April 29, 2024

Financial advisors need to add more value every year to their ideal clients 

Fast forward one year

Imagine you are meeting with one of your top clients a year from now in 2025 for a progress update. Markets are always volatile and bumpy, and their portfolio continues to be up or down. What questions will they be asking you at this meeting? Am I going to be OK? How am I on or off track in reaching my goals? How is my performance giving me a high probability of success? Answering these questions clearly for ideal clients is critical to your success better each year. Deliver more value through more valuable and deeper more meaningful conversations. I truly believe that this will separate successful advisors of the past, from successful advisors of the future. This is where you can discuss the probability of success in reaching ALL of your goals with your comprehensive plans. You can show them on one page that they will be ok, and the plans and strategies you put in place have not only kept them on track, but your goals-based plan will continue to guide them to make better decisions for their future. Here’s the problem. Most advisors don’t have a goals-based plan to follow up on, which is why they wing the conversation. Deliver more value by uncovering more goals. Wealthy people have changed some of their major goals in life. You need to have deeper conversations to help them. 

Think back ten years ago

 What was the value you delivered 10 years ago as a financial advisor? Now, what value add have you delivered in the last few years? What about the future? Help ideal clients and prospects accomplish more in their life, and life planning as well as goal planning. How have your conversations changed to deliver more value? Do you have legacy planning conversations, family conversations, clarity and goals conversations, charitable conversations, and future family planning and goals conversations? What are the names and types of conversations you have with your ideal clients?  Are you helping them get organized in all 7 areas of their financial life? Do you coordinate their other professionals in meetings and have powerful conversations with their accountant lawyer or other professionals? Are you holding family legacy conversations? What is your process to deliver more value this year and how will you articulate and deliver that value this year?  

Your words are powerful

You know your words are powerful. You manage millions of dollars and have a deep level of trust. Your words and communications are powerful. I recently practiced with several advisors I coach on how to respond, what they were saying, and how clients were reacting. Several advisors had a choppy response, they winged it on the top of their heads, and when I asked them to repeat it they couldn’t.  Your conversations must be perfected. 

You cannot wing it on Shark Tank (ABC TV Show)  or Dragon’s Den (CBC TV)

What happens to people who wing their answers on reality TV shows such as shark tank or dragons den? We laugh and they exit the building, with a terrible experience. You cannot wing it with your ideal clients and prospects. Have you communicated your value-added conversations with your best clients and prospects? By email, phone call, or both? Is it a proven script that shows confidence, leadership, and direction? Have you communicated with both spouses or partners? This was a big mistake I made in the past, and I don't want you to make it. Clients and prospects will repeat your words, or stories to family and friends, making you the most referable advisor. Think about it. The easiest time to grow your business is when your competition is assuming everything is fine. Your biggest benefit is managing human behavior, for it is one of the biggest factors in managing wealth.  

Communication plans

After reading this article, fast forward to one year. You have delivered deeper conversations of value, with a proven scripted process. You practice your script so you can articulate it with belief and conviction. You can look back knowing you gave your clients confidence, leadership, and direction and you acted continuously on a comprehensive goals-based plan. You delivered valuable planning and lifestyle conversations, estate and legacy conversations, and deeper family conversations.  Plan out who and when you are going to deliver more value. Without a plan, who knows where your business will be in one year? Who leads you as an advisor during these challenging times? Elite financial professionals always turn to their coach or mentor to manage their behavior. 

How about your goals for your practice in 2024?

Comprehensive Practice Management Checklist

https://practicemanagement.getresponsepages.com/ 

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition? 

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors  

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice. 

 https://technology-checklist.getresponsepages.com/ 

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined! 

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com 

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com 

To book a meeting click here https://my.timetrade.com/book/JMTNJ  

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off? 

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