I told him that I liked his thinking. It’s important to think about how to beat the competition.
However, I disagree about the identity of his—and your— competition.
Your competition is not the national brand; it’s your prospect’s current wealth-building plan.
Every doctor has a financial plan. It may be a well-considered written plan. However, it could also be, “l’ll think about it later.” Or, “I know I’ll be working until I’m 80.” One doctor told me, “One day I’ll buy that winning Lotto ticket.”
Please don’t be lulled into complacency. The status quo is a formidable foe. Think about the brand of toothpaste you use. Why would need to happen for you to change brands?
Here are some insights and tips to help you overcome the momentum of habit:
- Knowledge alone will not inspire changes. For years, half of surveyed doctors reported being behind in retirement planning. This means that the awareness of the problem is not enough to inspire doctors to take action.
- Emotion drives motion. As you know from behavioral finance, pain and the fear of loss are most likely to inspire action. High-performing advisors have an intimate understanding of the source of doctors’ financial pain. In the midst of the COVID pandemic, doctors have acute financial pain!
- Make it feel safer. One of the reasons we don’t want to try something new is that we fear making mistakes. The unfamiliar feels riskier than the familiar. Use medical metaphors to help doctors get on safer ground.
- Doctors influence doctors. Your end game is getting doctors talking about you in the surgeon’s lounge and doctor’s dining room.
- Showcase makeovers. Think about ads for weight loss products. You see the before and after pictures. If you see enough of them, you think, “That could be me!” Tell stories about financial transformations. Show doctors what is possible.
Don’t worry about the TV and radio ads of national firms. Instead, focus on how you can inspire one doctor to take one small step towards a healthier financial future.