Today there are so many complexities surrounding wealth and managing those complexities is where people need the value. There’s been so much education on investing that the average person truly could go to Fidelity or Schwab, take a diversified portfolio of ETFs or mutual funds and do okay.
What if you had a process that reduces your workload, decreased your time meeting with clients, increased your value and ability to gather more assets and inspired meaningful conversations with clients and prospects?
Now when clients share what you do, they tell others, “Her Purposeful Wealth Process leaves no stone unturned!” What if when you speak to a prospect or COI you actually have a tangible process that is structured, marketable and EASY to implement setting you apart from every other advisor?
The moment the industry adopted the fee based option in lieu of knowing how to truly validate the new fees (which started at 3%) they pushed advisors to host quarterly performance reviews. Considering advisors coach their clients to focus on the long term results these quarterly reviews didn’t make sense. But how else could you show you were doing your job and earning your fees?
Most every advisor I coach feels authentically compelled to provide more than just investment recommendations. They are sincerely interested in the wellbeing of their client and every advisor believes they do more than just investing yet few if any Advisors know how to articulate their value clearly and succinctly. As such the only form of measurement is the performance of the portfolio.
The new role of the Financial Advisor is to challenge your clients to go deeper. To help them question what they are doing with their money and to get them to think beyond today.
The advisor today must address and discuss not just Asset Management but Risk, Protection and Legacy.
Trying to do all of this in one or a few meetings is often overwhelming and inefficient. To do it right, requires a well thought out process that is easy to manage, but highly productive for both the client and advisor. The world is moving faster and faster, what clients needed yesterday is not what they may need tomorrow. To be efficient and effective, Advisors today must incorporate a dynamic process that adapts to the changes.
To help advisors bridge this gap, advisors must learn how to inspire more meaningful conversations with clients on a quarterly basis leaving portfolio reviews to a once a year event.
What you need is a process to implement after you’ve invested the money. This needs to be a systematic, thematic process to engage them, to pose challenging questions, and to constantly help them consider their situation and the changes that have occurred in their life.
Your quarterly themes should provide a clear structure in order to plan your ongoing client contact and marketing strategy which creates more efficiency and simplifies your life. Once this is implemented, Advisors rest easier at night knowing no client has slipped through the cracks.
Are you able to engage clients effectively with your current process? I’m challenging you to think about your process, how you engage your clients to lead up to the investment and then your process to engage your clients post-investing their money.