Understanding the personality types of your clients will lead to greater client satisfaction and smoother relationships. Whether you use Myers and Briggs or Colors or some other model, just know that each client has a dominant style and you need to be able to understand that style and communicate with them with that style in mind.
Husbands and wives very often have opposite personality types which can lead to very different reactions to risk and reward. Knowing this ahead of time will allow you to address these issues in the right way to the proper party; making them both feel more comfortable and ultimately getting the outcome best for all.
Asking a number of probing questions during the financial planning and profiling phase can also yield a wealth of information about personality types.
For example, asking a person how they recover after a long week of work may tell you if they are an introvert or extrovert. If they prefer to curl up with a book in their favorite chair, there is a pretty good chance they are an introvert. If, on the other hand, they can’t wait to get to that neighborhood party and see everybody, they are probably an extrovert.
This may not help you with the risk issues, but it sure will explain why they always regret your client appreciation dinners.
Understanding personality types can add value to the way you deliver advice and service to your clients….build it into your ongoing service model.
Of course, please let us know if we can help. Our exclusive website and coaching services are dedicated to helping you bring balance to your life, improve the overall focus on your practice and give you the time to grow significantly.
People are always interested in improving their health. But there is so much misinformation out there it is hard to decipher what to do. One topic you can talk to your clients about during your 12/4/2 meetings is hiring a personal trainer – and then you can recommend the trainers your clients enthusiastically endorse.
You could even give your clients a gift of a free 1-month’s training with the trainer to get them started. Most trainers will give this to you free if you are sending them new clients. Your clients will perceive you as someone who really cares about their well-being. And can you imagine having several clients at the gym all talking about you and your great service to others who are there?
Studies show people who work out with a personal trainer are more likely to watch what they eat and exercise on a regular basis. Working out with a personal trainer can help release stress, build muscle, control weight and lessen arthritis and osteoporosis. But most people need a nudge to get started. Do some research so you have your facts and then make this a topic to talk to with your clients. Imagine if we got the whole world working out – obesity would be a distant memory.
FYI: Make sure you are also working out for your health when you recommend this to clients or they will have a hard time believing your sincerity.
Utilizing the Supernova brand is a super way to make 2013 your best year ever. If you need some help, join our member-only website or sign-up for one of our coaching programs.
How do you label someone a Center of Influence? Someone once said, “Everyone has an effect on everyone else, of that there is no doubt. Some light up a room just by coming in, and others, by going out.”
In order to attract COI’s that will give you business you must first become one. To qualify for that role you must have a stellar reputation, high character and credibility. These qualities will ensure clients and prospective clients will take your advice on financial planning seriously. You can begin to establish yourself as a COI by posting articles on Linked In, conducting seminars, discussing important matters with clients, prospects and the general community. Use these forums to express your opinion, values and thought processes.
It is never enough just to understand the markets or to be capable of explaining an investment. Influencing others depends on your character. Your character is what makes you credible and that credibility will build your reputation. It comes from how you treat others, your track record as well as your success record A person of influence builds a reputation by the small actions they make every day that demonstrate to everyone around that “I am a person of character.”
Have you ever been out to lunch during the work week and noticed the well-dressed 75+-year-old couple having lunch? She has on jewelry and heels and he is dressed in a 3-piece suit. You wonder why they are out to lunch all dressed up when they are obviously retired and could be anywhere?
Seniors often-times choose daytime activities instead of evening due to a variety of issues including health, eyesight and sleeping patterns. They may not be able to play golf, tennis or other sports like they used to so they enjoy themselves by going on outings.
If your niche is high net worth retired people you can cater to this crowd by providing daytime outings for them. What would be more fun for someone who is looking for something to do than going to a lunchtime cooking class with a local chief who just published their own cookbook, spending an afternoon at the new wine and canvas store, learning how to use Facebook from a tech geek, or listening to a poetry reading?
Here are the steps:
Supernova advisors are always striving to enhance their clients’ experience Events like these add an extra personal touch to your monthly calls and meetings.
If you haven’t been through one of our coaching programs, give us a call. We teach you how to grow your practice and gain greater balance in your life. Call us today!
Do you remember Dorothy in the Wizard of Oz clicking her ruby slippers and chanting ‘there’s no place like home’ then waking up to find herself back in the warm embrace of Auntie Em? Sadly, most of the people in nursing care facilities (now referred to as independent living retirement communities and senior assisted living centers to make them sound like nicer places) wish they could do the same. They just want to go home. But for many of them that isn’t possible because they can’t afford in-home care. Or they may end up signing away their life savings in order to be cared for by a Medicaid program that is wanting in every way.
As most financial advisors know, long term care insurance is a potential solution for clients in their 50’s and up. Unfortunately, this type of planning can get pushed to the back burner. Other planning and priorities always seem to take precedence.
And this is where, for Supernova advisors, the monthly 12-4-2 conversations can come into play. Long-term care can be a a good topic to discuss during one of your regularly scheduled calls or meetings.
From a financial viewpoint, the best candidates for long-term care insurance are generally people between the ages of 45 and 75 with at least $200,000 of assets to protect. The American Association for Long-term Care Insurance survey found that 54% of the people who apply for long term care insurance are between the ages of 55 and 64, but 23% of those candidates are rejected due to unacceptable health conditions. In other words, the older you get the more likely you will be to have a medical condition that could disqualify you. And a whopping 69% of people will need some sort of long-term care during their lifetimes.
Clients might put this off and think they won’t need this care or they have enough assets to pay for their care out-of-pocket. That may or may not be true. The 2012 Cost of Care Survey by the American Association For Long Term Care Insurance found that the cost today for a private room in a nursing home is $81,030 for 1 year, $255,447 for 2 years and $447,741 for 5 years. In ten years, that would run $125,704 for 1 year; $396,282 for 2 years; and $694,595 for 5 years.
If you were to opt for in-home care the costs would almost certainly be even greater. The median cost is $86,944 for 24-hour care per year. And no one can predict how long they are going to live in that condition.
These costs don’t include other expenses you may already have in place. For example, the home you want to go back to, medications, autos, pets, and other obligations such as taking care of your spouse. In fact, in a lot of cases long-term care can double or more the amount of money you are currently spending. When you measure the cost of the insurance against the risk of unexpected expenses it seems like a good hedge.
Talking with your clients about this difficult subject will increase your value to them and give you the good feeling of helping them plan for the future. And when you include more topics like this in your 12-4-2 conversations, you are setting yourself apart from your competition. If you need help building your client communication calendar, you should consider joining our member-only website or sign-up for one of our coaching programs.
How many times have you had a conversation with someone, perhaps even your spouse, child or friend, where later you both had a different understanding of what was said? Communication is one of the most difficult aspects of language. No matter what language you speak, subtle nuances can make a huge difference in meaning from one person to the next.
You can avoid this dilemma with your clients (or even your prospects) by creating a simple follow-up email to briefly outline the talking points and action items that come out of your calls and meetings. These emails can also be saved to their account on your CRM system and will build a history that is very useful for compliance issues.
During our coaching program ,we help advisors and CSAs build this simple activity into their daily routines…it becomes a ritual that leads to greater client satisfaction. If you need some help with ideas just like this one, join our member-only website or sign-up for one of our coaching programs.
How do you first create value when you are asking for referrals? One way is to make clients more familiar with your message. Explaining to a client that you give first class service to only 100 clients with 12 yearly appointments (once a month) 4 of those being quarterly reviews and 2 of those quarterly reviews being in person meetings as well as offering multi-generational planning and rapid response to their problems clarifies your level of service for them. Most client’s response is, “Do I make the cut?” They are clearly relieved to find out they do. Often times they will offer you more money to insure their place. That value will help you ask for referrals on two levels. Your confidence is higher because you know you are giving them a valuable product and their loyalty to you gives them the incentive to tell your message to their contacts.
Supernova Consulting Group helps financial advisors bring balance to their lives, increase service to their clients and grow their practice through specific best practices developed over the years by advisors like themselves. Utilizing the Supernova brand is a super way to make 2013 your best year ever. If you need some help, join our member-only website or sign-up for one of our coaching programs.
One client writes, “I have structured products in my client’s portfolios and I have to make calls for those. So does that count as my monthly Supernova call or do I have to make both? “
The answer is yes and no. The minimum level of service is a once a month touch with your clients. If you know when a product needs to be sold or renewed you can build it into your client’s scheduled call. However, if you have a bond you want to add to their portfolio that would be an extra call.
The best practice is to give value with every contact. If you are making calls to sell something like a new mortgage or insurance policy balance that out with Value calls. You don’t want them to feel like the only reason you call is to sell them something. Examples of Value calls include:
Value calls will help you build loyalty with clients no matter what the market circumstances.
Utilizing the Supernova brand is a super way to make 2013 your best year ever. If you need some help, join our member-only website or sign-up for one of our coaching programs.
There are times when certain terminology sounds right and times when we know it isn’t for us. As a coach, I am always looking for language that works. Rob Knapp urges FA’s to use the term “concierge–sized practice.”
What exactly does that term mean?
Business Week gave the cover spot to a story called, “Doctors You Can’t Afford.” The article compared physicians who have a concierge-sized practice to those who do not.
Traditional primary care physicians have 3,281 patients and make an average of$160,000 annually. Wow! No wonder your doctor can’t keep your appointed time or call you back or explain your illness. He or she is overwhelmed with patients. Business Week reported that a concierge-sized practice has only 400 patients and physicians make an average of up to $300, 000.
What is the reason more and more physicians are going this route?
The number one reason is….drum roll please…
“Proponents of concierge medicine insist that more time with each patient allows them to provide holistic care that can prevent more serious problems later.” It is a patient-centered concern. But, notice, ‘fewer patients’ still means more revenue. Sounds like Supernova.
Think about your concierge practice. When you limit the size of your book you provide customized, personalized, individual service and prevent more serious problems from happening later. Serious problems come from failing to stay in touch with your clients. Why are even your best clients sometimes ignored? Because your practice is unmanageable! Your very success at growing your practice can be your downfall if you create an unmanageable practice.
Supernova is a client-centered approach to practice management that produces benefits for all your clients. You intentionally limit the number of clients you choose to serve. You can say with confidence…
“I have a concierge-sized practice with a planning-based investment process, a rapid response for any problems or concerns with a 24-hour resolution and an unparalleled service model called 12-4-2.”
The benefits for everyone are too great to ignore.
Utilizing the Supernova brand is a super way to make 2013 your best year ever. If you need some help, join our member-only website or sign-up for one of our coaching programs.
Centers of Influence (COI’s) are defined as leaders in your community that are willing to give you referrals in exchange for the referrals you give them. Your Centers of Influence will help to deliver many of your best prospects and clients to you because they like you, trust you, respect your professionalism and want to help you. You may already have identified people in your community that you want to approach. Those potential COI’s include the CEO of the largest employer in the area, political leaders, insurance agents, business brokers, the president of the local university and the Chamber of Commerce. But before you approach anyone you will need to have your ‘elevator speech’ ready to describe what you do. If I were to ask you right now to write down a description of your practice what would you say? Too many of us give a very poor response, which goes something like, “oh, I work for _____________ firm. I am a financial advisor.”
While that may be accurate, it certainly is boring. Very few people come over to us when they hear that kind of explanation and say, “Oh thank goodness, I was looking for a financial advisor!”
The problem with this answer, even though it is accurate, it’s not very compelling. The McDonald’s Corporation understands that. They do not simply serve a Big Mac, they serve “two all-beef patties, special sauce, cheese and lettuce, pickles and onions, on a sesame seed bun.”
Both answers are accurate but only one is compelling and I’m sure you can tell which one it is. The next time someone asks you what do you do don’t tell them what you do, but rather tell them what you do for your clients. As a Supernova advisor you have a definable, repeatable service model you can share with them. Here are some descriptions to get you thinking about what you do:
How do you cultivate those relationships? First look to your current clients. Is there anyone who gives you qualified referrals without asking? Do you have a client in a professional position to have contact with a lot of your potential prospects, for example, an attorney or CPA? Second, ask yourself if there a professional who is enthusiastically endorsed by your clients over and over again? The Supernova webinar, “Six Steps To Getting More Referrals From COI’s” discusses the steps to identifying and establishing a relationship with a COI.
Another method we recommend to identify potential COIs is using your current clients. Every client has a list of trusted advisors they rely on for a variety of things. Doctors, CPAs, Real Estate Agents, Estate Planning Attorneys are examples of a few. At your next In-Person meeting with a client make a list of those people most often recommended by them. We call that list the Enthusiastically Endorsed List of Providers. (See the template for this list under Acquisition Tools). These are your potential COIs. You can then contact them and set up a meeting to discuss a mutually beneficial relationship. Tell them you have several clients that have recommended them and you want to give their name to other clients that might need your services.
Exercise: Start identifying people who fit the description of COI’s.
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