The Bull Theory...and How it Affects Financial Advisors

Do you know about the “bull theory”? ??

Normally, people think that bulls are aggressive animals.

But as it turns out, they’re not actually aggressive….they’re just scared of unfamiliar things, situations, or sudden movements.

(Take a look at the picture above...people believe that bulls hate the color red that's why they charge toward red capes. But it's been proven that they do the same to other colors too—white, blue, pink, yellow. They only charge when the matador waves the cape because the sudden movement makes it look like a threat to them)

And I think the same thing goes for us humans too.

But…

We have a different way of showing our “bull side”

We have defense mechanisms—and we filter out information that don’t make sense to us.

And that’s exactly what happens to our clients as well!

It’s a common thing for Financial Advisors to experience getting shut down by prospects.

There are a LOT of clients who will delay the process and say things like

“Okay, I’ll get back to you on this”

Or worse…

They just completely ghost you and they don’t even bother replying to you anymore.

And it’s not because the value you can bring is not important to them or cannot really help them…

It’s because they don’t understand it.

They don’t see the urgency and the importance of it in their lives.

And they have their guards up high.

That’s why it’s important to ?????????? so you can handle your client’s objections and reservations the right way.

And by “REACT”, I mean…

?? ??ecognize the Fear.

Clients are skeptical—and with good reason.

It’s hard for them to let go of their hardearned money if they don’t understand what it is they’re spending it on.

They could have also seen financial disasters happen to friends and relatives before so it’s understandable if they’re cautious.

So when they show you signs of indecisiveness, the important thing is for you to understand their concerns and see what questions are running through their minds—you might be able to answer them and give them more clarity.

?? ??ducate them.

Knowledge is power.

And clients are like bulls that calm down when they understand their surroundings.

So here’s what you can do: break it down for them.

For example, if you are helping your clients with Estate Planning,

Follow a reliable framework that can explain the benefits of your expert advice—educate them on the importance of wealth distribution in their whole financial portfolio, and how it can help their families avoid any pitfalls and stress in the future.

It all starts with how much information you give your clients.

Once they clearly understand everything, they’ll let their guards down and trust you more.

?? ??lways be Transparent

Be transparent about fees, risks, and expectations.

Clients can sense if you’re not being authentic and if you’re just in it for the sale.

Remember: it’s not about selling or about the commissions…it’s about helping your clients achieve their financial goals and the future they want for their families.

So make them feel like you’re coming from a place of help—and that you are like a team working towards the same end goal.

Be dedicated to help them and guide them through the whole process.

?? ??urate your Approach

The best way to relate to your clients is by getting to know their goals, their dreams, and their fears.

You have to have the right questioning techniques that will hit all the points that you need to know so you can better curate your solutions for them.

For example…

If a client came to you to do up his Will, you have to know every important detail—don’t just follow whatever information and request they give you.

How many beneficiaries do they have?

How do they want to distribute everything?

Have they ever been in a previous marriage where they had other kids?

If there is more than one Executor to the Will, are they certain that these people will be able to meet together and work together harmoniously?

Do their loved ones know about the Will being written in the first place?

Stuff like that.

The key thing to remember is to dig deeper so you can help your clients avoid any pitfall that they may encounter in the future.

?? ??alk like them

Just because you and your peers can understand specific and technical terms in the industry,

It doesn’t automatically mean that your clients will too.

That’s why it’s important to be able to simplify all these terms so that you can better relate to them.

On the other end of the spectrum…when you are talking to business owners, you’ll realize that they have their own lingo and a different set of priorities compared to other people.

In this case, you have to be knowledgeable on this area too—know how they talk, what their schedules are like, what do they prioritize most, how can you best communicate and make appointments with them, etc.

[Sidenote: I have an entire module about business owners in the Online Mentorship Programme—how you can prospect them, how to start conversations, what prospecting angles and scripts to use, how to do a full-on Legacy Plan/Business Plan, and all that.

You can check it out here: https://bit.ly/419PmKP]

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So that was the “??????????” method!

If you can complete all 5 steps, you’ll be able to gain your client’s trust, and calm their fears and doubts.

Hope this helps!

#financialadvisors

#estateplanning

#clients

#strategy