Sign in

Ask a Question | FAQ Home |

Browse by category

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.

Article ID: 465

Last updated: 20 Nov, 2019

Bill’s Response: Try not to kill any brain cells wondering about hypothetical things people may or may not say.

Also listed in

Referral Conversation™ -> Referral Conversation™ Misc.

« How do I better describe my value? One potential client thought...

I recently completed a Financial Road Map® for a referred... »

Others in this category

I completed a Financial Road Map® with this gentleman and his wife. He loved the experience and was very excited to go ahead and have us create an action plan. We requested additional information needed to complete the plan. I then received this email (see below). How would you respond? Thanks. Morning, Michele and I had the opportunity to sit down with an investment adviser yesterday and discovered that Optimal Performance is not only an investment company but also a financial planning firm. Embarrassing for me, as we have worked with Diane for over five years and she has helped us manage a myriad of financial challenges over that time. To realize that I have not fully taken advantage of her years of experience her expertise was "uncomfortable" to say the least. That said, Michele and I have decided not to continue moving forward with Ideal Life and re-engage Diane since we are already paying for that service. Additional, I am sure you can appreciate that we do not want to put our relationship with Diane in jeopardy especially after she has been a cornerstone for us. I have reviewed our chequing account and as of Friday, our cheque has not been processed and we would ask that it does not happen. We are prepared to pay a small fee for the work to date (including the Value-Based book) and will issue another cheque to cover that amount. I can have that available when I come to pick up our binder. As you witnessed, we were ready to make the move to see the plan and realize this a disappointing news however this is the right thing for us and aligns with the values we hold true.

Say that I want my Ideal Clients to pay me $5000 per year, ideally where does that income come from? Planning fees, AUM, insurance sales?

What should I put on my LinkedIn profile?

I am uncertain of how to proceed in the following situation: My 85 year old client (client for 20 years) now needs aged care accommodation. His sons are taking power over his financial affairs without notifying him to avoid any upset. I saw him last week. He is in good shape considering and understands the need for aged care but not aware the sons have taken over control of the financial affairs I met with the sons last week and am due to meet again on November 24th about their father’s care and ongoing service. I have already offer them the opportunity to get their respective Financial Road Maps® completed -- One dominant brother had responded back, “No, not required at this stage.” My client warned me about 7 years ago to be very careful of the dominant son. The sons are anxious to get father repositioned (I hope for right reasons) into aged care --- without some of the streamlined systems I have used in last 7-8 years --- aged care would have occurred much earlier. This is a good client (past loyalty) and a survival client at approximately $24k paid annually. Should I ask the sons to reposition to a new adviser given that my client is their father and they now wish to take over his affairs? I would like to help the father but feel it’s incorrect to get involved with him and his sons.

I am in self referral land, and I've had a few occasions when I've been treated like a salesperson (I've already got an investment guy, you're a money guy, etc.). What is your compelling response to that?

» More articles

Powered by KBPublisher (Knowledge base software)