I am new to Values-Based Financial Planning™ and under my organization I do not yet have a Deliverables Team. We are in the process of creating it but it may be months to a year down the road as an organization. How do I build a plan in the meantime that will create or show how my quoted fee or desired fee of $5000 per year is paid or able to be paid by the client?

Article ID: 406

Last updated: 20 Nov, 2019

I appreciate that you are already thinking about being a better Financial Advisor who delivers more value to your clients. Well done!

The short answer is that you do the best you can with what you have. Rome wasn't built in a day, as the saying goes. It takes one to two years to build a Deliverables Team of best-in-class Subject Matter Experts who can help you deliver on the full Values-Based Financial Planning™ Value Proposition.
Your main objective during the evaluation phase of working with us is to do as many Financial Road Maps® as possible so that some of your existing clients do more business with you and your prospective clients hire you more quickly and do more business with you than they did when you did not use the Financial Road Map®. This produces two results:
1. It generates the money you will need invest in the Committed Advisor Program (CAP). You should have a $30,000 - $50,000 Return On Investment by the time you attend your first Academy in San Diego.
2. You get enough experience working with us for us to know if we should invite you to join our Committed Advisor Community and for you to know if you should accept if we do.

There are some options under the Commitment to Hire Frequently Asked Questions on the 24/7 Content Coaching Site that may help you craft a Commitment to Hire Conversation™ that is more in alignment with what you currently offer to your clients.

In the meantime, just think about being as full-service as you possibly can and use all the tools and resources at your disposable so that your clients can rely on you for everything they need to achieve their financial goals. You don't have to know what all the experts know. You just need to know the experts.

A journey of a thousand miles begins with a single step. Keep up the good work!

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

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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.

Can you point me in the right direction for a letter or document I can provide Potential Ideal Clients who may want to talk with existing Ideal Clients about our work. Is there a template – I am sure it has been spoken about but cannot easily find anything online. I Have a 2nd round meeting this Friday with Potential Ideal Clients that said yes, and then thought about the fee and said it was too much. I want to have something I can give for them to call existing Ideal Clients. Have chatted with some existing Ideal Clients and they are happy to take calls.

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.

How well does the Mastery Series™ work for advisors who do not work off fees?

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.

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