My office manager for the registered investment advisor practice asked me how to answer prospects who press her for “what’s it going to cost?”, before they come in for the initial meeting. This question comes up quite often when she schedules appointments and it almost always leads to cancellations. Our fee, which is now under review, has been 1% of assets we manage and a minimum of $2,500.
First of all, your office manager should not be scheduling appointments and answering questions like this. I suggest that when she gets a question about cost she defers to you. She could say something like, “It’s not my place to discuss Mr. Smith’s fees. Would you like for me to schedule a phone appointment so you can discuss this with him?” There are probably other things that are outside the scope of what your office manager should be discussing with clients. I suggest the two of you determine what they are and script appropriate responses and procedures. Another way to look at it is, that if your fees scare them off, then you got the gift of time. If they ask you that question, one way to respond is, “There is no cost for having your Financial Road Map® completed which is something that will be valuable to you whether we do business or not. Should we invite you to join our client community and should you accept that invitation our fees are .
I had a Financial Road Map® scheduled today with a prospect that canceled. He and his wife are indecisive as to whether they want to meet or not. He is very young, about 25, and probably not an ideal client. Should I continue to call him to reschedule the road map or let him take the initiative and call me to reschedule?
I would probably send him a short and sweet email to feel free to get in touch when they are ready and let it go.
A few weeks ago I had a couple cancel their Financial Road Map® appointment and I have been unable to get them to return my calls to reschedule. From my perspective I thought the Phone Consultation went very well. They seemed engaged and eager to complete their Financial Road Map®. Do you have any suggestions for what I should say when I call them to encourage them to reschedule the appointment?
These are signs from God. Some people like to get things done and some people just pretend like they do. I might make one more call, however, you simply don’t want to have to work that hard with one individual to schedule an appointment. Maybe, sometime before you’re done, he’ll resurface and you can make a judgment call at that point if you want to let him back in the loop. This is why it’s so important to really, truly have your Values-Based Financial Planning™ referral process in full swing all the time until you are done. That way you always have plenty of people to contact so individuals don’t get under your skin.
We scheduled a Financial Road Map® Meeting with an existing client over the telephone. A few days later they responded with the following: "Good Morning Shelby and Dean, we have decided that we will not participate in the Financial Road Map®. At present, we feel that one plan is enough. Thanks for taking the time to discuss this with us.” How would you respond to this client?
2 possible scenarios: 1.) I would probably send him a short and sweet email to feel free to get in touch when they are ready and let it go. 2.) These are signs from God. Some people like to get things done and some people just pretend like they do. I might make one more call, however, you simply don’t want to have to work that hard with one individual to schedule an appointment. Maybe, sometime before you’re done, he’ll resurface and you can make a judgment call at that point if you want to let him back in the loop. This is why it’s so important to really, truly have your Values-Based Financial Planning™ referral process in full swing all the time until you are done. That way you always have plenty of people to contact so individuals don’t get under your skin.
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.
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