Understanding Why Clients Might Seek a Second Opinion in Financial Planning and How to Avert It

Understanding Why Clients Might Seek a Second Opinion in Financial Planning and How to Avert It

If you’ve been in this business long enough, you’re bound to encounter a client who wants to get a second opinion on some of your advice or a strategy you’ve developed. There’s no sugar-coating it—that can feel like a low blow—questioning your expertise and even your integrity. 

While it might feel like a vote of no confidence, it’s often a symptom of a deeper need. Understanding these reasons and fostering a solid client relationship can help advisors minimize the need for external validation.

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5 Effective Ways Financial Advisors Can Educate Clients

5 Effective Ways Financial Advisors Can Educate Clients

Even though overeducating your clients can intimidate or overwhelm them into analysis paralysis or lost trust, still, one of your critical roles as a financial advisor is empowering your clients to make informed decisions.

Financial advisors who prioritize client education foster trust and instill confidence in their clients. The more trust and confidence your clients have in you and your advice, the more enduring the advisory relationship will be. But you must walk the fine line between overeducating your clients and empowering them with the right amount and type of financial literacy.

Here are five of the most effective ways financial advisors can educate their clients:

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The Halo of Ringlets

Don Connelly audio podcast

I hope by now you’ve done a business plan. A business plan is how you’re going to hit your goals. You’re driving from Bangor, Maine to San Diego, you’re going to pass mile markers along the way. Those are your goals.

Inside your business plan has to be your marketing plan. It’s not enough to go in the morning and hunt, kill and eat.

Listen to this audio podcast or read the transcript below to hear the ‘halo of ringlets’ analogy and an idea on narrowing down and attracting your target market or markets.

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What Is an Initial Benefit Statement and How to Use It

What Is an Initial Benefit Statement and How to Use It

As I have mentioned already on the Don Connelly 24/7 learning center, I was taught a method of selling called Professional Selling Skills (PSS) many years ago. It was and still is the bestselling course in the world. Let’s talk about the first step in giving a Professional Selling Skills presentation. That step is called the Initial Benefit Statement.

Watch this video episode or read the transcript below to hear Don explaining what it is and how to use it.

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