I had a very compelling couple of meetings this week and it was great. As before, I still am anxious about what my next step with them is. Things like their Homeowners Insurance scare me a bit since I have no background in that. My understanding was that there were some sophisticated Deliverable Process that we would be privy to be able to work through the various venues. Now that I have the clients committed I feel deeply that I too need to deliver on our promise. Please allay our fears about the next step.

Article ID: 403

Last updated: 20 Nov, 2019

Take a deep breath and relax. It all unfolds one step at a time. And it takes a couple of years to learn and implement the entire Values-Based Financial Planning™ Turn-key Business Model. The best thing I can tell you, at this stage of your learning, is that it is not your job to know everything the experts know, but to make sure everything gets done. You may do nothing more than tell a client, "One of your homework assignments between now and our next Progress Meeting is for you to meet with your homeowners insurance agent to review your policy and be sure that you have the right coverage to meet your needs."

You are on a journey to becoming a top 1% Financial Professional in terms of value delivered to your clients, business success, and quality of life. Enjoy the journey!

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At the end of the most recent webinar you gave an example of what you would say to a prospect who wanted to wait on doing a plan. One of the things you mentioned is that the advisor’s main benefit is not in the plan or any other technical work, but in the coaching and accountability. I hate to ask, but why don’t we include that in the script to make sure every prospect knows just what they are getting and why this will be different?

You have been speaking a lot lately on charging 1% fee for financial services instead of the typical wrap fee for just investment management. The only times I can think of that converting into a single fee for service would be the following: - I don't have any clients that can afford a Predictable Minimum Annual Recurring Revenue of $10,000+ (perhaps this is my own thinking getting in the way). - I work for another advisor who owns a franchise with our broker / dealer and I can't stray far from the compensation model he's set for his and my clients. If there's any other reasons not to make the transition to a single fee for service please let me know. Also, do advisors make the transition from earning money via wrap fees to a single fee for service all at once or over time?

Is it possible to have clients that are not Ideal Clients yet, but may be Ideal Clients in the future?

During the Financial Road Map Interview™ when I’m telling the client exactly what they’re going to get in the way of a financial plan, the script talks about the four areas but never mentions their goals that we just spent time and energy identifying and then emotionally tying to them. Is it just assumed that the goals will be planned? Seems like I should say we’ll give you a plan for meeting your goals, which is of course, what we do.

When should I NOT give an existing client a Values-Based Financial Planning™ book?

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