Can you let me know if what I said in the following situation was the best possible answer or if I should have given them more detail?
I completed a Phone Consultation™ with a couple and it went well but they both indicated that they are not sure how the Financial Road Map Interview™ will apply to them. They just recently retired and they seem to keep going back to the statement that this Values-Based Financial Planning™ process applies to younger folks and not them. They are in their early 60's. She has skimmed the book I sent, and he has not. I did explain how ongoing monitoring of their financial house would be beneficial from a pro-active standpoint but I'm reluctant to go into too many details until they actually come into my office for their complete their Financial Road Map Interview™.
You:"The Financial Road Map® is a great tool to help you plan your future and works for everyone who has a future, regardless of age. Do you have a future?" Referral: "Yes, of course." You: "Then you will love having a Financial Road Map®. Perhaps it will be much more clear when you experience it then I can explain on the phone. It only takes an hour to get it done. Is there a day next week that works for you?"
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...
I have been attending quite a few events implementing the Self-Referral Conversation. I have yet to get a client from this process, but people are accepting the offer of the book.
What do you say to someone when asked why are you attending this event or why are you there? I ask this question because a lot of events I am going to, or intend to go to, are purely for implementing the Referral Conversation. In most instances I have no connection to the organizations.
Respond to that question with, "To meet interesting people," then: Opening Statement. Questions / Conversation about things that matter to him. If relevant, make the offer. When the offer is accepted, gather contact information and schedule phone consultation. Then go talk to another person. If the offer is not accepted, go talk to another person. Repeat until your Ideal Client community is complete.
The topic of financial planning came up with a prospective client at a party. Essentially he said that he only works with a planner that makes as much, or more, than he does. So his planner is a woman making $8m a year. What should my next conversation be with him?
Follow the self-referral process. Use the Opening Statement. Follow up with Questions / Conversation about things that matter to him. If relevant, make the offer. If his response to the offer is that his planner makes $8M / year, respond as you would to any trigger that basically says, "I already have an advisor." When the offer is accepted, gather contact information and schedule phone consultation. Then go talk to another person. When the offer is not accepted, go talk to another person. Repeat until Ideal Client community is complete.
I am new to the Ideal Life Evaluation Program. A large percentage of the clients who fit my Ideal Client Profile are out of state. What should I do?
Ideal Clients are not out of state. You are probably focusing on the money part of your Ideal Client Profile and that's only half of the criteria to be an Ideal Client. The other half is personality based, which includes being willing and able to meet in your office, with their spouse, and all of their financial documents. 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 can't participate in the Financial Road Map® and focus on those who can. Your true Ideal Client Community will likely be within a few miles of driving distance of your office.
I have had a number of Financial Road Map® appointments recently where the person has indicated they have gone through significant planning recently and their perception is they have everything in place or at least have had their financial house looked at. I offered to complete the full Financial Road Map® and explained that the information he was giving me about recent planning was a little premature. I also explained that I was only offering the full Financial Road Map® at this stage and that something may or may not come of this and followed up by mentioning that, either way, the result was ok.
I get the feeling they are not differentiating me from other financial planners, though. The Financial Road Map® Phone appointments are conducted with a calm way of being and with no expectation that the person will become a client.
What could I say in this situation to show the prospective client we are different in our approach even though the Financial Road Map® is also very different?
It sounds like you are referring to the phone consultation and the offer is to complete the Financial Road Map®, correct? The key is to focus on the benefits of having a complete Financial Road Map® and not whether or not they will hire you to be their Financial Advisor and / or compare you to their current, or any other, Financial Advisor. It sounds to me like you are doing this just fine. The bottom line is that some people may not be moved by the Values Conversation™ and defining a goal. They may not be inspired to want to complete their Financial Road Map®. When this occurs, they may offer any number of reasons for not want to accept your offer. Answer a couple of their questions and then move on. Those people who are truly Ideal Clients will love the Values Conversation™ and the whole experience of speaking with you on the phone. Which will inspire them to want to meet with you in-person to complete their Financial Road Map®. The process is as much about filtering out the...
Twice I have encountered a successful phone appointment with the husband only to be declined by the spouse for completing the Financial Road Map®. Any recommendations on what different I should do to have them complete the Financial Road Map® in my office? Both are not Existing Clients.
I would schedule a Phone Consultation™ with the wife so she can experience for herself the value of having a complete Financial Road Map®. 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 they are not Ideal Clients.
I am one of the newer converts to Values-Based Financial Planning™ so this may be a mindset issue for me, but I have had several prospective Ideal Clients ask me, "How are you going to help me have a 10 level of confidence with so much going on in the world? " I tend to repeat much of what I have already said from the Pivotal Questions, but I am not convinced I have that way of being with my answer.
I have begun scripting some stuff out based on the answers to the pivotal questions, but I wanted your thoughts on answering the HOW question. It’s a little different from the, "What do I get for the fee?" and, "How do I know that I can trust you?" and, "What’s the process?" scripting, so I am piecing together my answers from there.
"I can appreciate you wondering how you'll have a 10 level of confidence given all the negative events happening in the world. You look at these events through the lens of a person who does not yet have their entire financial house in order with all of their choices about money aligned with their most important goals and their most deeply held values. Over the next 12-15 months as this changes for you so will view about those things which are outside of your control. I'll be interested to hear your thoughts about your confidence a year from now. Are you ready to get started?" Or: "No one can control all of these events that are outside of your control. All you can do is hire me to help you make sure that all of your financial choices are aligned with your most important goals and your most deeply held values and get your entire financial house in perfect order. And when you are certain that you have done all that you can do you no longer have stress, worry, and anxiety over what you...
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.
Presently, I offer a College Planning Workshop. This workshop has produced a steady stream of clients. Now I want to upgrade my practice and one way to do so is to offer the first meeting with potential clients as the Financial Road Map Interview™. I can see that a stark revision would be to offer a 20-minute phone conversation before we set the meetings.
Is this script OK for inviting groups?
"We offer a complimentary consultation which is a process designed for you to make the best possible choices about your money that are in alignment with your most important goals and most deeply held values.
After today’s workshop, you are invited to schedule your appointment."
Should I just jump to the 20-minute telephone interview before inviting them to my office for a meeting?
Yes, your script is fine. I would suggest that you schedule the Financial Road Map® Interview.
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 had provided a Values-Based Financial Planning book to someone and have been trying to schedule a Phone Consultation™. What is the response to someone who says they are very private people and are not comfortable sharing all their personal and financial information with me? They say that the only person who knows all that information is their tax person.
There is no requirement to share any private financial information on the Phone Consultation™, so this should not be an issue when scheduling Phone Consultations.
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.
What do you say to a busy CEO who spends all his time working and free time with family and does not want / cannot find time to do a Phone Consultation or Financial Road Map®. How do we create urgency without using fear to help them realize the benefits of working with us?
"Too busy" is the typical response that usually means, "I don't see the value because you didn't move me by articulating how talking to you connects with something that is highly important to me." Go back and check your conversation with the person who referred and every step in the process: 1. Did you get truly meaningful, important, significant, and / or compelling information about the person to whom you are being referred and introduced from your client? 2. Was the note on the book compelling? 3. How well put together were the talking points that you provided your client to prepare them for making an effective introduction? 4. How soon after your client meeting and referral conversation was this nicely "packaged" email forwarded to your client with these talking points? 5. What was the conversation like with your client when they called to tell you to send the book to their referrals? In other words, did you get something confirming that their referrals are...
While completing the Phone consultation, I asked the question, “Do you have the book handy?"
Client - “YES."
Advisor – “Perfect. Have you had a chance to read any of it?”
Client - “YES."
Advisor - “OK, do you have any questions?”
Client – “No, the book is great. It’s too bad I did not meet you 3 years ago when I switched advisors.”
What would you say to this?
Normal 0 false false false EN-US X-NONE X-NONE Nothing. Just continue the process and facilitate the phone consultation.
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.
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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