It has happened a few times now that after a successful Phone Consultation™ (done according to the book) a Financial Road Map® meeting was scheduled, after which the referral cancelled. The reason (or excuse) given was, ‘I have an advisor / investments already’. When this comes up in the Phone Consultation™ I know how to respond. Since I got these responses afterwards per e-mail or voice mail I would like to know what to do.
- Should try to preempt this next time and bring it up myself in the Phone Consultation?
- Should I contact the referral, respond to their concern and try to reschedule?
Communicate the same thing you would say in the Phone Consultation™ by calling them back or in an email. Attempt to reschedule. You might experiment with “preempting” this in the Phone Consultation™ and see what happens.
In late March I was scheduling an estate planning session for one of my clients with a law firm which I have vetted as highly qualified to handle personal and business estate planning matters. There are six estate planning attorneys in this firm. In a personal conversation with the attorney to prepare for the client estate planning meeting I mentioned the program I had embraced called Values Based Financial Planning™ and after an overview of the program, he asked if I would come to a meeting in June and present Values Based Financial Planning™ to all six of the attorneys. I discussed the situation with my accountability coach and she recommended I send him a copy of the book, Values-Based Financial Planning. Follow up with a phone call to arrange a personal meeting to complete the Financial Road Map™. The question is what process should I implement to handle the meeting with the other five attorneys in June?
Have the attorney who invited you in to speak to the group introduce you to each of his/her colleagues. Speak with each of them on the phone, 1-1, following the self-referral process. If appropriate send them a Values Based Financial Planning book and schedule their Phone Consultation™. If appropriate, do their Financial Road Map® with their spouse, just as you would with any other prospective client. What do you say to the attorney who invited you in for a group presentation? Simply tell him that there is not a group presentation for Values Based Financial Planning™ because it is a much more individual and personal process. Ask him/her to introduce you to his colleagues and that you will take it from there. Give him/her a copy of the book and schedule his/her Phone Consultation™.
May I use a different gift or book other than the Values-Based Financial Planning™ book?
You may use another book or gift as a basis for the service call you will conduct with your Referrals. However, the results associated with the book, Values-Based Financial Planning™ are well documented and predictable. The book has been designed to provide real value to Referrals regardless of whether they choose to work with you … and that is the purpose of the Phone Consultation™: to conduct a service call that will be of value to the Referral. Additionally, the gift of Values-Based Financial Planning™ is designed to share information that differentiates your service philosophy as a Trusted Advisor from that of a traditional member of the Financial Service industry. In that sense, it is a unique “gift” that provides Referrals with insight into the world of financial planning as well as clarity about the more comprehensive “life planning” element of the Values-Based Financial Planning™ philosophy.
Having met a group of professionals only 1 time at a small group meeting - what would you suggest I do to try and get these individuals as Financial Road Map® Clients? What is the 1st step?
Follow the process outlined in Mastery Series™ 2. It’s a self referral. Ask the questions to understand why THEY might get value from Values-Based Financial Planning™; offer to give them a copy of the book. If they accept, schedule the phone consultation, and proceed just as we teach.
Could I get an example of wording in regards to making a self referral call to an acquaintance in which he did not have enough M.I.S.C. information about them to introduce Vales-Based Financial Planning™ to them?
Call them and tell them that you want to send them a book that you think might be of value to them, but you don’t want to waste their time if it’s not. In order to determine if it might be of value you want to ask them a few questions. Ask them some of the M.I.S.C. questions that you learned in Academy 2. If there seems to be a fit, tell them so, send them a book, and schedule the 20 minute phone appointment. If there doesn’t seem to be a good reason to send the book, don’t. Follow the process: do the phone appointment and, if appropriate, invite them in for a complete Financial Road Map®.
I have relationships with many business leaders and professionals in my community that I believe will be great referral sources. Most of them are not currently clients, so I have not conducted Financial Road Map Interviews™ with them. It seems logical that I would want to get them and their spouses in for a Financial Road Map Interview™ before I start asking them for referrals, but I’d like some help on what a reasonable process would be to lead up to scheduling those Financial Road Map Interviews™, i.e. face to face meeting to explain how I am expanding my practice, delivering the book, sharing the diagram of Trusted Advisor and Subject Matter Expert relationships. Or should I treat them as a self referral and follow that process?
Instead of thinking of them as referral sources, think of them as people who would benefit from Values-Based Financial Planning and having their Financial Road Map® done. Have them come in to experience the Financial Road Map® for their own benefit. Some of them will become clients and some may not. We do not advocate non-clients being referral sources for obvious reasons. Namely, it doesn’t make much sense for a person who doesn’t do business with you to refer others to do business with you. Focus on helping what you might have traditionally in the past viewed as “Centers of Influence / referral sources” get their own financial house in order and, after they become a client, follow the referral process that we teach.
Would you discourage referrals from people who are out of area (not within driving distance)?
Yes. How will they come to your office for the Financial Road Map Interview™, the Implementation Meeting™, and Progress Meetings 3x / year? If they are willing to get to you for the Financial Road Map Interview™, the Implementation Meeting, and 3x / year for Progress Meetings you can work with them. However, this does not sound simple for them if they are out of the area, depending on how far that is. My advice is to locate your office in an area that is convenient for people who meet you Ideal Client Profile to easily get there. Your Ideal Client Profile defines your parameters for the type of Clients you want to serve in your Values-Based Financial Planning™ practice. These parameters are entirely up to you. I do recommend that you consider geographic and demographic parameters in your Ideal Client Profile. Reflect on how these parameters will help you serve your Clients better and contribute to your future success. Review how to Create Your Ideal Client Profile:...
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.
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.
Just received a mailing list from a friend and potential Ideal Client (600 names). He knows everyone on the list and attempts to cycle through and contact 2 per day. He is not an Ideal Client yet. I have given him a book, but not been able to get his wife to commit to a Phone Consultation or a Financial Road Map®. She was going to retire and the company just offered to retain her. When it settles, I hope to do a Financial Road Map® with them. In the meantime, do you have any thoughts on what might be appropriate to do with the names on his list? They're not Ideal Client referrals, but not totally random either. There are email addresses for about 20%, phone numbers for about 25% and addresses for 100%.
You don't need his wife on the phone to do the Phone Consultation. Proceed with him. After the Phone Consultation then you can worry about whether or not a Financial Road Map® is relevant for both of them. If so, work it out with him. Follow the process. There is no Financial Road Map® until after the Phone Consultation. Follow the process. Do one step of the process at a time. Follow the process. Focus on one piece at a time. Follow the process.
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 recently had a Phone Consultation with a high school classmate who I believe has been financially successful. When we got to the place where I asked him, "What do you think the value would be for you and Rita to have a complete Financial Road Map® that you built together?" His response was, "Well I mean...we pretty much have a pretty good road map...I mean...I feel like we do anyway." And my inadequate response was, "Well, okay." I have gotten a similar response a couple of other times and would appreciate your help with how to respond.
I can't tell exactly where you are in the process from your question. You could be calling a classmate per the self-referral process, in which case, you would be asking questions to determine the relevance of putting Values-Based Financial Planning™ in their world. If relevant, THE OFFER is to send them a copy of the Values-Based Financial Planning™ book and schedule a 20-minute Phone Consultation to discuss how the concepts in the book would help them . (fill in the blank with something they said that causes you to believe that putting Values-Based Financial Planning™ in their world will be relevant and valuable for them). In the above scenario there is no offer to do their Financial Road Map®. The only place where THE OFFER is the Financial Road Map® is at the end of the Values-Based Financial Planning™ Phone Consultation. In which case, if they said they already have a road map say, "I don't mean a general idea that you can sort of call a 'road map.' I'm talking about...
When making Self referral phone calls to people I know, some people know me from community work such as coaching, and don't really know what I do. After the opening as you & Doug Carter recommend they ask:
What do you do?
My answer has been:
“Because we believe that there are more important things in life than money…… we will ensure that every financial decision you make for the rest of your life will be completely aligned with your most important goals and your most deeply held values…..
With that in mind_______, what is one thing in life that is more important than money to you?”
Is this ok, or would you recommend something different?
It's not bad, Jack. The best measure is how it's working in the real world. My answer to that question would probably be more like: We do two things: 1. For everyone we know, or are referred to by our clients we help them discover how the concepts of Values-Based Financial Planning will help them live a better life in alignment with their most important goals and their most deeply held values. We do this free of charge and whether or not they ever become a client. 2. For our clients we make sure they get their entire financial house in perfect order and keep it that way forever. The impact is that our clients have a 10 level of confidence that no matter what happens in the markets, the economy, or the world they will achieve their goals. I'm just curious, on a scale of 1-10, what number best represents your confidence factor that no matter what happens in the markets, the economy, or the world you will achieve your goals? Would like for your confidence about the future to...
I realize mine is not the optimal model, but until I actually get an Ideal Client and transition to referral only, it is the one I've got. Here is my situation -- I've met with a few attorneys since my return from the Academy, actually took out the Financial Road Map® and tried to get them to go through it with me [they all refused and I do not expect that to change] but they all were intrigued enough with what I was saying to ask me for the words for them to use [most likely in an email] so that they could tell their clients about me and give them the chance to contact me. No, they will not give me their clients' names for me to contact directly; nor will they send the VBFP book/Road Map to their clients on my behalf. They want a short blurb on what I do, what makes me appealing/different, etc. so that THEY can make the INTRODUCTION/REFERRAL. I've learned from the Financial Road Map® Interview that what we say, how we say things, the language we use, etc. are all critical to the rapport building. So, with all that in mind, what words would you suggest I put before the attorneys so they can make a "warm" third party referral without having experienced the Road Map first hand [again, they won't do it, but I am confident they will make introductions].
Our program is all about helping you implement what we teach. Instead of a question about implementing what we teach you are asking me how to help you do something different. After spending a few days with me in San Diego, I'm sure you won't be surprised that I will not go down this path with you. I do have some advice that you may find helpful, however. My advice is that you only work with Subject-Matter-Experts in two ways: 1. As important members of your deliverables team to serve your Ideal Clients to get their entire financial house in order and keep it that way forever by making smart choices about their money that are in alignment with their most important goals and their most deeply held values. While this is not the objective, it is not uncommon for the SMEs to become clients and to refer you to their friends, family, colleagues, and clients after they experience what it's like to work you a professional like you who operates at a level of client service they have...
I have a relationship [developed last year - "pre-BAI"] with a senior person at the Major League Baseball Players Alumni Association that needs to be followed-up on. In fact, he owes me a call that I would like to preempt by calling him. I believe the Financial Road Map® experience, and the three meeting process, etc., could offer solutions to many of the problems voiced to me by not just Major League Baseball, but by others in professional sports [some of whom I may have access through people I know]. I need the words to use for my centers of influence [these with direct access to sports personalities] to get them to give me access to their constituents. This is not a situation for me to run a Road Map [they are not physically close] but one where I would like to get their interest to possibly invite me to meet with their Board and/or refer me directly. I need a script!
My answer will be similar to the answer to your previous question. Contrary to your point of view, I believe this is the perfect person with whom to create a Financial Road Map® experience. (Notice, I did not refer to this process as "run a Roadmap.) Your problem, in my opinion, is that you have the same "disease" infecting most FAs. (Don't feel bad. It's a highly contagious disease that inflicts almost everyone in our business. It's curable.) That is, you see some people as "centers of influence" who can refer you to others / "direct you to their constituents" instead of as human beings you can help by completing their Financial Road Map® and helping them get their entire financial house in perfect order and keep it that way forever by making smart choices about their money that are in alignment with their most important goals and their most deeply held values. Some of your Ideal Clients are well-connected people who can introduce you to lots of other people who can benefit from...
For the last 10 years we go annually to Charity a function for a Dialysis Association. Our neighbors assist their sister (who is a kidney transplant recipient) to organize this. The neighbors nor the sister are Ideal Clients - not delagators. My aim is to get to the medical specialists and treat and do the kidney transplants and a couple that attend the charity ball each year.
There are potentially a few people who could potentially be Ideal Clients at the ball with own business etc.
My thoughts were of donating say 3 of the VBFP books per table ( the customized books are due arrive on 10th May and the Charity Ball is on the 14th May) I could include a Financial Road Map® conversation over the phone This may be beneficial to the people concerned and I may be lucky to get an Ideal Client.
Perhaps I could contact the doctors at the dialysis unit later and mention I donated the books, if they received a copy and if not--- it may be of interest to them.--- would they like a book sent and set up a 20 minute phone conversation. Bill, what do you think? Can you suggest more or something else? If you agree I will try to draft up a couple of phone conversations --- first to the charity ball organizers (my friends) and secondly the doctors at the dialysis unit.
You are being more creative than you have to be. There are already 3 processes that exist for you to apply. In advance, ask your neighbors / ball organizers to help you create a list of the most important and influential people who will be attending the ball and to point them out to you once you are there. 1. The self-referral process. Apply this when you meet these influential people at the ball, as well as to everyone else you meet there. 2 & 3. The Referral and Group Self Referral process. Any of these people who become Ideal Clients can either refer you directly to everyone else they know, some of whom will have attended the ball, or can arrange for you to conduct a Group Self Referral / Ideal Life session. Remember, you can be very successful working on the box instead of thinking outside of it.
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