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How to Become a Three Dimensional Financial Advisor


How to Become a Three Dimensional Financial Advisor

In the wealth management world, I truly believe that most wealthy high net worth clients are living in a one-dimensional world with their financial advisor and wealth manager. What I mean by a one-dimensional world versus two and three dimensional is that advisors have clients convinced it is all about the performance of their portfolio. They do a great job managing their portfolio and the market keeps going up for years, so that is what the clients believe is the value and that is what advisors believe is the value. They don’t know what a two and three-dimensional world is.

What is a three-dimensional advisor?

The first dimension is products ( insurance) and performance. The second dimension is comprehensive planning and advice coordinated in all seven areas of peoples financial lives. The third dimension is about your process to engage clients and prospects emotionally.

1. Products and performance
2. Comprehensive planning and advice
3. Emotionally compelling process first, logical second

To become a three-dimensional advisor is what the successful advisors of the future are doing today.

What is the third dimension?

An emotionally compelling process first logic second. Research confirms that 84% of the wealthy engage emotional first, and logic second. ( source CEG Worldwide )

Creating an emotionally compelling process. This is about client engagement. This is what the elite advisors of the future are doing, compared to advisors who were successful in the past, and are now struggling to grow, because they are relying solely on relationships.

Let me give you examples of advisors who are still living in a one or two-dimensional world. Advisors who focus on Products and performance, is that logic or emotion? Advisors that deliver Comprehensive Planning and advice, is that logic or emotional. Don’t get me wrong. Products and performance, are critically important, and so is comprehensive planning and advice. You need this to be successful. But they are only one and two dimensional. Advisors who engage the third dimension amongst products and performance, comprehensive planning and advice, are three dimensional. It’s about a process. Do you have this engaging process?

Let me ask you a question?

Do you have an emotionally compelling process that you are an expert in? Or do you wing it and try to build a relationship, first or engage with logic first?  A definition of three dimensional is something that heightens the factual accounts. Something that heightens the facts… What is that something… ? It’s what all the successful advisors are doing for their business future and past successful advisors are not doing. Putting all three dimensions together through practice management processes.

Products and performance, combined with comprehensive planning and advice in all 7 areas of your financial life- (tax, estate, risk, investments, insurance, debt, and cash flow) using an engaging and emotionally compelling process first, logic second.

So how do you put all three dimensions together?

Imagine you are on the best trip of your life. You are with your family walking along an incredible beach, soaking up the warm sun with a cool breeze and a cold drink, feeling completely relaxed. How are you feeling? Whatever your own goals, dreams and legacy is, you must use the third dimension, an emotionally compelling process to help people get a deeper sense of clarity around their future, with images, pictures and in writing. Emotionally compelling processes are what elite advisors use to engage their ideal clients and prospects. Are you using all three dimensions with your clients?

An emotional third-dimensional story

Performance is critically important, planning and advice are important. But what else could you do with your success? How can you make it three dimensional for your ideal clients? Steve Jobs essay on his deathbed entitled the worlds best doctors is a must-read for anyone understanding the wealthy. He said” Treasure love for your family, love for your spouse, love for your friends. Treat yourself well and cherish others. As we grow older, and hopefully wiser, we realize that a $300 or a $30 watch both tell the same time. You will realize that your true inner happiness does not come from the material things of this world. Whether you fly first class or economy, if the plane goes down – you go down with it.” It is worth reading here.

Comprehensive practice management

What is the probability of success in reaching your business goals with your current business plan? 70-80%? Does it cover all areas of practice management? If you would like a questionnaire on practice management to help you answer this question, go to my website.

Related: Are You Offering Services in the Seven Key Areas of Planning?

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