I have an existing client worth a million dollars (Richard Clarke) who has not been introduced to Old World/ New World™ yet. He could potential be an ideal client and I plan on doing a Financial Road Map®. I was previously trained by CEG Worldwide John Bowen and company. He would like me to manage his mothers’ million dollars and before doing so his sister would like to meet me prior to them hiring us. This opportunity occurred before I starting training in the Values-Based Financial Planning™ program. Can you please provide some insight and perhaps an agenda of things that you might discuss in this initial meeting with the sister?
My goal would be to do Financial Road Map® meetings with the whole family. I’m interested in hearing your thought process regarding this scenario. The meeting is in the client’s home. I understand the meetings should be at my office and in the past Richard comes to see me at my office. He asked me to do him a favor and have a cup of coffee with him at his home since his sister was in town and staying with him. The mother and sister both live in Arizona. The mother has 1 million liquid and the sister has around 16 million liquid.
The initial meeting is always the Financial Road Map® interview. I suggest that you conduct the Financial Road Map® with the mother. Unless she is somehow incapable and the brother and / or sister have Power of Attorney. It's also okay for the brother and sister to be at the Financial Road Map® interview with the mother. They just can't interrupt or answer questions for their mother, but they can ask questions during the Commitment to Hire portion of the interview. Another approach could be to complete the sister's Financial Road Map® also so she can experience, first-hand, how you approach doing business. Also, you can't really do Financial Road Map® interviews with "whole families." Each member of the family has separate money, goals, and values therefore you do separate Financial Road Map® interviews with each of them. As far as stopping by Richard's home for a cup of coffee to meet his sister, that's fine, just don't do the Financial Road Map® interviews there. Keep the...
I am doing a client event soon and I am extremely new to the Values-Based Financial Planning™ process. I will have about 100 clients and guests there to discuss the first half of the year and what we are looking at in the second half. Is there anything I should mention to the clients as a whole about how I have initiated this Value-Based Financial Planning™ approach, or should I save that information for one-on-one meetings?
Nice job getting into using the system so quickly. A good call to action is to mention that you have a new process for helping them make the best possible choices about their money that are in alignment with their most important goals and their most deeply held values. And that you would like to schedule their appointment to complete their Financial Road Map® this evening before they leave. Then have your staff prepared to do that. Offer the Financial Road Map® to both prospects and clients as a value-added. This will get you off to a fast start. Have fun and good luck!
I'm new to Values-Based Financial Planning™ and am looking forward to the Academy 1 in October. In the meantime, I wanted your guidance on the following: I've been referred to a young family man who is dying. I'm wondering about how he'll react to a question like, “What’s Important About… To You?” and probably more so to the question about his tangible goals... especially as he doesn't have much of a road to look down. How do you handle conversations with people who are dying, especially young people with families?
Obviously, this is a sensitive situation. Keep in mind that one of the reasons people work with you is to be rational when everyone else is emotional. My experience in situations like this is that they will appreciate you asking the right questions so the best decisions can be made without being distracted or derailed by the enormity of the tragedy of someone so young dying. Have empathy, but don't get so sucked into the sadness that you can't do your job. Meet with him and his wife and do their Financial Road Map®. If appropriate, offer to help them with their finances. They need someone to be strong.
I am calling people I haven't spoken to in two years. I was involved with bringing these prospects to be new clients at a trust bank I was working for at the time.
How would you propose I best introduce them to the New World? I have tried the Old World New World™ introduction. I can get a meeting with many of these people but have not been able to get them to bring either their spouses or their documents. I feel I would do far better with an intermediary stage and what I understand of the self-referral process.
You are correct that there is a more comprehensive approach to contacting your previous prospects with our self-referral process which you will learn as a member of the Committed Advisor Program and have an opportunity to practice and build skill with that at the January Academy. The Old World New World™ conversation is something that primarily happens in the Commitment to Hire Conversation™. You don't lead with this when making a call to someone you have not spoken with in a long time. The Old World New World™ conversation is really for your existing clients. I suggest that when you contact your past prospects that you focus on the value to them for completing their Financial Road Map®. As you know from you experience conducting Financial Road Map® interviews, there are many benefits of having a complete Financial Road Map® for both spouses. Make the call, make the offer to complete their Financial Road Map®, answer their questions, and schedule as many appointments as you can....
I have a client who I have never met with, and I spoke to him for the first time to schedule a Financial Road Map Interview™. He told me that he and his wife were too busy to meet because of their hectic work schedule, but he wanted me to mail him literature on the Financial Road Map®. What do I do in this situation?
To directly answer your question, there is nothing to send in writing. As far as what to say in that moment when someone says they are too busy, consider, "Of course you are and I understand that completely. Which is why I would never call you to invite you to my office to do something that would not be enormously valuable." Continue by explaining both the generic reasons why having a Financial Road Map® will benefit them and, especially important, communicate why you believe the Financial Road Map® will be of value to them personally, based on what you know about them from your existing relationship with them. The more Financial Road Map® interviews you complete, the more examples of success you will have, personally. As your clients and prospects share positive comments about their experience from you facilitating their Financial Road Map®, the more confident you will be in explaining to existing clients and prospects how they will benefit by coming in to complete their Financial...
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,...
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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