I am just starting on my journey with 6 ideal clients and calculated the number of phone call meetings I need to make(to be Done in 4 years or less)as 5/day.
What activities do you suggest I be doing now/ASAP, to ensure I am getting these numbers so I can fill my activities calendar each day?
1. Do a great job for your 6 Ideal Clients implementing comprehensive Financial Services and ask for referrals, per our process, at every Implementation Meeting and Progress Meeting. (Do whatever you have to do to memorize the referral script.) If you attended the July 2010 Academy 2, listen to the mp3s from that Academy again. 2. Follow our process to have your clients make warm introductions to their referrals. 3. Make the Follow-Up calls to everyone you are referred to following our process and scripts. 4. Implement our self-referral process. Watch the October 4, 2010 Committed Advisor Study Group webinar again and script your process and questions to create your own self-referral process. Carry this script with you everywhere you go, keep your client acquisition radar up everywhere you go, use your process for self-referral everywhere you are. Practice asking your questions with everyone you meet, whether you think they meet your Ideal Client Profile or not. 5. Make it your...
I feel like I am over analyzing the right questions to ask in a self referral conversation. The result is somewhat paralyzing. If I have some knowledge of the prospect, his occupation or family situation, what question or questions I should start with. It seems like I am trying to find out if they have other things in their life more important than money or if they are confident in their financial future or if they are comfortable that their entire financial house is in perfect order. What do I ask to lead in to a discussion of the above?
I think reviewing the slides from the January 2011 Academy 2 about the self-referral will help you organize your scripts and answer your question (Located on www.committedadvisor.com, under “Resource” tab and “The Referral Prcoess.” Permission to access only to those in the Committed Advisor Program.) Essentially, you are asking questions to help you determine if you should make the offer. The way you know is when they have told you things that are clearly emotionally compelling for them which you can insert into the “make the offer” portion of the script. Every day you do the best you can with you current level of skill. The more people you speak with the better you will get. Don’t let your desire to be perfect, prevent you from getting started.
I need to make sure I am on the right track. Is the purpose of the self referral conversation to set a Phone Consultation Appointment? Is it important to go deep even if the prospect is welcoming to receive the Values-Based Financial Planning™ book and Newsletters and agrees to the Phone Consultation?
The purpose of the self-referral process is to determine if it makes sense to make the offer of putting the Values-Based Financial Planning book and 20-minutes on their calendar to discuss the concepts in the book. If there is relevance for them, based on what you discovered when you asked questions, you will schedule the 20-minute Phone Consultation, send them or give them the book, and mail them newsletters.
Even with the question of "What’s the biggest benefit of the Financial Road Map®" and who you want to give that gift to, I still receive the response, “All my friends have an advisor.” What do I say then?
There is already a script of what to say when someone says that they have an advisor or a client tells you their Family, Friends, and Colleagues all have Financial Advisors. No need to reinvent the wheel here. (It’s in the Follow-up Phone Call Script in Mastery Series 2, Pg. 103)
Can I get guidance on what my Ideal Clients should write on the Values-Based Financial Planning™ Book that I will be sending to their referrals? I would like to have this note be more personal.
You can insert the personal information from the client and about the referral. I prefer using a 4 by 6 Post-It and sticking it to the front of the book. “Hi, I’m sending you a terrific book called Values-Based Financial Planning and I’ve asked my friend/advisor, Your name to speak with you, to let you experience it for yourself. Whether you decide to explore it further is up to you. I think Values-Based Financial Planning is wonderful and Your name is a good person to speak to you about it. I’ve really benefited from these concepts by and I’m sure you will too because it can help you .”
Is there a script for people introducing me at a cocktail party, etc...Even if they are not an Ideal Client themselves?
"This is my friend, Your Name, he is brilliant at helping people make better choices and live better lives. I thought you would like to meet him." You take it from there by asking your questions, determining if there is fit, making the offer, etc.
At last Progress Meeting I asked for introductions and this was the response.
"We have approached our friends and everybody is in the frame of mind they have their things in order, they have their ducks in a row and don't want to talk about it?"
I responded - this is about sharing the positive experience that you have had with Values-Based Financial Planning™( security, peace of mind) and allowing others to have a Financial Road Map® to guide their decisions.
Bill how would you have responded?
My first question is, "Did you go deep?" And then while they were at a peak emotional state related to the value they have received from working with you and Values-Based Financial Planning™ did you ask, "Who would you like to give THAT gift to?" The reason I ask is because it's hard to imagine you getting the response you described after going deep. But I'll play along and assume that you went deep and that's the response you got. I might create a dialogue using the following possible openers: You: "So let me get this straight, you just took it upon yourself to have conversations with ALL of your friends, family, and colleagues about how the impact of Values-Based Financial Planning™ for you has been (fill in blank with their DEEP emotional response) and how the impact for them could be (something equally DEEP that they know about them) and they basically blew you off and said they weren't interested... even though you clearly explained to them that this could have a...
I am creating the Self Referral: Phone Call scripts for friends and professional acquaintances. I understand the flow chart handed out in Jan 2011 Academy 2. I have created the openings statement and purpose for call, questions & conversation and make offer text sections. I have a list of contacts and am ready to make phone calls.
During A2, we covered Value of the Offer. 4 points were provided.
*Free up mental and physical space and time to focus on the things in your life that are more important than money such as Quality of Life Enhancer Exercise.
*Get your entire financial house in perfect order and keep it that way forever.
*Align your financial choices with your most important goals and most deeply held values.
*Have a 10 level of confidence that no matter what happens in the market, economy or world, they will have confidence about achieving their most important goals.
I'm confused about how the Value of the Offer points should be incorporated into my scripts. If the contact rejects my offer to receive the Values-Based Financial™ book, Quality of Life Newsletters and a 20 minute phone call, I've scripted “Thank you for your time. I wish you well in experiencing all the things that are most important to you” and end the call.
If the contact accepts my offer to receive a book, Quality of Life Newsletters and a 20 minute phone call, I don't understand how to incorporate the Value of the Offer points into the Script.
You only make the offer if the answers to your questions indicate that making the offer is relevant for them. If so, you simply communicate with them why you believe that the general "Value of the Offer" points connect with what they specifically said is important to them. eg: "Based on what you told me about you wanting to spend more time teaching doctors in Paraguay how to better care for their people and enjoying more time with your grandchildren, I believe you will find some of the concepts in this book I'm going to send you will have some impact on freeing up time for you to do more things like this in your life."
I am building a pool of groups I will approach to offer the Ideal Life PowerPoint (Self Referral) program. The script for the program is comfortable. Is there a script for how we would approach these groups to make the offer?
You "approach" the decision-maker for the group by referral. Ask your existing clients, friends, family, and colleagues who they know who is a decision-maker for a group where you could make this presentation. Can you guess what you do next? That's right, you ask questions to determine whether or not contacting this person is RELEVANT. You use the same questions (following the same process) you would ask for an individual referral and introduction. What else would you do following the process that you have learned and applied to this situation? Would you have your client, friend, family, member or colleague make a warm introduction to the decision-maker? You're learning that the process is always the process. The situation may be somewhat different, but the process, the steps in the process, and the sequence are the same. See the self-referral flow chart. In this case the offer is the group self-referral (Ideal Life) presentation.
I am in self referral land, and I've had a few occasions when I've been treated like a salesperson (I've already got an investment guy, you're a money guy, etc.). What is your compelling response to that?
It is the same you would have with a referral who says, "I already have an advisor," (see script for follow-up call in Mastery Series 2) because you have made the same offer. The offer being to give them a copy of a book that contains some concepts and ideas that will help them , , and (fill in the blanks with what they just told you matters to them) and have a conversation with them on the phone about how the concepts in the book will help them , , and . Ask your questions, make a deep emotional connection, make the offer, answer their questions, give them the book, and schedule their phone consultation. Or not. Next. I can't help but wonder, however, if you are really getting meaningful, important, significant, and compelling information during your self-referral conversation and then using that information effectively when you make your offer. Remember to go deep to make an emotional connection and then make the offer. It's hard to imagine many people refusing your gifts. ...
I have just started implementing the referral process which has been the hardest thing to implement. I am still trying to get it right. One of the first conversations I had indicated the benefits of the process were sense of security, takes the doubt away and provides more certainty. When asking who you would like to give that gift to, the clients indicated they did not talk financially among their friends. Although I know this person being a retired doctor, has plenty of people I could speak to, suggested they were down the pecking order and I think were afraid to refer these people. Although one runs an investment business, which I would not think is an Ideal Client for me. I had to explain the process a little more and eventually suggested that I would follow up on the phone, which is this Friday. What would you suggest is the best way of handling this situation to extract referrals?
I have several thoughts which might help you be more successful in building your business / adding Ideal Clients by referral only. Mindset / Way of Being: Consider the question you asked at the end of your explanation about your situation, "What would you suggest is the best way of handling this situation to extract referrals?" I recognize that you didn't intend anything negative in the way you asked the question, however the words we choose represent how we view things internally. Consider the word "extract" for a moment. Is it possible that the reason some people are not warming up to the idea of introducing you to their friends, family, and colleagues is because they feel like you are trying to "extract" referrals from them? What if your thoughts about the referral process were more altruistic? Might this shift your way of being during the referral conversation, thereby shifting how your clients think about introducing you to their friends, family, and colleagues? Give it a...
What do you think of looking at potential clients Linked In/fFacebook profiles to come up with some names ahead of the conversation to put in front of them to consider if they can't think of anybody?
Yes, this is okay. What's better is to find out why they don't want to introduce you to their friend, family, and / or colleagues. There really is no such thing as "I can't think of anybody." Every time you hear, "I can't think of anybody," what they are really saying is "I don't want to introduce you to my friends, family, or colleagues. Either because I'm not as excited about the work you're doing for me as you would like to think that I am or because I don't really believe that you are going to provide something of value with no strings attached. Therefore, I am not comfortable risking my relationships with my friends, family, and / or colleagues to introduce you." Presuming you followed the process / script we have provided and gone deep into the impact of the value you have provided and they say they can't think of anyone they care enough about to give the gift of , use clarifying and expanding questions to discover what's really going on. Once you get to the real issue you...
I am now in the CAP program. Out of the 60 existing households I have 10 Ideal Clients. These clients have all been with me for 8+ years. For lack of a better word I've worn out my referral welcome with these folks. I'm in Rotary, Lions, Chamber of Commerce, and some other social networks. Of the many people in the Chamber I'm only familiar with a few, so I feel like I have to at least go talk with each person to get a self referral, find out a little about them and introduce myself since we have never met in person. I'm not having a lot of success with this in converting people to Ideal Clients. Most of my Ideal Clients are retired and not still working. I've finished all aspects of my Deliverables Team and trained a new internal staff since the last academy. To be bluntly honest I have time blocked time on my calendar for client acquisition, but just don't feel like I have a qualified (and I stress that word) list of candidates to call on for the process. Based on the 113 Ideal Clients I will need I'm going to have to call on almost 1,000 people to reach my goal of 113 Ideal Clients. I'm really struggling and would greatly appreciate your input on where I’m going to get all of these people? For our service to make sense they have to have a minimum of $500K, but really would be better for $1M+. I could call on people all day long with no money, lack there of, or a couple hundred thousand, but it would be a real waste of my time, yours, theirs, and my families time, because it won't create any REAL results even if they have a good experience.
First of all, relax, you're really just getting started. You have yet to attend your first Academy 2 and it's unlikely you have had Progress Meetings with your 10 Ideal Clients following the Referral Process that we teach. As you build your skill and confidence with our process your 10 Ideal Clients will participate in the Referral Process because they know people who can benefit from knowing about Values-Based Financial Planning™. Second, get even more clear about your Ideal Client Profile and your Predictable Minumum Annual Recurring Revenue (PMARR). If your PMARR is not at least $10,000, raise it. And then determine how many Ideal Clients you need. It's probably fewer than 113. There is no asset minimum. All they have to do is be willing to pay your PMARR $10k + for you to be their Trusted Advisor to.... (see the VBFP value proposition written below). Third, get busy having Referral Conversations, making Follow-Up Calls, doing Phone Consultations, and conducting Financial...
Another Trusted Advisor and I are planning to get a sample of our Ideal Clients (husbands and wives) together for a cocktail party. Say 3x2 each - total of 12 people plus ourselves. The purpose is to really question whether the VBFP full service and our communication are the same - the 3 meeting process, being part of the Ideal Client Community, 144 point checklist, the 5 critical reports, etc - is working for them. Are we getting our message across or is our enthusiasm remaining with us? Sort of a Client Board of Review. What's working for them and what is not! If it is working, why then aren't our Ideal Clients referring more friends and colleagues to have a Financial Road Map® experience? The cocktail party is a genuine attempt to understand, learn and improve where there are gaps. Not just a subtle push for referrals! So, my questions are - do you think such a meeting would be productive? How would you frame the invitation? How would you stage manage the cocktail party? Are there any "scripts" that might be useful? And any other questions I can't think of yet!
I like the fact that you are thinking about really getting to the bottom of what your Ideal Clients think and feel about your service and what has to happen for them to refer, if they are so happy with the work you are doing and like being an Ideal Client. What you are describing sounds like a Referral Conversation with cocktails. Why not just have a really good referral conversation with them, either at the end of their next Progress Meeting or schedule a separate Referral Conversation meeting? The benefit of doing it with the individual couples is that it's easier for them to "go deep" about the value of their experience working with you when it's just the two of them. For those who are reluctant to refer you are likely to hear the same excuses in a group that you would hear one-to-one. The bottom line is that are going to have to be very good at responding, whether in a group or one-to-one. What are the most common excuses you get from your clients who don't want to refer? What...
When I am trying to go DEEP in the Referral Conversation and the client is explaining their feeling of comfort, security etc, and I am asking how does this effect you day to day etc, sometimes the clients start asking questions that take me out of the Referral Conversation. What is the best way to get back into the conversation without being rude or ignoring their questions?
"I appreciate your question and I'll be happy to address it later. Tell me more about (fill in blank with one of their deep, emotional words)?
I am in the Ideal Life Evaluation Program. I don't have all that many clients and am through most of them with the Financial Road Map®. What is the best way to build a list of people to call? I am not into the program enough yet that I have the Referral Conversation™ available to me.
Use the Financial Road Map® appointment setting script and contact all of your past prospects and invite them to come in to complete their Financial Road Map®. You may also want to do this with your friends, family, and colleagues from your previous career - if you had one. When answering questions about the benefit to them to have their Financial Road Map® completed just speak from your heart about what you have experienced from having your own Financial Road Map® completed and completing Financial Road Maps® for your clients and others. If you are uncertain how your clients feel about having their Financial Road Map® completed, ask them this question: "What has been the benefit or value to you in having your Financial Road Map® completed?" Listen to what they have to say and incorporate what they tell you when speaking with others about scheduling an appointment with you to complete their Financial Road Map®. People will respond positively to you when you come from a place of...
I had a Referral Conversation yesterday with a client couple. The benefits to clients were taking the worry out of their life and taking the pressure off of them. I was a little lost on how to dig deeper on this. I did use the phrase ‘How does this impact you day to day?’ I did not, however, receive an emotional response. How would you go about digging deeper with this type of response? This is an area I believe might be holding me back from clients introducing me to people they know although I set the expectation that in the next meeting I will expect them to have names of people to introduce me to.
Your choices for going deep are questions for Clarifying (What do you mean by ?), Expanding (Tell me more about .), and / or Impact (What impact is having on your life?) One of these 3 questions will almost always work as the next question to whatever response you got from the last question. That being said, I think you have some pretty good content with "taking the worry out of life" and "taking the pressure off." Better to go deep, but even if you don't, those are pretty good gifts.
I had a client who referred three friends to me at an Implementation Meeting. After my client contacted her friends, one did not want to receive the Values-Based Financial Planning™ book. I am not sure here whether I should enquire at our next meeting to see why they did not want to receive the Values-Based Financial Planning™ book.
Yes, you should ask your client to recount what transpired during that conversation.
I had a client who actually gave me 4 names but we ran out of time to write notes so I sent her home with the sticky notes to write on and mail back to me. She didn't follow through and at our Implementation Meeting she gave the sticky notes back to me and said she was too nervous and petrified to write the notes and tell her friends the book would be coming. I was caught completely off guard and stumbled through a response to her and left it at that. This lady was nearly in tears when I originally asked about the benefits of working together and when she initially thought of the 4 names. I know she appreciates the work we're doing but she says that she doesn't like to talk about this kind of stuff with others. She felt it is harder than bringing up religion.
BB: The fundamental problem is that your question refers to "clients" and not "Ideal Clients." Ideal Clients LOVE you, they LOVE Values-Based Financial Planning™, and they LOVE to introduce you to others, right? Focus on Ideal Clients and building your Ideal Business by referral from Ideal Clients. My following comments are to help you build your Ideal Business by referral from Ideal Clients. As a member of Committed Advisor Program you have access to many tools and resources to help you with this. - I spoke about this on today's Committed Advisor Study Group webinar. - The archive of Committed Advisor Study Group "Cracking the Referral Code" webinars - Academy 2 Recordings, Jan and July 2011 - Rick Barrera's ‘How to Talk to a Human’ sessions at the 2011 Academy 2, January and July. Use clarifying and expanding questions, "What do you mean by 'stuff'?" "Tell me more about that." You are not asking your client to talk her friends about money. She is making a referral and...
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