Financial Advisor Training: Attract New Investment Assets
- 1 hour on-demand video
- 6 downloadable resources
- Full lifetime access
- Access on mobile and TV
- Certificate of Completion
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- Open the Prospect’s Mind to a New Financial Methodology
- Focus on the Methodology, Not the Barriers
- Introduce the Methodology
- Help the Prospect Determine the Best Methodology for Him
- Ask Him What He Likes and Doesn’t Like about the Methodology
- Drill Down to the Specifics of What He Likes about the Methodology
- Save the “Advisor Discussion” for the Next Meeting
- Help the Prospect Find an Advisor to Adopt That Methodology
- Plant the Seed for Your Methodology
- Grow the Seed for Your Methodology in the Next Meeting
- Make sure to download the workbook so you can easily follow along and take notes
Attracting investment assets, for most clients, is the ultimate test of how much trust you’ve built in the relationship.
A person will not give you charge of a million-dollar-plus portfolio unless he really feels comfortable with the relationship.
He might decide that he will buy a little bit of insurance from you or try a little bit of this or a little bit of that, but the ultimate test of how the relationship is set up is this: is he willing actually to turn over the nest egg to you?
Scale your Business with your Existing Clients
Bringing in investment assets is the best way to create recurring revenue for your practice.
Recurring revenue means you actually have an opportunity to go back and build, maintain, and grow a relationship and get paid for it every single time you show up, without regard to what transaction gets it done.
This arrangement takes a lot of the pressure off of you.
It allows you to reinvest in your business, staff, office space, marketing, and whatever else helps your business because you have repeatable, recurring revenue that you can count on.
It’s much easier to maintain a relationship with your existing client than to find a new relationship with a brand new client each time.
Revenue associated with maintaining a relationship is much more enjoyable from that standpoint.
Most of our clients have more assets than their current lifestyle allows.
You want to make sure they don’t ever look back and say, “Gosh, I wasn’t efficient here. I didn’t get the most out of my life here. I could have gotten more.”
This program will show you how to help your clients get the most out of their lives.
It will give you a system to teach your clients context and perspective by helping them determine whether their wealth actually aligns with their core values or not.
It helps them get the most that they possibly can get out of life, given the resources available to them right now.
That’s what you’ll be able to do for your clients.
Why Rule the Room Financial?
There are three key reasons why Rule the Room Financial is different:
You’ll learn WHY it works. We don’t just show you how to do it or what to do. We tell you WHY it works so you can learn to “fish” on your own.
You’ll learn in YOUR unique communication style. We all communicate differently. That’s why every lesson is taught with four unique selling styles (fascinator, performer, inspirer, and energizer) taught by four of the top producing financial advisors in the country: Katherine Forrester, Chris Koon, Karl Dettmann, and Matt Heckmann.
You’ll be able to APPLY practical techniques right away. This training actually makes sense. World-renowned trainer, Jason Teteak, is able to decode the magic that happens when top reps are meeting with their clients. He then bottles up the secret sauce and presents it to you so you can easily understand how to use it in your own style and apply it to any situation.
As a collective group, we have come up with some amazing things. The techniques in this program will help you attract new investment assets. It is exciting to see what will be uncovered.
- Financial Advisors
- Financial Managers
- Sales Professionals
Attracting investment assets, for most clients, is the ultimate test of how much trust you’ve built in the relationship. A person will not give you charge of a million-dollar-plus portfolio unless he really feels comfortable with the relationship. He might decide that he will buy a little bit of insurance from you or try a little bit of this or a little bit of that, but the ultimate test of how the relationship is set up is this: is he willing actually to turn over the nest egg to you?
Bringing in investment assets is the best way to create recurring revenue for your practice. Recurring revenue means you actually have an opportunity to go back and build, maintain, and grow a relationship and get paid for it every single time you show up, without regard to what transaction gets it done. This arrangement takes a lot of the pressure off of you. It allows you to reinvest in your business, staff, office space, marketing—and whatever else helps your business—because you have repeatable, recurring revenue that you can count on.
Most people don’t have a financial methodology. Clients typically think they have a financial methodology, or they assume their financial advisor has one. In reality, they often don’t, and most of the time, neither does their financial advisor. The good news is that you are not competing against another methodology. You’re just giving them a methodology for the first time. That’s why you need to have an investment philosophy or methodology. This section of this chapter is all about getting their minds to open up to that methodology.
Layer #1: Ask Him to Dream How He Wants to Live
In this first layer, you are asking the prospect how he wants to live his life. It’s allowing a client, maybe for the first time, to really dream about what he wants in life. This is the layer with all emotion and no math. It lets the prospect dream a little of how he wants to live life without the added burden of how all the math works out.
Most people don’t tie their methodology back to their goals. Their “methodologies” are often reactive and speculative. Often times, it’s merely a hope, or they don’t even pay much attention. In many cases, investment results will be the driver of the life plan. For example, when their investments are doing pretty good, they go and take a vacation. When their investments are horrible, they then pull back on everything in their life. Investment performance tends to drive life plan.
Notice this is not age-based. It’s time-based. That means this applies to eighty year olds and twenty year olds the same way. There are a lot of very powerful reasons why we do it this way. First, emotionally, it becomes extremely powerful for clients to break the whole decision of what they should do with their assets into bite sized pieces. They can make much better decisions.
Second, it’s easier for you, the financial advisor, to control the emotions and the behaviors of clients during times of extreme euphoria and/or fear. For example, imagine it is 2008, and a retired client comes into your office. His portfolio, in aggregate, is down 27%. But, since you break his money down into these four time horizons, you can say to the client something similar to what Matt explains below:
Matt: “Your zero to three year money is actually allocated to cash. That portion is not down at all, so the portion you’re going to use in the next two or three years is completely safe.”
Client: “Well, that’s a big relief.”
Matt: “Your four to eight year money is pretty conservatively invested too, so that’s only down about 5% right now.
Client: “Oh, that’s not so scary.”
Matt: “Now, your fifteen plus year money...the portion of your portfolio that’s really tied to equities, is down 38%, which is not fun to see. At the same point, though, the question really is not do we think that the market is coming back tomorrow, next week, or even next year. (Because in 2008, it didn’t feel like that was going to be the case.) The question is this: do we think that sometime, at least once in the next fifteen years, something good will happen in equities?”
Client: “Yeah. Fifteen years...of course something good will happen in that period of time.”
Matt: “Okay, good. In that case, not only do we not panic and try to get out of the way and sell and all that, but we actually should probably...”
Client: “Buy more of that.”
Matt: “Exactly right. Why? Not because we expect it to go up tomorrow, but because this is a giant sale if we don’t need the money in the next fifteen years. Because you have a plan that lets you connect the dots of your wealth to your life plan, you can confidently and comfortably make the right move.”
Matt explains this story to each and every prospect he encounters in the fact finder. He’s explaining this “time-weighted asset allocation” to the prospects so that they can start to see that this is the methodology that Matt uses. Most prospects have never seen or used it before.
Compared to the three layers we just described to the prospect above, this next piece is logical and short. Our goal is to get the prospect to determine that our methodology is best for him, but really, we want to make sure that whatever methodology is best for him is the one he chooses.
Plant the Seed for Your Methodology
The last section of this chapter is more on planting a seed with the prospect. Your goal here is to plant the seed in the prospect’s head and heart that really the only way for him to get this amazing methodology is to work with you. Here’s what it looks like for Matt:
Matt: “In the next meeting, we’ll get into this in more detail. We’ll be doing a draft version of this for you, now that you’ve said you like this and want to understand it better, too. For now, start to think about this: assuming that this is the methodology that is right for you, the follow-up question, which you’re going to have to address at some point, is who is going to be responsible for implementing and maintaining this plan for you?”
Matt: “It could be you. It could be us. It could be your current advisor. It could be a different advisor. But what’s important is we have to marry the methodology you like and want for your family with an advisor who also believes and is capable of this philosophy. We can’t expect, fairly, to go to an advisor who doesn’t do it this way and ask to change what he or she does just because you want to be the one client out of two hundred using this method.”
Prospect: “That’s a good point. I’ll have to think about that.”
That’s great. That’s all you want the prospect to say at this point. All you’re doing today in the fact finder is planting the seed.