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What is the best way to handle a Client's hesitation due to fee amounts during the Commitment to Hire Conversation™?

Article ID: 94

Last updated: 20 Nov, 2019

A truly Ideal Client is happy to pay your fee.

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Commitment to Hire Conversation™ -> Ideal Clients Resisting to Hire/"Let Me Think About It for Awhile."

« I had two Financial Road Maps® in a row that ended with “I’ll...

Is it possible to have clients that are not Ideal Clients yet,... »

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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.

How do we "politely disengage" during the Financial Road Map Interview™ process prior to the Commitment to Hire Conversation™ if we don't feel it will be a "good fit"?

What is the most appropriate way to handle situations where the Financial Road Map Interview™ goes extremely well, the client fits the Ideal Client Profile, and they are very receptive to working with me, but just want some more time to talk it over before committing? My current approach is to mail them a follow-up letter summarizing our Financial Road Map® conversation, inviting them to become a client, and indicating that I will call in a week to see how they feel about it. Is that the right approach?

I have been advised that there is a psychology that comes into play when a client pays for services (They are much more invested in the process if they pay for the service, no matter how little/much). If the payment does not take place until implementation [%AUM], does this minimize their commitment to the process? (Your experience here, please). What if there is no formal agreement to sign until implementation and the transfer of assets? What affect does this have? Do you have something that can be used? I am trying to find a "workaround" to the Financial Planning Agreement of my RIA, while still being compliant.

What do you think of this scripting when the prospective clients are talking in great detail: “I appreciate that you want to tell me the details about this, and should we decide to work together professionally, I will need to know more. For the purpose of this exercise, however, I just need to summarize the facts. I have 8 minutes budgeted for this. Would you be willing to give me a few minutes to go through your documents?"

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