Beth and Gav had had enough.
They are potential new advice clients of David’s advisory firm in Melbourne’s suburbs.
They want to sell everything and make their tree change.
Gav will find new work and leave his toxic $270k/annum job.
Beth will open her dressmaking business.
The kids will grow up with space.
Thanks to Gav’s family, they already have the 25 acres near Mount Torrens.
They regret not doing this pre-COVID.
Now’s the time.
It’s July (it was July when this conversation happened), and they hope to enrol their two kids in new schools before the coming school year.
They can’t waste any more time.
David’s team can help.
RESPECT
However.
The engagement conversations frustrated Beth.
“Sorry, we didn’t come here for a twelve-month plan”
“We want a two-month plan”
“Can you help us with that?”
“We will come back if we need help later”.
Every client deserves equal respect.
But is it the job of a comprehensive adviser to always give clients what they want?
Or discover what clients truly need before positioning the value of advice?
GOLF PRO
Being a golfer, David repositions their approach.
“We’re different”.
“Our advice role is similar to a golf pro who focuses on helping golfers enjoy a better game”.
“It is the same for us”.
“We focus on ensuring our clients enjoy their best possible financial lives”.
“That means the focus of our advice will be making your shift to Mount Torrens work for your family”.
“Like the golf pros’ clients, our clients value what we do because of the progress they make along better, clearer, more confident paths, rather than buying a perfect plan”.
“Our path together will just start in three months”.
Beth was confused.
“I’m sorry, we came to you for a plan”
“We don’t have a lot of money”
“We are not that complicated”
“We’re smart and committed to make this work”
POSITIONING
In conversations like these, it’s all about the skills in positioning each client’s unique best interests.
David responded.
“We didn’t mean to confuse you, Beth – sorry.”
“You’re right. The plan is crucial”
“But, by itself, the plan is like a new set of golf clubs”.
“Our role focuses on what you both want to achieve and then provide the support and advice required to make your move to Mount Torrens, create a new home and life with more space, establish your dressmaking business, get your kids settled into new schools with a plan to potentially fund private schools longer term, and adjust if needed if Gav’s future income isn’t what you hope it to be”.
“We understand you’re seeking a short-term engagement.”
“We could be wrong, but we believe by itself, the plan is just the start of a significant few years ahead of you”
“You regret your inaction five years ago, not to make a similar move.”
“Our role is to ensure you don’t live with any regrets.”
Beth went silent for a long time.
She asked.
“So to be clear”
“Can you just provide us with a plan?”
David didn’t hesitate.
“No, sorry, Beth, we don’t believe that will be in your best interests.”
Gav interrupted.
“David, can we engage for two to three months, get the plan right, then potentially re-engage from there?”
“It isn’t our preference, but we could do that”.
Beth didn’t hesitate.
“Ok, thank you. We’ll come back to you”.
It’s been three months since this conversation.
Beth and Gav haven’t come back.
They also haven’t moved.
A good plan may be all Beth and Gav need for their tree change.
Unfortunately, plans change.
The confidence and capacity needed to re-plan may not eventuate.
Therefore, some dreams become just “too hard”.
Comprehensive advice is about advising and positioning clients to live their best possible lives.
While totally respecting what they want.
What do you reckon?
Jim
Photo Credit: CANVA/photos/MAEEa_77HPY