🐴 A Rodeo Like No Other

Out in the snowy western mountain regions of the U.S., there's an extreme sport that might raise a few eyebrows.

Skijoring is a competitive mashup of a rodeo and ski culture. 

Skiers are towed by horses, dogs, snowmobiles and sometimes even cars. They zip down a mountain full of obstacles at speeds up to 40 mph. Some skiers jump as high as 8 ft!

Although it's been tough getting the Olympics to recognize skijoring as an official sport, thousands compete each year and even more come to watch.

In this situation, yes. This would be our first rodeo.

- Team Advisorist

In Today’s Issue 👇️ 

• How to stress test a client's financial game plan

• 5 phone strategies used by top sales reps

• Stats on the new way Millennials and Gen Z pay for stuff

🧨 Let's Do a Stress Test

In today's uncertain economic environment, it's natural for people to wonder if their current financial plans are still keeping them on track. 🤔

They may also wonder if there's something better out there.

Offering prospects or clients a stress test of their current financial plans is a great way to help them sort things out. You may also be able to sell them on something that's a better fit.

Stress testing is simple and revolves around a few straightforward, illuminating questions. For example, in an estate planning scenario, you might ask:

• What happens to my assets when I pass away?

• How will my family be affected financially once I pass?

• Who will ensure my estate plan will be executed exactly as I plan?

• Who will keep track of my hard assets, like art and jewelry? Who will ensure they get passed on to my heirs? 

Through "what if" questions, you also have the opportunity to offer a second opinion, and a possible alternative solution.

Regardless of what you're stress testing, you'll need to clarify your prospect or client's goals and objectives. Understanding those makes the process much easier.

Here are a few ways to put solutions on the table:

• Adjust your assumptions. It's common for advisors to be overly optimistic when trying to win a client over on a product. However, in a stress test, adjust your approach to see how things might look in a changing environment.

• Align with goals: Even if a product or solution works well in general, it might not align with a prospect or client's goals. Make sure you're tailoring solutions to each individual.

• Prioritize cost-effectiveness: Always offer the best, most cost-effective solution available. Include all related expenses and long-term costs.

Stress tests sometimes reveal that there's nothing wrong with a client's current plans. In that case, keep things status quo. It's all about trust. 👌

Headline Roundup

🏠 Affecting Your Clients

• Survey: Long Term Inflation Expectations Rise [CNBC]

• Gas Prices Have Surged to Four-Month Highs [CNN]

• ALDI to Open 800 New Stores Across U.S. [FOX]

📈 Markets & Economy 

• Bitcoin Tops $72,000 for the First Time [Y!]

• JP Morgan: Mag 7 Stocks are Actually Undervalued [MW]

• Gold Takes Breather as Traders Brace for Inflation Data [R]

💼 Industry Roundup 

• Now's The Time To Use 529 Tax Break For Roth IRA Rollovers [FA]

• Fidelity Cuts About 700 Jobs [TA]

• Annuity Sales Set More Records in Q4, Break $100B [INN]

📞 Top Salespeople Use These 5 Phrases

Traditional sales scripts are predictable, overplayed, and boring. 🥱

Feel like you're starting to sound like a broken record? Chances are your prospects hear that, too.

But have no fear, we've got you covered. 

A recent Hubspot article covered five phrases top sales reps use on calls. Try these on for size to freshen up your phone game:

1. Credible intro: It's common to open with a standard greeting and the question of, "could I have a moment of your time?" If your intro doesn't include why you're calling, a prospect can easily disengage. Instead, provide your name and company and the reason for your call right away. For example, mention you've noticed they recently attended a webinar or downloaded your website's lead magnet.

2. Individualized value prop: As advisors, we know there's no one-size-fits-all approach to wealth management. The same goes for phone calls. Instead of a canned script, use what you discovered in your prospect research to hook them right away. Include how you may have helped others in a similar situation and back up your claims with real data.

3. Rapport builders: Very few people think sales professionals are trustworthy, especially in a first-time interaction. Build rapport quickly by letting them know you've checked them out. Head to their LinkedIn or social media page and let them know you've also been to a place they've traveled to. You could also comment on their job history and ask them how they've made transitions.

4.  Second-level questions: It's not enough to sit back and listen to a prospect. You have to engage and let them know you're listening. Do this by summarizing what they've told you and ask if you've heard them correctly. Ask mirroring questions to clarify their concerns.

5.  Positioning statement: A solid positioning statement makes you more credible and qualifies the prospect so you can continue chatting. Say something like "I often deal with others in your [field, unique financial situation, demographic] that experience [name a challenge]. Do you experience this as well?"

With a little polishing, your sales call approach will look shiny and new. 

If any of these techniques win your prospects over, let us know! 👍

🗓️ Upcoming Industry Event Calendar

Mar 24 - 25: Shift: Human First Financial Guidance

Apr 8 - 11: NAPFA Spring National Conference

Apr 28 - May 1: NAAIM Uncommon Knowledge National Conference 2024

🧮 By the Numbers

1,430%

That's the increase between 2022 and 2023 of Millennial and Gen Z use of the By Now Pay Later (BNPL) service Afterpay to pay for travel tickets. ✈️

They're also using Afterpay a lot more to cover essential items. 

Contact lenses jumped up 465% from 2022 to 2023, garbage bags saw a 182% increase and first-aid antiseptics jumped 98%.

✌️Good Vibes

Parkinson's Disease can be tricky to treat, but one unconventional hobby could offer patients an improvement in their health and well-being.

A recent study found that tandem cycling boosts the mental and emotional resilience of both patients and caregivers.

The study also revealed that patients experienced improved mobility and walking speed, decreased disease progression, and disease burden.

Participants also reported fewer difficulties in their daily life.

What a great reason to hop on that bicycle built for two! 🤩🚲

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