How does one “politely disengage” from existing clients with whom I no longer want to work? Perhaps an example?
Just tell them the truth. It might sound like, “I have decided to take my business in a direction where I exclusively work with people who want to do comprehensive financial planning, are delegators – in other words people who will follow my advice and do everything I recommend pretty much no questions asked, and are willing and able to pay me $ / year for my services. I have the impression that the way I will be running my business from now on may not be a good fit for you. What do you think?” It’s very likely they will recognize that it’s time for them to move on and find another advisor and tell you so. Express your appreciation for having them as a client and agree to course of action for them to find a new advisor and time-frame for them to move their accounts and business to the new advisor. At Commitment to Hire: just don’t offer to be hired, instead say something like, “Well, I hope you got some value from completing your FRM today. You can take this with you and use it as a...
How do we "politely disengage" during the Financial Road Map Interview™ process prior to the Commitment to Hire Conversation™ if we don't feel it will be a "good fit"?
Tell the truth and give them some sound advice about what to do next that doesn’t include you. This is why the language BEFORE Commitment to Hire Conversation™ is so important. It gives you a chance to reflect how the Financial Road Map Interview™ has gone so far and make a good decision about whether or not you want to offer to be hired. The Clients' answer to the question: “So, what’s the value to you of the work that we’ve done so far in putting together your Financial Road Map®?” will affirm whether or not your gut feeling about offering to be hired or not is right. If you don't feel it would be a good fit, it could sound something like this, "Well John & Mary, I’ve really enjoyed helping you with your Financial Road Map® today. I hope you’ve gotten value from the experience. To be perfectly frank I don’t think that it would be appropriate for me to offer our services to you at this time. Here’s what I recommend as logical next steps for you…" You could refer them to...
What do I say to a client when they want to know why they are not a "good fit"?
Tell them the truth. Say, "We’re just very selective about who we do business with and chemistry is very important. I didn’t really feel that we connected to well. What did you think?" Other alternatives are, "We work only with what are called “financial delegators” which means that you trust me completely and do whatever I advise you to do, pretty much no questions asked. I don’t get the sense that this is the kind of relationship you want to have with an advisor. Did I read you wrong about this?" Also, "We love to help people make smart financial choices and we have a business to run. Our minimum annual fee is $5,000 and based on your financial situation I would not be comfortable charging you that much. Therefore, I think I can give you some good advice on how to find an advisor who will be a better fit for you." Please click the attachment below for Bill Bachrach's audio version of this answer.
When doing Financial Road Maps® for existing clients, I know they are not going to be going forward when I get to the Commitment to Hire™ because I know what they have in assets. Is it important to still proceed as if I didn’t know? And, should I be doing Financial Road Maps® on these people.
First of all, one of the common experiences of advisors getting started with Values-Based Financial Planning™ and doing Financial Road Maps® is that they discover clients have money elsewhere that could make them Ideal Clients, so do yourself a favor and do not assume you have all their money or even know where all their money is. Have them come to the Financial Road Map Interview™ appointment, with both spouses, and bring all of their financial documents. There is a clear pause between All The Money Conversation™ and Commitment to Hire Conversation™. If you do not want to be hired, do not offer to be hired. Just tell the truth about why you don’t believe you should be their Financial Advisor and give them advice about what do next. It could be a referral to another advisor or guidance to connect with quality Do-It-Yourself resources. Not everyone is supposed to be working with you and not everybody is supposed to be working with a Financial Advisor at all. Please click the...
When you are talking to people about what you do and using the 10 Pivotal Questions should your focus be on what the Financial Road Map® is or on Client Deliverables? It seems that many people find the 3-Meeting Process, 10 Client Deliverables more compelling than the Financial Road Map®, especially if they are already working with a broker or financial planner.
Start with the Financial Road Map® benefits and work into the others, if necessary, depending on the answers you are getting to the questions you are asking. If you are doing these conversations right, you are doing much, much more listening than talking. Ask your questions and go deep with clarifying, expanding, and impact questions to determine whether or not "the offer" should be made. If you are not certain what I mean by "the offer" listen to your Academy 2 recordings and review the flow charts for the Self-Referral process on www.committedadvisor.com.
I had a great Financial Road Map® Meeting. One of my potential Ideal Clients said, “This was great we really found value, and we want to seriously discuss this before we move forward.” I get back in touch with them and they said that they are not ready to move forward for whatever reason. They like the process, and maybe it is truly just not a good time for them, or they are on the fence, have not made a final decision etc. They meet my profile for an Ideal Client. How do I continue to stay in touch and follow-up without being annoying and still keep them in my pool until I am done?
First of all, they don't meet your Ideal Client Profile. Ideal Clients hire you when you invite them to join your Ideal Client Community. So, the real question is, "how long and to what extent do you pursue non-Ideal Clients to try to get them to join your Ideal Client Community?" In the future I suggest that when they say they want to "think it over" that you say, "No problem. I’ll leave you two alone for a few minutes to talk it over.” Come back in five minutes and see what happened. We’ve been teaching this for years, and usually they just want a moment alone to confer that they are on the same page about wanting to move forward with you. As far as following up with these non-Ideal Clients, I wouldn't bother. At the end of the first conversation where they tell you they don't want to hire you, say something like, "I enjoyed meeting you and I'll leave my offer for you to join our client community open for another 2 weeks. Please don't infer from the fact that I will never call...
What do you say to someone who doesn't think they need a financial adviser? During the Pre-Commitment™, a prospective client specified that he didn't feel he needed a financial adviser. Thus he never agreed to become a client. Is there something I should have said or should I just move on to the next person who "gets it"?
Exactly, move on to someone who "gets it."
In a Financial Road Map® with a potential client we got to Commitment to Hire™. The husband said that he had a pretty good handle on everything and most of their finances were in his head. In going through what we do, I saw many flaws in their financial plans.
In the end I asked the question regarding, “on a scale of 1 - 10…” The husband was an 8 and the wife was a 6-7. What would you say when you can see many flaws in a prospective client’s current planning and when there is a difference in the partners’ opinion on their financial house position? The husband is a lawyer and after hearing your latest webinar can understand why they may not be good fit.
The husband said they needed some planning but not at the fee I had set. The potential clients could see the value for “certain people” for this service however cost seemed to be a major issue for them. These people fit my Ideal Client Profile.
There is no need to point out "flaws." All that matters is that they are not a ‘10’ and want to be. If they do not desire to be a ‘10’ and / or are unwilling to pay your fee they are not Ideal Clients. The sure sign that someone is actually an Ideal Client is that they hire you. That's what Ideal Clients do. If they did not hire you... they are not an Ideal Client... period. I believe you are in a degree of Ideal Client denial in that you want people who are not Ideal Clients to be Ideal Clients. This is understandable, but not acceptable. You must see people for who they really are, not who you want them to be. If you wanted to have some fun, you could ask the question, "If it's all in your head, what happens to your wife if something happens to you?" Or, ask her, "How do you feel about your financial future being in your husband’s head?" Or, say to him, "You're kidding, right? Are you really sitting here, with a straight face, justifying that you don't need to hire me because 'you...
I have my first Financial Road Map® with a prospective client next week. Assume he hires me to prepare a plan for him during Commitment to Hire Conversation™. During Commitment to Implement Conversation™, if he says something like, "How can I commit to implement an investment strategy that I have not seen? I have no idea how you intend to invest my money?" How much explanation should be sufficient for an Ideal Client to say “yes”? What does that sound like?
Ideal Clients won't ask that question. They will answer your question and will talk about their commitment to implement their plan.
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.
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