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AdviserQuest Copyright 2010
Evolving Beyond Investment Advice “Engaging Clients Successfully and Creating Lasting Value in a Fee for Service Practice“ May 28, 2010 Presenter: Leyla Banaei AdviserQuest Copyright 2010
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What you will get out of this session:
Why we need to become more ‘consultative’ in our approach and advice An understanding of what consultative advice is and how you can get started 5 conversations you can apply immediately to make your advice consultative AdviserQuest Copyright 2010
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Impacts of Bowen’s FFA reforms
Price of Advice Annual client agreements Simpler Disclosure =Change in business models =Cost to your business $$$ AdviserQuest Copyright 2010
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Reducing the impact on your business
Segmentation: one size does not fit all Pricing: cost of advice Process: backend/Frontend Value: 80/20 Rule AdviserQuest Copyright 2010
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Engaging clients successfully in this new environment
Understanding effective communication Understanding client psychology Connecting on an emotional level Coaching vs. Advising Re-examining your self belief/self image AdviserQuest Copyright 2010
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Your client engagement process
a)What is your client engagement process now for new clients? b)How are you demonstrating ‘value’ to these clients throughout this process? AdviserQuest Copyright 2010
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Communicating to your clients: The 80/20 Rule
Reliability Trust Reassurance Comfort Quality Education Professionalism Sounding board Financial plan Investment portfolio Backend business processes Review meetings Products & services 80% -Value 20% -Process AdviserQuest Copyright 2010
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What is the consultative advice process?
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Engaging clients successfully with consultative advice
Understanding effective communication Understanding client psychology Connecting on an emotional level Coaching vs. Advising Re-examining your self belief/self image AdviserQuest Copyright 2010
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Understanding effective communication
Visual Auditory Kinaesthetic Pictures Words & tone Concepts and ‘gut feel’ AdviserQuest Copyright 2010
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Conversation #1: Find out what they know about financial advice
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What do your clients know about financial advice?
Their fears Their expectations Their knowledge Their perception “Help me understand your process for financial advice…” AdviserQuest Copyright 2010
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Question #1: “What is your experience with financial advice in the past?” AdviserQuest Copyright 2010
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Conversation #2: Educate them about your advice process
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Educate them about the advice process
Give it context Communicate your unique value What’s in it for them? Use visuals Use real life stories and examples Help them connect AdviserQuest Copyright 2010
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Question #2: “Would you like me to take you through and give you an overview of our advice process?” AdviserQuest Copyright 2010
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Make a visual impact AdviserQuest Copyright 2010
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Anchoring clients into the ‘Discovery’ process
Strategies/Vehicles Where you Desire to be Where you are NOW Risks/Hindrances AdviserQuest Copyright 2010
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The more the client understands the process, the more engaged the client will be and the more they will want to participate. AdviserQuest Copyright 2010
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Engaging clients successfully with consultative advice
Understanding effective communication Understanding client psychology Connecting on an emotional level Coaching vs. Advising Re-examining your self belief/self image AdviserQuest Copyright 2010
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Conversation #3: Find out what’s most important to THEM
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What Questions do you ask your client’s to clarify what is important to them? AdviserQuest Copyright 2010
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What are Values? AdviserQuest Copyright 2010
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Question #3: “What is important to you about _____?”
Clarifying values Question #3: “What is important to you about _____?” AdviserQuest Copyright 2010
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Values are: “Why” they do what they do What motivates them The direction they are always moving towards The core self People are happiest and most content when they are living in line with their values AdviserQuest Copyright 2010
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Client’s goals and objectives are based on their values
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Some examples of common client values:
Family Security Freedom Accomplishment Adventure Good health Fun Flexibility Love Achievement Peace Contribution Faith Frugality Loyalty Structure Passion Service AdviserQuest Copyright 2010
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Engaging clients successfully with consultative advice
Understanding effective communication Understanding client psychology Connecting on an emotional level Coaching vs. Advising Re-examining your self belief/self image AdviserQuest Copyright 2010
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Conversation #4: Relating their values to your advice
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Help them connect the dots
Summarise goals & values Link each of their values (emotional) to a specific advice solution AdviserQuest Copyright 2010
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Where to start: Asking powerful questions
They usually begin with the word ‘What’ Are oriented towards goals not problems Lead the client into the future (solution mode) rather than focus on the past (problems mode) AdviserQuest Copyright 2009 AdviserQuest Copyright 2010
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Going deeper with challenging questions
Asking Challenging Questions Respect Tone Voice Body language Self belief AdviserQuest Copyright 2009 AdviserQuest Copyright 2010
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‘Chunking’ ideas Chunk down (specific outcomes) Chunk up (values)
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Question #3: “What is important to you about _____?”
Chunking up: to articulate values Question #3: “What is important to you about _____?” AdviserQuest Copyright 2010
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Chunking down: Getting more detail
Question #4: “What will help you to get [insert Value]?” Question #5: “what needs to happen for you to have [insert value]?” AdviserQuest Copyright 2010
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Conversation #4: Relating their values to your advice
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Your advice/ expertise Client’s Issue Client's Values
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Sample conversation: “Based on what you told me about [issue], I think that you would get value from our advice by using [advice/strategy] for helping you [insert benefit/outcome of advice] in the way that will assist you to [their values]. Your advice/ expertise Client's Values Client’s Issue AdviserQuest Copyright 2010
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Engaging clients successfully in this new environment
Understanding effective communication Understanding client psychology Connecting on an emotional level Coaching vs. Advising Re-examining your self belief/self image AdviserQuest Copyright 2010
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Coaching your clients beyond investment advice
The Financial Confidence Analysis Tool (FCAT) AdviserQuest Copyright 2010
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Where to use the FCAT Strategies/Vehicles FAMILY HEALTH Where you Desire to be Where you are NOW LIFESTYLE FINANCES PROTECTION Risks/Hindrances AdviserQuest Copyright 2010
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Coaches set expectations and hold their clients accountable…. Conversation #5: Setting expectations AdviserQuest Copyright 2010
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Question #6: “What are your expectations from us working together?”
Setting expectations Question #6: “What are your expectations from us working together?” AdviserQuest Copyright 2010
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Setting expectations Question #7: “ if we were to meet on this day, five years from now, and we look back on today, what needs to have happened in that time for you to be happy with your progress?” AdviserQuest Copyright 2010
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Engaging clients successfully with consultative advice
Understanding effective communication Understanding client psychology Connecting on an emotional level Coaching vs. Advising Re-examining your self belief/self image AdviserQuest Copyright 2010
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Evolving: Being the centre of your clients financial lives
Coach vs. adviser Leadership Accountability Value AdviserQuest Copyright 2010
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Tools you will take away
Understanding effective communication Understanding client psychology Connecting on an emotional level Coaching vs. Advising Re-examining your self belief/self image AdviserQuest Copyright 2010
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5 Crucial conversations to integrate into your process
1.Find out what they know about financial advice Q: “what is your experience with financial advice?” 2.Educate them about your advice process Q: “May I show you what our advice process is?” 3.Find out what’s most important to THEM Q: “What is important to you about____?” 4.Relating their goals to your advice Questioning skills/chunking information up and down 5.Setting expectations Q:”What are your expectations from us working together?” AdviserQuest Copyright 2010
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Your Questions & Feedback
“Whatever the journey it is the ‘feeling’ that they are left with after interacting with you, that is what they will remember, and that is the most important.” AdviserQuest Copyright 2010
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