An effective discovery process not only can help an advisor better understand prospects' unique situations, but also can increase the rate at which they become full-time clients. Today's guest shares how he has developed a discovery process that has converted every prospect who has gone through it into a client over the past decade.
Michael Yoder is the founder of Yoder Wealth Management, an RIA based in Walnut Creek, California, that oversees approximately $400 million in assets under management for 64 client households. In this episode, he shares how he uses an introductory call to identify whether a prospect is the right fit, prepares clients for more personal conversations about money, and uses a deep discovery meeting to uncover their values, priorities, and goals. Listen in to hear how narrowing his expertise helped him build relationships with CPAs and generate more referrals, why specialized knowledge in areas such as retirement income and equity compensation can create new opportunities, and why he decided to reduce the total client headcount he serves to better meet his lifestyle goals.
For show notes and more visit: https://www.kitces.com/510
