Over the last several months, I have broken down the process that my brother and I use when we implement educational workshops into our practice, and I hope there have been some fresh ideas for you to implement.
When I began working as an investment advisor, I would take on anyone as a client, as I felt these prospects were the only ones doing the interviewing in that first meeting. It was not until I examined my practice and started asking, “Whom do I really like working with? Whom do I serve best?” that I realized there was more going on in these meetings. My brother and I decided we wanted to build a firm that clearly identified those whom we could serve best and would enjoy advising over the many years to come.
Related: Come join my HAPPY group of clients
My goal for the first meeting is to determine whether I can be of value to the individual. If you ask the right questions, you can get to this answer. Bringing value is more than just growing a client’s assets. There is something deeper you must discover.
Answering “yes” to prospective clients is not about how much money they have. You have to be able to say “NO” to someone who has a $10 million portfolio, as I have. Maybe it sounds crazy, but this philosophy has created an extremely successful practice for my brother and me, as we know whom we serve, how we serve them, and why we serve them.
The very first question I always ask when I first sit down with someone is, “What brings you into our office today?” This is about them, so find out what they would like to accomplish with the time they have with you. Thereafter, I might have a couple of follow-up questions to clearly identify their goals.
From there, I let them know I have some additional questions I would like to go through with them to make sure we can serve them best. I do not grab statements or anything else. I simply try to connect more personally. Below is a general outline of key areas I like to discuss.
(1) Share the same values
(a) How do they view money? If all they care about is their money, then they are not a fit for our firm. We love to serve those who believe there is more to life than the size of their portfolio.
(b) Do they have a budget or belief in operating with one? We have found that clients who believe in a budget allow us to be great partners with them. If you establish a plan, but the client does not have the habit or willpower to follow it, then you and the client are not going to succeed in the future.
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Asking a question about a client’s past experience is very powerful if you take the time to dive deep and listen well. (Photo: Thinkstock)