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Financial Road Map® Misc.

I frequently work with wealthy widows. They are not part of a couple, nor are they looking to begin a relationship. Is there a version of the Financial Road Map® that has one Values Staircase™ or do you have any advice on how to effectively handle this situation the best way possible?

Just use one Value Staircase™ without feeling self-conscious about it or feeling a need to explain it. The same is true with a person or couple who has fewer than 3 goals. Just because there are 3 goals shields does not mean they have to have 3 goals. Ditto for 2 Values Staircases.

How should I handle a Financial Road Map Interview™ with potential clients who are living together but not married and who don’t co-mingle their finances?

Consider these two people as two separate prospects. You will conduct two separate Financial Road Map Interviews and they will be two separate clients if they both choose to hire you.

I have several existing clients and prospects that have zero debt and range typically from $3-$10 million in liquid net worth. Many of them have believed in “Term and invest the rest” mentality and therefore don't like to discuss insurance needs and their term policies have expired. By this, I'm referring to clients who are past the accumulation phase and confident in their mind that they have been adequately insured and no longer need much insurance (I realize this may not be true), and have the notion typically to only buy term and put the rest of their money into savings. When we get to the Commitment to Hire Conversation™. Many of my existing clients have zero debt, more cash then they need to have sitting around (I realize this needs to be addressed), and don't feel they need much help with insurance. Therefore the step-by-step plan addressing these four areas only has one area where they typically want, or feel, they need help in creating a plan. I'm curious if it would it make sense to change the "What you get” discussion to something that could provide a little more value than the 4 bullets currently in the script? Can you please tell me perhaps a different word track then the Financial Road Map® script since two of the four areas are not of much interest to these types of clients?

I wouldn't change anything. Whether they believe in insurance or not doesn't change the fact that it's your job to review their situation and give advice. Even if they can afford to self-insure, they may choose to lay that risk off to an insurance company. Many very financially successful people still buy insurance. Keep in mind that we're not just talking about life insurance here. As you progress in the Committed Advisor Program you will learn to present the offer of the Full Values-Based Financial Planning™ Value Proposition as well as answer the "pivotal questions" that we know from experience some prospects and clients will ask.

I am a new advisor starting from scratch as an independent advisor with Lincoln. I have lived in my home town of Pinehurst, North Carolina for 41 years. I can easily ask 150-250 families to help me practice my Financial Roadmap Interview™. But they won't have their financial documents with them. As you say, it's like going to the dentist without your teeth. Is this approach still okay?

No. After you do just a couple of practice Financial Road Map® Interviews, then shift to inviting your friends to come in to complete a real Financial Road Map® and bring their financial documents to experience the full benefit. There is no obligation to hire you and they will get value from the experience whether they hire you or not and whether or not they have another Financial Advisor.

I set up an Financial Road Map Interview™ with a client but the appointment, in his mind, is going to be like our previous appointments. It seemed jarring to him to launch into the Values Conversation™. He told me, very nicely, that his mind wasn't geared to think that way for this appointment and he really couldn't think of anything to say. I told him there were no wrong answers and that this was a fun exercise. We tried again and he was still stumped. I set it aside but wanted to know if there was a more graceful exit to the process and a better way to prep my potential clients other than that I am upgrading my business model, etc.?

It's quite normal when you begin facilitating people through the Values Conversation™ that some are easier than others. I am concerned, however, that you might develop a limiting belief that men have more difficulty going up the Values Staircase™ than women. This is NOT true! Consider every Values Conversation™ valuable in its own right and also a good lesson and practice for making you more effective at conducting future Values Conversations™. Whenever a person is struggling to think of an answer to the last “What’s It All About… To You?” question, simply relax more: smile, sit back in your chair and assure them that they have all the time in the world to reflect on what's important to them. Make sure your pen is sitting on the desk top, rather than in your hand, and keep your hands and feet still, rather than tapping and fidgeting. Make sure there is a long pause before the "To You" portion of the question: What's important about... FREEDOM........... to you? Make sure your face...

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.

Can you point me in the right direction for a letter or document I can provide Potential Ideal Clients who may want to talk with existing Ideal Clients about our work. Is there a template – I am sure it has been spoken about but cannot easily find anything online. I Have a 2nd round meeting this Friday with Potential Ideal Clients that said yes, and then thought about the fee and said it was too much. I want to have something I can give for them to call existing Ideal Clients. Have chatted with some existing Ideal Clients and they are happy to take calls.

This doesn't sound like something that requires a letter. If you have Ideal Clients who are willing to be a reference and prospects who need a reference before they hire you, just make the connection. 1. Provide the name and contact information for the reference to the prospect. 2. Email the client letting them know who will be contacting them. Before providing a reference, however, confirm that this is the only remaining and final thing they need before making their decision. And that, barring some negative feedback from a client, they are going to hire you. You don't want to waste your Ideal Clients time with someone who is just on a fishing expedition. "Other than confirming with a client that we do what we say we do, is there anything else you need to know before you hire us?" If the answer is yes, find out what that is. Clarifying and expanding questions will be valuable here. "So, and , what I'm hearing you say is that, barring one of my clients saying something...

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 struggling not discussing an ongoing fee in Financial Road Map® Meeting. During this conversation the clients ask me how much? The Financial Road Map® Meeting has been around 45 minutes so far and going well. I say $5,000 for the initial plan. They say what do you get? I then run through my 2 page letter of engagement which outlines upfront and ongoing service offering and takes another 45 minutes. After 1.5 hours I feel like the clients are tired and the "would you like to proceed” has lost its presence because of the meeting time. How do I avoid this? I would love to skip the letter of engagement all together, should I just briefly talk about deliverables team (which I have) best-in-class Subject Matters Experts. I am also struggling to understand in the Implementation Meeting how to address the ongoing fee is $1k-$3k per month and not go over the plan in any detail.

I agree with you, it can't take 45 minutes to answer the questions about the cost and what they get. Listen to your recordings and figure out a way to be more succinct. The fee is for the advice, not the plan detail.

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 >

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. ...

I conducted a Phone Consultation this evening with a couple. I made the offer to complete their Financial Road Map®, which they accepted. When they come in for the Financial Road Map®, experience, do I pre-populate the values staircase for them, have them review it, and begin with the scripting from that point, or do I do the whole values staircase conversation again?

If you did both of their Values Staircases on the phone, you pre-populate and begin with Pre-Commitment with each spouse.

I love the notion of, "Showing up ready to be no place else," and thought it was tremendously effective during the Academy. Would you ever consider asking clients and prospects to do the same? E.g., asking them to leave their cell phones with the receptionist? Or maybe a softer approach like, "We find clients get the most benefit from these meetings when they are able to completely focus on the discussion. If you'd like, our receptionist would be happy to keep your cell phones for you and can let you know if you get a call or text from a specific person (e.g. your kids)."

Yes!!

I’m very new to offering financial planning and even newer to Values-Based Financial Planning™, how should I answer the question, “How do I know that you can deliver what you are promising?”

That's not the kind of direct question you're likely to get. More typically, they will ask you questions about how you do what you do and, at some point, they will either take the leap of faith and hire you... or not. All decisions are to some degree a leap of faith because it's hard to pre-determine the outcome of any decision. It is important that you are able to answer questions about what you do and how you do it with confidence and conviction. People regularly make their decisions as much by how you answer the question as the substance of the answer.

When making the calls to schedule Financial Road Map® interviews with current clients, I've received the same reply numerous times. The client will often say something to the effect that he/she needs to check scheduling with their spouse and will get back to me with a time that works for the two of them. I reply that it is fine and confirm when I can check back in. I then send an email to the client I spoke with to serve as a reminder. Is there anything else I should be doing? I imagine that pressing to set an appointment on the phone, with language like, “Let's set a time that works for you, you'll check with your spouse and we can reschedule if necessary” is too “salesy”?

Nope, not too "salesy" at all. That's a great way to handle setting the appointment... I would not refer to implementing an effective way to schedule an appointment that will benefit them as "pressing."

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