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During our Commitment to Hire™ and Commitment to Implement Conversations™, the clients expresses their concern that, “we not go too fast.” They agreed to all the money, but, that does not mean all the money RIGHT NOW (Or even the day we are scheduled to begin implementation). We are talking here about the entirety of their life's work, their health and the rest of their lives, their savings, investments, home, their children and grandchildren's future - and they are justifiably cautious about making a global decision - Trust - but verify. It is only prudent and wise financial planning! Are top advisors taking All The Money on that first implementation day? How does THAT happen?

Article ID: 298

Last updated: 20 Nov, 2019

The main reason that it’s not happening for you is because you don’t believe it’s a good idea for them to move everything to you. Therefore, you are telegraphing that in your way of being.

And, YES, many advisors have their clients agree to move EVERYTHING to them during Commitment to Hire™ and Commitment to Implement™ and the clients actually follow through during the Implementation Meeting™.

The question is, “is it better for the client to move everything so one advisor is the orchestra conductor?” And the answer is yes. Why?

Consolidate. Coordinate. Simplify.

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Agreed to money but not all right now.mp3 (6.07 mb)

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Commitment to Implement Conversation™

Commitment to Hire Conversation™ -> Commitment to Hire Conversation™ Misc.

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I am one of the newer converts to Values-Based Financial Planning™ so this may be a mindset issue for me, but I have had several prospective Ideal Clients ask me, "How are you going to help me have a 10 level of confidence with so much going on in the world? " I tend to repeat much of what I have already said from the Pivotal Questions, but I am not convinced I have that way of being with my answer. I have begun scripting some stuff out based on the answers to the pivotal questions, but I wanted your thoughts on answering the HOW question. It’s a little different from the, "What do I get for the fee?" and, "How do I know that I can trust you?" and, "What’s the process?" scripting, so I am piecing together my answers from there.

I had a great Financial Road Map® Meeting. One of my potential Ideal Clients said, “This was great we really found value, and we want to seriously discuss this before we move forward.” I get back in touch with them and they said that they are not ready to move forward for whatever reason. They like the process, and maybe it is truly just not a good time for them, or they are on the fence, have not made a final decision etc. They meet my profile for an Ideal Client. How do I continue to stay in touch and follow-up without being annoying and still keep them in my pool until I am done?

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.

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.

Given that we currently do not charge any fees for preparing a plan (although maybe we should) How do you gain commitment from someone that has no assets to move to us until they retire a few years down the road?

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