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I was recently talking with a very good Financial Advisor.  I asked him what he asked COIs (Centers of Influence) to say to potential clients.  He gave me two answers:

1.  Could I give you a second opinion on your portfolio?

2.  Are you happy with your present advisor?

I don’t believe either of these are effective questions.  Why?

How do you review a portfolio without knowing what how much risk a prospective is willing to assume and what that prospect wants to accomplish with his/her money.  A much better way would be complete a plan for the prospect to determine if they are on track to reach their goals.  That is a differentiator.

Happy is a nebulous term. If you ask a prospective client if they are happy, they might be happy because they don’t know what else is available.  The prospect may become unhappy with their present advisor knows that you offer:

• monthly schedule contact with quarterly reviews including two face to face meetings
• rapid response to client questions or problems with a 24 hour resolution standard
• multi-generational and fully implemented planning
• a concierge practice for a limited number of clients

Exercise: Discuss your service model with your COI’S and ask them to describe their service model.

 

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