6 Tips for Stock Brokers to Get More Business
If you think that business is going to be good all the time, then you are in for a rude awakening. At one point in your career, you will experience low sales. Even your list of prospects will seem to get shorter and shorter. Now, knowing you are going to be in a rut someday is one thing, accepting the fact and doing nothing about it is another. When you are going through “bad days”, it is time to put the tips we have in action. Brokers, like anybody else, only need a game plan in order to pull off a great comeback.
Take Time to ThinkReflect. This may be a common advice but it does the trick.
Continue with Cold CallsProspecting will always be a part of the job description. As a broker, your income highly depends on your clients so make sure that you have enough clients. Just because you have established a good relationship with your current clients does not mean you have to stop making cold calls. What will happen to you in the event that one of your clients suddenly wants out? If you continue with cold calling, you will not worry as much seeing that you have a fall back. Since you already have clients, why not ask for their referrals? Not everybody likes the idea of cold calling and you may be one of the brokers who are not too fond with prospecting. Just look at it this way. Who will you rather be, the ant or the grasshopper? We assume you know how the story ended.
DIYDo-It-Yourself is not limited to household chores and auto repairs. Even though you have reached the point when you have an assistant to take care of your Starbucks coffee, prospecting, and some, if not most, of the organizational work, it would not hurt if you indulge in a little DIY. Before your clients begin to think that they are not that important to warrant personal attention from you, clear your schedule for a meeting. It pays to talk with your clients and catch up on their financial concerns. Your assistant may be the most efficient in the batch but, sometimes, you are what your clients need.
Keep in TouchAt the beginning of your pecuniary relationship with any client, you set weekly meetings to build investment portfolio and to catch up on financial issues, right? Are you still doing that? Even though you are already in the fifth year of your professional relationship, do not think that you can cut back on the meetings. Keeping in touch with the client can go a long way in keeping them. At least twice a month is enough to reassure them that you are not taking them and their business for granted. Make yourself available in case they have questions. Trust us. You do not want to risk having them ask another broker for advices.
Networking, Anyone?There is a reason why many brokers attend networking meetings and no, it is not because of free snacks. Cliché but true, networking opens the door to a lot of possibilities. The more people you know in the industry the higher are your chances to get more clients. One referral can lead to another and before you know it you already have clients to last a lifetime or at least while you are in the business.
Make the Most Out of Your DayWhen business is slow, it means you have more time in your hands. Tempting as it may be, do not sit back and relax. Turn it to your advantage. Do not mope around. Use the phone and do some cold calls. Sign up for training seminars. Show up in networking meetings. You are not going to get back in game form if you are in the bench.
These tips work well if you are in a rut. However, if you do these things without waiting for a lull in your career, instead of getting back in the game, you are already a winner.
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