The podcast discusses the challenges posed by DIYers and the change in approach to charging for prospect appointments. They emphasize the importance of delivering value during meetings and highlight the role of seminars in building relationships. They explore the use of a fact finder document to establish credibility and the benefits of charging for prospect appointments. They also discuss gathering client information, setting goals, extreme accountability in financial planning, and the ideal clients they aim to onboard.
Charging for prospect appointments can be a valuable approach to filter out "brain suckers" and focus on providing maximum value to serious potential clients.
Financial advisors should embrace do-it-yourself prospects, recognizing their efforts and offering guidance and validation, while also addressing specific client needs and concerns.
Deep dives
Charging for Prospect Appointments
The podcast episode discusses the decision to start charging for prospect appointments at Shilansky and Associates, an RIA in Anchorage, Alaska. The hosts share their experience of conducting seminars and using fact finders to establish credibility and build a relationship with prospects. They explain their reasoning behind charging for appointments, drawing comparisons to other professions that charge for consultations. The hosts emphasize the importance of delivering value and having a positive mindset when meeting with prospects, even if they are do-it-yourself individuals. They also provide insights on the prospect process, including asking for questions beforehand, and highlight the need to embrace prospects who seek a second opinion.
Creating an Environment of Value
The podcast episode encourages financial advisors to focus on providing value to prospects and clients. The hosts emphasize the need to avoid using jargon like 'delivering massive value' and instead concentrate on addressing specific client needs and concerns. They discuss the value of having do-it-yourself prospects and highlight that the role of financial advisors is to validate their efforts and provide guidance where necessary. The hosts stress the importance of recognizing the emotional aspect of money and the desire for individuals to seek a second opinion to ensure they are on track. They challenge advisors to eradicate negative perceptions of prospects and adopt a mindset of delivering value in every interaction.
Actionable Advice for Financial Advisors
The podcast episode concludes with actionable advice for financial advisors. It encourages advisors to continue using seminars as a valuable education and marketing tool. The hosts suggest incorporating a pre-meeting questionnaire to gather prospect questions in advance, enabling advisors to better prepare and provide tailored guidance. They also discuss the importance of finding ways to eliminate annoyance when meeting with prospects who may be deemed as tire kickers or do-it-yourself individuals. The episode suggests options such as charging for appointments or updating processes to ensure financial advisors are always motivated to deliver value and be prepared to address client concerns.
Jamie discusses the topic of DIYers (Do-It-Yourselfers) and the challenges they pose to financial professionals. She explains that after encountering individuals who sought to extract valuable information without any intention of becoming clients, referring to them as "brain suckers," they realized that their negative attitude towards these meetings was counterproductive. People approached them seeking information, which prompted a change in approach to charging for prospect appointments. No matter what, your primary focus should always be on delivering as much value as possible during these meetings.