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: 407

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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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’m very new to offering financial planning and even newer to Values-Based Financial Planning™, how should I answer the question, “How do I know that you can deliver what you are promising?”

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?

In a Financial Road Map® with a potential client we got to Commitment to Hire™. The husband said that he had a pretty good handle on everything and most of their finances were in his head. In going through what we do, I saw many flaws in their financial plans. In the end I asked the question regarding, “on a scale of 1 - 10…” The husband was an 8 and the wife was a 6-7. What would you say when you can see many flaws in a prospective client’s current planning and when there is a difference in the partners’ opinion on their financial house position? The husband is a lawyer and after hearing your latest webinar can understand why they may not be good fit. The husband said they needed some planning but not at the fee I had set. The potential clients could see the value for “certain people” for this service however cost seemed to be a major issue for them. These people fit my Ideal Client Profile.

When you review the outline of your Deliverables Team in the Commitment to Hire Conversation™, is this done in response to a specific question a client may ask?

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