As part of my self-referral process, I have partnered with a friend of mine who is a business coach. We are running a monthly networking event as co-hosts. He has proposed printing up a bunch of postcards and will be personally going door-to-door meeting local businesses. The front of the postcard will have the details of our event. the back will be shared with half for his promotions and half for my incredibly engaging text. I would like to get your input for text that includes a "free no-obligation" something.
I'm going to just assume you're kidding because you're way too smart to think that I would encourage you to discard the process you're learning from us and instead invent a weak, mass-marketing, door-to-door cold-calling approach. But, thanks for making me smile today.
I am planning a Client Event for the end of August. My plan is to invite several of my best clients, several of my best prospects and several of my referral partners and centers of influence and ask them to bring guests and I believe about 30 people will come. I have contacts with several non-profits. Would you advise holding the event in support of one of them and ask for donations or not? Or would that sully the social nature of the event?
You could go either way. If you handle it right it won't sully the social nature of the event. The possible risk is that the people who attend don't care about the charity and feel some social / public pressure to donate.
Some of my best clients are those who have retired and are using their pension lump sums to fund their retirement income. The markets since 2007 have eroded over half of their pension asset and now their monthly incomes are in real jeopardy of running out. Six years after retiring they may have to go back to work. How can I re-set the stage with them when their goal was to have enough money not to worry and now clearly they do not?? And how do I ask them what their goals are considering that their most fundamental goals are no longer working out.
My first question is why would a retiree have that much exposure to the market? It's a bit confusing given that the market is not half of what it was in August of 2008, but just a couple thousand points below its historical high. Nonetheless, the future is not guaranteed. "Past performance is no guarantee of future results" is not just a disclosure statement for investments, it's a great perspective about life. For these clients, you have to sit down with them, with tremendous compassion and empathy, and discuss the truth and explore their options. If going back to work is one of those options then develop their go-back-to-work plan. What are their options for work? Connections? Network? Skills to be polished? Etc. For your future retirees, perhaps one of your deliverables should be a Plan B in the event the future is not cooperative.
When a client hires me I usually do a financial plan for free. Your program suggest that I charge for the plan. How do I go back and charge an existing client for a financial plan when I've already done one for them in the past? How can I start to charge a client for something that I have always given them for free. Is there something more detailed that I can offer them?
Can I increase my service to the existing client? I need some ideas, maybe some top notch programs that will take what I offer them to a new level? I feel that there should be a reason why I am increasing their fee. “I am changing the way I am doing things” really doesn't sound like a valid reason to me. Am I wrong? Earl Nightingale said prosperity is founded on a law of mutual exchange. Anyone who contributes to prosperity must prosper themselves. To me that means that if I want to increase my income then I need to increase my value to my clients. How do I do that in the context of charging them a new fee?
First of all, let's address what you do in the future with new clients: charge a fee for planning from now on with new clients. There are several reasons for this: 1. The plan has value, therefore charging for it is a reasonable thing to do. 2. Charging a fee is good for the client because they are more likely to act on advice they pay for, therefore getting more benefit because results come from implementing. 3. Charging a fee is good for your self-esteem and confidence because you are being compensated for the value you create in the form of the plan rather than being forced into salesperson mode to use the plan to sell financial products at future meetings in order to be compensated. 4. Charging a fee for the plan causes the client to view you as a true advisor rather than a salesperson using the plan as "loss leader" to sell them financial products later. 5. Charging a fee for the plan ensures that you are compensated for your work, whether the prospects become...
Many of our Ideal Clients are business owners and, therefore, sponsor 401(k) retirement plans for their businesses. If we are the advisors to 401K plans where one or more of the owners are Ideal Client's, how should we be charging for the advisory services provided to the plan and participants? Should this be part of the PMARR that the Ideal Client is paying or should we charge a separate fee to the plan for the services?
Be the advisor for the business owner Ideal Clients, but do not be the advisor for the employees who are plan participants and not Ideal Clients. Refer that work to someone else, like a fee-only financial planner who charges a flat or hourly rate to do financial planning for the employees. At our company our Human Resources director provides the basic information about our 401(k) options and we will pay up to $500 / year for financial planning services per employee. You might encourage your business owner clients to do something similar. One of the worst things you can do for your "image" with your Ideal Client business owners is to also be the lower level financial planner for their employees.
Recently I have completed due diligence and purchase of a direct property investment with one of my ideal clients. Following this transaction I have had a subsequent meeting with the investment administrator and he has given me a lead to another of his investors who, the investment administrator indicated, seemed to be a bit unsure and could possibly benefit from professional advice. To be clear this was not a referral, in sales school/language it was a lead, given as a way to encourage me to show more clients his investment options. I have completed some research on this lead and he is definitely someone that I want to talk to and have him and his wife in for a Financial Road Map® Interview.
How do I make the initial contact with this potential client without coming across as a salesperson following up on a lead? I am considering a letter introducing myself and my business, followed by a phone call, however I am concerned that this will be dismissed as just another sales pitch.
All you can do is make the contact and tell them the truth about how and why they would benefit from having their Financial Road Map® completed. They may say yes or they may say no, but that's really all you can ever do. You might also try to turn it from a lead into a referral by asking the investment administrator to make an introduction.
My independent practice is currently fee-based without Assets Under Management (AUM) or insurance commissions. My goal is to build my business to 50 Ideal Clients. I have been unable to identify any money managers who charge a flat fee to manage assets.
These are two separate issues. One issue is YOUR compensation and the other is the money manager's compensation. You can charge your clients a flat-fee for YOUR services and embedded within the investment management deliverable there could be basis points for expenses related to the services of the money management subject-matter expert, none of which are paid to you. These basis points for money management come out of your client's assets and are paid directly to the money management Subject Matter Expert. This is a perfectly acceptable way to operate until you find a money manager who is willing to manage the money for flat fee. Your fiduciary responsibility, and one of the many reasons that you are so valuable to your clients, is that you accomplish appropriate money management for your clients in a very, very cost-effective manner. Almost certainly more cost-effectively than they are doing by themselves or is currently being done for them by a more traditional financial...
Is the best path forward for me (a Certified Financial Planner®) to take the Series 65 registration to gain IAR status? Could you shed some light on this?
While I believe that your value proposition is far beyond investments, which is what the "I" in IAR or RIA represents, I think the current regulatory environment pretty much dictates that this is the best registration for someone who wants to charge a flat fee for their advice that is paid directly by their client, rather than from a product manufacturer. So, do what you have to do to be who you want to be.
I am a CPA and I am beginning to use the Financial Road Map® to bring more of our tax clients on as financial planning Why am I so hesitant to make calls to my existing clients? I know most of my tax clients have Financial Advisors and I am always worried that they think I am just trying to sell them something. What's wrong with me?
Don't be so hard on yourself. There's nothing wrong with you. Just make a list and call a few clients a day to offer to complete their Financial Road Map® for the reasons that will benefit them. Whether they do more business with you outside of accounting services or not, having a Financial Road Map® will help you help them. Having a Financial Road Map® will help them make smarter choices about everything related to their money and some things not just related to their money, but better life choices as well. Having a Financial Road Map® will help them interface more effectively with all of their advisors who help them with their financial life: accountants, attorneys, financial planners, investment managers, insurance agents, etc. When you make contact with your clients to offer this valuable experience come from place of service, not sales. The worst thing that can happen is that they pass on the service at this time. Your goal isn't to do Financial Road Maps® for everyone,...
I am having an appointment with clients who reside in Riyadh, Saudi Arabia. I Would really like to complete a Financial Road Map® with them. May I use Skype or what are your recommendations.
The Financial Road Map® is a face-to-face experience. I believe that delivering truly comprehensive financial services is a face-to-face to business. I absolutely advice against attempting to build a Financial Road Map®, or do anything that would resemble serious financial planning via Skype. Do the best you can for your long-distance clients and focus on building your business with Ideal Clients within a few kilometers of your office.
How long will it take me to get as good as a 9-year old?
Watch this video of Jayce Miller, daughter of Committed Advisor, Jason Miller, and decide for yourself. < Download 'Attached Files - Future-VBFP.mp4" below >
How long will it take me to get as good as a 9-year old?
Watch this video of Jayce Miller, daughter of Committed Advisor, Jason Miller, and decide for yourself. < Download 'Attached Files - Future-VBFP.mp4" below >
How long will it take me to get as good as a 9-year old?
Watch this video of Jayce Miller, daughter of Committed Advisor, Jason Miller, and decide for yourself. < Download 'Attached Files - Future-VBFP.mp4" below >
How long will it take me to get as good as a 9-year old?
Watch this video of Jayce Miller, daughter of Committed Advisor, Jason Miller, and decide for yourself. < Download 'Attached Files - Future-VBFP.mp4" below >
What should I put on my LinkedIn profile?
LinkedIn Profile: [Insert first name] specializes in helping financially successful people achieve their most important goals that are aligned with their most deeply held values. He / She has been in the financial services industry for years and accepts new clients by referral only. Normal 0 false false false EN-US X-NONE X-NONE Along with an excellent, professional photo of yourself, preferably NOT wearing a tie.
What should I have on my website?
BAI Advice: Turn OFF, completely OFF, your website! Normal 0 false false false EN-US X-NONE X-NONE CA: What!!! But people need to find me online or I will be out of business, won't I? BAI: NO!!!!! We challenge you to show us analytics that prove that your website is getting you Ideal Clients. You can't do it, can you? What you can do is tell us about all the time you and your team waste trying to build and manage a website that will actually bring in Ideal Clients. Furthermore, your website just makes you look and sound like every other FA on the planet who is trying, and failing, to look and sound different. Therefore, when you get referred and the referral goes to check you out online their worst fear is validated: "This is just another FA trying to get my business!" You can't explain an...
I completed a Financial Road Map® with this gentleman and his wife. He loved the experience and was very excited to go ahead and have us create an action plan. We requested additional information needed to complete the plan. I then received this email (see below). How would you respond? Thanks.
Morning,
Michele and I had the opportunity to sit down with an investment adviser yesterday and discovered that Optimal Performance is not only an investment company but also a financial planning firm.
Embarrassing for me, as we have worked with Diane for over five years and she has helped us manage a myriad of financial challenges over that time. To realize that I have not fully taken advantage of her years of experience her expertise was "uncomfortable" to say the least.
That said, Michele and I have decided not to continue moving forward with Ideal Life and re-engage Diane since we are already paying for that service. Additional, I am sure you can appreciate that we do not want to put our relationship with Diane in jeopardy especially after she has been a cornerstone for us.
I have reviewed our chequing account and as of Friday, our cheque has not been processed and we would ask that it does not happen. We are prepared to pay a small fee for the work to date (including the Value-Based book) and will issue another cheque to cover that amount. I can have that available when I come to pick up our binder.
As you witnessed, we were ready to make the move to see the plan and realize this a disappointing news however this is the right thing for us and aligns with the values we hold true.
First of all, great job being in the game! You never know how people will respond, but you have to do the work, make the offers, and deal with whatever you get. Essentially, you can take one of 3 roads with an email response: Dear : I am glad you found value from your experience working with us and hope that it helps you make better choices about your money so you achieve your goals for the reasons that are important to you. There will be no charge for the work we've done together. Let me know how else I can be of service. ****** I'm not sure how accurate the following communication would be because I'm making up a few things to fill in gaps that I can't fill without more information, but you'll get the idea. Dear: Please forgive me. The fact you believe you can get the same services from an investment management firm who also does financial planning means I did a poor job of articulating the value to you of joining our Ideal Client Community. I apologize. ...
In what situations do I use the 2-Page Business plan with Ideal Clients?
When clients are not referring and it would be helpful to see the bigger picture of your plan to build an Ideal Client Community, they benefits to them of being a member, and their role in helping to build the Ideal Client Community by referring their friends, family, and colleagues... following the referral process.
In what situations do I use the 2-Page Business plan with a Non-Ideal Client?
It would be unusual to use the 2-Page Business Plan with a non-client. Perhaps it might be used when vetting a potential Subject Matter Expert to help them understand the business you are building and their role in helping you serve your clients. Or perhaps it could be useful to review it periodically with your team so they are clear about your goal for building an Ideal Client Community and their role in that.
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