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?

Article ID: 75

Last updated: 20 Nov, 2019

Yes. Restate the part telling exactly what they get. Remember, these are memorized words that you have said many, many, many times. It’s the first time for them. Sometimes people need to hear them more than once to get it.

That’s why it’s so important for you to record, so you can listen to yourself to be sure you clearly articulate and go at a pace that is effective for the first time listener not for you who’s said it 100 times. Remember, your Deliverables Team isn’t so much discussed as they are incorporated into the implementation of the plan’s action items.

For example, if there are action items related to estate planning you schedule the meeting with the estate lawyer. Building the Deliverables Team and the processes that surround this a very important element for you to deliver on the Values-Based Financial Planning™ promise.

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Given that we currently do not charge any fees for preparing a plan (although maybe we should) How do you gain commitment from someone that has no assets to move to us until they retire a few years down the road?

I have been following the script with Commitment to Hire Conversation ™ and detailing them exactly what they will get. We had a Follow-Up Meeting the other day with a client where we do a Risk Profile (legal requirement) and they were asking further questions around money management etc. Although they knew they were getting a plan they didn’t realize we handled everything (i.e. professional money management) and they said if they realized we did so much they would have been far keener to go ahead. Should we also have a list of client deliverables to show them?

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 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?

I wondered as an advisor who primarily was operating using asset-based fees if you guys have any templates or samples of the contracts which an advisor might use if he wished to switch to a flat annual retainer, which I know Bill recommends. When I set up my RIA firm the compliance firm drafted all my contracts and ADVs etc. using asset-based fee terminology and language. I just wondered if you might have a sample or template of what a client contract might look like for an annual retainer practice?

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