I am scheduling a Financial Road Map® Old World New World™ meeting and the client says his wife may not want to come. I know she should be at the meeting for both of them to experience the Financial Road Map® together. What should I say to overcome the objection and make both of them understand she needs to be there?
I would say, “The conversation we’re going to have is not as much about money as it about planning your future, setting goals, and determining what will become the basis of your financial plan. It’s proven that couples who plan their futures together have a higher probability of having one.”
Today I had a 15 minute phone appointment with, a guy who “gets it” and who wants to come in for a Financial Road Map® meeting. However, his wife doesn’t want to come to the meeting. These are existing clients and I have always met with just him. How should I handle this?
I would schedule a Values Based Financial Planning™ book phone appointment with the wife, do the Values Conversation™ and Quality of Life Enhancer Exercise® with her on the phone so she can experience for herself that the purpose of the meeting isn’t to discuss boring financial issues, but rather to help them plan their life and take the actions necessary to make it happen. This usually has a positive affect and she’ll be eager (or at least willing) to come to the meetings. She will likely appreciate the opportunity to talk about what’s important to her and have someone actually listen. The bottom line is that in your Old World, you met with one spouse. In your New World you work with couples to help them actualize their Financial Road Maps®. If they don’t want to do that then he has to find a new advisor.
Is there anything else you would suggest to be more effective in getting my existing clients in for a Financial Road Map Interview™?
Yes. Consider implementing more of the self-referral process. In this process you learned to discover things that are Meaningful, Important, Significant, and Compelling about your friend, family member, colleague or acquaintance. This relevant information helps them understand why scheduling an appointment with you is in their best interest. The other thing to consider is that you should not have to work very hard or sell existing clients on coming to see you for any reason. Why do they think calling you back is optional? You’re their Financial Advisor. I would think they would call you right back whenever you call for any reason. For those people who don’t call you back you can consider a sign from God they definitely are not and will not ever be Ideal Clients. On the other hand, if you really want to send a wake-up call to get them into your office and shift the relationship from something they consider optional to a more serious point of view, consider something like, “in...
I am speaking with existing clients (some clients have only insurance or only investments or a combination of both) and I’m using the Financial Road Map® scheduling script for existing clients. When I say, “I wanted to let you know we are making substantial improvements to our business model… Etc.” The client responds, “We have enough insurance and/or my investments are OK.” What would you have said to keep the conversation on topic?
Honestly, I don’t understand how a client of any kind, even a product-based transaction client, turns down a meeting with their Financial Advisor. It’s really a bad sign. It makes me wonder if you are making the reason for setting the appointment all about them. Do you know something Meaningful, Important, Significant, and/ or Compelling about them? If so, are you using it as the basis for coming to see you? If not, ask some of the questions from the self-referral process and then make your invitation. You may also want to follow the self-referral process where you send them the book and schedule a phone consultation. Perhaps the better way to introduce the Financial Road Map® is during the phone consultation. If you want to pursue the direct scheduling of the Financial Road Map Interview on the phone, you might try something like, “We are scheduling appointments with all of our clients to determine whether or not we should continue to work together. We have made some substantial...
When I am calling prospects (not clients) that are already in my company's database, is it better to use the Self-Referral Process or the Financial Road Map® scheduling script?
The better you know the prospective clients, the more likely you would be to use the Financial Road Map® scheduling script. It is more appropriate to use the Self-Referral process if you do not know the prospective clients that well.
I am not sure if I should explain what the Financial Road Map® is about or if this is too much detail. Sometimes when we email the client a list of the documents needed for the meeting they seem surprised. What should I tell them when asked what is this all about?
Remember the formula when someone has a question? Tell the truth succinctly and directly in a way that’s all about them. So, how is it better for them to bring their financial documents to the meeting with you? Work on that answer for yourself for at least 30 minutes. Write down every reason it’s better for them. Then prioritize the reasons. Craft the most important ways it’s better for them into a succinct, direct response and use it whenever someone wants to understand why they need to bring their financial documents to a meeting with a financial advisor.
I am scheduling a Financial Road Map® Old World New World™ meeting with a very busy client and the only way to do Financial Road Map® is at his place of work which I know is not the best. Would you tell them I only meet at my office and risk the chance of the client saying no?
An Ideal Client meets with you in your office 3 or 4 times per year. If they can’t do that – for any reason – they are not Ideal Clients.
When making phone calls, using the Financial Road Map Scheduling Script™, I get people who procrastinate about coming in to do their Financial Road Map®. In addition to the script, I am also telling them what excellent experiences other clients have had. Is there anything you can suggest to be more effective on these calls?
Yes. Consider implementing more of the self-referral process. In this process you learned to discover things that are meaningful, important, significant, and compelling about your friend, family member, colleague or acquaintance. This relevant information helps them understand why scheduling an appointment with you is in their best interest. The other thing to consider is that you should not have to work very hard or sell existing clients on coming to see you for any reason. Why do they think calling you back is optional? You’re their Financial Advisor. I would think they would call you right back whenever you call for any reason. For those people who don’t call you back you can consider a sign that they definitely are not and will not ever be Ideal Clients. On the other hand, if you really want to send a wake-up call to get them into your office and shift the relationship from something they consider optional to a more serious point of view, consider something like, “in order for...
Is there a point at which I don’t request an Financial Road Map with existing clients (accounts too small, don’t want to work with them, etc).
Yes. Use your judgment. If you are fairly certain that an existing client does not and will not meet your Ideal Client Profile, it is okay to not set a Financial Road Map Interview™ with them. In Values-Based Financial Planning™, we strongly recommend that you assess your Existing Client list regularly for those Clients that are costly and plan to replace them with Clients with whom you want to work with. This is the principle behind creating your Ideal Client Profile. Keep the best-of-the-best and let go of the rest. Then, build a practice on purpose that only takes on Ideal Clients. You cannot achieve your goals, actualize your Success Road Map®, and live your Ideal Life by serving non-ideal Clients. However, this process does not happen overnight. You are transitioning your entire practice to one based upon Values-Based Financial Planning™, and that takes time and careful planning. This transition will happen in steps. It sounds like you are dealing with what we term...
There are a number of people who do business with my agency that I don’t have much of a relationship with (other than they bought insurance from my agency and I may have been involved in their purchase). Would this be more of a self-referral option, or should I get a referral from the servicing staff member, or should I treat them as a client and just use the normal procedure?
Yes, it could be handled like a self-referral or it could be handled with the Old-World New-World™ process described in scheduling appointments in Mastery Series™ 1 with existing clients. Mastery Series 1: Pg. 29
Could you help create a script for our staff to use when calling to confirm both the Phone Consultation and Financial Road Map Interview™ to increase our chances of having the appointment kept and have the best possible experience?
"I am calling to confirm your appointment with on day at o'clock. In order for you to the best experience possible all you need to have handy is the copy of the Values-Based Financial Planning book that sent you. Do you have any questions?" Same opening to confirm the Financial Road Map interview... In order for you to have the best possible experience we sent you a checklist of things to bring to the meeting. Do you have any questions I can answer?"
Can you please help me with an appropriate Financial Road Map® appointment setting script that I can use with the clients in my tax practice?
We are expanding the value we provide beyond just doing tax work and I'm calling to schedule an appointment for you and (their spouse / partner) to come in to discuss it. (Any further details, if needed, for this script can be taken from the Appointment Setting script in the Mastery Series 1 pg. 29)
For several years I have run an annual review program for all of my clients. As such this is something they have come to expect, generally around the same month each year. As I look to introduce the new world to them, including the values conversation, I seek assistance in terms of a script that clearly articulates the improvements to my service, as well as the road map conversation. For many years clients have received a circle chart and progress reports as part of my existing review process, so some of the ‘new world’ is something they will not perceive as added value.
I am keen to introduce Values-Based Financial Planning™ to existing clients, outline to them the new direction of my business and that I invite them to be a part of this. I am struggling with a script to clearly differentiate the added value of the new world to them.
Prior to their next scheduled review, as succinctly as possible, I would like to introduce the idea, outline an overview of the conversation we will have BEFORE we then run their standard annual review. Where clients realize the new world is for them, I would immediately slot them into the next space on my 3 meeting process schedule rather than run the review meeting.
Everyone else I am obliged to run the review meeting and put the exercise down as practice, complete the work that comes from the review meeting itself and then see them in a year’s time. Either way, I am not sure how to best articulate the conversation. Could you suggest some ideas for a script to help me keep on track and ensure I best communicate the added value?
In the "New World" you will get your entire financial house in perfect order and keep it that way forever, making smart choices about your money in alignment with your most important goals and your most deeply held values, so you have a 10 level of confidence that no matter happens in the markets, the economy, or the world you will achieve your goals. We deliver on this promise by providing 10 core client deliverables broken into a list of 143 deliverables checkpoints orchestrated by me, your Trusted Advisor, and supported by a team of best-in-class subject-matter-experts in financial planning, asset management, insurance, tax, and legal. We will meet 3x / in the coming year to get your entire financial house in perfect order. Each meeting covers different elements of the client deliverables and when every single action item is complete that's when you can legitimately say that your entire financial house is in perfect order. We will continue meeting 3x / year to make sure your...
A number of my clients do not involve their spouse in the financial decision making to the point where the husband (typically) wants to be the only one present. While I recognize that this process is more about values than it is about finances, the husband refuses to let the wife attend because she isn't involved in that type of decision making. Should I insist that both spouses be there knowing that the husband won't 'open up' if the wife is there?
Yes. Neither you, nor he, really know how about "opening up" until the meeting actually occurs. It's a very cool thing to watch a husband and wife relationship shift for the better due to you facilitating their Financial Road Map®.
I will be meeting with clients I have known for 25 years and who have been clients for six. They retired two years ago and we have been working from a Retirement Plan I prepared for them when they became clients. How do I use the Financial Road Map® with these clients?
The Old World New World™ script is for existing clients. Based on the question you are asking, I don’t have anything to offer beyond telling you to use that script to conduct their Financial Road Map®.
A client asked, “How does this (having a Trusted Advisor) work in practice?” I started to explain that we work with a team of Subject Matter Experts in their narrow fields of expertise to create a plan to get your financial house in perfect order and keep it that way forever. I briefly explained the Three Meeting Process™ as well. Is this the right approach to take if asked this question or what else should I have / have not said?
Ask a clarifying question, "What do you mean by 'in practice?'" If his response is about what happens after the Financial Road Map®, I would suggest that you not go down that path. Instead say something like, "I really think you are getting ahead of what we're talking about here, which is simply the value to you and of having your Financial Road Map®..." My advice is that you continue to become very good at articulating the benefit of having a Financial Road Map® with people who have completed the phone consultation and with whom the Financial Road Map® is the next step.
I think I had reasonably good phone consult yesterday. When asking the question, “What would the benefit be for you and your partner to complete a full Financial Road Map® together?” The client said, “I don’t have an answer for that.” So I kept quiet for a little while and he finally said, “It could be valuable, however, not at this stage.” He had the sale of his main residence that was going to realize a large piece of capital and wanted to wait until after the sale to look at something. I had no problems with this. How would you have responded to this?
I appreciate your commitment to implement. This is an opportunity to ask clarifying and expanding questions: Client: "... not at this stage." Advisor options: "Tell me more about that." (Expanding) "When you say 'not at this stage,' what do you mean by that?" (Clarifying) "Tell me more about the sale of your main residence." (Expanding) After using clarifying and expanding questions and listening well; Advisor: "I think I've heard everything you've said. Can I make a suggestion?" Client: "Sure." Advisor: "The best time to have a completed Financial Road Map® is in advance of significant life events, like selling your main residence. The reason is because the Financial Road Map® is a powerful tool for putting your most important goals and your most deeply held values in perspective and on one piece of paper. It will give you and your wife an opportunity to really listen to each other and collaborate on your plans for the future, which is important and valuable, regardless of...
When using the script to set a Financial Road Map® appointment with an existing client, they sometimes want me to elaborate on the purpose of the meeting. I've found that if I even mention the Financial Road Map®, clients want to know everything about the process. I'm doing my best to steer them towards the goal of scheduling the appointment and bringing in their documents, but sometimes we get bogged down over the phone. I realize part of this is me and my lack of experience and it's also an unexpected call from me, so clients tend to be naturally curious. However, are there any tips, advice, or verbiage I can practice so my next round of scheduling calls go better?
Review the Appointment-Setting script and the beginning of the Old World / New World Financial Road Map® script. Of course, it only gets "bogged down" because you let it get bogged down. My first advice is, don't get bogged down in the details. If I were to get ANY resistance at all, I would say this... "Let me say this another way, your financial advisor is calling to tell you that he needs to meet with you to do something important that relates to helping you achieve your financial goals. As I said, I am making some significant changes to our business model that affect how we work together forward to help you achieve your goals. I don't call for frivolous reasons and my expectation is that when I call a meeting that you will enthusiastically and positively respond. If that's not how you feel about our professional relationship then it just became urgent that we get together as quickly as possible to discuss whether we should be working together at all or whether you should be...
A former client referred a guy (call him Bill) to me a couple weeks ago. Bill and I spoke on the phone and scheduled an appointment at my office, at which I intended to complete a Financial Road Map® for him. Bill arrived without the documents I asked him to bring. He had actually completed a Financial Road Map® many years ago but was not working with that advisor.
As I started through the script, he was reluctant to proceed. I told him that I wasn`t interested in wasting his time and that we could end the appointment.
He said he wanted to ask questions of me first and then we could later complete his Financial Road Map® - presumably if I answered his questions well enough.
If I was at the point in my Values-Based Financial Planning™ journey that I was only accepting Ideal Clients, I probably would have not even started the meeting because he failed to bring his documents.
However, prior to that time I need Survival Clients. So how do I handle the `I have questions for you before we get to the Roadmap stuff`?
I appreciate your dilemma, however we only teach you to follow the process that we teach. During your Evaluation period we advise you to complete as many Financial Road Maps as you can. Try not to get too hung up on those people who don't want to participate in the Financial Road Map® and focus on those who do. As far as dealing with someone like Bill, consider the following: "We have a process that has proven to be effective to help us both make a good decision about whether or not we should do business together. I think you will find that the process answers most of your questions. If you still have questions after we build your Financial Road Map® I'll be happy to answer them. Will that work for you?"
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