Are You Offering Services in the Seven Key Areas of Planning?

Do your ideal clients know all the services that you offer?

Imagine walking into a restaurant, and after getting seated, the host rips the menu in half and says "enjoy your meal”. Do you want the whole menu or just half of it? Your ideal clients, which are your best clients want the whole menu. They delegate everything to you and are “all in” when it comes to comprehensive planning and advice.The clients who only want to use part of your services are NEVER going to be your ideal clients, so stop hoping they become one someday.

Ideal clients delegate

Imagine having two doctors you trust that compete with one another, one doctor for the top half of my body and one doctor for the bottom half. Sounds crazy to most, yet so many advisors accept the fact people have two financial advisors. People want to find someone they ultimately trust, and if they cannot ultimately trust you, they never will be ideal. When they trust you, they want to know all your services.So, do you have a checklist of comprehensive services in the seven key areas of planning?The seven areas are tax, estate, risk management, insurance, investment, cash flow and debt. Are you doing comprehensive planning and comprehensive advice in all seven areas, with an internal or external team or network?It is difficult to know all seven areas and stay on top of it, that is why you need to put a comprehensive team around your best clients to deliver. Once you have the process, then plan on articulating it with a checklist of all the services you deliver and what I get in each of the seven areas to achieve my goals as an ideal client of yours. I have several great samples of a comprehensive checklist of services. Check out what a family office does for comprehensive planning and advice services and consider creating a “mini- family office of services”.

Do a fee audit

Do investors understand the total cost of investing and advice? Consider completing a fee audit on a wealthy prospects portfolio and financial plan. Over the last five years, look at the total amount of fees they paid and look at the tangible (dollar gains, tax planning gains, estate planning gains, advice gains) benefits they received. Then list the intangible benefits they received, such as peace of mind, comfort, simplicity, and trust. This can be part of your detailed process to outline your measurable and immeasurable client benefits to prospects.Use a checklist of benefits to compare what they are currently getting and not getting, to help your wealthy prospects understand what they are paying for. Make sure they understand the total cost, in dollar terms and percentages by highlighting it on the bottom of the fee audit checklist page. One of the services can be a beneficiary audit. When was the last time a client or prospect walked into your office and asked for an estate plan? The reason why people don’t ask for one is that they need a deeper clarity around their specific goals for their estate. Instead, ask this question. “Did you know about our beneficiary audit service? “The typical answer is no, what is that about. “Would it be valuable to do a beneficiary audit, to summarize on one page all your beneficiaries and the benefits they will receive, and make sure all beneficiaries are correct and coordinated with your will? If we could summarize this information on one page, would that be valuable to you?

Show prospects what they are NOT getting

When you sit down with wealthy prospects, consider this exercise and discussion. Ask “Can I do a fee audit for you to help you understand how fees impact your planning and the total cost in dollars and percentages? Would it be valuable for you to understand the total cost of what you are paying, what you get for those fees, and what you do not get? “Look at the estimated total fees over the last five years that they have paid and quantify them in a dollar-cost as well as a percentage. With a prospect, look at the starting investment amount five years ago and the ending investment amount today, including withdrawals. Then ask about their planning processes they have completed, including tax planning, estate planning, and financial planning and ask to see the documents. This exercise will help you with your value discussion, but more importantly, showing prospects the total cost, in dollars and percentages, and help them understand the total that they are paying. It will also show complete transparency with benefits and will show your prospect instant and tangible benefits of working with you, especially if their current advisor has no process for showing their planning processes, total fees and total transparency if they show any fees for advice. It will also allow you to discuss your value of your planning processes and your progress update meetings to keep them on track.

Key prospecting discussion

Get in a habit of people you come across every day if they understand the fees they are paying. Ask them to explain the fees as they understand it. Then ask” would you be open for me to do a fee audit for the last five years to help you understand the cost (or fees) and benefits? I ask because we do this for our clients, so they understand the measurable benefits of our advice along with our immeasurable benefits that our planning offers such as peace of mind and simplicity of their financial life. Our clients appreciate more comprehensive planning advice through our comprehensive checklist of services. Would you like to see a copy of our checklist? Our clients have comfort knowing we have a comprehensive process that ensures you are taken care of, so they can go on and enjoy the things that are important to them”. Now you have the start of a process to discuss your differences with prospects.

Practice makes perfect

Do you have scripts that you use with prospects and practice them with someone to give you feedback? Do you have a clear detailed process for making your client’s fee ready? If not, who is helping you who has a proven process to help you get there? Find someone who has a proven process and has the time to help you get there. It is not just about content, but it is about practice. Who is helping you practice your scripts? Do you record your practice sessions? Imagine if the “Rolling Stones” band never practiced and only recorded once? Do you record your meetings with your client’s permission? Find a coach, mentor or manager who can help you build your process and help you practice your communication skills to articulate your value. Now go out and practice your fee audit conversation, build your process for converting prospects and providing measurable and immeasurable value to your new clients.

Comprehensive practice management

What is the probability of success in reaching your business goals with your current business plan? 70-80%? Does it cover all areas of practice management? If you would like a questionnaire on practice management to help you answer this question, go to my website

Let’s talk

If any of this resonates with you, let’s have a brief discussion on what’s holding you back from accomplishing more in 2019?Related: Is the Journey You Have for Each Prospect Dialed?