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.
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 .
When I have a phone consultation with an individual or couple, and I ask, “What do you think the value would be for you to have a complete Financial Road Map®?” They often give an answer that sounds more like the benefit they would get from having a complete financial *plan* (not just a Roadmap). Should I say, “That sounds like a benefit you would get from having a complete plan? What would be the value to having just a Financial Road Map®?” Or should I just let it go?
Is there much of a difference? I suppose I would have to hear what they say exactly. My gut feel is that they are saying something positive about getting their financial house in order and that’s a good thing.
Do you have many advisors that meet at client’s houses during the transition to the ideal practice? If so, is there any wording that you would use in setting up those appointments?
Schedule all meetings at your office. We do not provide any coaching for what to do that’s not consistent with our process.
Would you go through some of your thought processes as you decide whether or not to introduce the Quality of Life Enhancer Exercise® during the Phone Consultation™?
If the potential client seems to have gotten benefit from the Values Conversation™ but is not still sure about the value of coming in to complete their Financial Road Map®, my inclination is to introduce the Quality of Life Enhancer Exercise®. If at the end of the Values Conversation™ I am thinking these folks probably are not a good fit, I am inclined to introduce the Quality of Life Enhancer Exercise® as an additional way to be of service before politely disengaging.
I had a great Phone Consultation™ and a client is scheduled to come in to complete the Success Road Map®. When he comes in, do I re-do the Values Conversation™ or just re-cap the Values Conversation™ and do Pre-Commitment™ ?
Yes, one option is to revisit the Values Conversation™. Start with a review of the values so far and then continue with What's Important About To You?, by inserting the final value the Client named during that conversation.
I have just started the program and just starting to practice the Financial Road Map Interview™. However, in my client base I have a number of high net worth clients who are retired. In the Financial Road Map® conversations for existing clients, how do you approach the financial independence stage as these clients are already retired living off their investments?
Just wondering how this fits in for this type of client as it looks more like the Financial Road Map Interview™ is for clients who are not there yet.
There is no “financial independence stage” built into the Financial Road Map Interview™. Everyone has goals related to their money. I have no idea why you would assume that a Financial Road Map® would be more applicable for less successful people rather than more successful people. Successful people and retirees love the Financial Road Map®. You ask clients what their goals are that require money and planning to achieve and they tell you. People who are already retired and living off their assets will often have a goal of being financially independent forever. They have many other goals as well. The exact same 3 questions for building out a goal apply. When you are actually doing Financial Road Maps® (versus just starting to practice) you will discover this for yourself.
What language do you use to set up a Financial Road Map® with prospects?
That could vary depending on how you are finding your prospects. When you and your Accountability Coach decide that you are ready for Mastery Series 2, which teaches our referral process, you will learn a complete system for filling your appointment calendar by referral. In the meantime, when you are scheduling appointments with your prospects it is important for them to come to your office with their spouse and bring their financial documents. This is so they can have the best experience possible. Communicate that they will get something, their Financial Road Map®, which will be valuable to them whether or not the two of you choose to do business together. They will experience a meeting where they will both have total clarity about what’s important to them, define all of their financial goals, and benchmark their current financial reality. This will help them to be in a position to align all of their financial decisions with their most important goals and their most deeply held...
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...
For a client who declined a Financial Road Map® interview two months ago, is it OK to send a book and newsletter, followed by an invitation to do the Financial Road Map® again?
Yes. Use your judgment. While the Values-Based Financial Planning book and Values-Based Quality Of Life Newsletters are part of an Altruistic Biz Development strategy, you do not have to be altruistic with everyone. Just like a charitable person does not have to give money to everyone, you can be selective about who receives your gifts. The Rule of 168 dictates that being altruistic with everyone is not possible.
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...
Can you please suggest an appropriate scripted reply, when my clients (often happens in the Values Staircase™ Conversation) ask me, "Are you a life coach or counselor?” I’m looking for a response that has a yes but we are also so much more impactful i.e. a wow factor that’s compelling, succinct and all about them.
"Nope. I'm just a really good Financial Advisor who will help you align your most important goals with your most important goals."
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.
My friend, a CFO of local company, referred to me his mother, who just relocated to our community. He will be present at our Financial Road Map® meeting. He's a bright person, strong personality and a CPA. I have sent him a book because I would also like to do his Financial Road Map®. How do I keep control of the meeting in case he wants to interject his opinions during his mother’s Financial Road Map®?
Be clear about the "ground rules" in advance. This is HER Financial Road Map Interview™ and SHE will have a much better experience if he just lets her think and answer the questions for herself. I suspect most of his questions will be after Commitment to Hire, if you choose to offer to be hired.
In the last three business days, I had 11 Phone Consultations scheduled. Two were completed. Two were busy at work when I called and didn't want to complete the call, one didn't have the book, one canceled before the call, one canceled after no showing the call, two had forgotten and rescheduled and two more never answered when I called. To some extent this is normal. However, I am a little frustrated and disappointed. What can I do to be more effective in completing the Phone Consultations?
Great job. It's nice to see you implementing. 1. Stop being frustrated. What you are experiencing is how it works. 2. Listen to your recordings and compare what you are saying to the scripts for what you are supposed to say. 3. Make your scripts and your script binder better based on the lessons you have learned in the real world. 4. Keep asking for referrals, making follow-up calls, conducting phone consultations, getting better, and doing Financial Road Maps until you have all the Ideal Clients you need to have an Ideal Business.
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