I was just hired this week to work with a former professional (European, not NBA) basketball player. He does not have a lot of money, however he referred me to 3 current NBA players and a current college basketball coach of a major NCAA school. All 4 would qualify as Ideal Clients. All of them make between $1-6M / year income. One of the players is a veteran and has earned about $100M over the course of his career. My client is willing to help me meet these people. I spoke with my Accountability Coach about how best to pursue these referrals, and he suggested that I submit this question to you. Any recommendations?
I don't really see any distinction between these referrals and any other referral. Start by doing their Financial Road Maps with their spouses and all of their financial documents. The benefits to them of having a Financial Road Map® are the same as they would be for everyone. If, at the end of the Financial Road Map Interview™, you would like to invite them to become clients do that during Commitment to Hire™. Good luck!
I recently had a conversation with a (self-referred) successful business owner who had talked with me a couple years earlier (before I was in the program) about investing, insurance, and financial planning in general. He expressed an interest in having me take a look at his finances.
According to the process, I sent him a book and conducted a Phone Consultation, which went well, and he seemed very interested in having me complete their Financial Road Map®.
I scheduled a tentative appointment for when he thought his wife might be available, and asked him to let me know if the time wasn't going to work for her. I also sent him the list of documents to bring when they come.
A few days later, I got the following email:
"I am not sure this is going to work out. My wife cannot meet at the time we proposed. She is leaving for DC that day. I am leaving the next day. It is going to be hard to get her down to your neck of the woods [45 minutes away] and I am not wanting to go down there either. I understand that you want us both to be there for the financial planning but she is not involved in the finances in our family and that is partially by design. I understand the values based investing part of what you do but I would like to know more about your strategy in investing and what your track record is.
I have been working with a company to do some financial planning mostly insurance and things of that sort. (They always come to my office to meet otherwise I don’t think we would be doing any business)
Let’s keep in touch and see where it goes."
He apparently views me as a wealth manager, but is currently unaware of what we really do (fully-comprehensive financial services).
How would you respond?
Some people get and some people don't get it. He doesn't want to come to your office and he doesn't want to bring his wife. I would respond: "No problem, . I appreciate that insurance and investment salespeople make 'house-calls.' That's not what we are and that's not what we do. If you are in the area with (wife's name) in the future I think you will both find it valuable to complete your Financial Road Map® because (insert something personal and relevant). I appreciate how busy you both are which is why you might get so much value from having a relationship with a comprehensive financial organizer. The next step is the Financial Road Map®. Let me know what you'd like to do." Put him on the monthly newsletter cycle.
I completed a self-referral with a prospect. My Admin Manager has mailed out the required 8 Values Based Financial Planning™ newsletters and I scheduled the Phone Consultation. When I called the prospect for our scheduled Phone Consultation they had to reschedule. My Admin. Manager stopped sending the Values Based Financial Planning™ newsletters after we mailed 8 out. I have now been calling the prospect again to reschedule the Phone Consultation.
My question is should we continue to mail the Values Based Financial Planning™ newsletters beyond the 8 issues and include your new letter (which outlines I will contact them to schedule 20 minute Phone Consultation) that accompanies it until the Phone Consultation is rescheduled?
Yes! I recommend that everyone in your prospect pool receive the newsletters monthly until they either become clients, move out of the pool, or you complete your Ideal Client Community.
During the Referral Conversation a client says....we have spoken to all our friends and they are taken care of. How would you respond. In my head the clients answer does match the question. I am offering to introduce people to Values Based Financial Planning™ and have a Financial Road Map® completed.
What do you mean by spoken to? What do you mean by all taken care of? Essentially just a little bit of clarifying and expanding will reveal that they perhaps are over explaining everything that you do. And you want to make sure that your clients are clear that all they're doing is introducing Values Based Financial Planning™, a copy of Values Based Financial Planning and a conversation with you. They are overreaching with this over explanation, and it's your responsibility to make sure that they understand that all they have to do is offer to send a book to people who don't have the book. It might be a good idea for you to have a heart-to-heart referral conversation with these people, because this may just be an avoidance tactic on their part to get out of participating in the referral process. Use your judgment.
Below is a correspondence between a client (Rafal) and the advisor. After Rafal had his Financial Road Map® and Action Plan completed he wanted to refer his friend “Slawek” . He wrote a note on the cover of the Values Based Financial Planning™ book, we were just waiting for Rafal to provide his address and let us know it was ok to send the book because he had not spoken to his friend. We received the response that he did not want to go ahead with it- Please read the correspondence below. Coincidentally, this was the second time this week that this has happened. We are hoping for some feedback to let us know how to handle this more effectively.
Client:
Hi,
I did talk to Sławek, but unfortunately he is not interested in getting any information related to financial services. He is already working with a financial planner that he is quite happy with.
Regards,
Rafal
Trusted Advisor:
Hi Rafal,
It is perfectly ok that Slawek has a current Financial Planner. To clarify my offer was not to become his Financial Planner, rather the offer was to give him the following gifts:
1. Values Based Financial Planning™ Book
2. 8 issues of our Values Based Quality of Life Newsletters™
3. Complementary 20 minute Phone Consultation
4. Create his Financial Road Map®
As we discussed, I believe everyone deserves to have a Financial Road Map® and know that Values Based Financial Planning™ exists. The purpose of the gifts is to provide value to Slawek and share your experience when we created your Financial Road Map® The benefits you mentioned were “…Very important, make better decisions, more focused, more relaxed about the future, start exercising, keeping healthy.”
It sounds like Slawek thinks the offer is to be his advisor. We are providing the gifts to share some ideas that could favorably impact his quality of life regardless of who his advisor is.
He mentioned he is happy, my job is to make people happier.
Sincerely,
Trusted Advisor
Client:
Hi,
Yes, I understand what you have to offer. Sławek is simply not open to this and there is not much that I can do.
Regards,
Rafal
This is excellent. You have a client who is participating in the referral process and making introductions. Apparently, not everyone they refer and introduce you to is going to be receptive to the introduction. So, who else can they refer and introduce you to? If each of your Ideal Clients refers and introduces you to 10 - 20 people and one or two of them become Ideal Clients you will build your Ideal Client Community. Keep up the good work
Bill, you talked about meeting with the Top Realtors in the area.
I have been calling them and starting the conversation with the following:
Hi_________, my name is John Smith. I am rather new to my area, and I am looking to expand my networking relationships with experts in the local region. As I was looking into the area of _________, your name keeps rising to the top. So I thought I would give you a call and see if you would like to have coffee and I could learn more about your business, tell you a little about mine, and see how we could help push each other forward to greater success.
They have all taken it like I was trying to sell them something, even after I explain that I am not selling anything and just want to get to know them and how they have become so successful in their area of expertise.
Please provide feedback on the script I have been using and help me wordsmith it so that I am starting the conversation or voicemail with the proper tone.
Normal 0 false false false EN-US X-NONE X-NONE Q: "If I'm new to an area and I need to do research to find out more about the market how do I approach successful professionals in the area to help?" A: "I'm new to the area and I'm building a high-end financial services firm for financially successful people. In doing my research about who the most successful (realtors, lawyers, etc.) are in the area your name keeps coming up. The purpose of my call is to schedule a business date for breakfast or lunch or a cup of coffee to learn more about this community and get your advice about the best ways for me to go about building my business. When would be a good time to do that?" If necessary, perhaps as the response to any trigger that feels like or sounds like sales pushback, "Just to be crystal...
I was at a private health clinic the other day getting an in depth annual checkup (as per your suggestion). I met with the Director briefly and was answering her questions about my experience and how the process is going regarding my health assessment.
She started asking me questions around my work, for example - how is your work is going? Is this a busy time for you? etc.
1. I wanted to create a script when someone asks me, “So how’s your work going,” other than just saying, “GREAT,” and the conversation ending.
Example – “My work is great, It is very rewarding being able to help successful people achieve their goals.”
2. What would you say to then PIVOT after answering the question, “how’s you work going?” ( I want to PIVOT and then ask a meaningful question about her ).
3. What is an opening question you would use after this PIVOT to continue the conversation down a more meaningful path to gather Meaningful, Important, Significant and Compelling information about HER.
Can you help with some scripting?
First of all, in this environment it's part of THEIR process to assess your stress level and the potential impact on your health. So... just relax and let them do their work to help you be healthy. What you're asking for not something new. Whenever you are asked a question, make your answer as short as possible and ask them a question that gets them talking about themselves. Example: Them: Dean, how's your work going? Dean: Great! Tell me something good that's happening in your life. And you're in. Then listen, clarify, expand, impact, follow the emotional trail, go deep, and - when / if appropriate - pivot to the offer.
I frequently find myself in group social and business settings (for instance, a group around a table), in which all of us in the shared space are introducing ourselves, invariably stating what we do and for whom. Since this is a group setting and not a one-on-one, there is no opportunity at that moment for the M.I.S.C conversation, just a, "sound bite," to strangers. Assume that there is no "host" with a pre-scripted introduction, just me, a group of people who generally do not know each other, and 30 - 120 seconds in the spotlight. Note: I've tried the, "I help people achieve their goals", but without the opportunity for the follow-up, "tell me the big goals in your life", it falls flat. So, what do I say? [I know this is NOT the BAI approach, but it is real life, many times social, sometimes business.
1. When it's your turn stand up and say, "I help people achieve their goals." 2. Have everyone in the group take a piece of paper and write down 2 or 3 of their most important goals. 3. When they are done say something like, "That's what I do. If you would like to take to me more about your goals and how I can help you achieve them, see me later in the meeting for a 1-1 conversation." These kind of networking meetings seldom have members who meet your Ideal Client Profile.
I completed a self-referral with my client, Laura, gave her the book, and scheduled a Phone Consultation with her on March 25th.
Here is the note I put on the book with the M.I.S.C I gathered from her.
“I appreciated you sharing with me some of your interests in travelling like your upcoming trip in August to Camino Spain. As well as, maintaining a balanced life and enjoying the outdoors going downhill skiing, snowshoeing and mountain biking.
I am looking forward to speaking with you on March 25th at 11:30 AM about how some of the concepts in the book can be of value to you in enhancing your quality of life.”
She called back to reschedule the Phone Consultation and sent the following email below suggesting to now do the phone consultation with her husband instead as he handles the investments and financial planning.
She is thinking she should not be involved as she does not handle the investments and financial planning.
What would you say to get her back on track as to the PURPOSE of the phone consultation and her involvement in it as well?
Email - Hi there,
Thank you for your email.
I took a quick look at the book and passed it over to my husband Rodger as he handles our investments and financial planning.
He wants to read it. He’s away on business this week and won’t be able to get to it.
I’ll let him know the time slots and see if you can set something up with him when he gets back.
Kind regards,
Laura
I would just go with the flow. Have the Phone Consultation with Rodger. If an offer is made to conduct their Financial Road Map®, you can convey to him why Laura should come along.
Do you recommend running Facebook ads or any other social media outlet for clients?
It’s a good question, but we believe in more on-purpose and proactive approaches to client acquisition. A deliberate referral process is the best method.
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