Dan provides coaching services and conducts workshops via videoconferencing and in person. He also speaks at events for advisors held all over the world.
Dan is the creator of The Solin Process℠, which is an evidence based process that has improved the conversion rates of hundreds of advisors and generated over $1.5 billion in AUM.
The peer-reviewed studies underlying The Solin Process℠ are set forth in extensive bibliographies in two books authored by Dan: The Smartest Sales Book You’ll Ever Read, and Ask: How to Relate to Anyone.
The Solin Process℠ maximizes the possibility of converting prospects into clients.
The evidence contradicts the traditional way advisors work with prospects. With the Solin Process℠, the decision about retaining the advisor is positively influenced immediately.
Advisors using the Solin Process℠ switch their emphasis from conveying information to eliciting it. There’s no effort to “educate” the prospect, to extoll the expertise of the advisor or to discuss the history of the advisory firm.
In the first contact (by phone or e-mail), there’s no effort to screen the client by asking questions concerning financial details.
The advisor doesn’t send anything to the prospect before the first meeting, except a short e-mail confirming the date and time of the meeting. The prospect is not asked to bring information to the meeting, to “think about” what will be discussed, to fill out forms, or to take tests intended to match the prospect with the “right” advisor.
Advisors using the Solin Process℠ do not prepare an agenda for the first meeting. Their only “agenda” is to get to know the prospect better and to respond to questions posed.
The Solin Process℠ doesn’t involve persuasion. There’s no effort made to “convince” the prospect of anything.
There’s no effort to justify fees or to explain why the prospect should switch advisors.
Advisors using The Solin Process℠ conduct meetings differently. At the initial meeting, the advisor makes no statements that don’t end in a question mark, unless a question is asked. Then, the advisor responds directly and succinctly.
The questions posed are thoughtful, sensitive and open-ended, intended to get to know the prospect as a person, rather than making an effort to capture his or her assets. The goal of these questions is to empower the prospect to talk about who they are as a person. The advisor takes no notes, because doing so inhibits the normal flow of conversation. The advisor makes no effort to steer the conversation in any particular direction.
This process teaches advisors how to make an emotional connection, using cutting-edge research based on neuroscience. The advisor makes no effort to “close” the sale. If the prospect doesn’t indicate a desire to engage the advisor, the first meeting ends with the advisor asking: How would you like to proceed? The advisor follows the direction of the prospect.
When the prospect indicates a willingness to share financial data, typically a second meeting is scheduled for this purpose. The advisor does not have an agenda for this meeting either.
Financial information is shared only when the prospect indicates a readiness to do so. At this time, it will be necessary for the advisor to take notes and gather information necessary to meet regulatory requirements and to prepare an investment policy statement.
I distilled a keynote talk I did with Don McDonald, co-founder of Vestory Wealth Management, to 40 seconds.My research is helping advisors convert more prospects into clients.It’s also enriching all their relationships.
The Solin Process℠ is used by hundreds of advisors all over the world. Advisors have found the process “transformational” in both their business and personal lives.