I’m a little confused about the level of commitment we are expecting from a new client once they hire us. In the script and videos it seems that during the Commitment to Implement we expect that at the implementation meeting the client will follow all of the action plan items and sign all of the documents we have prepared for signature, no questions asked. However, on the most recent Webinar, it sounded to me that regardless of what we may have said at Commitment to Implement, at the actual implementation meeting, it is more of a “traditional” approach where we are presenting our “recommendations” and it’s up to the client to decide which items, if any, they implement. To sum up, it seems that at the implementation meeting the approach is much less “take it or leave it” than presented during the Commitment to Implement. Please help me understand.

Article ID: 587
Last updated: 20 Nov, 2019

The expectation is being set they intend to implement your advice. It’s okay if they have questions, but at Commitment to Implement is where you flesh out whether they just want options or really want advice. The evidence that someone really wants advice is that they commit to implementing the advice and then actually do.

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b Prior to hiring Bachrach & Associates, Inc., I had already created several of the deliverables on an annual basis for clients. I have been charging between $500 and $1,000 for this type of planning in addition to AUM wrap fees. Can you help me gain clarity and perhaps some verbiage on why a current client should pay 2x-3x times what they are used to?
b 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.
b I have my first Financial Road Map® with a prospective client next week. Assume he hires me to prepare a plan for him during Commitment to Hire Conversation™. During Commitment to Implement Conversation™, if he says something like, "How can I commit to implement an investment strategy that I have not seen? I have no idea how you intend to invest my money?" How much explanation should be sufficient for an Ideal Client to say “yes”? What does that sound like?
b I have long-time clients who, for the most part, have been completing Financial Road Maps® with me. When I get to Commitment to Implement Conversation™ section, I haven't been asking for that firstly because I cannot charge a hard dollar fee and secondly, if I had a form for them to sign, the form would basically not have meaning as I work for Merrill Lynch and they would not approve of a form that the client to sign for implementing a plan. How do I handle this?
b We charge an Initial Planning Fee of $4,000. We also plan on charging a flat fee for the Three Meeting Process™, 5 Critical Reports™ and for helping them keep their financial house in order. When do we start charging the flat fee which we plan on billing quarterly? We are taking three weeks to get the initial plan done.
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