Sweating your assets: Follow the income but make it a Win Win

Sweating your assets: Follow the income but make it a Win Win

As financial advisors, we may sometimes be occupied with non-billable tasks instead of following the income. In line with our theme on Sweating Your Assets, this article addresses how to Follow the income but make it a “win-win” for you and your client.

We need to focus on what creates income. This includes filling our diaries, seeing our clients, and doing the basics. You need to create a clear line regarding the intentions you have for your client. This should be based on a win-win situation. It is easy for you to get distracted and pulled away from that win-win situation, for instance, you may go off on a tangent with your client that is unrelated to the meeting. To avoid this, go into your meeting with the understanding that there is a win-win taking place. Be conscious of what is in it for you and what is in it for your client.

Creating a clear meeting purpose gives your meeting direction and helps you generate revenue. It ensures that the client is comprehensively covered in the event they need to claim. To stay on track and follow the income, ask yourself:
– Does this activity make you money?
– Are you getting distracted what you intended to do with the client?

The intention of this article is ensuring that when you meet with your client, you know what you are going to discuss with the client and you share the win-win situation with your client. For example, you could say to your client: Mam | Sir, this is the benefit of your product line, this is why it will help you, this is the reason behind its costs and this is the commission I make from the sale.

The client may express concerns about the cost or other factors. Be aware that you want to leave the meeting with a win-win objective. You want to be certain that the client is happy with the work you have done, it is imperative for you to also ensure that you are generating a revenue from the sale. Financial advisors often hide their commission from clients, I highly advise against that.

Be honest and upfront in your client relationships. The client knows that you need to generate an income as well. Sweat your assets, emphasize to your client that the transaction is a win-win situation.

One of my best practices as an experienced financial advisor is telling my client:
Sir/Mam – This is the commission that is being paid to me. If you stop this policy, this is the amount of commission I must pay back to the company or is owed to me by the company, etc. Please let me know as soon as there is a problem with the policy. Tell me about the situation straight away so I can try to help you.
Being open and honest with your client is crucial to creating a win-win situation for both of you. This could mean that your client is making money from an investment or claiming an insurance policy, while you are making money by servicing the client. You are offering an important service to a client and adding value to their lives and their family’s lives.

Luke Matthews

Luke Matthews | Hampshire Advisors

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