Transcript of my conference call with a group of sales managers on March 18th, 2009

The Story of the two Dougs in Boston. Read how one advisor focused on the obstacles, while the other remained focused on the opportunities and taking action

In the 1990s, I was wholesaling the New England territory. During a rather volatile period in the stock market, I had a 7am appt with a 23 year veteran named Doug. As I entered his office and asked how he was doing, Doug just ranted and raved about how the volatility had frightened all his clients. “They don’t want to buy anything, no matter what stock I pitch to them. This market stinks, this business stinks and I can’t wait to get the heck out of this industry.” Here I am a commissioned salesman and I knew that this call was going nowhere. So I wished him the best, suggested he call me if he wanted to have a client event and bid him farewell.

I literally walked across the street to my next appointment with a very young advisor, also named Doug. He had only been with this wirehouse for 5 years but his mentor was the number one producer in the country. When I asked Doug how he was doing, he just beamed and said, “I’m having a blast! I’m calling CEOs at 6:30 am before their sales assistants get to the office. Many are taking my calls because they aren’t hearing from their advisors. In fact, I’m leaving in a few minutes to meet a CEO I’ve been calling for two years as a prospect. He’s heard more from me than his current advisor and we’ve developed a great relationship. He just sold his business for a billion dollars and this morning he wants to give me five-hundred million dollars to manage. So, we’ll have to reschedule our appointment Neil.” “Good for you Doug. Go for it!” I said. This deal is the 2nd largest transaction in the firm’s history, for an individual investor.

The reason I share this story with you today is because it shows the difference between 2 people in the same city, on the same block dealing with the same stock market volatility. One focused on the obstacles, which paralyzed him and drained his erergy. The other found opportunities, worked hard and smart and made great things happen.

The purpose of my 15-20 minute talk is to share several ideas, resources and success stories that are helping other advisors stay inspired and productive. I did not create any of these ideas, I just borrowed from people who probably borrowed them from someone else. Who cares, right? If they work, then it’s worth it.

This is an amazing time in the history of the world. We are all facing the worst financial and economic crisis of our lifetime. There is no shortage of bad news on tv, the internet or in the papers or in the office as we deal with clients. Of course, the problem is that the more gloom and doom that we hear or read, the more bummed out we can get. This gloomy news can easily drag the energy right out of you.

NOTHING that you or I say today will turn the economy around. But, there are things we can say and do every day to help ourselves and those around us.

1. Forget about yourself. Focus on others. (source for this is The Strategic Coach and Dan Sullivan) Uncertainty can drive people so deeply into themselves, making them feel isolated and helpless. One the best things you can do is to reach out to others and help them transform their negatives into positives. Help them discover the opportunities that have been created during this economic crisis. Encourage them to do take action and reach out to their clients. Relationships and listening skills are so important under normal conditions. They are critical for survival in today’s environment.

2. Find out what’s working. We know from the internet, Television and newspapers, what IS NOT working, according to the so-called experts. But there are some advisors who are having a very successful year. I’ll give you an example. In the book I wrote in 2005, titled the Magic of Working Smarter, I shared a story about a million dollar producer in Houston, Texas. His first name is James. Here’s what he does to differentiate himself from all the other advisors in Houston. He hosts a dozen different client events every year. As a result, he gains dozens of referrals and continues to grow his business every year, no matter what the economy does. SO, Last week, I spoke with James to get his take on the economy and business. He was more excited than he was in 2005. He’s hiring advisors from the wirehouses, who want to work in a more positive environment and grow their book of business. He’s hosting a dozen more client events this year and he continues to gain referrals from his clients. He told me that there are many clients who are looking for a new advisor. Many of his clients bring a friend or two to his client events, and he ultimately gains them as new clients. James has created Raving Fans within his client base.

He’s done this in 3 ways: he talks with them regularly, gets face to face as often as possible and he keeps a good, positive attitude daily. By the way, to re-enforce James comments about investors looking for a new advisor, go to

WSJ.com and find this article: wealthy investors stage revolt against advisors, posted on September 30th, 2008. This article states that “in a survey from Prince and Associates, 81% of investors with 1 million or more in investible assets, plan to take their money away from their current advisor. 86% plan to tell other investors to avoid their advisor. 90% of clients with the SO CALLED “BRAND” firms plan to take their money away from their advisor.

So what You’ll see a broader shift AWAY from the big-name advisors to smaller shops with fewer conflicts, lower turnover and more personalized service.” The reason I tell you this, is because this volatility and crisis has created opportunities to find new clients and more assets, right now. That’s why James is working with a sense of urgency. He knows the economy will improve. He wants to find as many disgruntled clients as possible, right now. When the stock market rebounds, it’s a winwin. His clients are happy with the returns and he looks like a superstar advisor!

3. Have a good attitude every day! Last week, a sales manager asked me How in the world do you stay positive in this economy? It’s a good question. There are several things you can do and I strongly encourage you to do! First of all, I realize that I have NO control over the economy, interest rates, stock market or world peace. I’m just not THAT powerful or connected. BUT, I am 100% responsible for my attitude and the thoughts I allow into my mind every minute of the day.

Every morning, I focus on the positives in my life. I look at the list of all my strengths and the things I am most proud of. To me, this is just as important as brushing my teeth, showering, shaving and putting my best suit on to get ready for work. Most people do just the opposite as they start their day. They look at the challenges, the negatives and their problems. My daily habit gives me energy, while focusing on the negatives zaps the energy from others.

One thing that all the attitude gurus have suggested since 1930, is to read or listen to something positive and inspiring soon after you get up in the morning. It jump starts your day on the right track. Will you still face challenges during the day? Of course. But I have found that this habit can help you keep a good perspective on the issues that you face.

Here are a couple excellent resources that you might try for a daily dose of impsiration: The napoleon hill foundation. Check out naphill.org. Napoleon Hill published a book in 1937, in the midst of the Great Depression. It was written to give people ways to succeed in life, despite the economy. He writes about attitude and also about taking action to accomplish goals. His book is titled Think and Grow Rich, but it’s not another Donald trump book. It’s about making the most of your day, your personal career and your life.

Another excellent resource is the website for Jeffrey Gitomer which is gitomer.com. Talk about inspiring attitudes. Watch the video on his website and you’ll see he walks the talk! Jeffrey is a true optimist with excellent ideas to help with sales and client relationships.

Attitude is NOT everything! I want to admit something that many of you may find surprising. Many articles have been written over the years that state ATTITUDE IS EVERYTHING! I believe in my heart that a positive attitude is very important BUT it is not everything. We still must have goals, a game plan, take action and work. I can have the best attitude in the world with the goal of making it as a player for the Boston Celtics. But at 5 foot 7, 52 years old and a terrible dribbler, that dream just isn’t going to happen! No matter HOW positive my attitude is. For those of you who have seen me speak at any national sales meeting, you know that I Believe Our attitude is our responsibility.

Last month I spoke to a group in West palm beach Florida. When I talked about the importance of a positive attitude, I told them that I would probably never see them again. So I personally don’t care what attitude they decide to have everyday. BUT, I’ll be your family, company and clients care about your attitude. Stay away from the negative people, TV News, and internet articles. They don’t add anything to your day and do more harm than any good. Look for the opportunities, find something good in every day. It’s there, if you look for it. In fact, you will find exactly what you are looking for!

As managers, you are probably doing this. Find the advisors who are having a successful week, month or year and ask them to share their success stories. Sometimes, it just takes one idea to inspire an office. The energy can be contagious. When I was a wholesaler, we organized a group of us who had good attitudes and success. Every week, we would have A WHAT’S WORKS conference call amongst us. Everyone gained an idea or two and it kept us looking for opportunities.

My final suggestion is to encourage the advisors to find SOMETHING that they are PASSIONATE about. For example, one advisor on the east coast focused on variable annuities, until the market scared many of her clients. She just finished a record year, selling fixed annuities, because that’s what her clients want now. She realizes that this business is about providing value and solutions to her clients. It’s a simple, relationship business.

Quote from my friend Kristin Magnacca: “Sometimes we focus so much on the door that just closed, that we don’t feel the breeze from the two that just opened!”

As I mentioned earlier, there is a LOT of money in motion right now. It’s going to go somewhere. I encourage all of you to work with a sense of urgency to find those who need help RIGHT now!

You are welcome to anything on my website. It’s all FREE. www.neilwoodconsulting.com

Have fun and call me if I can answer any questions.