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As a financial adviser, what do you think the differences are between hunting or farming and growing your financial advisory business? Some financial advisers have told me that hunting and farming represent different sales personas. They’re right. But, I want to discuss with you about hunting and farming in the form of sales philosophy and its stages.
When we look at those top financial advisers and or directors, they share two things in common. First, they used to be great hunters. Meaning that they have strong sales skills to close deals at their will. Second, they are now great farmers, because they know how to maximise and sustain what they have by cultivating their clients and or team. Thus I prefer to see hunting and farming as two stages of a successful financial advisory career.
1. The hunting stage.
In this stage, financial advisers and or directors act like hunters. They are very focused on the present moment. They keep hunting for new clients and improving their hunting skills (sales skills). It’s exciting but stressful as they don’t know what they will catch for that day. Sometimes good sometimes bad and sometimes even dangerous! It’s tough, but many financial advisers do eventually become great hunters.
However, there are three limitations in this hunting stage.
• You cannot foresee what you will get tomorrow.
• The result is not sustainable.
• It costs great personal effort, and you have limited time.
2. The Farming Stage
In the farming stage, financial advisers and or directors now systematically grow their financial advisory business. They cultivate their clients and or team for the future, and they reap what they sow. The changes at this stage from previously are;
• You can now foresee what you will get.
• It’s sustainable.
• You can trade your time off with other resources.(You can hire farmers and buy farm machines.)
In summary, great ‘hunting’ skills help you to survive and succeed up to a point, but ‘farming’ is the next stage to keep your financial advisory business growing successfully.