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What’s the benefit of giving out or not giving out a copy of the Financial Road Map® at the end of the conversation?

Article ID: 129

Last updated: 20 Nov, 2019

Only give them a copy if they ask for it or if you do not offer to be hired in the Commitment to Hire Conversation™.

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At the end of the most recent webinar you gave an example of what you would say to a prospect who wanted to wait on doing a plan. One of the things you mentioned is that the advisor’s main benefit is not in the plan or any other technical work, but in the coaching and accountability. I hate to ask, but why don’t we include that in the script to make sure every prospect knows just what they are getting and why this will be different?

When is the most appropriate time to do the actual fact finding and copying of statements?

I have several existing clients and prospects that have zero debt and range typically from $3-$10 million in liquid net worth. Many of them have believed in “Term and invest the rest” mentality and therefore don't like to discuss insurance needs and their term policies have expired. By this, I'm referring to clients who are past the accumulation phase and confident in their mind that they have been adequately insured and no longer need much insurance (I realize this may not be true), and have the notion typically to only buy term and put the rest of their money into savings. When we get to the Commitment to Hire Conversation™. Many of my existing clients have zero debt, more cash then they need to have sitting around (I realize this needs to be addressed), and don't feel they need much help with insurance. Therefore the step-by-step plan addressing these four areas only has one area where they typically want, or feel, they need help in creating a plan. I'm curious if it would it make sense to change the "What you get” discussion to something that could provide a little more value than the 4 bullets currently in the script? Can you please tell me perhaps a different word track then the Financial Road Map® script since two of the four areas are not of much interest to these types of clients?

Clients agree to pay for their plan (and pay at the end of the first meeting) $5,500 to have their Implementation Plan written. My annual ongoing Ideal Client Fee is $11,800. Do I collect this (annual ongoing fee upfront) from them at the same first meeting or do I do it at Implementation Meeting?

I have been advised that there is a psychology that comes into play when a client pays for services (They are much more invested in the process if they pay for the service, no matter how little/much). If the payment does not take place until implementation [%AUM], does this minimize their commitment to the process? (Your experience here, please). What if there is no formal agreement to sign until implementation and the transfer of assets? What affect does this have? Do you have something that can be used? I am trying to find a "workaround" to the Financial Planning Agreement of my RIA, while still being compliant.

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