Hundreds of people answered the call and completed my survey on skills and skills training. Thank you! Here is what I found out, which I report to you as promised.

74% of the people who responded (participated in the survey) have been in the business 11 or more years. 12% have been in this business less than four years. Eighty-six percent, then, are mostly seasoned veterans or brand new. This makes my ‘interested readership’ grayer than most, but representative of the advisors who have survived the past few years of economic misery that hit hard the less stalwart or undercapitalized advisors.

78% are generally or extremely confident in their mastery of the skills needed to build relationships, ask questions and listen, persuading, advising, etcetera. 19% are confident in some, but not other skills. When asked what skills they would most be interested in having some kind of lessons in, they said seven skills lead their wish list for training.

• Staying focused and on track when making presentations (This reflects the complex array of topics in financial planning and products in general.)
• Prospecting and other ways to acquire the right new clients through marketing
• Questions: what questions; timing; how to ask them correctly Included in this topic is authenticating listening, a critical skills that lets the prospect know s/he’s been heard and understood.
• Developing a benefits statement and answering the question, “What do you do?”
• Applying the psychology of effective interviewing and how to employ trust building techniques that are honest and not manipulative
• Asking for referrals and personal introductions – As more advisors realize the importance of this, they understand that the time-worn traditions of the life insurance business and general selling techniques no longer work so well in this regard
• Developing productive centers of influence among other professional advisors – attorneys, accountants, trust officers, bank officers and others in the arena of “trusted advisor” with clients and prospects have certain situations and idiosyncrasies that must be dealt with. To develop productive relationships, one must develop the skills of nurturing and separating the wheat from the chaff.

When asked how they would prefer to learn skills, i.e., through self-study, webinars with an expert, video conferencing or a workshop in Florida (asked before hurricane Charlie!), 34% preferred self-study by book, audiotape or CD; 34% preferred a webinar with an expert; 13% preferred a video conference format; and 18% preferred a workshop in Florida as long as golf was included and it would be conducted in winter.

Asked how likely they are to attend a skills learning session or workshop in the next 15 months, if the price were right, 54% were Likely and 23% Very Likely.

Finally, the critical question: What is the right price? This is the most important factor for some, the least important to others who say that content and instructor are critical. On the frugal end, $40-$50 was the most cited price range per session or module. In the higher end, $100-$500 per day, with most in the $250-$400 per day range most cited as acceptable per session or workshop.

My personal experience, in 1999 and 2000 before September, is that some factors other than costs certainly apply. I offered the Canadian Rockies, a mountain resort, summer fun and a great retreat for less than a trip across country to a Holiday Inn. My clients said that would be great and a few helped me create the sessions. No one, in the end, wanted to come. I still haven’t figured this one out. As a former trainer (three years as director of field training and manpower development at New England Life, among other training positions), I tend to rationalize that, on paper, advisors will admit to wanting skills training at the right price, but in reality, they don’t want to spend the time it takes to learn and practice the dynamics of certain skills with other advisors, even in intimate small group surroundings.

So here’s my question: Does it have to be for CE credits (skills and marketing training do not qualify) or something put on by an association that will make skills training worth your while to attend?

I am open to responses of any kind. I am trying to put together a day or two of sessions on selling and marketing skills, and want very much to make it appealing. All input will be appreciated. Please respond to jhmco@melchinger.com and include TRAINING in the subject line.

You don’t have to be sick to get better.

Questions? Email jhmco@melchinger.com

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This newsletter is designed and distributed by Kirk Lowe of Freedomarketing. Content by John H. Melchinger – The Marketing Coach™