By: Bill Bachrach

There are critical conversations necessary to engage people in ways that predictably turn leads into prospects, prospects into clients, clients into people who take action on your advice, happily pay you for planning and advice, and refer you to their friends, family, and colleagues.

These conversations are easy to understand but hard to master. Many FAs have a basic level of ability with these conversations, but this article is about elevating from basic ability to virtuoso skillfulness. Consider what could happen to the quality of your client service and the value of your business when you can artfully engage anyone, any time, and anywhere.

Critical Conversation #1: Mastery of the first conversation.


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Do investors understand the total cost of investing and advice? The problem with ideal prospects is that they tell you" they are good" meaning they are happy with their advisor. But you know they are not getting the level of service they deserve. You know they are not getting comprehensive planning, and they are definitely not getting all of the services that a comprehensive planning and wealth management firm provides. But here is the problem. You know it and they don't.

Offer a fee audit on a prospects portfolio and financial plans

How can you let them know what they are not getting, but think they are paying for. Do a fee audit, to show them what they are paying, and more importantly, getting and not getting. Honestly, how do you feel w...

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Most financial advisors do not have an ideal client profile. If you are looking for more ideal clients, then define who you are looking for. First, it’s your internal belief system on who you are looking for. For example, what you say and believe have to match” We do our best work with ____ (the type of client) who has a net worth between 2 to 6 million” . Who do you do your best work with?

Build case studiesBuild case studies to help people identify the people who need to work with you, that are not getting comprehensive planning and advice. Your ideal client profile will help you find those people and help people understand your ideal client profile. Reading your case study will help your prospects understand potential...

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How do you go from where you are now, to where you want to be? How can financial advisors generating $500k of income get to one million plus revenue? I will give you a hint. It’s not about time management. It is also not about products or services. It’s about your path to success, are you on it?

What is your path to success?
For financial advisors struggling to grow, they are on the path to frustration and as one advisor told me, chaotic. How can you go from $500k in revenue to over 1 million? What are the keys to your path to success? Let’s examine your current path?

Ideal clients definedDo you have a clear definition of what an ideal client is? How much revenue do you want to generate for every ideal client, family or ho...

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How can you deliver more value to your best clients this year? Have you ever been to a meeting that took more time than necessary? How can you make your meetings more productive, while enhancing your client experience? How can you demonstrate value in your progress update meetings? In working with Business Health and their client survey tool, Ray Henderson of Business Health in Australia suggests that clients surveyed in several countries around the world, by their financial advisor sometimes do not see value in the review process Why is there a disconnect between what the advisor delivers and what the client sees as a valuable use of their time?

It starts with an agendaIn my workshops with financial advisors, it...

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The number one thing advisors are looking for is clarity around their business for their future. They have a good sense of where they are going, but then face the challenge of achieving their goals because they seem to change, as the industry changes. With all of the regulatory, technology and product pricing changes, it is no wonder that advisors need a deeper sense of clarity around their future.


How do you get more clarity?

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When I ask financial advisors, what I the most important piece of technology they use, they rarely come up with the answer I am looking for. This technology can transform a practice from struggling to success in a very short time. Everyone has their opinion on what the best use of technology in their practice is. After all, being a practice management specialist, I talk about technology every day. So what is the most important piece of technology for financial advisors? It is your phone's voice recorder.

Why is the voice recorder the most important technology?When was the last time you recorded yourself and listened back to self-coach yourself? So here is an idea that can transform your business, your client meetings, and your outlook. It...

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The real risk is not reaching your goals, especially if there is no clear plan to get there. Performance won’t matter, asset allocation won’t matter, and the best products won’t matter if clients don’t reach their goals. Do you do goals-based planning with your ideal clients? A big challenge for people is to clearly define their future on paper. A crucial role of a financial advisor is to help their ideal clients get a deeper sense of clarity around their future.

How can you help people get more clarity?

In my workshops with financial advisors, I ask two questions in relation to their own personal goals. First look at the list below and tell me how many goals you personally have? The answer is usually 6 or more, and...

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You won't find this idea in a book course or workshop. You won't find this idea at a seminar.

Not even at a course or the Internet. In fact, you won't get this information from top performers, but you will find the best idea ever in your own practice with your own clients. It will change the way you think. It will change your business strategies. It will make you take a close look at what you are doing right and what you need to improve on.
This BEST PRACTICE idea will help you grow, develop and build your practice to heights you thought weren't possible. It will make you understand your business better, even more than hiring a consultant. This one idea may change your business in 2019 and beyond.

If I was asked to give only one idea to bui...

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In real estate, it is location, location, location. In practice management, it is process, process, process. What is your process for ideal clients in a progress update meeting? How can you enhance your client’s experience at your meetings? What keywords do you use on your agenda’s? Instead of the word reviews, use a progress update.

Create an agenda with time blocks

Creating agendas are what top financial professionals use to enhance their client experience to ensure that all areas of your client’s comprehensive financial and investment plan are covered and discussed. Do you add to the agenda hidden areas that may have been forgotten, such as estate planning, tax planning, wealth management or other investment planning i...

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