Sweating Your Assets: What you bring to the table
Our last information series covered how effective planning enables you to grow your business. In this article, we emphasize what you bring to the table. The Sweating Your Assets series is about maximizing return on assets.
Before we dive in, here is a reminder of the six steps in the financial planning process:
1. Establishing and defining a professional relationship
2. Gathering information from the client
3. Analysing and evaluating your financial status
4. Developing and presenting financial recommendations
5. Implementation of financial planning recommendations
6. Monitoring financial planning recommendations
The first asset is YOU and what you bring to the table as a financial advisor. Remember, business comes down to people. Therefore, it is vital for us to be aware of the relationships we have of our clients and how we engage with our clients.
When evaluating yourself as an asset, ask the following questions:
– How can I maximize the return I receive from my clients?
– How do I make money off the relationship I have with my clients?
– How do I make sure that my clients are making money off the relationship as well?
First, we will be covering whether a hard sell is recommended on the first appointment with a potential client. This is where many financial advisors falter in the beginning. We follow a factual approach and simply focus on ticking off the six steps in the financial planning process.
We forget that our potential clients have agreed to an appointment with us as individuals, they want to find out more about us and we are going to change their lives. That means they are interested in who we are, not simply what we do.
Selling during the first appointment is not about wowing them with your prowess financial expertise. It is about telling them who YOU are and how it is beneficial for you to be in their lives or business. In the beginning, selling yourself means endearing yourself to the client.
It is about making sure the client knows you have their best interest at heart. You must ensure that they know, you are the kind of person that knows how to do financial planning and the type of person they should feel comfortable entrusting their business with. Avoid creating the impressing that you are simply following a one-size fits all script.
People do not buy from you because you understand the nuances of investments or retirement annuities. People buy from you because they like you. Therefore, building a good relationship with your client is paramount. When you get that part right and start crafting around it, you will find that your business will change for the better. Potential clients will start becoming more serious about you and they will start relying on you more effectively. Your client should see you as a friendly go-to person that they can trust to help them with their financial goals and other financial needs whenever they need it.