Why isn’t there more of an introduction to the Financial Road Map® conversation to put the discussion in perspective since it’s so different?
It’s simply not necessary. It’s not just different. It’s a better question and people generally like answering better questions. The script you have for the opening to introduce the Values Conversation™ has worked for almost 25 years for virtually thousands of Financial Advisors around the world. Put you energy into implementing what exists instead of reinventing the wheel and you will get better results more quickly.
Several of my clients (mostly women) come to me between the final stages and they want to make some sort of personal connection before jumping into the Financial Road Map® conversation. Usually this consists of listening/empathizing for 10 – 15 minutes (or more) before we begin. Often, they are still in survivor mode and they cannot think about more than one goal (like, how do I keep the house). Jumping straight into the Financial Road Map® without making the connection has been awkward and less productive. Any advice?
One of the main benefits of the Values Conversation™ is making the personal connection you describe. I suggest that you follow the process with these people and see what happens. I believe that you will find that it both accomplishes the personal connection you describe and helps them shift from being in the weeds about their divorce and takes them to a more positive emotional place where they can be more resourceful and think about their future.
Why does the Mastery Series™ advise you not to say "thank you for coming" when clients arrive?
Because thank you implies that this meeting is about you. People do not come to your office to give you an opportunity to sell them something and make money. They meet with a Financial Advisor so they can get something that benefits them. Thank you may seem polite, but it’s not relevant to this situation. What we teach you to say is polite and relevant. Stick with us and you will learn to become a brilliant communicator. Most Financial Advisors are not remotely close to brilliant communicators. And your communication skills will have more impact on your success than almost any skill you will develop as a Financial Advisor or a human being for that matter.
I have done my first few Financial Road Maps® and 2 people were adamant against recording the meeting. Should I press on without recording or politely disengage with this client. Any suggestions on how to address these concerns beyond the script?
It's HIGHLY unusual to even get a question about the recording, let alone someone being adamant against it. Therefore, my first suggestion is that you really consider how well you followed the script for opening a Financial Road Map Interview™. Your way of being is also important. The right way of being is coming from the place of wanting to do the best possible job to help them, which is why you are recording. Are you relaxed? When you are supposed to pause do you pause? When there is a question mark do you actually ask the question and not flatten questions into statements? If a person is reluctant for you to record, reiterate that you are recording in order to do the best possible job for them. If, after all that, a person still refused to let you record you are almost certainly dealing with a "don't trust anybody." The sooner you accept that and move on the better. It's your call whether or not you continue for practice.
I work predominately with retired clients. My thinking is that some of these clients would have friends, family that we would be able to assist however I am thinking that I really need to be aiming at more successful/professional type people although I have little of this type of person in my client base. This may be a silly question but how would you got about attracting this type of clients?
#1: Implement the Self-Referral process in locations where people with money tend to be. #2: All that matters is that your clients pay your fee and meet your personality criteria. THAT'S an Ideal Client. Perhaps you are spending too much time thinking and not enough time doing.
When building our house I came across some people who ran successful businesses. I do not, however, know them that well. What would be a good script for talking to these people where I don't know much about them, they may not even remember me and I don't want to come across the wrong way when I talk to them.
If you don't think they will remember you have crossed the line to a cold call, or very close to being a cold call. We don't recommend cold calls. Check out the Self-referral flow chart on www.committedadvisor.com. 'Step 1: Opening and the purpose of the call.' You have to at least know enough about a person when you call them to justify the call and open the conversation. If you don't, don't make the call.
I'm going to start cold calling companies in my area to try and present the Ideal Life Group Presentation to their employees during their lunch break; a 'lunch n learn.’
I've come up with a basic script to use when making the initial call and I was hoping if you could run your eye over it to see if you think it would be OK or if you have any suggestions.
Don't make cold calls. Ask your clients to introduce you to people who make decisions and approach them by referral.
I just completed a Group Self-Referral presentation. It went very well. Should I email the participants’ filled-out Ideal Life worksheets to them? If so, what email template should I use?
Make a photo copy of the completed Ideal Life Worksheet for yourself and mail them their original with a hand-written note.
Should I schedule/conduct Financial Road Map® meetings with Non-Ideal Clients that won’t be able to afford our service and become Ideal Clients?
I am trying to reconcile different comments regarding Non-Ideal Clients and Financial Road Map® meetings with Non-Ideal Clients
• Jeff (& Tom Moore) – do a road map with ALL existing clients
• Bill Bachrach 24/7 website – answer to a question – there are some existing clients you shouldn’t conduct Financial Road Map® meetings with
• Rick Barrera – “Non-Ideal Clients will Steal Your Ideal Life….and prolong your journey…” Disengage as quickly as possible.
I entered Ideal Life Evaluation Program and Committed Advisor Program with the approach that I will do what I am told to do and not question things (Tom M. and Peter’s O's advice). I am just having a difficult time reconciling; soaking up resources for a little more short term profit, getting FRM meeting experience, giving the gift of a Financial Road Map® to Non-Ideal Clients, Non-Ideal Clients potential referrals (although there would be a disincentive for them to refer where it would shorten their tenure as a client?), letting Non-Ideal Clients know what we are doing...
We could add one deliverable and increase revenue but I am finding that my deliverables team is already stretched (it will get better with experience) with Implementation meetings, Progress Update meetings...we only have 14 Ideal Clients so we will be able to handle a lot more Ideal Clients work load once we gain efficiency and better time management. Although I think the time management by my Deliverables Team (in-house) has been fairly good - it seems to be more an issue of efficiency with new system and reports.
I think it would be fun to do these road maps and an easy way to fill up some Client Acquisition time. While this may be easier than other Client Acquisition activities I don’t want to take the easy way out. Lastly, I think there is something to momentum and keeping busy on PRODUCTIVE Client Acquisition activities, I just want to make sure this is productive/the best use of my time.
Do NOT do Financial Road Map® interviews with all non-Ideal Clients. Follow the process of the Annual Recurring Revenue exercise to determine who you will invite to do Financial Road Maps® and who you will not. When in doubt or getting conflicting input, advice from me should be the tie-breaker.
At the last Academy (January 2012 Academy 2), you mentioned that when someone asked us ‘What do you do, aren’t you a Financial Advisor?’, we should say ‘No.’ What do you say if you are still transitioning out of a position as a Financial Advisor- a role you plan on exiting at some stage?
If you are in the Committed Advisor Program (which you are) you have already "transitioned" when dealing with new people. Therefore, from now on, you would never tell someone new that you meet that you are what they would perceive as an old-school Financial Advisor. I think there is some golden content on the recordings from the last Academy (January 2012 Academy 2) that gives you the exact verbiage you are looking for to articulate your value proposition. If after giving them a book, conducting a phone consultation, and doing their Financial Road Map; you find that that they don't meet your Ideal Client Profile and your monthly must-have revenue worksheet indicates that you have to have to do some transactions with non-Ideal Clients to survive, follow the process I taught you on Day 6 of the Academy (January 2012 Academy 2) for doing so. Talk to lots of people and hone your skills.
I wanted to get your feedback please on this email I received from the Chamber of Commerce, where I am a relatively new member.
The Chamber sent me a letter inviting me to a Trade Show. The invitation noted that the Trade Show was a great opportunity to display products or services, discover new businesses and network with other business people.
My questions to you are:
1. Would you attend this event?
2. If you did, would you attend it exclusively to complete Self-Referral Conversations™?
3. The invitation mentioned renting a booth to showcase your business – what is your take on this?
I was thinking of going to the Trade Show for the purpose of conducting Self-Referral Conversations™ with business people. I am not sure, however, about the idea of having a booth at an event like this.
Sit down with the President of your Chamber and have a real heart-to-heart conversation about the financial success of the members. Be very candid about the level of financial success a person needs to have to afford your services. ($2 - $10M of net worth or assets / $300,000+ personal income) Go down the member list and ask him / her to specifically identify those that he / she knows or believes have the level of income and / or net worth to meet your Ideal Client Profile. If the there are enough of them, ask the President to advise you on the best way to meet the people you really want to meet. Generally, high-end professionals (like the best Financial Advisor in Calgary and one of the best FAs in the world) are not "hanging around" the Chamber of Commerce. Nice people... but typically not Ideal Clients. So, unless your specific market research states otherwise, RUN! (Absolutely not a booth!)
I am starting to attend a lot of networking events. At these events, you always get asked for your card. I have been reluctant to give my card out, however, due to your previous comments about our business cards. What is your advice for what information should be on the card (keep in mind for compliance reasons we need to have certain information on the card here in Australia)?
Use black ink on white paper. Include the following: your name; your address, phone number, and email address. Title: Financial Organizer.
Often, when I am engaged in Self-Referrals with high-net worth prospects, I will encounter a prospect who expresses some interest in Values-Based Financial Planning™, however, they will wander off into a conversation about another, non-related investment topic. What scripting suggestions do you have for this circumstance?
Where they wander to is superfluous / irrelevant to making an offer to give them a book and 20-minute Phone Consultation™ based on something relevant for them. As long as the offer and the relevant thing(s) are, well... relevant, make the offer. It could sound like this, "Based on our conversation I believe that you getting a copy of Values-Based Financial Planning and us spending 20 minutes on the phone to discuss how the concepts in the book could be valuable for you because would be a good use of your time. Where would you like me to send the book? Them: What about active management versus passive management? You: That really has no bearing on the fact that based on our conversation I believe that you getting a copy of Values-Based Financial Planning and us spending 20 minutes on the phone to discuss how the concepts in the book could be valuable for you because would be a good use of your time. Where would you like me to send the book? Them: What about me having worked with...
As part of my self-referral process, I have partnered with a friend of mine who is a business coach. We are running a monthly networking event as co-hosts. He has proposed printing up a bunch of postcards and will be personally going door-to-door meeting local businesses. The front of the postcard will have the details of our event. the back will be shared with half for his promotions and half for my incredibly engaging text. I would like to get your input for text that includes a "free no-obligation" something.
I'm going to just assume you're kidding because you're way too smart to think that I would encourage you to discard the process you're learning from us and instead invent a weak, mass-marketing, door-to-door cold-calling approach. But, thanks for making me smile today.
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...
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