Does a Financial Advisor always have to start in business by approaching his/her natural market?

Article ID: 193

Last updated: 20 Nov, 2019

Absolutely not! In fact, for most Financial Advisors getting started in their natural market is other poor people. This ridiculous advice is why the failure rate for new Financial Advosors is so high. It’s exactly the advice I got in 1985 when I started as a 26 year-old rookie. Thank goodness I ignored it. The result was that I developed for myself what has evolved into Values Based Financial Planning™. The genesis of Values Based Financial Planning™ was survival for me so I could get wealthy clients to switch from their long-time relationships with their Financial Advisors to a much better professional experience with me. It worked for me then and it will work for you now, but you have to actually do what we teach you to do without modifications.

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I am starting my Values-Based Financial Planning™ journey and I only have a few Ideal Clients but many survival clients. Should I sell off these 10 – 15 smaller survival clients and, though this, have the same revenue stream as with 1 larger survival client while also freeing up more of my time?

Many of our Ideal Clients are business owners and, therefore, sponsor 401(k) retirement plans for their businesses. If we are the advisors to 401K plans where one or more of the owners are Ideal Client's, how should we be charging for the advisory services provided to the plan and participants? Should this be part of the PMARR that the Ideal Client is paying or should we charge a separate fee to the plan for the services?

When a client hires me I usually do a financial plan for free. Your program suggest that I charge for the plan. How do I go back and charge an existing client for a financial plan when I've already done one for them in the past? How can I start to charge a client for something that I have always given them for free. Is there something more detailed that I can offer them? Can I increase my service to the existing client? I need some ideas, maybe some top notch programs that will take what I offer them to a new level? I feel that there should be a reason why I am increasing their fee. “I am changing the way I am doing things” really doesn't sound like a valid reason to me. Am I wrong? Earl Nightingale said prosperity is founded on a law of mutual exchange. Anyone who contributes to prosperity must prosper themselves. To me that means that if I want to increase my income then I need to increase my value to my clients. How do I do that in the context of charging them a new fee?

I am just starting on my journey with 6 ideal clients and calculated the number of phone call meetings I need to make(to be Done in 4 years or less)as 5/day. What activities do you suggest I be doing now/ASAP, to ensure I am getting these numbers so I can fill my activities calendar each day?

Once a client says ‘yes’ to paying for a plan, what engagement letter do you use with the invoice?

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