What are questions you can ask a subject matter expert to help you evaluate them, identify which ones you'll work with best, and who is truly an expert?

Article ID: 228

Last updated: 20 Nov, 2019

Mark Little thoroughly covers this at the Values Based Financial Planning Office™ program at the Academy 2, in Module 8 of Mastery Series™ 3, and on the Trusted Advisors Toolkit™

Basically you want to know 3 things:
- Their experience and expertise in their subject
- Who their Ideal Client is (and does it line up with your Ideal Client Profile)
- How effective their staff is at delivering their client service experience.

Just like any job interview process, ask direct questions about these things, verify it’s true by going through their process yourself and checking references.

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I recently completed a Financial Road Map® for a referred couple. At the end of the Commitment To Hire Conversation™ they enthusiastically said ‘yes’ to hiring me and we completed the paperwork to get things started. I am not sure if my answer to the couple’s next question was the best response: The client said, "You know I'm the President of Bradford Christian Academy, and as such I need to make financial decisions every day. One of the things we review on every purchase or project and this includes consultants who we bring in from time-to-time. One thing we look at is our Return on Investment. Since the services you provide are not necessarily financial, other than portfolio performance, how would we determine the dollar value of our business together to use to determine the Return on Investment on the relationship?" My response was, "Well Vicki, you and Bob do not have any plan in place now for retirement, college financial planning, and other major purchases, which is what has brought you to this point in our meeting. You are also concerned with your portfolio and how it is invested because neither of you are professional investment people and you're looking for help in that area. You have big dreams and values and right now are not sure how you will achieve them with your current process. So I guess I would ask you, what is the value, monetary value, you would place on a comprehensive plan that would give you the peace of mind to rest knowing you have a plan to give you the highest probability to achieve these items on your road map regardless of what happens in the world?" I felt guilty because I turned the question back to them and they said they would have to think about that answer and hadn't thought about it that way. Do you have a better answer that you would have used? I feel that I did not really answer their question, but I am not sure I could have come up with better answer than that.

Should I record all meetings, not just the Financial Road Map®?

My client also requested that the personal note on the Values-Based Financial Planning™ book to be changed. What would you do in this circumstance? My view is to change the note although it would not be in the client's handwriting. Please let me know your thoughts.

Some of my best clients are those who have retired and are using their pension lump sums to fund their retirement income. The markets since 2007 have eroded over half of their pension asset and now their monthly incomes are in real jeopardy of running out. Six years after retiring they may have to go back to work. How can I re-set the stage with them when their goal was to have enough money not to worry and now clearly they do not?? And how do I ask them what their goals are considering that their most fundamental goals are no longer working out.

I'm not convinced I have the complete answer to the question, ‘What kind of clients do you serve best?’ Do you have any suggestions? We work with corporate executives, professionals, and business owners that want to spend more time with their families and doing things that are important to them. These people are delegators that have a strong desire to achieve their goals. The clients we serve best have financial assets of over $900,000.

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