Step 3: Open for Business
During our second installment in this five part series, Step 2: Establish an Infrastructure, we discussed the three divisions an infrastructure needs to support a full-service model. Aligning yourself with professionals in those areas will help you focus on the equation for a profitable wealth management practice.
It is now time to get to know your prospects before they become clients - during a mutual interview process. The following are three questions to ask of prospects: If we were sitting here five years from today, what would have to have happened for you to feel you’ve succeeded? What is it about money that’s important to you? What do the two of you disagree about when it comes to money?
The answers to these three questions reveal a lot about a prospect. Not only does this reveal what is important to them, but it also helps determine if they are a good fit for your firm based on their “Whole Net Worth.”
“Whole Net Worth” is based on four assets:
§ Innate Assets – natural talents
§ Learned Assets – learned skills and experiences
§ Networking Capital – “who you know” personally and professionally
§ Financial Assets – movable and immovable owned property
Taking the time to discuss what is important to your clients sends a message to them about your values – that you want to help them achieve their hopes, dreams and goals. This will help them develop a trusting relationship with you, which will be beneficial to both of you.
Please stay tuned for the next installment in this series, Step 4: The Plan - Drive the Values, to help you determine what is of utmost importance to your clients.
