Supernova is a planning based program to redefine the client experience.  12-4-2 is the model for exceptional client service.  Having a planning based investment process means that your practice will address client needs directly and as specifically as the plan finds them.  Plus, the plan means that you will have a guide for your client’s investments and your team’s relationship with your client.  But what if the client does not have a plan?

• Use your introduction of Supernova as your opportunity to reintroduce the value of a plan to your client and your practice.
• Find the type of plan you feel most comfortable with and make its introduction and completion a goal for your practice in the next quarter.
• Make planning the next topic on your client monthly agenda.
• Assume all new relationship begin with a plan.  Make a plan the standard operating procedure for your practice going forward.

Remember the old quote?  “If you fail to plan, you plan to fail.”  There is more truth to that saying than most people realize.  Planning can add real value to your Supernova practice in more ways than one.

The Supernova process helps you get organized and grow your practice.  If you would like to learn more, join our member-only website or sign-up for one of our coaching programs.

We conduct so much of our business on the telephone that our telephone technique must be continually reviewed and our etiquette double-checked. Here are 3 quick tips for all your team.

1. Talk slowly—Too many of us rush our speech when on the phone.  When you speak more slowly, the conversation takes on a new sense of importance and you are much more easily understood.
2. Smile—Did you know you can hear a smile?  It is true.  Your voice will take on a softer and more pleasing resonance when you smile. It is a simple technique to enhance your voice and conversation.
3. Sign off well—Never end a conversation with a client with the dreaded phrase ”No problem!”  Why should anything you do for a client ever be referred to in any way as a problem?  Did the client give you a problem by calling or speaking to you?  No.  The problems come when you do not speak to your clients.

Simply paying attention to the ways we communicate can make a big difference in your clients’ perception of you and your team

The business of financial services has been described in a number of ways. But one thing that is consistent is this-this is a business of relationships. In order to build the most effective relationships with our clients and provide the very best in financial services, planning has never been more important. In one of my recent coaching sessions, an advisor gave me this idea, which he had received from another Supernova advisor. It is a wonderful, three-part open ended, opening question when beginning a new relationship with the client.

“Tell me about your experience with money, what did money mean to you growing up, what do you want your children to learn about money?”

I believe this is a marvelous question to get to know your clients better. This is especially a good question to ask when you are talking to a couple. Understanding any differences the couple has in their thinking may be important to you in the future.

Our advisors deliver one-of-a-kind service.  If you would like to learn more, join our member-only website or sign-up for one of our coaching programs.

Do you hesitate to ask your clients for introductions?  Having an exit line will give you the confidence to ask for that introduction.

You are having a great meeting with a client and they say to you, “Rob, I love what you are doing for me and my family. You do a great job.” This is what you want to hear! You repeat it back to them. “Thank you for saying that. We work really hard to deliver our services.”  Then using that opportunity to ask for a referral, “Is there anyone else that comes to mind you think would benefit from what we do for you?”

Everything is going great up to this point. (You might even be unconsciously holding your breath waiting to hear the name of that introduction). And the client says, “Gosh, Rob, I really can’t think of anyone right now. “

You have a choice at the point to push them or just plant a seed. If the timing isn’t right to ask them to brainstorm with you on who else might be a possible prospect you need to have an exit line. Here is one that works brilliantly: “Well, thanks for thinking about me.  Just know I am never too busy to help people like yourself.” 

You are taking a step out of your comfort zone by asking for the introduction (see article on building confidence) and you have an ejection seat will get you out of the situation you feel has become awkward – thanks for thinking about it. Just know that we’re never too busy to help people like you– and you plant the seed.

 

 

 

 

In a recent article in the WSJ, it was asked, “Can you count on your broker or financial advisor to tell you how much risk is right for you?”  The basis for the article was the 2012 requirement by the Financial Industry Regulatory Authority’s requiring advisors to assess how much money clients can accept loosing.

The solution for many advisors is the use of a ‘risk tolerance questionnaire’. This is definitely part of the process in determining how to invest someone’s money, however, as the author goes on to say, “Even financial advisors don’t seem to believe the results of these questionnaires. A recent survey of more that 5,000 advisors by Cerulli Associates, a research firm in Boston, found the advisors believed 26% of clients had an aggressive tolerance for risk and only 14% more conservative where a parallel survey of more than 8,000 clients found that only 8% regarded themselves as aggressive, while 29% considered themselves conservative. There is an obvious different opinion between advisors and clients on what they think risk means.

What tools can you use to determine your client’s tolerance besides your risk tolerance questionnaire?  Monthly contact with clients can be a great tool. When you incorporate the 12-4-2 (Once a month meeting with four of those being quarterly reviews and two of those four being in person meetings) you create time with that client that you can use to get to know them on a more personal level. Use those nine touch base calls as a springboard to ask your clients those deeper questions about themselves. Let them voice their worry about the future if something goes wrong and use those concerns to design and implement a plan that more accurately reflects their needs. Your client’s will sleep better at night and so will you.

Adding an investment to a client’s portfolio is a decision.  Removing an investment from a client’s portfolio is a decision.  If you have a discretionary account, you review the changes with the client.  If you have a non-discretionary account, you must get your client’s permission to execute a buy or a sell.

However, doing nothing is also a decision.  Making a decision to do nothing can be as important as changes that you make.  Make sure you are discussing with your clients your decision to not make changes.  If you aren’t sharing your “hold” decisions clients may wonder why they are paying a fee for “inactive” assets.  If you have a non-discretionary account, the client may wonder if you are paying attention to their entire portfolio.

Doing nothing is an important decision.  Take credit.

Supernova Advisors use their monthly 12/4/2 meetings to “take credit” for the important work they do for their clients throughout the month.  Our advisors deliver one-of-a-kind service.  If you would like to learn more, join our member-only website or sign-up for one of our coaching programs.

How much misinformation are your clients exposed to on a daily basis?  If your clients listens to Jim Kramer or other talking heads on CNBC, read the USA Today or Wall Street Journal and subscribe to several internet news services they may be exposed to all kinds of inflammatory, exaggerated and even misleading articles about how to invest. It is almost impossible to listen to any media without someone suggesting a new way for them to invest. This doesn’t take into consideration discussions among friends about special ‘deals’ you can buy into using their exclusive finance club or investing in the latest penny stock.  It is a challenge, especially in volatile times, to keep clients calm and on the right track.

A case in point was the fiscal cliff at the end of 2012.   The media made a strong case that it would be the end of the world or maybe just the stock market and the United States economy if we fell off. You can’t really blame them for wanting to sell their product but we all need to be aware of what they are doing.  I personally know several high net worth individuals who called up their advisors, took money out of the market and put it in cash because they were afraid of loosing it. The result…they missed out on the Dow’s biggest gain in more than a year during the first week of January.

Supernova advisors use their monthly 12/4/2 meetings with clients to inform them about what is real and what isn’t. They dial back on the hype.  For example, you can quote statistics that prove if you stay the course with a diversified portfolio through good times and bad you will make more money than trying to ‘time’ the market by jumping in and out.

A wealth advisor keeps clients focused on their goals. They do that by putting current events into perspective and reminding them they need to stay the course. You can point out historical statistics and current trends. Talk to them about current affairs, listen to their concerns and fears and assure them that you have their best interests at heart. If you don’t talk to them your competition will.

The Supernova client service model is built around our 12\4\2 client communication process.  Our advisors deliver one-of-a-kind service.  If you would like to learn more, join our member-only website or sign-up for one of our coaching programs.

There are a few things as refreshing as taking time away from the office. While there are financial advisors who seem to spend a lot of time away there are more advisors who feel that they cannot be away from the office. At Supernova, we believe time away from the office is important. Time with family, time to think and plan, time to read and be challenged and inspired, is time well spent.

Our business not only requires careful attention, it requires your energy. Energy not only comes from taking good care of yourself, eating right, getting enough sleep, and exercising; it comes from renewal and rest away from the office. Remember, your clients really want your energy and that is hard to have available when it is being used up every day by all the things that happened, expected and unexpected, in your office.

Working hard and working smart also means renewing your strength and your energy by not always working…taking vacations, days off, learning, thinking, and sometimes simply doing nothing. Getting burnt out is often a result of not being able to build up your energy by being away.  Restorative time is also a productive time.

The Supernova process helps you find the right balance between work and pleasure…building your energy.  If you would like to learn more, join our member-only website or sign-up for one of our coaching programs.

It is always pleasant news when we are flying to have the gate attendant tell us that we have been upgraded to first class. It is far more comfortable to be seated where the service is better, the attention to detail and the availability of special snacks, food or drink makes the trip all the more pleasant.

There are a number of your clients who really appreciate being upgraded in their service. Remember, in supernova everyone gets a first-class experience. The goal is for the entire client base to receive outstanding service. Everyone in a concierge sized practice moves up to first class. That’s why Supernova is good news for your clients.

Just to be sure that you explain to everyone just what first-class service will mean to him or her in your supernova practice. They are part of an exclusive group of 100 or fewer clients who will have regularly scheduled contact; a planning based investment process, a 24-hour resolution of problems or concerns and 12/4/2 service.  You want your clients to know that they are special and your referrals and prospects to know just what they can expect when they become a part of your exclusive Supernova practice.  It is an upgrade that most clients in financial services will never experience, no matter how large the account.  Take credit for what you offer, it is unique and valuable, it is an upgrade that benefits you and your clients.

 

 

 

What is it that makes your practice distinctive, how are you and your team different from everyone else that your prospect has spoken to?

What is it that makes you stand out from the crowd?

Why should your prospects and referrals do business with you?

It is not enough to talk about pricing, trading, research, services, your firm’s capabilities, your years in the business…because so many others can offer and say the same things.

Answering this question is easy for a Supernova advisor:

 “I have a small, concierge- sized practice with 100 or fewer clients. And because of that we offer exceptional client service, which we call, 12/4/2. That means we contact every client at least one time per month and 4 of those contacts are reviews, 2 of which are in-person. We also have a planning-based investment process that manages risk as well as fulfilling investment goals.   We work best with those clients who have $1,000,000 or more in investable assets.”

In just a few short sentences, a Supernova advisor makes clear the distinctives about their practice.

And, when speaking with a prospect or COI, a Supernova advisor can always add that this question to a conversation, “Tell me, what are the distinctives you receive from your current provider?  What’s their service commitment to you?”

Very few advisors can comfortably recite their distinguishing characteristics..and, of course, their clients can’t either.

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