Step 4: The Plan - Drive the Values
In our third installment to this five part series, Step 3: Open for Business, we discussed the importance of knowing prospects before they become clients. Conducting a two-way interview will reveal what is important to them, while allowing them to feel more comfortable with you. This will also help you determine if they are a good fit for your firm.
Next, you must figure out your clients’ personal values about money and their life goals. To do so, have them create a Personal Money Constitution - similar to a corporate mission statement - to serve as the basis for all planning decisions. This document will significantly increase the likelihood that you will be bale to help them achieve their hopes, dreams and goals. Once it is created, you can strategize with your clients by using the following four categories to balance competing priorities:
§ Save
§ Invest
§ Spend
§ Donate
Wealth management should be a process that offers your clients a different experience - one that is personal, exclusive and driven by results. This unique method will differentiate you from other professionals and provide a competitive advantage.
