When clients don't bring in any financial documents how do you handle the ..."so this is what I've come up with" part of the Financial Road Map Interview™?

Article ID: 139

Last updated: 20 Nov, 2019

Before you jump to it being their error, are you certain that your team has adequately prepared these Clients for this meeting by sending them a list of the documents you require when they confirm this meeting?

Next, find out what is missing and ask them to deliver/courier/mail it to you by a specific date so that you can complete the plan long before the Implementation Meeting. This is similar to what you want to do if they name a goal for which they don’t have enough or the specific information needed to incorporate it into the comprehensive plan. An example is a vacation home: they don’t know how much a home costs in the area they want to buy. They need to contact realtors and discover how much they’ll need to achieve that goal. So while you’re completing the plan, they’re doing homework on their goal.

« I have heard several people say they do not give the actual...

How should I handle an existing Ideal Client who refuses to give... »

Others in this category

I had a client who referred three friends to me at an Implementation Meeting. After my client contacted her friends, one did not want to receive the Values-Based Financial Planning™ book. I am not sure here whether I should enquire at our next meeting to see why they did not want to receive the Values-Based Financial Planning™ book.

I am struggling not discussing an ongoing fee in Financial Road Map® Meeting. During this conversation the clients ask me how much? The Financial Road Map® Meeting has been around 45 minutes so far and going well. I say $5,000 for the initial plan. They say what do you get? I then run through my 2 page letter of engagement which outlines upfront and ongoing service offering and takes another 45 minutes. After 1.5 hours I feel like the clients are tired and the "would you like to proceed” has lost its presence because of the meeting time. How do I avoid this? I would love to skip the letter of engagement all together, should I just briefly talk about deliverables team (which I have) best-in-class Subject Matters Experts. I am also struggling to understand in the Implementation Meeting how to address the ongoing fee is $1k-$3k per month and not go over the plan in any detail.

How should I handle a Financial Road Map Interview™ with potential clients who are living together but not married and who don’t co-mingle their finances?

Prior to hiring Bachrach & Associates, Inc., I had already created several of the deliverables on an annual basis for clients. I have been charging between $500 and $1,000 for this type of planning in addition to AUM wrap fees. Can you help me gain clarity and perhaps some verbiage on why a current client should pay 2x-3x times what they are used to?

We charge an Initial Planning Fee of $4,000. We also plan on charging a flat fee for the Three Meeting Process™, 5 Critical Reports™ and for helping them keep their financial house in order. When do we start charging the flat fee which we plan on billing quarterly? We are taking three weeks to get the initial plan done.

» More articles