According to 2015 Advisor of the Year Eric Scott, being a holistic advisor is imperative to offering clients the best coverage in their retirement.
Education is a cornerstone to his practice, but it is not the only aspect he’s embraced in helping his clients. On the following pages, Scott spells out his holistic plan in his own words. Education
I truly believe education has to be the priority with clients. When you educate clients, they can make sound decisions and will tell you what they want and desire, and you do not do any selling. You help them achieve their desires and goals.
I have written two books so far with the help of my son. The first is our planning book, “The Five Crossroads,” which deals with tax reduction, retirement income, risk management, debt elimination and budgeting, and legacy planning. Our second book is “Shattering IRA Misconceptions.” It deals with the 13 IRA myths everyone should know about. Our third book will come out at the end of the year and will cover the Social Security maze.
I feel that, with our books and education classes, people know we are here to help, educate, and give them the ability to succeed in retirement.
Define your message
When meeting with clients or prospective clients for educational sessions, don’t sell. Instead, have defined topics to discuss. The following are topics we discuss with clients and prospective clients.
1. What are the best options for Social Security?
2. What are the best pension options?
3. When should you start taking your IRA/401K?
4. What plan do you have in place for long-term care, home health care or assisted living?
5. What are you doing to reduce income taxes today and in the future? Has anyone gone over the top six areas in your tax return to put a plan together and possibly reduce income taxes? What happens to taxes when we lose a spouse?
6. Budgeting in retirement is so different than working and having two paychecks.
7. Working with attorneys on estate planning.
8. Beneficiary reviews: 80 percent of the mistakes we see deal with beneficiaries.
9. Having an income plan with inflation.
I feel education in all areas is very important and I go to several trainings a year around the country. I can tell you that over the last 33 years, I have only been asked about the CFP designations a handful of times.
Clients are looking for someone they can trust; someone who will serve them; someone who will be there for them. When you care about people and show them your commitment, they will want to work with you.