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Capturing the Opportunity. Follow-up Conference Call June 25, 2009. Capturing the Opportunity. Follow-up Conference Call Agenda. Recap where we left off at the conference The importance of a “different” conversation with your clients prospects 2 nd Opinion / Recovery Plan / Reboot Offer
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Capturing the Opportunity Follow-up Conference Call June 25, 2009
Capturing the Opportunity Follow-up Conference Call Agenda • Recap where we left off at the conference • The importance of a “different” conversation with your clients prospects • 2nd Opinion / Recovery Plan / Reboot Offer • What does a Consultative Process and client deliverables look like? • How do we get “at-bats”?
Framing the Opportunity • Investor Discontent • 4 out of 5 investors want to switch their advisor • Only 10 – 15% have done so. Why? • Independent Advisors are not changing • Performance is not a differentiator • Clients (and their advisors) are focused on the wrong questions (questions that can’t be answered)
Capturing the Opportunity • REQUIRES A DIFFERENT CONVERSATION
The Great Advisors will focus on: Planning process Strategic asset allocation dictated by, and in service to, the plan Behavior modification The Terrible Advisors will focus on: Economic forecasting Market prognostication Handicapping future relative “performance” Capturing the Opportunity Nick Murray
Capturing the Opportunity The 3 Things You Must Do • Commit to change • Rediscovery meetings • Offer 2nd Opinion Service (a.k.a. Recovery Strategy) John Bowen
Capturing the Opportunity • 2nd Opinion Service • 4 out of 5 want to switch advisors • “Hit the reset button” • “Need a recovery strategy” Four “R’s” of a Recovery Plan • Permission to Realize that there is something you can do • Reengage: stop contracting and expand (Reset, Regroup, Realign) • Design the Recovery Plan • Relax: stop holding your breath, begin sleeping again
Capturing the Opportunity 2nd Opinion Service Start with questions to understand new values and goals: First two sections of Discovery Interview Guide; Or, questions relative to the current environment: What is the most important financial issue in your life at the moment? What is going on in your life right now that could have a major financial impact? What do you see as the biggest threat to your financial security? Deliverable is Portfolio Analysis v.2
Capturing the Opportunity Consultative Process
Capturing the Opportunity Consultative Process: The Client Deliverables
Capturing the Opportunity How do we get “at-bats” WSJ Article: 4 out of 5 investors 2nd Opinion offer to clients 2nd Opinion offer letter