A Gift of Answers

1. A Gift of Answers • Ed Howat, Jr., CLU, ChFC, LUTCF, RCC • Addie Woods Consulting Co • 651.405.6644 ed@addiewoods.com

2. Practice Management Client Retention, Acquisition, Cross Selling

3. Will Lose At Risk IDEAL Too Costly IDEAL At Risk Too Costly IDEAL ????

4. 80/20 Rule Will Lose At Risk IDEAL 9.6% Which group gets most of your time? How many hours of work on your desk? Too Costly IDEAL At Risk How much time do you spend looking for stuff? Too Costly IDEAL ????

5. Client Losses • Have any of your clients died? • As a Financial Advisor, what do you recall about the experience? • What did the family expect from you? • What could you have done to make it easier for the family? • Were there issues that you were not prepared to handle? • Were you able to continue working with the surviving family members?

6. When A client dies… • Will you be working with • A stranger • No one • A spouse and family who see you as a very trusted advisor?

7. It may be time to shift Your focus to the beneficiaries • How well do you know the family members? • How well do you work with woman? • The average age of first time widowhood is 52* • 70% of widows change financial advisor within 3 years of their husband’s death** • Do the children know how good you are? • * The American Journal of Public Health reports ( Detroit Free Press) April 30, 2003 • ** Marketing to Woman, How to Understand, Reach and Get Your share of The Worlds Largest Market Segment, Martha Barletta, January, 2003

8. It’s About Households Up The Family Tree Down The Family Tree Across The Family Tree It’s About Marketing

9. Coaches Teams Civic Alumni Community workplaces Advisors Recreation Client AND Spouse Siblings Children Parents Cousins Current Clubs CPA Charity Church Former School Parents Friends Parents Attorney Hobbies Pastimes How well are you connected to the family?

10. Gatekeeper, Rainmaker, or Roadblock • Are you making sure that your clients’ family’s financial well being is taken care of? • Have you connected your clients’ finances with their life? • Are you a catalyst or a roadblock? • Do any of your clients need to do some estate planning or purchase more life or long-term care insurance?

11. Tool Kit • The Value Proposition • The Safe • The Beneficiary Book • Wealth Management Report • First Things First • Disaster Preparation Kit • Marketing Plan

12. Value Proposition • “I am going to help you get your financial house in order. We are going to do it in an organized manner. Basically, I want to help you do what you haven’t done.” Borrowed from Mark Zinder

13. The Safe $50 Wal-Mart

14. The Beneficiary Book • Purchase ten copies of The Beneficiary Book • Send best clients a copy with a cover letter • Organize a client seminar (optional) • Begin work on completing the book • Uncover gaps and provide solutions http://www.shopstorenow.com/orange/activeinsights/index.html

15. Wealth Management Report • Prepare a complete financial report • Set up client meeting to review • Update client information • Set goals

16. First Things First • Review Checklist • Set timetable to complete

17. Disaster Preparation Kit • Review Checklist • Set timetable to complete

18. Marketing Plan • Review and adjust Ideal Client Profile • Rethink your story • Rethink your target markets • Review networking diagram • Rebuild your Center of Influence list • Review your sales process • Rethink your discovery form & process • Be a beacon not a barrier

19. Action Plan • Identify Your Top Ten Clients • Send them The Beneficiary Book with a cover letter • Sit Down With your clients and begin the process of completing The Beneficiary Book • Organize The Beneficiary Book Seminar • Integrate the Wealth Management Report into the Plan. • Meet with the client’s other advisors • Begin to close the gaps in The Plan The person with the most information has the control

20. The Client Seminar The Gift of Answers

21. LINE OF LIFE BIRTH DEATH

22. It’s About Your Movie Where did it start? Where is it now? Where is it going next? How is it going to end? You may still have time to write the last ACT!

23. It’s About Your Movie Heritage Values Experiences Dreams “Life is what happens to you while you're busy making other plans." -- John Lennon

24. It’s About Your Movie Is it time to write the last ACT? What do you want people to remember about your movie? “Life is what happens to you while you're busy making other plans." -- John Lennon

25. It’s About Your Movie “The farther back you look, the further ahead you can see.” Winston Churchill “Life is what happens to you while you're busy making other plans." -- John Lennon

26. Will your estate pass on with a deep sense of heritage*, or will the past die with you? • “Have you claimed your place at the fire?”– Richard Leider - Author • “Whenever an older person dies, another museum closes.” -- Scott West - Author *Heritage: something possessed as a result of one's natural situation or birth? What is your family’s heritage?

27. It’s About Your Movie What do you remember about your parents and grandparents? What did you learn from them? How did you learn it? What should your family know about them? To change a culture, the first thing that must go is the traditions

28. The Best Gift • What would you like to know about your family’s past? Can you still find the information? • How much do you know about all the people in your family’s photo albums, home movies and recordings? • Are there any questions that you would ask your parents, or grandparents if you had another chance? • What do you want your family to remember about the past? • What traditions, values and beliefs need to be permanentized? What could be better than a gift of answers?

29. The Best Gift • What made it difficult to deal with your parents’ death? • What could they have done before they died to make things easier for you to wrap up their lives and their estate? • Upon reflection, what could you do to make it easier for your family to deal with your death? What could be better than a gift of answers?

30. Ethical Wills • A way to be remembered and to leave something behind  • Who will tell your story if you don’t? • A way to put into writing what you value most and what you stand for. • By articulating what you values now, you can take steps to insure the continuation of those values for future generations • You will learn a lot about yourself in the process • You will come to terms with your mortality by creating something of meaning that will live on after you are gone •  It provides a sense of completion in your life  This is the wrapper and the bow around all that you own

31. Finishing the Movie • How do you want your movie to end? • What do you want your family to remember about you? • What do you want your family to remember about your parents and grandparents? • If you could share five things about life with your children and grandchildren, what you tell them? • Would you like to offer specific advice to anyone in particular? • Are there any relationships that need repair? • Who is prepared to take over your role as head of the family? http://video.google.com/videoplay?docid=440900812139281725

32. Is it possible that your movie script will be completed by someone else? But…

34. Could This Tragedy Be Avoided?

35. Stuff Happens… Are you prepared for an Emergency?

36. Death is inevitable; the mess is avoidable “The lack of knowledge deprives people the opportunity to mourn.” -- Martin Kuritz - Author

37. What are you leaving to chance?

38. Have you ever called the babysitter because you forgot to tell her something?

39. Owner’s Manual Peace of Mind Does your family’s legacy come with an owner’s manual?

40. The Most Qualified Executor • Who is the most qualified person to handle the final affairs of your estate? If you won’t be around to do it yourself, who has the information to do it right?

41. Questions • Will your spouse have to search for a: • Financial Advisor? • An Accountant • A Lawyer

42. Making Things Easier for Your Heirs Now what happens when you’re no longer “available”? Will your heirs have ready access to all the information they need to handle your estate?

43. Making Things Easier for Your Heirs Do you have: • A will? • A trust? • A living will? • Real estate? • IRAs and/or a 401(k)? • Investments? • Debts and Mortgages?

44. Making Things Easier for Your Heirs Do you: • Take medications? • Have life insurance? • Have a lawyer? • Have an investment advisor? • Have IDs and Passwords? • Have “final “arrangements”? • Have a Disaster Recovery Plan?

45. Making Things Easier for Your Heirs Your heirs, executor, administrator will need to know: • The location of al important documents, • how to contact certain people and a lot more! • Have you recorded all that information? • Where? • How? • Who knows where it is?

46. The Owner’s Manual

47. "The attorney who utilizes a caring approach to death issues can be assured of a continuing stream of referrals from clients. `The Beneficiary Book' may be the way to facilitate that process." •   --Law Practice Management Magazine

48. "The advice you’ll find in this book is what you write yourself. • And that’s the beauty of it… It’s designed to tell everyone where  everything is – and advise them what to do once they find it." •   - Susan Tompor, Detroit Free Press

49. Advantages • An organized way to give your family the answers they will need. • It reduces stress for your loved ones • It is a way to test drive your plan to make sure everything is in order • It is an easy fill-in the blanks approach • It is easy to change and update

50. Table of Contents • Personal and Medical Information • First Things To Do In An Emergency • Estate Plans and Final Wishes • Finances, Investments and Insurance • Inventories • Business Interests • Strictly Confidential • Everything Else