Common Investing Challenges That Sales Professionals Face
Sales is a hard profession.
Why does anyone do it?
It pays very well for those who have the strategic thinking, planning, tenacity and follow-up skills to convince a potential customer to become a buyer.
But along that road to sales success are the skeletons of those who couldn't take the grind, the follow-up, the constant rejection, objections to the sale, and gave up.
It takes a special type of person to be in sales.
I once heard a saying:
"A good salesman will never go hungry."
It didn't really register with me what that meant when I first heard it.
But as time went buy, I worked with more and more sales professionals in both my tax practice Authoritax and through investing with Longhouse, I then came to realize what it meant.
It is a powerful, rare skill and smart companies will pay dearly for those who possess it.
Sales is a very difficult skill to master.
The average person just doesn't have the courage, or training perhaps, to be rejected as many times as the sales pro is in their daily life.
Aiming for conversion rates of 3-5%, on a good day, means that 95-97 people will flat out say nothing, no, or NO! to a sales pro.
How many jobs are like that?
Maybe pro baseball players... who are considered Hall of Famers if they hit above .300 (or hitting the ball once every THREE tries).
For a sales pro, closing deals with just 5% of their prospects could earn them a windfall of commissions.
But in order to earn that windfall, rejection after rejection, after rejection has to be waded through.
Then comes the sales objections, once a qualified lead is identified.
Once the objections are met, it's time to dance and negotiate the deal with terms that both sides agree to.
Then comes compromise... "I didn't agree to that..."
Finally after the entire dance, they sign on the dotted line, they hand over the credit card, they make a deposit.
However, the sales cycle doesn't end there.
The experienced sales pro is already onto the next one looking for their next deal to close...
When Does it Stop?
It doesn't, until the sales pro retires.
But a career in sales, from what I've observed watching my clients, changes quite a bit.
Events like the ones below, can cause a sales pro to move on to other opportunities:
- Companies can change commission payouts. (frequently)
- Products or services are hard to sell or support.
- Life events cause relocations.
- Emerging technology, new gadgets, improved services offer greater room for growth and earnings potential.
Unlike an engineer, who may work for one firm, in one specialty in one location for an entire career, sales pros must be flexible and willing to go and work wherever, for whomever.
With all that change, a sales pro will end up working for many different employers.
Problem: Each employer also has a different retirement plan.
Some offer 401(k)s, some with Roth portions, some offer stock options, some offer stock at a discount, some have no retirement plan at all.
How I Can Help
The number one thing that I see that a sales pro doesn't pay attention to are the retirement plans they still have with their former employers.
Sales pros are so busy they just don't have time to do the paperwork and transfers to get all their hard-earned retirement money in one place.
It all adds up to one, big headache that a true, focused sales pro just doesn't have time to work out.
That's OK though.
I firmly believe in doing what you do best and sticking to it.
You've worked at four different companies, selling four different things and you've also got four different 401(k)s.
One thing you may not realize is that a 401(k) is an employee "benefit."
Once you're no longer at ACME Inc. that benefit becomes an expense for ACME they no longer cover for you as a former employee.
So that 401(k) starts getting hammered with fees, trading costs, account costs, etc., etc., etc.
The same thing happens when you leave Widget Co because they cut your commissions for no reason...
You leave your 401(k) behind there too.
Your Widget Co 401(k) is in even worse shape since the admistrator of it charges some of the highest fees in the industry.
Now onto your 5th company, you meet us at a Chamber of Commerce event.
You come meet us at our nice, centrally-located office.
We sign some agreements and next thing you know, all five of your stray 401(k)s are in one place, invested and being managed professionally by us.
Now you can breathe a sigh of relief and get back to the thing you're great at: selling.
Your Stray 401(k) Problem
I call them "stray 401(k)s" because they are left behind and wander the streets with no one to care for them and make sure they're OK.
if you need a quick refresher of why leaving 401(k)s around town is a bad idea.
Hint: lots of fees, bad investment choices and lack of access to your money.
Typically what we'll do for you is the hard work of figuring out where you have stray 401(k)s and get them transferred in to one master account.
Depending on how the 401(k)s were setup you may even be able to transfer the balance in your current 401(k) out in to your new master account too!
Solve It Once and For All
Did you know consolidating all you old 401(k) accounts with previous employers is a great idea?
Think about it this way...
Once all of your retirement money is in one place, that bigger pile of money will compound faster.
The better it performs, the closer you'll be to retiring and getting off the sales grind!
Another awesome thing to consider is that we use our winning strategy, called SmartBeta Portfolios® to cap your downside risk and control your expenses so that your retirement investments can soar!
All of your accounts under one roof, a winning, proven strategy, and the ability to one day live off your retirement portfolio and not sell again for a living?
We need to talk, click the red button below to get started today.
Why Rolling Your 401(k) is a Great Idea
In this short video we'll explain what a Rollover can do for your retirement accounts
If you're looking for a way to reduce your investing costs, dramatically increase your investing options, and have easier access to your money, watch our video.