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If I was a prospect of yours, what would be the journey towards eventually working with you? How do you get different levels of engagement and stay in touch? There is no correct answer in this article, so if you are looking for a simple solution, stop reading now. We all have prospects that we have met and would like to do business with. Each ideal prospect that we acquire, has a unique journey towards becoming an ideal client. I want to focus on making this the best journey for the client, not the easiest way for you to automate this process with software. Let’s face it, you can delegate everything as a financial advisor except prospecting. This is the hardest part of the job and pays the most, so prospecting is a critical skill ...

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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.

Every future Ideal Clie...

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How do I acquire more ideal clients starting today?
What is the best process to find them?
What is a simple way to implement immediately to grow my business?

Monday morning when you go to your calendar and you don’t see a lot of potential new ideal clients, what do you do? I would start by setting up appointments with some of your ideal clients, either for a progress update meeting or for a coffee. The goal here is to help people in other areas of their lives and become the "coordinator" and meet new centers of influence.

How many centers of influence do you work with for favorable introductions or give you referrals? Do they know how to do favorable introductions and have a process? This may be an opportunity! Would you like more? In ...

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Yes, you heard me, I don’t believe in financial planning. I don’t like the term, I think it confuses consumers and is misunderstood. I don’t believe in a financial plan either. Most people who do financial planning would agree, “ I only believe in comprehensive, quality financial planning. Now that means something.

ComprehensiveWhat is comprehensive financial planning? Wealthy people want a comprehensive strategy, a quality solution and a holistic approach to their wealth and their legacy. Most people look at financial planning negatively, meaning the plan will solve their problems and give them solutions to their problems. This is old school thinking and language. Financial advisors for years approach it as a solu...

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Financial advisors all struggle to acquire more ideal clients. This is the hardest part of being a financial professional, is to get better clients. O when I ask advisors for these two pieces of data from their best clients, most advisors either don’t have this information or never use the information. After all, advisors who are great at getting data rarely get this information. Financial advisors who are great at networking almost always get this data. What are the two pieces of data I am referring to? It is your ideal client's events and their network of professionals.

Favorable introductions are easier than referralsDon’t get me wrong, referrals are better than favorable introductions, but what is the difference. I truly b...

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When was the last time a client or prospect walked into your office and asked for an estate plan? The reason why people don’t ask for one is that they need a deeper clarity around their specific goals for their estate. Instead, ask this question. “Did you know about our beneficiary audit service? “The typical answer is no, what is that about. “Would it be valuable to do a beneficiary audit, to summarize on one page all your beneficiaries and the benefits they will receive, and make sure all beneficiaries are correct and coordinated with your will? If we could summarize this information on one page, would that be valuable to you?

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I get it. I was a financial advisor for over 20 years, so I get the problem with ideal client acquisition. It is not that you can’t acquire ideal clients, you are already successful. It’s not lack of confidence or knowledge, you have that. You have all the tools to acquire more ideal clients, but you choose not to because of one thing. Your compass.

What is holding you back?Time pressures occur on a daily basis for advisors who are not organized and lack discipline in time management. I get it. You are constantly feeling behind in all of your client service tasks, emails, and daily meeting notes. The last thing you want to do right now is bring on a new ideal client. The first thing that goes through your mind to pick up the p...

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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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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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