 Do You Serve Round or Square Patties? By: Lawrie Livingstone, Senior On Site Consultant When Dave Thomas opened his first Wendy's in 1969, he served square hamburger patties. Read on to find out why he did that and the impact of his reasoning on your business. Dave Thomas in his autobiography Dave's Way (G.P. Putnam and Sons, New York) does far more than provide a history of his life and the history of Wendy's Restaurants - now over 6,000 strong. He recommends solid, business-building ideas, which are applicable to other businesses. Many financial advisors have been experiencing a decline in their business over the last year or two. Perhaps you will find in "Dave's Six Steps for Bringing Back a Dying Business" some ideas that will help you with your business. 1. Get rid of the deadwood in management. In Bill Good Marketing terms, this means: review your staff to determine if they are doing the job you hired them to do. Remember that any second thoughts about new hires are normally correct. If you don't feel good about an employee, consider replacing them. Do your employees understand your goals and do they want to help you reach those goals? Do you have written job descriptions in place? Do you review your employees' performance with them on a regular basis? By replacing the deadwood, you'll feel better and can then focus on reaching your goals. 2. Paint the place. Take a good look around your office. Do the walls need painting? Are there gouges in your reception area furniture? Is any of your furniture broken? Are you proud when your mom comes into your office? Look at your office through the eyes of an image consultant; better yet, hire one to do a review of your office. What can you change to make it look and/or function better? Does your staff have any suggestions? By taking action to "tune-up" your office, not only will you feel better but also your existing and prospective Clients will notice that you "care." When Wendy's started in 1969, nostalgia was sweeping the country. Dave offered a warm but simple family atmosphere, with upscale overtones, featuring carpeting, Tiffany lamps, hanging beads, old-fashioned advertising on the tabletops, and bentwood chairs. By looking upscale he was able to get 55 cents for his hamburger when McDonald's was getting 18 cents. Was the extra money spent for atmosphere worth it? 3. Get on top of the basic numbers. Do you remember when you went to the Gorilla Training Seminar™ and you had an in-depth presentation of weekly stats--what they were and what they meant? Do you submit your weekly stats to Bill Good Marketing every week? Do you review them with your assistants at your weekly staff meeting? Do you have your production figures this year versus last year on a month- and year-to-date basis? How many new Prospects are you seeing each week? How many are your Sales Assistant adding to your database? Don't have the answers to these questions? Guess what you need to do? Dave worked by creating checklists and having them completed by his staff every day. He knew where he stood every day. He would qualify as an Honorary Gorilla! 4. Promote. Marketing has always been the key to success in the Bill Good Marketing System®. Do you have a dedicated Sales Assistant who does your marketing? Aside from your regular monthly drips by snail mail, fax and email, what else are you doing to promote yourself? Running seminars? Client appreciation events? Or, did you run a seminar once in 1984, had three people attend and then decide that it wasn't worth it? Who can forget Clara Peller, the retired Chicago manicurist who became an overnight sensation and a symbol of American spunk? Clara couldn't hear very well, so when it was time for her to deliver her lines for the TV advertisement, someone pinched her and she belted out: "Where's The Beef?" 5. Figure out the business and focus it. Bill Good Marketing has always recommended that you find a niche market and seek to dominate it totally. Have you found a niche yet or are you doing all kinds of business for any kind of client? In the early '60s, Dave was given the task of turning around four ailing restaurants in Columbus, OH. They had over 100 items on the menu and an exorbitant amount of money in inventory. Dave went to a local radio station where the station manager swapped him radio ads for some of his great chicken. Dave was using Colonel Sander's recipe. For Dave, a light went on! He renamed the restaurant, 'Colonel Sander's Kentucky Fried Chicken® Take-Home', took everything else off the menu and created a phenomenal success for himself and Colonel Sanders. Dave then worked for KFC® for over 10 years before starting Wendy's®. 6. Identify yourself so the customer won't forget you. When I started selling, I read many books about sales, marketing, and management. One phrase that has always stuck with me is: "Never forget a customer; never let a customer forget you." How did I do it? I punched their lights out! Joke! Actually I had worked at Xerox® and developed a high degree of expertise in providing customer service. I reasoned that if my customers were happy, they would stay with me and provide referrals. Bill Good Marketing makes this extremely easy for you with Birthday Letters, Anniversary Letters, and Feel Good Letters, as well as instant faxes and emails. What did Dave do? You may be aware that the Wendy's restaurant chain was named after Dave's daughter but did you know that her real name was Melinda Lou? When she was born her brothers and sisters couldn't pronounce it so they called her 'Wenda', which over time became 'Wendy.' Can you describe Wendy? Eight years old, pigtails, freckles, striped shirt, high collar, cameo, and clean scrubbed face--a smiling, wholesome little girl. Now that's identifying a brand so that the customers don't forget. What are you doing in your business to achieve this effect? What about the square hamburgers, you say? Dave spent a lot of time in his youth with his Grandma Minnie Sinclair. One day they were shopping and Minnie was disturbed at the poor quality of some of the goods. She said: "Quality is everything, David. Remember that. If people keep cutting corners, this country's going to be in big trouble." That conversation stayed with Dave. So when he opened Wendy's he didn't cut corners like the other burger stores, he made square burgers to improve the quality by giving more meat to his customers. He believed that it wasn't how much meat you have on the bun, it's the proportion of meat to the bun. And with a square patty the customer can see they are getting a lot of meat! The Wendy's logo says it all: "Quality is our recipe". If you have cut corners and are serving round patties to your Clients and want to improve your quality by serving square patties, contact Mona at (800) 678-1480 ext. 1296 to schedule a free 30-minute telephone consultation with one of our Bill Good Marketing consultants. They will review your recipe and help you increase your quality. return to Table Of Contents 
Get Your Money's Worth With Speedbuttons!
By: Brian McDonald, Software Support Technician brianmc@billgood.net I once bought a really nice shirt and put it in my closet, tags and all. I was waiting for a special occasion. Now, I probably should have known that the kind of life I lead would never give me cause to wear the shirt, but I just wasn't thinking that deeply. I thought it would be a good idea to have a nice shirt around. As happens with all the items in my closet that are not immediately put to use (or don't develop a discernable odor) it managed to crawl its way to the depths of the closet next to the Broncos T-Shirt that hasn't fit me since seventh grade and the Rubik's Cube with all the stickers missing. (As an aside, how does a football fan ever bring himself to throw away an item bearing his favorite team's logo? I believe I have dragged that T-Shirt out of the trash on a number of occasions after one of my wife's pregnancy-induced "nesting" episodes. But that is not the point. The point is the fading shirt with the tags on it.) I paid good money for that shirt. I mean it is designer stuff compared to what I usually wear. After all, it has a collar! The problem is, after it had worked its way to the back of the closet, special occasions came and went and I never wore it. That, my friends, is a waste of money. The same logic can be applied to many features of Gorilla® software that so many people have left dormant for so long that they have forgotten about them. Now I know that the word "Speedbutton" scares many of you more than the thought of another idiotic reality TV show, but they are something every office really should be using. And the truth is, they really aren't that hard to use. They aren't even that difficult to design. They do, however, require a bit of thought to conceive. Once you understand the things that Speedbuttons are capable of, you will be able to take the guesswork out of many of your office's day-to-day activities. Our primary focus in designing Speedbuttons was to give you the ability to run a miniature campaign on a single Contact Group™. They should be used whenever you have a procedure in your office that requires repetitive contact management actions. This could be something as simple as wanting to add a keyword to a bunch of records one-by-one or as complex as ensuring a new Client is taken care of properly. Say you have decided that you want to go through and mark some of the people in your database with a keyword. You could go individually through each record, open the Info Sheet or Contact Group Wizard and choose the proper keyword from there, but that would be inefficient. The optimal choice would be to create a Speedbutton that adds that keyword. Then all you have to do is select the Contact Group's name in the Finder and click the Speedbutton. Done deal. If only everything were this easy. Imagine, instead of actually having to drive home, you just had to go to the parking lot, open the car door, get in, sit down, open the door again and you would be home. Creating a Speedbutton that would take care of your new Client procedure would be a bit more complicated; however, using that Speedbutton is still just a click of a button. Consider what that means for your regular office activities. Rather than relying on the Service Assistant to remember to verify the funds that are transferred and then remember to call the Client to make sure he understands his first statement, one Speedbutton click sets up actions to remind your Service Assistant to do it. Your Computer Operator will not have to be reminded to send a "Thanks for the new account" letter. It will just happen as part of the Speedbutton. This is only a single example of what a Speedbutton can be used for. There may be plenty of other examples that you can think of. Just imagine any task in your office that you do for a single Contact Group in a repetitive manner. Usually a Speedbutton can be created to make sure that that process is carried out perfectly and the same way every time. Consistency matters. We've seen how Speedbuttons can really help, but they are just the tip of the iceberg. What I would really like you to consider is whether you are using the System for all it's worth, or just using it to add notes and actions. Now don't get me wrong, Gorilla works fine for adding notes and actions; about as well as a jet works for delivering the morning paper. What really sets us apart are the utilities we have customized for use in an office like yours. You will not find Speedbuttons anywhere else. Likewise, no other program on the planet gives you the campaign engines and office procedures that are customized for your office in order to make you money. If you are not using that stuff, you are not getting your money's worth. For more information on how to use Speedbuttons, you can refer to "Help" in Gorilla (keyword "Speedbuttons"). If you still do not feel comfortable, look at our WebEx™ training schedule for classes on Speedbuttons or visit the archived Speedbutton WebEx class. But, whatever you do, get that shirt out of the closet, shake it out, pull off the tags, and show everyone what great taste in clothing you have. return to Table Of Contents
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It's Not a Good Idea to Use a ScriptBy: Bridget Bellon, Senior Marketing Consultant bridgetb@billgood.net As the instructor for the Sales Assistant Boot Camp, I hear frequent comments such as: "I don't need a script." "I hate using scripts." So naturally, I'm interested: Why is it a bad idea to use a script? I asked, and here are some of the responses: "It sounds like you're reading." "You sound like a telemarketer." "It doesn't fit." "They aren't flexible." "It's boring." "I can't listen because I am concentrating on the script." Valid reasons you say? Absolutely! Certainly many salespeople do sound like they are reading from a script. They sound boring, unsure, or worse--they don't listen to what you are saying because they are too focused on what they have to say. Let's take a moment and talk about the reasons you should use a script: 1. You sound certain. If you know what to say you will sound like you know what you're talking about. It will help you avoid all the "ums" and "ahs." 2. You can listen better. When you know what you are going to say you can focus more on what the prospect is saying. 3. You cover all your important points. I can't tell you how many salespeople have told me they had to call a client or prospect back to gather some important information because they forgot to ask. 4. You can make more calls. If your message is written down you are more likely to stick to it. If you start winging it, your message will take longer and your numbers will drop. 5. You can test. If you are using a different script each time, you can't tell what works and what doesn't. Remember your script is a very important variable in your campaign. So, how do you avoid all the common pitfalls when using scripts? 1. Develop a good script. Although we have many scripts for you to use, you will have times that you will either rewrite or start a script from scratch. a. Use short words. You have all heard of K.I.S.S. "Keep It Short and Simple" or "Keep It Simple, Stupid." Whichever version you choose, keep your scripts simple.Don't use the word "about" when comparing two things. For example, "The return on that is about five to seven percent." Using "about" in this way says, "I don't know." Rather than saying "about five to seven percent" either leave it out all together, "it is five to seven percent", or replace it with "between five and seven percent." Lastly, leave out the word "appointment." The word "appointment" has a negative connotation. When people set appointments they are usually going somewhere unpleasant like the doctor or the dentist. Use non-threatening phrases like, "Let's set up a time for you to visit with Sue here in the office" or "get together with Sue here in the office." If you are setting telephone appointments, try, "Let's set up a time for you to chat with Sue, over the phone, of course." 2. Mark it up. As you practice your script, mark it up. If you sound like you are reading you probably are. Underline the words that you want to emphasize, put arrows behind questions so that you remember to issue polite commands rather than asking questions. Put a slash mark after the words you want to pause behind. Then practice, practice, and practice again. Listen to "Developing Power." It is a tape found in your Marketing Reference guide that will help you review the elements of a professional sound. There is a reason that Darth Vader wasn't played by Michael Jackson. 3. It's Show Time! Delivering a script is really just a question of performance. Top actors and actresses use scripts. Not to mention top salespeople. No one goes to a Broadway play expecting to see the actor reading from a script. It is the actors' job to make that script come alive. We can assume that the actor has read that script hundreds of times. Yet each time they perform it, it has to be as good as the first. Otherwise they begin to sound boring, canned, and rehearsed. They also can't personalize their script unless they practice it. In order for you to be able to listen to your prospect better without getting thrown off, you need to rehearse. Spend somewhere between ten minutes and an hour reading your script. Read it over and over again. Realistically, you'll stumble through it the first few times you deliver it. Maybe even the first 20 or 30 times. So, I haven't convinced you yet to use a script? Here are two more reasons! 1. Top salespeople use scripts. You may think that top salespeople don't use scripts, but they do. The reality is, if you have given a presentation more than a couple of times you are using a script. Write it down. Why reinvent the wheel every time? Top salespeople find what works and they keep doing it. 2. Words create effects. As Bill Good himself says, "It's not just what you say that is important, it is exactly what you say that is important." By changing one word in these classic advertising slogans we can completely alter their meaning. McDonald's: We do it all to you. AT&T: Reach out and grab someone. I could give you some real live examples of phrases I have heard here in Boot Camp but they wouldn't make the editing cut. Avoid saying what you don't want to say by planning what you do want to say. return to Table Of Contents
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Recurring Actions in Gorilla® 2.15By: Steven Watkins, Software Support Technician stevew@billgood.net The Recurring Action in the 2.15 version of Gorilla adds a lot of benefits that you may find useful. With this feature, you can block out your calendar at the same time on a routine basis. This can help you by setting your team meeting on Friday at 3:00 every week for the next two months or longer by doing one action setup. You will save both time and money by being able to do this. You save time by only setting up the action once every so often and not weekly, or doing a batch at a time. You save money by not using that extra minute every day to do it. The cost can be huge by doing this. We work about 248 days a year (figured with one week vacation and federal holidays off). This would figure out to an extra $24.80 on average per employee. I like the idea of doing it only once, and it is easy to change. How to create a Recurring Action:
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Half-full Glasses
By: Matt Hicken, Marketing Support matthewh@billgood.net  Some see this picture as a glass that's half-empty. Others may see it as a glass that's half-full. Would you believe that what you see could mean the difference
between success and failure? I have spoken with many Gorillas since starting at Bill Good Marketing, and over that time many have doubled their production
and beyond, just by doing as the System dictates. I have also spoken with those that just couldn't cut it. I have tried to help as much as I could to get these
other Gorillas out of the slumps but I couldn't get them to follow the System. They saw the glass as half-empty. There is an attitude of success
(glass half-full) that you must have in order to follow the System 110% and succeed. This attitude is created with two parts. The first is that you must be
positive, and the second is to develop a business plan and execute it.
I think that Mike Robertson, one of the great Gorillas, put it best when he told us in a recent Marketing Support Meeting, "What RRs have to realize is that they are the parents; people are looking to them to know what to do." People constantly ask us in the Marketing Department what works in down markets. Well, the answer is to be positive and follow the System. We have many campaigns that have been designed to master the technique of helping your Clients know you are there and working hard for them. Staying positive in their eyes will bring in new business; they will want to refer you to their friends. If you haven't already done so, I would suggest you read How to Win Friends and Influence People by Dale Carnegie. If you apply what you learn in that book, you will continue to gain referrals. No matter what happens in the market or at home, you need an attitude of seeing the glass half-full. People don't want to know about how bad the market is; they want to hear what you can do to help them. Stay away from using the word "I," stick to "You." That is what people want to hear. People want to hear what is positive in the market and how it will help them. This optimism is what sells. People are drawn to it. If they see that you are positive and that you are willing to talk to them, you will get their accounts. Since this "attitude of success" may require an attitude adjustment, I know that it might be difficult for some of you to apply. We have help for you. (See, there is something positive!)
There are critical parts of being organized. The first is to make sure that you, as the RR, have a model day in place. During the day, be sure to use the daily stats worksheets to keep you on track in hitting your goals. Those worksheets will help you fill out the end-of-week reports. Take these reports to your weekly staff meeting. In that meeting you should talk about the goals that you have accomplished, the goals that you haven't, and situations the team had to handle during the week. This is also the time for you to sit down as a team and evaluate how you are doing with the Gorilla® Chart Assignments. If you consistently hit your weekly goals, I can guarantee that you will accomplish your yearly goals. Above all, be happy. Take a weekend to indulge in your favorite pastime. Relax. Then come back into the office with a plan and a smile on your face. You will be able to watch that glass fill up and overflow--positively! return to Table Of Contents
Has Your Service Assistant Stopped Trying?By: John Tillotson, Marketing Support johnt@billgood.net Some of you reading this might be wondering why the Service Assistant, whom you share with another RR, is doing more for the other Registered Representative than he/she is for you. Why don't you have your own bona fide Service Assistant dedicated to making your Clients happy? Perhaps you aren't sharing a Service Assistant with any one else, and you are not seeing very good results from him/her. If you are experiencing any of these problems then read on; there may be a very simple explanation to your problem. In 1924, Western Electric Hawthorne Works in Chicago conducted a preliminary experiment to see if lighting had any impact on the level of production in the factory. Management let all of the employees know that they would be changing the lighting in an effort to improve work conditions. So it started. The lighting level was increased and production levels went up. They would dim the lighting and production went up. They made it so dark that it was becoming hard to see and production still went up. These experiments went on until 1927, three years later when they finally concluded that the illumination level did not have anything to do with the level of production. Production rose because the employees felt that management had a genuine interest in their well-being. Management was concerned with the employee and the employee worked harder because of it. This is now known as the Hawthorne Effect. Here are a couple of things that you can do to help if you're experiencing any problems with your Service Assistant:
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The Gorilla Of The Month-October 2002
Tim HuttonBy: Bill Good In every issue of the Gorilla Times®, a Gorilla who has shown outstanding performance through the System, or experienced some other great accomplishment, is chosen to be the "Gorilla of the Month." Bill will spend time interviewing the Gorilla of the Month to find out what has brought him/her success. This issue features Gorilla Tim Hutton. In his interview with Bill, Tim talks about his office team, his Clients, and how he has used the Gorilla System to organize his efforts and stay on top of his Clients' financial state. Bill: So, Tim, you are in Ft. Worth, Texas, and points north, correct? Tim: That is correct. Bill: And your main office is Ft. Worth and your other one is where? I know you told me. Tim: The big city of Vorger, Texas. It's not some place that most people would normally go. Bill: Why Vorger? Tim: Vorger is a petroleum town that has all kinds of merger activity. There are people retiring. There are just a tremendous amount of turnover-type situations. It's just a good source of income. And it's amazing, out of about 400 Clients, probably about 300 of them are in Vorger. Bill: Isn't that interesting? So you came on the System about a year ago. Tim: Yes, sir. Bill: And your revenue at the time was running what? Tim: Around $450K. Bill: And now it's doing what? Tim: It's doing the same. I haven't seen it doubling. I've seen a doubling of time, but I'm not sure that's necessarily attributable to your System. Bill: These are troubled times that we work in, and I've got to tell you, back in the "go-go days," I told people when they came on the System that they would get most of their benefit in year two. And I told them if you stay even, and perhaps pay any increased costs that you've incurred in year one while you build out your System, you'll get your results in year two. Tim: I have no doubt that that's true. We started at the end of '99 and we have been in a handholding frenzy. At that time we did not have a System to handle it. And regarding the birthday letters, you know it's something to have reviews with Clients and they say "thank you," and I'm really not aware of what they're thanking me for, but they have been contacted and they have had that personal, warm feeling because of your System. That helps tremendously. Plus, of course, with the reminder to have reviews, we are very aggressive in having reviews and making contact with our Clients even in the midst of the storm. Bill: Now, what are you doing for your monthly dripping? Are you doing mostly handholding letters? Tim: We have done some handholding letters. I think there are some products that are very appropriate for this time. We've been doing some generic variable annuity letters talking about guaranteed death benefits. And I also have a product that deals with a guaranteed minimum income benefit. Those kinds of things--something that hits home. Bill: Right. And you're getting that out every month, correct? Tim: Yes, sir. They go out to all of our Clients and to our Prospects, too. Bill: Now, I notice that you've got your 90-Day No Contact campaign going. Tim: Yes, sir. Bill: To both Clients and Prospects? Tim: Mostly Clients. It's been a real toughie. Of course I have a Service Assistant, and that's helped out tremendously. And if we didn't have the Gorilla System™ I wouldn't even know whether they're being contacted. But we use an email system, so my Service Assistant and I can see all the emails coming from the contacts that she's making. My income would be cut in half this year if I had to handle all those problems. Bill: That's interesting. Now, when you say you use an email system, I know you've worked out a little record update form, and where is your computer system located? In Ft. Worth or Vorger? Tim: It's in Ft. Worth. Bill: Where is your Service Assistant located? Tim: In Ft. Worth. Bill: So she just sends an email straight to the Computer Operator every time she talks to somebody? Tim: Well, usually there is a multiple email that goes out to my Service Assistant, to the Computer Operator, to the Sales Assistant, and myself. I see every email going out because I want them to be fully aware of what's going on. I want them to be on the same page. So if Client XYZ calls up and needs $10,000, everybody knows about it. I need to know in case there's a potential problem. If they give a referral, I need to know about it. Bill: So that just keeps everybody informed and everybody gets a copy of the record update form and the Computer Operator updates it. Tim: Yes, sir. And then we have a network, so we're all networked here. I have DSL; when I go to my office in Vorger, I just plug directly in and it updates me with everything that's been going on throughout the day. And then when I meet with Clients for reviews and sales opportunities, I'm able to immediately send them information so my staff is able to deal with what I bring back from that trip. Bill: So you've got your Computer Operator doing the daily task checklist, right? Tim: Yes, sir, we have two Computer Operators. Bill: Explain how that works. Tim: Well we've got a college student who goes to school part of the day, and then we have a young lady who has a baby and she doesn't want to work full time. These are individuals that fit the profile. The college student is the one that has the tape on his glasses and is the classic geek. He drives the old beat-up car, and he needs money for the car. But he is a tremendous, tremendous guy. And we keep them busy…we really keep them busy. Bill: And if one of them has to be out, the other one can cover, right? Tim: That's right. As a matter of fact, they are both training on your System; the college student is working on his Masters now, and the young mother is working on her Bachelors. So it's a tremendous System. What you've done, Bill, is put it all together. I knew where I needed to go; I just didn't know how to get there. Bill: So you've got your Computer Operator, Service Assistant, and Sales Assistant, right? And is your Sales Assistant a man or woman? Tim: It is my son. Bill: So he'd better do what you say or he doesn't eat, right? Tim: Well, yeah. He does a good job, and the intent is to bring him on in a partnership capacity and to probably get another Sales Assistant. Bill: How old is he? Tim: He's 29. Bill: So you're going to make him your Associate Planner and then replace him as Sales Assistant? Tim: Right. What I would like to do is start building up a core of business in the Ft. Worth area. So we're starting to do some workshops here in Ft. Worth. It's amazing to have a home office and to have fewer, (less than 100) Clients in your home office area. I don't want to see him driving the way I do, because I'm up in Vorger at least two days a week. Bill: How far is that? Tim: It's about 325 miles one way. Bill: So you're doing a lot of driving. You ought to buy an airplane, right? Tim: Well, I have an airplane. Bill: Oh, do you really? Tim: Unfortunately, I don't know how to fly. So in order to hire a pilot I would have to keep him overnight, so it's just not cost effective. If it were a one-day trip it would be effective. But the trips are not unproductive. I use them to get your CDs off of the Internet, so it's instruction time. I also use it to talk with Clients, and I'm usually on the phone during that time up there and back. Bill: So we've talked a little bit about your Client marketing and you've got your team in place. What are you doing in prospecting? You're doing workshops, right? Tim: Yes, sir. Bill: How many per month? Tim: I want to do two, but we produce so much business that it's hard to do two consistently. I probably do two in one month, and then one in another month, and then two again. We are producing a tremendous amount of interest. It is not affecting our bottom line immediately. I know it will affect our bottom line because we're dealing with a lot of dissatisfied people, and we are not forcing these people to move their assets immediately over to us and take a loss. Bill: But if I remember from our earlier conversation what you are doing is you're even spending time managing money that you don't have for which you don't get paid, correct? Tim: That is correct. We do this, for example, in Vorger. I do this for Clients with their 401(k)s. But we have their dates, when they retire, everything. And we have been collecting a tremendous amount of data. This last year has been a data-collecting extravaganza. We have groaned about the amount of input that we have had to put in, but we're starting to reap from some of the information that we've gotten. This month, I think I've got three or four people that are retiring and we're ready for them. Before, it would just fall through the cracks. Bill: You've been spending time with them on what to do with their 401(k) before they retire? Tim: Once a quarter we have a review with them. They either fax their 401(k) statements to me, or I can do a review over the telephone. We maintain contact with them, so it's a natural thing. And as I told them, "I want you to think of me as your financial planner. You're my Client, and if I do a good job, where would you place your money when you retire?" And they're doing it. I mean, it's automatic. Bill: Now this goes back to one of the very first things that I built into the System years ago. For years, everybody preached "assets under management, assets under management." And so I actually worked out the sequence, and the sequence to getting the assets under management is, first you find it, right? But then you manage it. You don't have to have the money in house in order to manage it. Tim: When we put on the workshops they would come in for reviews, bring in all their statements, and I would point out what was wrong and then suggest that they move it over to me. And they were starting to balk because their accounts were down so much. So what I told them is, "okay, we'll leave it there, we'll manage it where it is, we'll get your values up, and then later on you can move it to me." And that seems to be quite acceptable. This market is going to turn, you know. And there's a tremendous amount of busyness right now. But by contrast, their brokers are not having any meetings with them. I'm talking about my competition. They're hiding in the closets, they're telling them "stay" and "hold" on large growth positions that are tanking. And I'm picking up a tremendous amount of assets. What you've got to do for the time being, while accumulating this stuff, is find sources of income to keep you going. Bill: Right. And what did you do on that? Tim: We do that through people retiring and I also have another seminar that I've just started here in the Ft. Worth area, Financial Pitfalls that can Destroy your Retirement. The idea is working with people that are already retired and trying to get those assets. So in other words, you've got to have more than one thing going. It's real hard when you're dealing with companies that are laying off people and having people retire. It doesn't happen all the time, so you've got to have something to pull you through on the other times. Bill: So what do you anticipate next year? Let's just suppose that the market doesn't take off and it just thrashes around between, I don't know, eight and nine thousand points and you keep doing what you're doing. What would you expect your revenue to be next year? Tim: I would expect it at least to go up by half. Bill: And that's based on all of these retirement people you put in the pipeline? Tim: Yes. But if the market goes up it will be tremendous. Bill: So could you get a double next year? Tim: I think so. Because what we've done this year is worked out all the bugs. We've converted from Act® 2000 over to the Gorilla System™; that was a real struggle. And I think I told you before…Gorilla® worked us instead of us working Gorilla. We really didn't understand what was going on, but we had a commitment. We had two systems going at the same time because you said "don't throw away what you're doing," but it was hard. When it finally dawned on all of us what was really taking place, we no longer used Act 2000 and we became totally dedicated to using the System. Bill: So you've got a good idea that you're going to take the cover off the ball next year, or at least stay in the game well. Tim: Well, there's no reason not to. With the number of people and [frequency] we do these workshops, we find out when they're going to retire. We find out when their assets are going to be available. You cannot be accumulating information if you're not maintaining relationships with people. It's got to come into fruition. Bill: With a name like Hutton, I guess…you remember the old ad, don't you? Tim: I sure do. Bill: "When E.F. Hutton talks, people listen." Tim: I tell everybody that's my uncle. Bill: Thank you very much. Tim: Thank you, Bill. It's a privilege to associate with you. And as I said, I knew where I wanted to go; I just didn't know how to get there. And you provided the tools. It's so frustrating to know what you want to accomplish and not have the tools to accomplish it. Bill: It would be like wanting to build a house and no hammer, huh? Tim: Or not having the blue prints. Because I have the hammer, we have been collecting data. But [it used to be] "Oh no, 'So and So' retired two months ago, and we never made contact with him." That happened a lot, and now it does not happen. And so it's working great. Bill: Well Tim, thank you for your time today and we'll be in touch. Tim: Thank you. return to Table Of Contents |