Goal: # 1. $500,000 in new AUM # 2. $2,000,000 of assets in the pipeline Timeline: By January 31, 2010

Action Steps

Monthly Milestones

Milestone Reviews

Expected Outcome

Observed Behavior

Pattern Shift

1.

Sharpen Client Acquisition Process Skills

Call my accountability coach and role-play weak areas. Assess & Deploy. Nearing AUM Goal.

1/7/2010 I did a self-assessment to determine possible strengths and weaknesses. 1/14/2010 I took the Unclogging the Pipeline Worksheet and rated myself on each step. 1/21/2010 Have been role-playing SPIN selling, but I need to read the chapter again, re-assess, and practice more. 1/28/2010 Getting Better at using SPIN selling.

1/1/2010 I expect the reading and assessing will go well. I expect the role-playing to go well also. I also expect I will get sidetracked throughout the month and lose track of monitoring and assessing my progress. It’s not going to be easy but I know I need to assess what the problems are and get better at moving people through the pipeline.

1/31/2010 (Coach) He said that he needs to role-play more often. Also, to handle objections better. The biggest challenge is creating URGENCY! Also, being prepared for objections using the Objections- Resolution Model.

1/31/2010 (Coach) Increasing ability in Creating Urgency. Action Step (Messages): “I have a question that only you can answer. Can you call me as soon as you hear this?” Action Step (Find Core Objection): “In addition to that, what else is holding you back from moving forward?”

Action Steps

Monthly Milestones

Milestone Reviews

Expected Outcome

Observed Behavior

Pattern Shift

2. Prospect Daily

1. Decrease my Prospect Preparation Time. 2. Prospect an average of 3 hours/day. 3. Set 1 appt. per day. 4. Build up to five appointments per week. 5. Go on 1 appointment a day.

1/7/2010 Spent too much on prep time and only 2.5 hrs prospecting per day. 1/14/2010 I did set 6 appointments throughout the week. 1/21/2010 1.75 hrs daily prospecting. I made more appointments. 1/28/2010 I set 4 appointments, I had 7!

1/1/2010 I expect that a few times I will come unprepared and have to waste prospecting time looking for new numbers. I expect that I will get tired and discouraged a few times and not meet my 3 hrs/day or 1 appt. day goal.

1/31/2010 (Coach) Too much time getting ready during the day finding phone numbers. He isn’t getting enough dials because there aren’t enough names. He needs more contacts and to qualify people. He has a fear of rejection.

1/31/2010 (Coach) Order a list of names! Time block at least 2 hours in the morning and 1 in the afternoon to prospect. Create a reward system for accomplishing daily prospecting! Have daily accountability!

Action Steps

Monthly Milestones

Milestone Reviews

Expected Outcome

Observed Behavior

Pattern Shift

3. Find $100K daily and add it to the New Business Strategy List

1. Fill out New Business Strategy List. 2. Create Qualifying Statement. 3. Say Qualifying Statement at least 20 times. 4. Add $500K/wk.

1/1/2010 I updated the N.B.S.L. but I have not used any qualifying statement. 1/7 /2010 Same as the previous week. 1/14/2010 Found 300K! 1/28/2010 Found 400K!

1/1/2010 I expect to fill out the N.B.S.L, but I have trouble keeping it up to date. I also expect to create the qualifying statement but be nervous about using it.

1/31/2010 (Coach) At the beginning of the month he was not using minimum qualifying statements. He was not putting new people into the pipeline. He had more success at the end of the month.

1/31/2010 (Coach) Memorize the qualifying statements! Say them during every cold call! Make a habit out of finding new money and reward yourself daily for assets found!

Monthly Action Plan Template

Current Situation: Goal: Timeline: Action Steps

Monthly Milestones

Milestone Reviews

Expected Outcome

Observed Behavior

Pattern Shift

1.

2.

3.

4.

Tool C: Understanding the Time Blocking Worksheet

How do you spend your time? We are all given the same amount of time during the day, but very few of us manage it wisely. How often have you sat down and really taken a look at how you spend your business hours? If you’re like most advisors, you probably have not given it much thought. Most advisors spend their days being re-active. Let’s face it, whether you are a brand new advisor, or you have been in the business for twenty-five years, you can easily become distracted. Remember, there are two things that you can never get back once you have lost them, your license and your time. So, why is mastering time so important? We have all heard the old saying, “Time is Money”, and in some respects that is very true especially in this business! If you do not master your time, you end up spending your time doing unproductive activities and you do not make the type of money you have always wanted to make! Time blocking is splitting your calendar up into hourly chunks of time in order to block out activities that need to be accomplished. It is a very simplistic but effective method for creating structure in your day.

On the following page, you will see an example of an advisor’s Time Blocking Worksheet. At first glance, it may seem overwhelming, but don’t let it discourage you. This example is merely designed for a newer financial advisor whose main goal is to gather new clients and assets in order to go from surviving to thriving. It is also to be used as a guideline for the day. This tool will help structure your day, but it must be used in conjunction with The Time Matrix To-Do List found as Tool “E” in the Advisor

Solutions’ Toolbox in order to help manage interruptions so that you can stick to your hourly time blocks. In addition, please note that it may seem unrealistic to stick to each block all day long. One example is limiting yourself to only having appointments in the prescribed times of 11:00 a.m. and 6:00 p.m. as the following Time Blocking Worksheet depicts. The reason is because some prospects and clients alike may not be available at those times. An example of this is a prospect wanting to meet at 8:00 a.m. instead of 11:00 a.m.; you would simply substitute your normal 8:00 a.m. prospecting activity into the 11:00 a.m. time block so that you could prospect then. In other words, think of your time blocks as interchangeable puzzle pieces.

Sample Time Blocking Worksheet

Time Monday Tuesday Wednesday Thursday Friday

7:00 Read Read Read Read Read

8:00 Prospect Prospect Prospect Prospect Prospect

9:00 Prepare Appt. Prepare Appt. Prepare Appt. Prepare Appt. Prepare Appt.

10:00 Call Backs Call Backs Call Backs Call Backs Call Backs

11:00 Appointment Appointment Appointment Appointment Appointment

Noon Lunch Lunch Lunch Lunch Lunch

1:00 Call Backs Call Backs Call Backs Call Backs Call Backs

2:00 Prospect Prospect Prospect Prospect Prospect

3:00 Seminar Prep Seminar Prep Seminar Prep Seminar Prep Seminar Prep

4:00 Prospect Prospect Prospect Prospect Prospect

5:00 Client Service Client Service Client Service Client Service Client Service

6:00 Appointment Appointment Appointment Appointment

Free Time

Time Blocking Worksheet Template

Time Monday Tuesday Wednesday Thursday Friday

7:00

8:00

9:00

10:00

11:00

Noon

1:00

2:00

3:00

4:00

5:00

6:00

Tool D: Understanding The Bottom-Line List

The Bottom-Line List is a tool that can add structure to your day even before it begins. Start out the night before by writing down the top 5 things you must do for the following day—your Bottom-Line List. This is a worksheet designed to structure the day into five equal forty five minute time intervals each based around one of the five most important “bottom-line activities”. Each activity starts at the top of the hour and lasts only forty five minutes allowing for fifteen minutes of free time in which the advisor can do as they please. However, be prepared for interruptions because you will get them. Once you complete your 1st block of bottom-line activities, take that 15 minute break and then proceed to the next block. The goal is to accomplish all 5 Bottom-Line List activities by the end of the work day and then reward yourself.

The Top 5 Ways to Succeed with Your Bottom-Line List

Over the years, I have witnessed numerous success stories from financial advisors who consistently applied the Bottom-Line List on a day-to-day basis. Financial advisors whom I believed would benefit more from other tools found this tool to be their single biggest reason for growing their business! However, I have seen the opposite occur from those who tried to apply this tool, but were unsuccessful at turning it into a habit. Let’s learn from their mistakes by taking a look at the top 5 ways to succeed with your Bottom-Line List.

1. Think of the Tool as a Game—advisors who view this tool as a game typically have fun using it!

2. Understand the Importance of Your Bottom-Line List Activities—knowing why you are doing your Bottom-Line List activities is imperative to being effective with this tool. They must be very important activities in order to make your top 5 list.

3. Always Reward or Punish Yourself—those who get a reward or punishment at the end of the day for a job done (or not done) will typically keep playing the game turning “the game” into a habit.

4. Be Completely Honest—you and only you know if you did your 45-minute Bottom-Line List activity. You must be completely honest in order to help yourself!

5. Play the Game for 30 Days—in order to turn structure into a long-term habit, you must continue using this game for at least 30 days. The best way to do this is to record your daily, weekly and monthly progress. Soon, you will realize that you have given yourself a number of rewards throughout the month and have (hopefully) been able to avoid punishments.

Sample of Bottom-Line List

Date: _________ Daily Goal: 4 out of 5

Priorities Time Blocking

Bottom-Line Activity

Bottom-Line Value of the Activity

Done

1. 8:00- 8:45

Client Servicing

What is important to me about client servicing today is if I don’t service my clients others will!

2. 9:00- 9:45

Prospecting

What is important to me about prospecting today is that filling the pipeline grows my business!

3. 10:00- 10: 45

Prospect Follow-Ups

What is important to me about following up with prospects is that it will add people to the pipeline!

4. 11:00- 11:45

Client/Prospect Preparation and Meetings

What is important to me about preparing and having meetings today is it helps me move people through the pipeline & increases my success!

5. 1:00- 1: 45

Client Calls

What is important to me about client calls today is that I’m showing value to clients!

Total Points

To accomplish all 5 Bottom-Line List Activities today and reward myself!!!

What is important to me about doing all 5 Bottom- Line List activities today is it keeps me focused on what is truly important in my business!

When I hit my daily points, I will reward myself with: Starbucks Coffee Tomorrow! When I hit my weekly points, I will reward myself with: Dinner and a Movie! When I hit my monthly points, I will reward myself with: 3 Day Weekend Getaway!

Bottom-Line List Template

Date: _________ Daily Goal: 4 out of 5

Priorities Time Blocking

Bottom-Line Activity

Bottom-Line Value of the Activity

Done

1.

2.

3.

4.

5.

Total Points

When I hit my daily points, I will reward myself with: _______________________ When I hit my weekly points, I will reward myself with: _______________________ When I hit my monthly points, I will reward myself with: _______________________

Tool E: Understanding the Time Matrix To-Do List

In the financial services industry, we are faced with numerous challenges daily. One of the most common questions that advisors have asked me is, “How can I keep all of the activities straight?” Many advisors feel exhausted at the end of the day, but they don’t feel like they have actually increased their business. One of the biggest secrets to building a better business is to follow your own Time Matrix To-Do List. This is a time management tool to help streamline your re-active day into a pro-active one! This resource will change the way you look at every task that you have to do. It is designed as your own personal “gatekeeper” of your time. As you get interrupted during the day, you will use this tool to ask yourself if the interruption is important and urgent enough to drop everything to complete it. If not, you will simply record it on your Time Matrix To-Do List and do the task when you have allotted time for these types of tasks. No more dropping your prospecting efforts to find a dividend check! Instead, you will simply record the activity on your Time Matrix To-Do List and complete it during your “client servicing hour” on your Daily Scorecard or Bottom-Line List.

Sample Time Matrix To-Do List

Name Task 1

Important/ Urgent

2 Important/ Not Urgent

3 Not Important Urgent

4 Not Important/ Not Urgent

James Smith No dividend

check x

Bill Johnson Buy XYZ stock x

Tim Kelly Wants appt. x

Joe Berman Has Stock Idea x

Phil Adelman Re-confirm appt. x

Matt Hofmann Return Call x

Tim Tronnier Portfolio Review

x

Time Matrix To-Do List Template

Name Service Activity 1 2 3 4 Done

NOW TODAY THIS WEEK WHENEVER

Ratings Important Important Not Important Not

Important

Urgent Not/Urgent Urgent Not/Urgent

Tool F: Understanding the Daily Score Card Goals are one of the easiest things to make and one of the hardest things to accomplish! A Daily Score Card is merely a system of measuring your productive activities throughout the day so that you can obtain your daily goals. This is a tool designed to help keep track of daily activities. If the business of running the business were a game, how would you keep score? Now, you can! This tool allows you to time block, assign point values to activities, keep track of total daily points and give yourself daily and weekly rewards! Without a systematic way of monitoring the activities required to obtain your daily goals, you will never reach them. This has a domino effect in that if you do not reach your daily goals, you will not reach your weekly, monthly, quarterly and yearly goals either. Thus, the Daily Score Card is designed to keep you in line with doing the activities to achieve your daily goals.

On the following pages, you will see three examples of Daily Score Cards. Each of these is designed with various degrees of detail. While some financial advisors may wish to keep score of a number of details during the day, others find it more effective to keep score of less. In addition, some financial advisors find that that using a Daily Score Card can become ineffective because they like to keep score of only the most important activities during the day. If this is you, then designing a Daily Score Card will not work! Instead, review Tool “E” The Bottom-Line List again and apply that. The following describes each sample Daily Score Card: 1. The Detailed Daily Score Card—this score card is a detailed account of the tasks

that you would do in any given time blocking period. Each task has a point value system which is recorded at the end of the time block. There is a daily targeted point number which is the score to beat each day. If this is accomplished, you reward yourself, if not you punish yourself.

2. The Activity Daily Score Card—this score card is similar to the Detailed Daily

Score Card in that it records point values for each activity accomplished but it is less detailed in when to accomplish each activity. One example is in this score card, you would record dials all day long but in the previous score card you would only record dials during the Prospecting Time Block.

3. The Transactional Daily Score Card—this score card is much less detailed in nature

and is geared towards daily commissions or setting appointments. The goal is to have 25 contacts a day with the belief that with enough contacts brings success! This is a perfect score card for the financial advisor who runs a transactional business but it can also be tailored to the financial advisor who is trying to build their business with face-to-face appointments. Each appointment set could be viewed as asking for the order.

Advisor Solutions’ Detailed Daily Score Card

Prep Time Tasks Daily Reward

Weekly Reward

Daily Goal

Wkly Goal

Time Block Prepare for the day Starbucks Dinner & a 300 1500

6:30-8:00 Movie Points Points

Daily

Prospecting Tasks Total # Pt. Value Points Pt. Tgt.

Time Block Dials 1pt. 100

8:00-10:00 Cold conversations 2 30

Appts. set 5 10

First meeting held 10 10

Total Points Goal = 150

Client Calls

Time Block Conversations 2 10

10:00-12:00 Idea presentations 3 15

Appts. set 5 5

Client Review Mtgs. 10 10

Referral Conversation 5 10

Total Points Goal = 50

Client Call Backs & Servicing

Time Block Idea Presentations 3 15

1:00-3:00 Client Servicing 10 50

Meetings Held -2nd 10 10

Total Points Goal = 75

Prospect Call Backs

Time Block Conversations 2 10

3:00-5:00 Appts. Set 5 5

Meetings Held-2 10 10

Total Points Goal = 25

Total Daily Points

Advisor Solutions’ Activity Daily Score Card

Wkly Total: ___________ Daily Actual: ___________

Daily Goal Daily Reward Weekly Goal Weekly Reward

300 Points Starbucks 1500 Points Dinner & Movie

Time Matrix To-Do List Name Task Important/

Urgent

1

Important/ Not Urgent

2

Not Import/ Urgent

3

Not Import/ Not Urgent

4

Date: __________ Daily Goal = 300 pts

Done Time Blocking Activity Points Total # Totals

8:00-9:00 Prospect Dial a prospect 1 0 0

9:00-10:00 Prospect call back Talk to a prospect 3 0 0

10:00-11:00 Appointment Add prospect to pipeline 5 0 0

11:00-12:00 Client Call Backs Set prospect appt. 10 0 0

12:00-1:00 Lunch Appt. Client call 5 0 0

1:00-2:00 Client Calls Client servicing 10 0 0

2:00-3:00 Client Servicing Ask for a referral 10 0 0

3:00-4:00 Prospect Referral received 10 0 0

4:00-5:00 Appointment Prep Referral introduction 10 0 0

5:00-6:00 Appointment Client transaction 10 0 0

Set up referral appt. 10 0 0

Goals Set up client review 10 0 0

Monthly Goals: Client/prospect lunch 20 0 0

$20,000 Gross Conduct client review 20 0 0

$500,000 in New Assets Open new account 25 0 0

$500,000 in Fee Based Conversions Fee Based Conversion 25 0

Daily Totals 0

Advisor Solutions’ Transactional Daily Score Card

Today is the _____day of a _______ day gross production month. Today, I will contact ________clients or prospects, ask for _________ orders and do at least $________gross production! I will reward myself with _______________________________________! Daily Contacts Sales Orders Comments Gross Contacts Name Presentation Asked Commissions

1. 2. 3. 4. 5. 6. 7. 8. 9.

10. 10:00 40% to your daily goal!

11. 12. 13. 14. 15.

Noon! 60% to your daily goal! 16. 17. 18. 19. 20.

2:00 80% there!!!! 21. 22. 23. 24. 25.

Total

The Advisor’s Toolbox Weekly Action Steps

Review each tool in this module to understand how it works.

Listen to the audio clip to hear how advisors have utilized these tools.

Take the “A to Z” Assessment Test to find out what tools in this module are most relevant for you.

Re-read about those specific tools, customize their templates & implement them.

Answer the questions which can be found on this module’s access page.

Congratulations!!! It’s time to move to the next module!