Financial planning is like hockey in that it is made up of two key elements – offense and defense. To win you need a good offense and an equally strong defense. The offense includes the proactive steps your client takes to achieve their financial goals. The defense on the other hand is what they do to protect their family in case something goes wrong. When a client has strong financial professionals on offense and defense, they have a greater chance of attaining their financial goals.
The offensive players should be the investment adviser, accountant and bank manager. The investment advisor will help set, foster and attain investment goals while the accountant designs tax strategies to nurture the goals. The bank manager will then provide savings accounts, mortgages and credit lines to the client.
The defense is made up of at least two players – the insurance adviser and the attorney. The insurance adviser recommends the right coverage to protect the family. The attorney will handle the wills, powers of attorney and other estate-planning matters.
When meeting with a prospect for the first time a sports analogy, like the one above, may be just what you need to explain your role on their “financial team.” Using such analogies will help your client better understand how you can help them, as well as demonstrate your commitment to being a part of their team.
Do you have other analogies you use when meeting with prospects or clients to help them better understand financial planning and your “position on the team?”
