How To Move From Transactional To Trusted


If you want to make this important change to your business, now is the perfect time to do it, and here’s how to communicate it to your clients.

I’m talking about transitioning from being a transactional broker to a fee-based financial advisor.

I’ve been talking with a number of insurance professionals recently who are doing a phenomenal job for their clients regarding the insurance and risk management services they’re providing. But now, they want to press more into financial planning and take care of all the financial components for these clients.

They want to move into this area, but understandably they’re concerned. They have worries about being seen as “just the insurance person” in their clients’ lives. So we’ve been working on some language that is equipping them to be super confident on the phone calls that they’ve been making. I’ve suggested they start with calling one or two existing clients and mention something along these lines:

“Hey, for the most part, we’ve been working together regarding insurance services that I’ve been providing. However, now I’m getting into more financial planning.

If there’s one thing that’s been highlighted over the last 12 months, it’s people wanting to know exactly what they need to take care of most. While insurance is definitely an important part of that, it is only one part of that. So I’ve been having conversations with clients about cash flow, about what happens when you have been made redundant, about Social Security spending… And it’s only increased my hunger and desire to get into this field and do a really thorough job of it. It’s been something I’ve been thinking of for some time, and now, I’m doing it.

So I wanted to mention that to you and let you know I’d definitely love to work with you around these other facets of your financial well-being. I’m happy for us to have a conversation about what that covers and about what this might look like for you.

I’m also talking to friends and family of existing clients who are now interested to talk further about this, but mainly we’re making our existing clients aware of this, to begin with. That’s why I wanted to connect with you and let you know what’s happening.”

So if you’re a little bit nervous or a little bit concerned about verbiage to use and how to approach your existing clients whose work with you has been more transactional-based,

  1. Develop resolve for this. You can do this, and you know it’s the right way to be taking your clients. It’s progressing your business. It’s helping them even more, and it’s allowing them to see that you want to take care of their total financial well-being.
  2. Practice the language. Write down the verbiage that you’re comfortable with. Rewind this recording and build out your own language that you’re going to be comfortable using when calling your existing clients and explaining how you’re now looking to work.
  3. Do this. With that small, initial subset of people you have selected, get comfortable with this verbiage. Pick up the phone, give them a call and let them know, “Hey, we’ve been working along these lines together. Now, I’ve got great news for you: we’re expanding what we’re covering and how we’re helping. I’d love to tell you about it first.”

This is going to help cement you in their minds as a full-service financial professional.

I look forward to bringing you another Distraction-Proof Advisor Idea next week.

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