Every wealthy client usually has a financial advisor. But in my workshops with financial advisors, it seems every advisor has a tremendous opportunity to acquire more wealthy clients from their competition. That is because when I ask most advisors these four questions, rarely is anyone doing all four things with their ideal clients.
The four questions to ask a wealthy prospect are:
Complete -Would it be valuable to have your financial life completely organized in the following areas, tax planning, estate planning, risk management, debt planning, insurance planning and wealth management? Goals - Would it be valuable to get clarity around all of your goals for today and for tomorrow and get 6-10 goals on paper, track them, and put a plan together to reach them? Fee audit- How do you feel when you are paying for something and not getting it? Do you know the complete cost for everything you are paying for from your advisor and getting and not getting? Would a fee audit showing the cost of advice, money management and planning and what you get and don’t get be valuable to you? Quality financial plan - What does a quality financial plan mean to you? Do you have a quality financial plan? Would you like one? Simple questions to start an engaging conversation. Do your best clients have all 6 areas organized? Do your ideal clients have more than 3 goals tracked and updated in a quality financial plan? Do they know what they are getting for the fees they are paying? How many people you know have their financial life completely organized? It’s fine to laugh when I ask this question, because most people don’t have the time to organize everything. But’ what if you could be completely organized in all of the key planning areas including tax planning, estate planning, risk management, investment management, debt management and insurance planning? What would that give you? More time to do the things you want to in life, knowing that your plan, your roadmap is there to guide you to make solid financial decisions in your life.Start with goals
How many goals do you get from your clients? Besides the major retirement goal, do you get other clients goals such as family or parents healthcare, home renovations or changes, education, estate planning, gifts donations or charities? A typical advisor gets less than 3 goals while client driven plans get 7 or more goals. Looking at the goals list below, how many goals can you check off?
Goals-Based Planning Exercise
____ Lifestyle - Retire / slow down / part time
____ Debts- Debt reduction-debt free
____ Education – Children / Self
____ Vehicles – Cars / Boat / RV / collector
____ Major purchase – Vacation property / Lifetime Trip
____ Travel -Vacation property / Trips / bucket list
____ Health care– Family members / personal health
____ Home – Reno’s / Upgrades / downsizing
____ Celebrations- Weddings / birthdays
____ Estate- legacy- family-wishes
____ Gifts- donations / charitable involvement
____ Bequests – Philanthropic goals / legacy
____ Care for someone – elderly / family
____ Business – Investment / opportunity
____ Career – education / changes / courses
____ Memberships / Hobbies – golf or sports clubs / groups / collections
Whenever I share this list with advisors in my workshops, they usually add to the list. Go ahead, make it your list and put it in front of your clients and prospects and ask them this question” looking at this list, is there any goal that jumps out to you that you have been thinking about?”