"None of the Remaining Advisors Can Get Over 20%" — Transcript

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1. 0:00All right.
2. 0:00>> I'm Marvin Mitchell and I am I am in a
3. 0:03financial planning business for high
4. 0:05network individuals looking to invest
5. 0:07and minimize their taxes.
6. 0:09Um and I used to close about 42% and my
7. 0:13previous top advisor was at about 36%
8. 0:16but since he left none of the remaining
9. 0:18advisors can get over 20%. This is
10. 0:20despite me training four times a week
11. 0:23uh for for the last couple of years. So,
12. 0:26if you were me, how would you tell
13. 0:28whether this is a sales systems issue or
14. 0:29talent issue or leadership issue with
15. 0:31me? And should my COO and and me, should
16. 0:35we step in and double down and directly
17. 0:36lead sales and do sales or should we
18. 0:39spend more time recruiting and
19. 0:40repositioning new advisors as as one of
20. 0:43our first few moves?
21. 0:44>> So, I'll just hear it from the hip just
22. 0:46from a pattern recognition of having
23. 0:47done this a lot. If I see a team that's
24. 0:49struggling for many years in a row and
25. 0:51it's the same leader, it's the leader.
26. 0:53>> I thought so.
27. 0:55>> I mean, a good leader would know like
28. 0:59So, sales sales management is is really
29. 1:01about culture. Right? Like that is the
30. 1:04job of the manager is to maintain the
31. 1:05culture. And so then what's the culture?
32. 1:07Right? That sounds like a big fuzzy
33. 1:08word, but it's basically the rules of
34. 1:10engagement. It's what gets rewarded and
35. 1:12what gets punished. And so
36. 1:15that leader has to set the rules for
37. 1:17this team and enforce those rules both
38. 1:20the positive and the negative. And most
39. 1:22times
40. 1:23Oh, shoot. I had just had the list up
41. 1:24there. Most times if we're looking at
42. 1:26this list that I just went over
43. 1:31they're missing one of these steps. Now,
44. 1:34this is how you train an individual.
45. 1:36Once you transfer it to the rest of kind
46. 1:37of the department
47. 1:39then you have to start giving kudos to
48. 1:42the people for reinforcing each other
49. 1:44and saying, "Hey, Johnny, great way to
50. 1:46support, you know, Sally." And so then
51. 1:48we reinforce that behavior and then all
52. 1:50of a sudden they start reinforcing each
53. 1:51other. Once they start reinforcing each
54. 1:53other, we start winning more. When we
55. 1:55start winning more, we have to tie
56. 1:56winning to the winning behaviors saying,
57. 1:58"Hey, we didn't just win because you
58. 1:59guys are great closers. We won because
59. 2:01we have a great process." And so, you
60. 2:03follow the process, and that's what
61. 2:04creates the wins. Right? And then, as
62. 2:06soon as you start winning and you tie
63. 2:07the winning to the
64. 2:08uh to the behaviors, then more winners
65. 2:10start showing up because winners want to
66. 2:11join winning teams. And so, that means
67. 2:13you have to create an environment that
68. 2:15that encourages winners and also cuts
69. 2:17out losers. Because what happens next is
70. 2:19that you have to raise the bar. Because
71. 2:21what was great last year
72. 2:23is just acceptable this year, and what
73. 2:25was acceptable last year gets you fired
74. 2:27this year.
75. 2:28And so, like this is the cycle of
76. 2:30winning.
77. 2:31And so, right now, you have
78. 2:33did the dip in sales happen when you
79. 2:35brought the new manager in?
80. 2:38>> Um no. So, um actually, we are we're on
81. 2:41a up since my new um COO came. It's only
82. 2:43been a couple of months, though.
83. 2:45>> But, what is the sales percentage now?
84. 2:48>> Um it's only still 20. I mean, it was it
85. 2:51was like 18. It was 20. So, we just
86. 2:53recently
87. 2:54>> [laughter]
88. 2:54>> We just
89. 2:54>> So, you went from 18 to 20?
90. 2:56>> It's not great. We just repositioned.
91. 2:58So, what we just did was reposition our
92. 3:02hunters, which is our advisors, to be
93. 3:04more former. So, we created
94. 3:06better advisor team. So, what I mean by
95. 3:09that, instead of making since they were
96. 3:11in closing, we made them instead of
97. 3:13hunters, where they were actually
98. 3:14closing the deals, we put them on
99. 3:16advisor teams.
100. 3:17>> Okay.
101. 3:18>> Now. So, that sort of left room for We
102. 3:20can give them some leads, but we can
103. 3:21also go out and hire some new advisors
104. 3:25um if we wanted to. And right now, I
105. 3:27hate to say it, that I, for the first
106. 3:29time in about 3 years, have had to step
107. 3:31in now and do most of the meetings until
108. 3:35we figure it out.
109. 3:38>> So, who is managing the team?
110. 3:40>> So, great question.
111. 3:43>> [laughter]
112. 3:44>> So,
113. 3:45I'm doing a lot of the
114. 3:46>> "Fire the manager." He's like, "Well,
115. 3:47>> [clears throat]
116. 3:47>> Well,
117. 3:49>> [laughter]
118. 3:49>> So, I'm I'm I'm it. doing a lot of the
119. 3:51the coaching, but we do have a sales
120. 3:53manager but it's a fractional sales
121. 3:54manager.
122. 3:55>> Yeah.
123. 3:56>> And
124. 3:56and it hasn't improved. I mean it's it's
125. 3:58been
126. 3:59>> you've had the fractional sales
127. 4:00>> going to say it's been about
128. 4:017 8 months now and it's about the same.
129. 4:03>> But before that well so yeah, he added
130. 4:05nothing but what what about before that?
131. 4:07Who did you have cuz you were at 20%
132. 4:08prior, correct?
133. 4:10>> Yeah, before that we we didn't have one.
134. 4:12>> Right. So he he adds zero value.
135. 4:15>> Correct.
136. 4:15>> You were at 20 without him and you're
137. 4:17still at 20 with him.
138. 4:18>> Correct.
139. 4:19>> Might as well save the 500 a month or
140. 4:20whatever it is. Um
141. 4:22Sorry to your sales manager who watches
142. 4:24this later.
143. 4:24>> [laughter]
144. 4:25>> Um
145. 4:26Um
146. 4:28So fundamentally like
147. 4:33I How big's the the team?
148. 4:35>> Um so we um we have a total of about um
149. 4:39>> Sales? Just sales guys, yeah.
150. 4:41>> Um it's about five.
151. 4:43>> Yeah, like that's a full-time role, man.
152. 4:45That's a full-time role.
153. 4:46>> Right.
154. 4:46>> Like weekly
155. 4:48you've got
156. 4:50daily training that's happening, right?
157. 4:52Where you're going to be having kudos
158. 4:53for the team giving each other the
159. 4:55manager models one of the four parts of
160. 4:57the script intro disco pitch close.
161. 5:01And after doing the modeling,
162. 5:03role-playing happens. That's every day.
163. 5:06Every week there's a one-on-one with
164. 5:07every single one of the guys where the
165. 5:10manager is going to go over what's going
166. 5:11on in your personal life cuz if you're
167. 5:12getting divorced, you're probably not
168. 5:13caring about the script. If assuming you
169. 5:15that your personal life isn't screwed,
170. 5:16we then go over short-term goals which
171. 5:18is like, "Hey, we need to improve your
172. 5:19close rate. I need you to work on
173. 5:20building rapport. Hey, you're losing the
174. 5:21frame. Hey, when you get into the pitch,
175. 5:23commission breath starts coming out. I
176. 5:24need you to change your tone. Lower Slow
177. 5:26down when you're speaking. Add more
178. 5:27space between words. Let's role-play it,
179. 5:30right?" Um
180. 5:32And then uh
181. 5:34in terms of So that's we have weekly and
182. 5:36daily in terms of the activities that
183. 5:37the manager is doing. And then in the in
184. 5:39between there, their time is spent
185. 5:41listening to calls and giving the
186. 5:43reviews so that they can give feedback
187. 5:45to the guys. And if guys are below KPI,
188. 5:47they're meeting once or twice a day with
189. 5:48the manager individually.
190. 5:51Functionally, the whole team is on a PIP
191. 5:52right now.
192. 5:53>> Right.
193. 5:53>> Exactly. Or they should be on a PIP
194. 5:55right now.
195. 5:55>> Because it's fractional, and that's the
196. 5:56thing. I don't think we We don't listen
197. 5:58to many meeting of the recordings, so we
198. 6:00need a full-time person.
199. 6:01>> job, and you've got a hard part-time
200. 6:03person, you're getting part-time
201. 6:04results.
202. 6:06>> Good point.
203. 6:06>> Yeah.
204. 6:07>> Right. It's like you're a sales company,
205. 6:09dude.
206. 6:10>> Right.
207. 6:10>> Like you're a sales org. This is the
208. 6:12This is the bread and butter. This
209. 6:14should be the thing that you were the
210. 6:15best at to grow the business.
211. 6:17>> Right.
212. 6:18>> And so like this is like kind of what I
213. 6:19was saying earlier in terms of repeated
214. 6:20roles,
215. 6:21getting somebody off the street to
216. 6:23becoming a productive closer,
217. 6:25I'll add one more nugget to this, which
218. 6:27is that
219. 6:29I'm going to bet, I could be wrong, that
220. 6:31when you sell, you have a very
221. 6:33authoritative frame, and that you know
222. 6:35more than the prospect, and you kind of
223. 6:36like teach them a little bit to
224. 6:37consultative frame. I'm going to guess
225. 6:39that's how it is.
226. 6:40>> Yeah, I mean, I teach everybody the
227. 6:41script, and I don't follow it, so
228. 6:44it's one of those things.
229. 6:45I mean, it's like I I know how I mean,
230. 6:47the problem is is like right, I got the
231. 6:48intuition to know exactly where the
232. 6:50client will go before they go there, but
233. 6:52our team, they don't, so
234. 6:54you know.
235. 6:54>> But what you just described though is
236. 6:56just pattern recognition, which is
237. 6:58if-then statements, which are absolutely
238. 7:00trainable. All right. That being said,
239. 7:02the point that I wanted to like zero in
240. 7:03on cuz it's not just applicable to you,
241. 7:05but to every other founder who sells in
242. 7:07this room and can't get their team to
243. 7:07sell, it's because they can't sell like
244. 7:09you. They shouldn't sell like you.
245. 7:12My team can't sell like Alex because if
246. 7:14I get on the phone, I've complete frame.
247. 7:16>> Mhm.
248. 7:17>> Right? I know way more. I can just prove
249. 7:20that I can know more about someone's
250. 7:21business than them, and then say, "Do
251. 7:23you want my help?" And they're like,
252. 7:24"Yeah."
253. 7:25They can't do that because they're 23
254. 7:27years old.
255. 7:29Right? But what they can do is I can
256. 7:30develop a script that doesn't require
257. 7:32them to be the doctor.
258. 7:33>> Mhm.
259. 7:34>> I just need them to be able to assess
260. 7:35the problem, and then hand off to the
261. 7:38person who's going to do the solution.
262. 7:39And so I think what will be wiser for
263. 7:42your business structure overall is that
264. 7:44you have your hunters and then you have
265. 7:46one nerd in the back who obsesses about
266. 7:48investing. And so you let the you let
267. 7:51the hunters go manage the relationships,
268. 7:53go get the money, and then have somebody
269. 7:55else who manage the money.
270. 7:56>> Right.
271. 7:57>> And then I would use that as a USP if it
272. 7:58were me. I'd be like, "Listen, you don't
273. 7:59want every one of these Tom, Dick, and
274. 8:01Harry's managing your money. Like none
275. 8:02of us are special snowflakes, right?
276. 8:04Believe me, you don't want the nerds and
277. 8:05the quant guys managing your
278. 8:06conversations. I promise you that. All
279. 8:08right? And so what we do is like I'll
280. 8:09manage to do this, they take care of the
281. 8:11money."
282. 8:13>> Makes
283. 8:13>> That's a very good pitch.
284. 8:14>> Yeah.
285. 8:15>> That's how I would set it up if I were
286. 8:16you.
287. 8:17>> Awesome. Thank you.
288. 8:18Appreciate it.
289. 8:19>> If you were the best salesperson in your
290. 8:21company, then your company will be
291. 8:23always capped by you. And this is what
292. 8:26the two-day workshop is for. Now, I want
293. 8:27to be clear before I get into what it
294. 8:28is. This is for million-dollar-plus
295. 8:30businesses that are trying to scale
296. 8:32their sales team where you are still
297. 8:34probably vast majority of the magic.
298. 8:36Either you're literally taking calls or
299. 8:37you are a big percentage of the revenue
300. 8:39or you have to be constantly on the
301. 8:41sales team in order to get this to work.
302. 8:43If you're in any of those settings, then
303. 8:44this is absolutely for you. And so if
304. 8:46you are tired of your sales relying on
305. 8:48you and want a sales system that scales
306. 8:50beyond you, then apply. That's the deal.
307. 8:52[music] And so if it is a fit, we look
308. 8:53forward to seeing you out here and it's
309. 8:55a great time. We're talking about sales
310. 8:56stuff. Like how could you have a better
311. 8:57time? But don't take my word for it.
312. 8:58Here's what other people are saying
313. 8:59about workshops. They're
314. 9:01premo and uh yeah. And we'll just see
315. 9:02you out there.