/ by Don Connelly / Best Practices / 0 comments
It wasn’t so long ago that clients perceived financial plans as an extension of the prospecting process to entice them to open an account and hand over their money. Many financial advisors feigned the role as a financial planner to create the perception of objectivity with the recommendations they would make. Clients received a faux leather-bound financial plan that just took up shelf space, never to be revisited by them or their advisor.
Fast forward to today, and we see an increasing number of financial advisors who are committed to a more holistic approach to working with clients, making the financial plan a critical cornerstone of their relationships. That, of course, is in response to what more and more clients are looking for in their advisor relationships—a plan that addresses the entirety of their financial life to guide them in life-critical decisions.
Why is it then that the value of a well-conceived financial plan seems to wane among clients who, further into the advisory relationship, begin to question their advisor’s advice or express disenchantment because their investments are underperforming their neighbor’s or colleagues’ portfolio? What do advisors need to do to get their clients to refocus on what’s really important?
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Want Your Clients to Take Their Financial Plan Seriously? Keep It Front and Center in Your Relationship
/ by Don Connelly / Best Practices / 0 comments
It wasn’t so long ago that clients perceived financial plans as an extension of the prospecting process to entice them to open an account and hand over their money. Many financial advisors feigned the role as a financial planner to create the perception of objectivity with the recommendations they would make. Clients received a faux leather-bound financial plan that just took up shelf space, never to be revisited by them or their advisor.
Fast forward to today, and we see an increasing number of financial advisors who are committed to a more holistic approach to working with clients, making the financial plan a critical cornerstone of their relationships. That, of course, is in response to what more and more clients are looking for in their advisor relationships—a plan that addresses the entirety of their financial life to guide them in life-critical decisions.
Why is it then that the value of a well-conceived financial plan seems to wane among clients who, further into the advisory relationship, begin to question their advisor’s advice or express disenchantment because their investments are underperforming their neighbor’s or colleagues’ portfolio? What do advisors need to do to get their clients to refocus on what’s really important?
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Can Trust Be Established Early?
/ by Don Connelly / Managing the Relationship / 0 comments
I got a really interesting question from a subscriber named Jeffrey, who said he is a new advisor and he’s having a problem gaining trust with people during the initial visit. He asked if establishing trust up front is possible and if it is, how he can do that. Furthermore, he asked if it is possible to open an account without the establishment of trust.
Listen to this audio episode or read the transcript below to learn Don’s 4 suggestions on establishing trust early on in the relationship.
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Learn to Make The Choice to Not Open The Account
/ by Don Connelly / Prospecting / 0 comments
When you’re first starting out as a financial advisor getting any work at all can seem like a good thing. In fact, the prospect of turning down new business could seem terrifying. However, you need to change your approach or you could end up working long term with unprofitable and stressful clients. To avoid such a scenario, you need to make the decision not to open certain accounts in the first place.
Here are a few ways to help you identify whether a prospect is going to be a good fit for you – and how to say no politely if you discover they aren’t.
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How to Convince Someone to Trust You
/ by Don Connelly / Managing the Relationship / 0 comments
Whether you’re a new or well-established advisor you may find it difficult to establish trust. It’s incredibly difficult to develop trust quickly. How can people know whether you’re honest, sincere and trustworthy when they first meet you? And people today tend to suffer from an inherent lack of trust. Their belief systems about investing have been shattered by a seemingly endless stream of bad news.
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