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The Art of Fact-Finding – Turning Needs Into Wants
I timed myself this morning to make our bed. I have it for a minute and a half and I’m so proud, but please don’t tell my wife.
I’m doing it quickly because it’s simple and pretty boring.
Some things in life are really simple. When we do simple things like make the bed, we go into autopilot, in other words, we automate it so that it takes up as little of our conscious attention as possible. That way we can focus on something else. We speed up simple processes because they are boring.
Now, finding out the facts with our clients in a face-to-face interview is quite simple. Collecting information to fill out the form is not difficult. More often than not, hard facts are needed to fill out the form. When we have the facts, as well-trained and educated financial advisors, we know the products the client needs, and it’s also easy to tell.
Telling is not selling – especially not selling communication.
Finding the facts when selling a relationship involves entering a tricky moment. Not just asking questions to get facts, but asking different questions that simulate a discussion to open up opportunities for our customers, finding softer information to help us relate our products to them personally. Knowing what makes them do what they do will make them feel anxious about the lack of cover, excited about the purpose they had deep inside.
First of all, make them want what we have to sell. Turning needs into wants is difficult, but most beneficial for them and for us.
So how do we do it?
You need some skills and some processes. The skills depend on your ability to ask the right question so that it comes across as conversational and genuinely interested in the customer, as well as first-rate listening skills.
The process is as follows:
o Prioritize customer needs and take them in turn
o Identify the situation surrounding the need
o Turn a need into a want
o Enhancing commitment
As with any process, you can adapt as you go, but it’s important to stick to a structure. What’s more important is that your customer walks with you. Ask them to join your journey. Tell them where you are going to take them. Explain the process in terms of benefits so they know exactly what will happen and what is expected of them.
“I would like to spend some time studying your current situation, asking a lot of questions. I will listen a lot, if that’s okay, when you talk about yourself, your situation, your goals and dreams and problems related to personal finances. So I will be able to give you the best service and advice. Is that okay Mr. Brown?”
Prioritize needs that hopefully your customer has agreed with and actually prioritized for you. This is usually the reason they see you or refer you in the first place. Companies use all sorts of acronyms to help you identify needs, and each fact finding page is usually dedicated to a specific need.
o PIMPSIO – Protection, Income Replacement, Mortgage, Pension, Savings and Investments, Other
o PEPSI – protection, salary replacement, pension, savings and investments
o SLIM – savings, life protection, insurance, mortgage
Above all, the customer sets the priority, not you. And you take one need at a time.
Discover the situation
Facts are usually filled with information about a common type of situation. Name, policy details, sum insured, date of retirement, lack of cover etc. You need their feelings about what they have, what they know about the alternatives, you need their priorities, their goals, their goals for their family. You want to know what they thought of their previous adviser, how much the state gives when they retire or die.
These are just examples of their current situation.
Lots of open-ended questions, probes, and just good old-fashioned silence and listening will get you that information.
Turn a need into a want
The principle here is that people are diverted away from pain and problems or towards pleasure. Think about it in your life? What motivates you? It’s probably one of those two.
This bit is clever and also the most difficult. There are three ways you can explore that will make the customer think about wanting solutions. They may discover the problems they face if the current situation stays put, they may see that some goals may be out of balance or unachieved and this may cause a problem, or they may rediscover or re-launch a goal that pushes them by taking action.
Take life and protection needs. The lack of this can cause problems for people, especially when the cause arises. They die or are out of work for a long time due to illness. Your questions should allow them to consider the issues for them personally, as well as the implications. Your questions can allow them to think about what solution will solve these problems and turn a need into a real desire for products. A good mix of open-ended and probing questions, summaries, and pauses will pay dividends here.
Enter carefully, like a bull in a crockery shop. You are dealing with personal information, so we must be sensitive. Watch the style and tone of the question. Use a lot of “tell me…” and “I’m curious” and “I wonder.” Also, make sure that your questioning tone rises slightly in the sentence. This is important because the opposite tone suggests a command and will be interpreted as an attack or questioning.
And you don’t want that?
Take savings or investments. Having these or wanting this desired area requires end results. Why do they save? Black day, celebration of life, retirement income, new car, house. This list goes on. Your questions will allow them to explore these goals, to visualize the goal clearly, to find out how satisfying it can be to achieve that goal. This will be enough to turn this need into a desire.
What about a remortgage? It’s big business today. Is this need motivated by pain or pleasure? It really depends. You can ask why they are worried about the mortgage they already have. They may be concerned about paying a higher interest rate than other people or having to make payments for longer than they would like. Here we have a problem.
Explore this further to see how it affects them personally and you may find that they are motivated by the desire to get a better interest rate or the prospect of paying off the loan earlier than planned. You can explore the challenges of staying with their existing lender and possibly the personal implications. This freedom from pain may be their motivation.
So to succeed in fact finding, we turn a need into a want. Desire for advice. Maybe it’s a little utopian, but this process, armed with the right questions and an acre of listening, will help you on your way.
As you study the customer’s needs, you’ll want to get small chunks of commitment. Subject to availability, they will be interested in looking at more details in the near future. Asking for availability early on is a great way to prevent an objection later on.
All the while, you’re building a vision of a package of options that will take away that pain or give them the pleasure they definitely want. At the end of the formal fact-finding process, we have to announce that this is what we will show them and they can consider the options and make some decisions.
There is little I can do to make the process of making the bed a more interesting and stimulating task as opposed to fact-finding. But I think I’ll hold on for a minute and a half and be silent. The pain of having another chore around the house is too much.
The next time you’re fact-finding, focus on the most challenging and motivating part—turning the needs you’re discussing into wants. Remember away from pain and trouble or towards pleasure.
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