In the Commitment to Hire™ script you say, "Would you like to hire us to create this plan for you?" I'm assuming that, as a solo practitioner with one administrative assistant, I'd say, "Would like to hire me" not "us." Or is there a reason to say "us"?
There’s no such thing as a Trusted Advisor “solo practitioner.” You can’t possibly deliver on the promise you made during the Commitment to Hire Conversation™ by yourself. The “we” includes the Subject Matter Experts who comprise your Deliverables Team and are going to provide the actual advice to you about insurance, taxes, asset management, estate planning, and so on. It’s the people who help you write the plan, or use the software to write the plan, and the back office people who make everything happen from account transfers to underwriting.
During my first meeting with existing clients, I have a short Old World New World™ discussion. After asking them if they have any questions, I move into the Financial Road Map®. A number of clients, however, during Commitment to Hire Conversation™, still have significant questions related to the Old World. In fact, they clearly trust me more and are more willing to ask the "hard questions." How should I handle this?
It’s perfectly acceptable for clients to ask the “hard questions” during Commitment to Hire Conversation™. If the clients have questions that need to be answered before they hire you, you want them to ask those questions before they hire you. If they do hire you after having their “hard questions” are answered, they are much more likely to actually implement at the Implementation Meeting. Their questions are also a very important opportunity for you to gain more insights about them so you can make a good decision as to whether or not you want to be hired.
Should we prepare a list or outline of our Deliverables Team to show to people in the event they ask a question during the Commitment to Hire Conversation™, or just outline it verbally to them?
Outlining your ability to describe your Deliverables Team articulately is important. Having a printed listing of your Deliverables Team, describing their skill and experience is fine.
When you review the outline of your Deliverables Team in the Commitment to Hire Conversation™, is this done in response to a specific question a client may ask?
Yes. Restate the part telling exactly what they get. Remember, these are memorized words that you have said many, many, many times. It’s the first time for them. Sometimes people need to hear them more than once to get it. That’s why it’s so important for you to record, so you can listen to yourself to be sure you clearly articulate and go at a pace that is effective for the first time listener not for you who’s said it 100 times. Remember, your Deliverables Team isn’t so much discussed as they are incorporated into the implementation of the plan’s action items. For example, if there are action items related to estate planning you schedule the meeting with the estate lawyer. Building the Deliverables Team and the processes that surround this a very important element for you to deliver on the Values-Based Financial Planning™ promise.
I had two Financial Road Maps® in a row that ended with “I’ll think about it.” How should I handle such a response?
There is no “thinking about it” after you have done a Financial Road Map®. They are either in or out during Commitment to Hire™. I suggest that you listen to your recordings of your Financial Road Maps® and listen for what you might be missing during the Values Conversation™, Goals Conversation™, All the Money™, and the questions you ask before you do Commitment to Hire™. It should be a rare instance when you offer to be hired and they don’t want to hire you. So you would rarely, if ever, have an instance where they want to “think it over.” If they say that after you pose the Commitment to Hire™, stand up and, as you are walking out of the room say, “No problem. I’ll leave you two alone for a few minutes to talk it over.” Come back in five minutes and see what happened. We’ve been teaching this for years, and usually they just want a moment alone to confer that they are on the same page about wanting to move forward with you.
What is the best way to handle a Client's hesitation due to fee amounts during the Commitment to Hire Conversation™?
A truly Ideal Client is happy to pay your fee.
Is it possible to have clients that are not Ideal Clients yet, but may be Ideal Clients in the future?
We teach you to build an Ideal Client Community rather than what most advisors have: a mish-mash of exception clients that don’t really provide you the income you need. Keep it simple. They either fit your Ideal Client Profile or they don’t. If they do, they are part of your community. If they don’t, tell them the truth and encourage them find a community where the do fit. Everyone fits somewhere; some people not with you. This is an important step on your journey.
How well does the Mastery Series™ work for advisors who do not work off fees?
During Commitment to Hire Conversation™, when they ask how much you charge, simply tell them that you do not charge a separate fee for the plan and that your annual fee of % of their net worth or assets includes you creating their plan.
How do we "politely disengage" during the Financial Road Map Interview™ process prior to the Commitment to Hire Conversation™ if we don't feel it will be a "good fit"?
Tell the truth and give them some sound advice about what to do next that doesn’t include you. This is why the language BEFORE Commitment to Hire Conversation™ is so important. It gives you a chance to reflect how the Financial Road Map Interview™ has gone so far and make a good decision about whether or not you want to offer to be hired. The Clients' answer to the question: “So, what’s the value to you of the work that we’ve done so far in putting together your Financial Road Map®?” will affirm whether or not your gut feeling about offering to be hired or not is right. If you don't feel it would be a good fit, it could sound something like this, "Well John & Mary, I’ve really enjoyed helping you with your Financial Road Map® today. I hope you’ve gotten value from the experience. To be perfectly frank I don’t think that it would be appropriate for me to offer our services to you at this time. Here’s what I recommend as logical next steps for you…" You could refer them to...
What do I say to a client when they want to know why they are not a "good fit"?
Tell them the truth. Say, "We’re just very selective about who we do business with and chemistry is very important. I didn’t really feel that we connected to well. What did you think?" Other alternatives are, "We work only with what are called “financial delegators” which means that you trust me completely and do whatever I advise you to do, pretty much no questions asked. I don’t get the sense that this is the kind of relationship you want to have with an advisor. Did I read you wrong about this?" Also, "We love to help people make smart financial choices and we have a business to run. Our minimum annual fee is $5,000 and based on your financial situation I would not be comfortable charging you that much. Therefore, I think I can give you some good advice on how to find an advisor who will be a better fit for you." Please click the attachment below for Bill Bachrach's audio version of this answer.
I have had situations where a Financial Road Map Interview™ participant asks for additional time during the Commitment to Hire Conversation™, in which case I mail them a letter with a typed up version of the Values Staircase™ and brief recap of what they would get in a written plan – with an invitation to become a client and the last sentence states that I will call them in a few days to follow-up and answer any additional questions you may have. If they are still noncommittal when I make the follow-up call, what is the best way to handle that?
I wouldn’t do all that. First of all, when someone asks for more time, stand up, walk to the door, and say, “No problem. I’ll just leave you two alone for a few minutes to talk it over.” And exit. Come back in 5 – 8 minutes and don’t be surprised if they are ready to go. They may have just needed a few minutes alone. Don’t assume that “think it over” means they have to leave and get back to you days or weeks later. Often a few minutes alone is all they need. Secondly, if when you come back and they do, indeed, need more time, fold up the Financial Road Map® and give it to them. Ask, “How much time do you need?” And schedule a phone appointment for them to tell you whether or not they want join your Ideal Client Community.
There are many forms that my clients must fill out. They are not something that can be done in the "let's take a few moments to make that happen" section. I need to prepare the paperwork and it takes more than a few moments.
What I like to do is have the clients come back in to do the paperwork and go over any other information in the questionnaires I need. Then, after that, I will complete the plan and have the clients back in to go over that plan.
NO!!! It is not client- centered to schedule another entire meeting. Once the clients are in the office and want to hire you, complete the paperwork then and then proceed with Commitment to Implement. Here’s my advice: 1. Review these “forms” and decide how much of that information they actually need to be present to complete. Our experience is that much of what needs to be completed can be transferred from the documents they brought with them for the meeting. Don’t make them write their Social Security Number and address on 3 different forms. That’s very irritating and poor client service. Hiring you is supposed to save them time, not waste it with paperwork. 2. After a thorough review by you and your administrative team members to streamline the process, decide how much time you need to schedule the meeting, including the Financial Road Map Interview™, and completing the documents necessary to hire you. Schedule your meetings for that length of time. If you don’t choose to...
How do I incorporate expectations, compensation, and how we get paid into the Financial Road Map Interview™ conversation with a new client? Should I be covering this information before the Financial Road Map Interview™, or if not, when?
This happens during the Commitment to Hire Conversation™. They ask you questions about the boundaries of the relationship, which you answer honestly. If you have things to communicate about your boundaries you can do this then. Specifically to your point, by the time you get to the Commitment to Hire Conversation™ and offer to be hired you won’t have to verbalize your expectations about clients being honest. You will know by now if they are honest. If it’s not obvious you will not offer to be hired.
What is the most appropriate way to handle situations where the Financial Road Map Interview™ goes extremely well, the client fits the Ideal Client Profile, and they are very receptive to working with me, but just want some more time to talk it over before committing? My current approach is to mail them a follow-up letter summarizing our Financial Road Map® conversation, inviting them to become a client, and indicating that I will call in a week to see how they feel about it. Is that the right approach?
Consider just leaving them alone in your office for about 10 minutes to talk it over in private. Often this is plenty of time. If it’s not enough time, schedule a phone appt for a day or two later for them to tell you what they want to do. Instead of the sending a summary letter, let them take their Financial Road Map® with them. If they want to become a client they can bring it back. Remember, you are building an Ideal Client Community. The Financial Road Map® is not a sales technique to close people on hiring you. It’s a tool to help you filter out the wrong people and attract in the right people for your Ideal Client Community. Trust the process. Be a Trusted Advisor.
Given that we currently do not charge any fees for preparing a plan (although maybe we should) How do you gain commitment from someone that has no assets to move to us until they retire a few years down the road?
Keep in mind that you are building an Ideal Client Community. Wouldn’t a person who meets your Ideal Client Profile be able to pay you… right now?
How does one “politely disengage” from existing clients with whom I no longer want to work? Perhaps an example?
Just tell them the truth. It might sound like, “I have decided to take my business in a direction where I exclusively work with people who want to do comprehensive financial planning, are delegators – in other words people who will follow my advice and do everything I recommend pretty much no questions asked, and are willing and able to pay me $ / year for my services. I have the impression that the way I will be running my business from now on may not be a good fit for you. What do you think?” It’s very likely they will recognize that it’s time for them to move on and find another advisor and tell you so. Express your appreciation for having them as a client and agree to course of action for them to find a new advisor and time-frame for them to move their accounts and business to the new advisor. At Commitment to Hire: just don’t offer to be hired, instead say something like, “Well, I hope you got some value from completing your FRM today. You can take this with you and use it as a...
During the Financial Road Map Interview™ when I’m telling the client exactly what they’re going to get in the way of a financial plan, the script talks about the four areas but never mentions their goals that we just spent time and energy identifying and then emotionally tying to them. Is it just assumed that the goals will be planned? Seems like I should say we’ll give you a plan for meeting your goals, which is of course, what we do.
The goals are referenced in the script. Page 54 of Module 2. You may find it easier to print the script from the document CD.
Because I am both building my Ideal Client Community AND accepting survival clients until I reach “critical mass”, how would the Commitment to Hire Conversation™ script go for these survival clients after, “So we’ve come to the point in our time together for you to decide whether or not you want us to create a written financial strategy for you. Now let me tell you exactly what you’re going to get….”. I don’t intend to provide the same level of deliverables and service to them as to Ideal Clients, and I also want to communicate the goal of Being Done™, the point in time when I will no longer be able to serve them. Scripting suggestions?
Just tell the truth of about what you are going to do for them and how much they will pay for that. I wouldn’t explain all the details about being done and that there will come a time when you will no longer be able to serve them during Commitment to Hire Conversation™. This may be more appropriate in the Implementation Meeting Conversation™.
What should I say to survival clients after I conduct the Financial Road Map® and they do not fit my Ideal Client Profile, but I intend to keep them for survival revenue as I build my Ideal Client Community?
Just tell them the truth. Offer to be hired to serve them, but don’t invite them to join the Ideal Client Community. At one of your Progress Meetings in the future, probably when you are less than a year from being done, you can invite them to join your Ideal Client Community by adjusting their behavior to meet the personality criteria of your Ideal Client Community or by paying the minimum fee.
In the Financial Road Map Interview™ script there is no area where the fees are discussed. Fees are obviously an important part of a client’s decision making, when should this be mentioned during the Financial Road Map Interview™? Is there a specific way this should be projected to the client?
This is covered in Commitment to Hire. Have you watched the DVD of the Financial Road Map Interview™?
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