During the Values Conversation™ is it acceptable to list negative things if that's all the client is providing? Examples would be "no debt", "not controlled by someone else", etc?
Yes and typically they will shift to positively framed answers as they move up the staircase.
What are your suggestions for clients that are having trouble even getting started up the Values Staircase™? I have had a couple clients that answer the "What’s Important About Money... To You" question with answers like “growth” or “retirement”. Even after I try to get them to take a step back and look at the question more broadly, they are still answering with very specific answers that seem more like goals.
Just accept whatever answer they give you and ask, “What’s Important About the-last-answer… To You? I don’t know what you are saying in your attempt to get them to step back and look more broadly, but they may feel judged and think they are providing the wrong answer which could shut them down.
If I only took one spouse up the Values Staircase™, do I go up (review) the staircase before I take the spouse who did not go up the staircase? Or do I take the new spouse and then go over both of their values together.
This is a question from someone who is using our referral process and had the Values Conversation™ with one spouse on the phone prior to the Financial Road Map Interview™ Start over. Begin with the spouse who was not on the phone. Then take the second spouse through the Values Conversation™ again. This time their spouse gets to hear their answers and that’s a very good thing.
When I am doing the Financial Road Map™, I get clients to the top of the stair case, where they say, “That is what life is all about.” Then they stop. This is not an emotion or a feeling. How do I get them past this point?
That may be plenty, depending on the level 3 answers that preceded it.
On your CD Financial Road Map™ interview with Barbara and Justin, you said more than once, “You’ve said a couple things here”, are you putting each point on a separate line or combining for one line?
Yes. Write them in the order you receive them moving from the bottom step upwards. Then pick up with the last answer: “What’s Important About the-last-answer… To You?” Module 2: FRM-Existing Clients pg. 104-105
I recently had a Financial Road Map Interview™ meeting with a prospective client. She brought her Financial Road Map® to the meeting that we had partially completed during our Phone Consultation™. When I started to do the Values Conversation™ during the meeting she just referred to her original Financial Road Map® for her Values Staircase™ answers. Would you have asked her to conceal her original Financial Road Map® so we could start fresh with a new Values Conversation™?
If she was alone I would just use what she said on the phone, perhaps recapping what she said and then picking up with her last answer and moving further up into level 3. If she was with a spouse or partner, I would start with a blank Financial Road Map®, work with her partner first, and then start at the beginning of her Values Conversation™ so her partner could here her answers in her words.
During most of the Financial Road Maps® that I’ve conducted, I have been able to involve both spouses/partners in the experience. I believe prospects have appreciated the joint involvement.
During the Values Staircase™ conversation, their responses are shallow compared to the experiences shared on the BAI CD/DVD resources and the practices sessions at the Academies. The Academies buzz with Level 2 and 3 answers. My prospects barely get to mid level 2. The husband’s highest level answer was “I’m there” as his 8th response. The wife ended up with “No worries” as her 11th response.
Do you have any thoughts on how I can help the prospects create more passion in their responses?
Maybe, maybe not. Some people are not very passionate. Some people are downright dull and boring. We are working to help you build a community of Ideal Clients. Your Ideal Clients will not need you to help them come up with level 2 and 3 answers or to cause them to be passionate. They already are passionate about what’s important to them. That said, how is your Way of Being? When you listen to your recordings are you asking the questions in a monotone, dull, and boring way or are you asking the questions with emotion and feeling? It might go without saying, but just to be on the safe side… ask the questions with emotion and feeling. And make sure to actually ask the question as we teach it: WIA … TY? And do not ad lib other questions or make comments about their answers. Module 2: Introduction to FRM Pg. 15-17 Module 2: FRM-Existing Clients Pg. 109-110
When conducting the Values Conversation™ with a couple, what should you do when they consistently interact with each other? For example in working with the husband, the wife would interject something. I reminded her that we would get to her shortly, that this was a discussion with the husband. The husband would then answer and confer with the wife or otherwise engage her. When it was the wife’s turn, the same thing happened, a lot of back and forth conversations. I would repeatedly steer them back but it was like herding cats. What is the suggestion for making it clear that it is a separate conversation for each of them?
Keep in mind that one of the key benefits of the Financial Road Map® is for you to discover how people really are and determine whether or not you want to invite them to join your Ideal Client Community. Do you want to have people in your Ideal Client Community who are like herding cats? Remember, Values Based Financial Planning™ is not a sales process for you to convince everyone you meet to become client. Values Based Financial Planning™ is a filtering process for you to build your Ideal Client Community. Imagine what it will be like in 4 years or less when you have your Ideal Client Community generating all the Predictable Minimum Annual Recurring Revenue you need to be living your Ideal Life? Module 2: Introduction to FRM Pg. 15-17
Why shouldn't I use words like "great" or "good answer" after my clients value responses?
Bill Bachrach has a phrase that’s relevant, “Trust cannot be established where judgment exists.” When you think about it, judgmental words have always raises a comparative analysis. If you say, “good answer,” that implies that there are “bad answers.” Conversely, if you say something with a negative connotation, it necessarily implies that a positive alternative must exist. Either way, you stymie your Clients’ thought process by injecting doubt or concern. The simple answer to this problem is not to use judgmental terms or phrases. Remember, it’s all about providing the best possible environment for your Clients so “the truth can descend” as Max Dixon would say.
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.
I recently met someone and did a self-referral. We completed his Financial Road Map® and then asked if we could meet again for me to meet his fiancée as well as his personal accountant. We met and I helped his fiancée complete her Values Staircase™ and discussed their goals. During the meeting the accountant made it clear that she was the gatekeeper for these clients, that she'd be reviewing our statements every month and that she would need to have input on the asset allocation, etc. Any advice on how to work with the accountant? The client values her and their relationship very much.
You are the Trusted Advisor. The accountant may or not be on your team, not the other way around. Remember, it’s you who are going to make sure they get their entire financial house in perfect order and keep it that way forever… not the accountant. Explain how you work to your clients and get them on board. As you continue your journey and work through the Trusted Advisor Toolkit and attend the Values-Based Financial Planning Office™ for further Leadership development your skills and confidence in this area will improve.
Why do you start with the person who doesn't volunteer first for the Values Conversation™?
The reason for this is to allow the “less dominant” person to go first so they are not influenced at all by their “more dominant” partner answers during the Values Staircase™. You will discover that many people with whom you conduct Financial Road Map Interviews™ with have never had this kind of conversation before either professionally or with their partner/spouse. Allowing the “less dominant” person to go first could possibly lead to a new discovery for both partners.
During the Values Conversation™ I often get the response "Give me an example of what you are looking for,"after I ask the question, "What's Important About...To You?" Could you offer some advice?
The more relaxed you are during the VC the more relaxed they will be. Everything in your Way Of Being™, from how you ask the question, making sure the pen is not in your hand when you ask the question, and sitting back in your chair when you ask the question sends the message that they are free to take their time and think of the answer that is relevant for them. Be sure that you are asking the question exactly as taught, What’s Important About ... To You? And have a nice comfortable pause before “To you?” If after you are doing all that a person asks, “can you give me an example?” Your response is, “No I can’t. This is all about you and not about me or your husband / wife / partner making suggestions. Relax and take your time… What’s Important About ... To You?”
What if someone gets stuck on the Financial Road Map®? For example, we’re going up the Values Staircase™ and they say, “Taking care of my kids.” And I say, What’s Important About taking care of your kids, To You?” And they say, “I don’t know what’s important about that. It just is.” I tried projecting into the future but hit the same roadblock. Is there anything else I can do to help them move up further, or should I just stop there even if it is only ½ way up the Values Staircase™?
First part of response is the same as above. Then: If projecting them into the future doesn’t work the first time, do it slower the second, “Let’s say that you are at a place in your future where you have done virtually everything you can imagine doing to take care of your kids… What’s…. Important… About… knowing that you did that for your kids… To… You?”
When you ask the What’s Important About…To You,” question and sometimes you say, “So let’s say you’re there….along with the What’s Important About…To You? question”. How do you decide which one is more appropriate?
I only project them into the future using the “So, let’s say you’re there language” when they are stuck in loop of 2 or more values responses, usually 2, values on the staircase. Sometimes I do this before they get stuck because after a few thousand Values Conversations™ I can sometimes anticipate they are about to get stuck and I use this as a preemptive measure to keep the conversation flowing up the staircase without them getting stuck. For now, just use this technique when your prospect or client gets stuck in a loop. The more you do it the better you get.
Sometimes a response to a What’s Important About…To You? question is a story or an example, but no value words are used. What do you write down?
You don’t have anything to write down, so you say something like, “Thank you for sharing that story with me. And (asking the question much more slowly…) What’s… Important… About… the last answer… To You?
Do I take out the Financial Road Map® that was completed on the Phone Consultation™ and recap the Values Staircase™ trying to take them higher? Then go into Pre-Commitment™?
1. Cover one Values Staircase™ completely, the one from the person you believe to be less dominant from the Phone Consultation™. 2. To the person who is less dominant, explain "When we spoke on the phone you told me What’s Important About To You is…." Recap their Values Staircase™. Once you are at the top stair completed during the Phone Consultation™ you have so far, pick up with "What's Important About… the last answer… To You?" 3. Go deeper into level 3 all the way to the top of the staircase. 4. Pre-Commitment™ as usual. 5. Switch to the other person and do the same thing. The important aspect to remember is to have the correct Way of Being™ when reviewing the Values Staircases™ done during the Phone Appointment. This will allow the client to get back to the right state of mind for completing their Values Staircase™ and get to Level 3 responses.
When I have completed the Values Staircase™ with the client and I’m recapping it back to them,
what should I do if they interrupt me whilst I’m going up and they start talking about their values as
listed on the Values Staircase™? Do I wait until they have finished talking and then continue or do I
move on straight to the Goals Conversation™ once they have stopped talking about their values?
As soon as they start talking, you stop talking, at any time in any conversation you are having with a prospect or client. When this new conversation has concluded begin Pre-Commitment again... from the beginning.
One client responded to What's Important About… and said to, “Feed my dog.” I responded, “What's Important About… feeding your dog…To You? I asked and the steps were a waste as everything centered on the dog. How do I move on to something else that is important?
My guess is that you moved to quickly to write down "feeding my dog." He was probably half joking and after the pause after he said "feeding my dog" was about to give you the real answer. When you wrote down "feeding my dog" and asked "What's Important About feeding your dog to you?" he probably continued to answer with responses about the dog to just mess with you. Two things to consider about this situation: 1. What if he was messing with you and you couldn't tell? 2. What if he was serious and you didn't respond with something to move him out of his ridiculous multiple response flow about the dog? To point #1 above: part of asking good questions is developing a reasonable level of "people reading" skill. We aren't teaching to blindly march through the process and ignore all the signals people send you, besides their words, when they communicate with you. To point #2: Remember, the formula: tell the truth, succinctly and directly, in a way that's all about them. eg: "I don't...
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."
Powered by KBPublisher (Knowledge base software)