Is it common to see Success Road Map® profiles change as we gain more experience with them and the Values Based Financial Planning™ process? If I can adequately, enjoyably, and profitably serve a higher number of clients of a profile that has little less annual reoccurring revenue than I originally stated on my Success Road Map®, should I?

Article ID: 36

Last updated: 20 Nov, 2019

This is a common mistake of advisors who are new to the idea of building an Ideal Client Community and you are missing one of the coolest things about the Being Done™ Journey. If you only accept clients who meet your Predictable Minimum Annual Recurring Revenue now you will either end up with more total revenue/year when you get done or you can be done sooner. It is common for advisors during the Being Done™ Journey to realize that they need more revenue to build their staff and Deliverables Team, or that it’s nice to have extra money for quality of life things, or they use the excess to fund a foundation or some other worthwhile philanthropic goal.

My advice is that you set a Predictible Minimum Annual Recurring Revenue number and honor it, rather than accepting clients who don’t meet your Ideal Client Profile, but will grow into it later.

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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.

Should I use a flat fee?

I have relationships with many business leaders and professionals in my community that I believe will be great referral sources. Most of them are not currently clients, so I have not conducted Financial Road Map Interviews™ with them. It seems logical that I would want to get them and their spouses in for a Financial Road Map Interview™ before I start asking them for referrals, but I’d like some help on what a reasonable process would be to lead up to scheduling those Financial Road Map Interviews™, i.e. face to face meeting to explain how I am expanding my practice, delivering the book, sharing the diagram of Trusted Advisor and Subject Matter Expert relationships. Or should I treat them as a self referral and follow that process?

How long will it take me to get as good as a 9-year old?

How do I handle the following situation: We had a minimum before BAI of $500,000 Assets Under Management that was typically waived for referrals from current clients as these clients were easy to "close". If we tell our new referrals that we only work with Ideal Clients who pay us a retainer of $15,000 and 1% on Assets Under Management, they may be left with the wrong impression that the non- Ideal Client who referred them is a very large client.

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