Helen is 26.
If you can only take one thing into client and prospect meetings, take a tip from Helen.
Technically, she is a paraplanner.
Professionally, she is a principal adviser.
What’s the difference?
Focus.
Let me explain.
Last week, Helen prepped to perform second chair in a Discovery meeting with one of her senior advisers and a new prospect.
The Discovery was with prospects Jess and Jeff.
These individuals were referred by two of Helen’s existing clients, who both commented that Jess and Jeff are the highest high-flyers they know. Really nice people, high work ethics, promoted to high-end roles while still in their mid-thirties, and “punching the lights out”.
As the Discovery started, Jess grabbed control. She explained they were only seeking an opinion, nothing long-term at this stage.
Jess explained that Jeff had recently been offered a ‘significant role’ and there are lots of options with as many pros and cons.
One thing Jess was very clear about – they were not going to take any option that might involve going ‘backwards’.
Backwards for them meant no change to their hard-earned lifestyle, with annual overseas trips, active gym memberships, regular long weekends, maintaining their nice cars, and not missing any of their favourite music festivals or interstate trips for must-see cricket tests and tennis tournaments.
OK.
Helen probed Jess’s long-term plans that might require money, advice, or planning.
Buy more investment property.
They already had two and were looking for more.
CONTROL
Every advice team knows that every client discovery meeting is different.
If they weren’t, today’s superannuation funds and financial institutions would not only dominate the distribution of financial products, but also financial advice, which they don’t and won’t in my lifetime.
But being different doesn’t mean they can’t be controlled.
Product or service-based advice teams are skilled to focus on the client’s technical issues.
As a comprehensive adviser, Helen is also skilled in how to focus on a client’s most valuable issues.
‘Focus’ has two parts during Discovery meetings – a structural part and a control part.
Helen’s team has a proven structure for how their Discovery meetings are best controlled to maximise value for clients and advisers. Without structure, meetings place greater dependency upon busy individual experts, making the building of expert teams far harder.
However, no matter how well-structured a meeting is, one without control is like a sports game without an umpire.
Every adviser has the desire to be the technical expert their clients expect them to be.
Back to the meeting with Jess and Jeff.
As the meeting progressed, Helen was feeling that the real purpose of the meeting was getting lost as Jess shared more of the details of their various options surrounding Jeff’s potential new role and their investment property portfolio.
The primary purpose of every Discovery meeting is to understand the client’s desired ‘ends’ and then return to discussions about their best potential ‘means’.
The property portfolio and Jeff’s new role might be their best ‘means’ and certainly would be discussed in this meeting.
However, without first understanding what their ‘ends’ are – the details of what they value – no advice team can professionally advise on the best ‘means’.
She did what few her age and experience do.
She asked permission to interrupt.
While promising to return to understanding their options, she asked if it was OK to ‘double-check’ an important assumption first.
Of course.
She then restated the team’s focus for every Discovery meeting.
While again promising to revisit their options, to best advise every client, the firm first needed to identify what their ‘detailed end value’ looks like.
She then asked them to focus on their ‘end value’.
She explained that before they advise any client, she and her team need to be very clear on the detailed ultimate value being sought. For instance, assume the firm’s advice can help them accumulate all the investment property they need. What is the ultimate value of that?
“Obviously, to live the life we want without having to work for others or worry about money”.
“What are the details of that for you, Jess?”
“Lots of things. Being able to travel when and where we want, while pursuing our interests, helping family and others, and perhaps even leaving the world a better place. Is that what you mean?”
Having regained control and focus, Helen had the structure to probe for the valuable details needed to provide their advice.
“Thanks, Jess, exactly. Let’s start with all the valuable details about travel, pursuing your interests, helping family and others, and what it looks like to leave the world a better place. Once we understand these, we’ll come straight back to the options you came in to address today.’
“All that is way in the future. Can we please focus today on our pressing issues?”
Despite comfort zones yelling to pull back, Helen wasn’t letting go of her leadership or focus on what she truly believed would be in their best interests and produce a much more valuable conversation.
She responded.
“Of course we can. But the consequences of our understanding of your detailed value may mean your desired future is not as far into the future as you currently believe. In fact, I can’t promise anything yet, but as a consequence of our advice, we often find our clients experiencing more of what they truly value much sooner than later.”
By reestablishing the focus of the meeting on what they truly value before their many options, Helen performed the role of principal adviser near perfectly.
Jess and Jeff left the meeting with better, more valuable options that were far more aligned with what they truly valued.
Skilled, comprehensive advisers like Helen start with value every time.
While every adviser has the desire to be the technical expert their clients expect them to be, it takes a special focus and leadership like Helen’s to be the principal expert that their clients often do not expect them to be, but often need them to be.
Without any intent to degrade the valuable expertise advisers provide, value is less about what an adviser does and more about what their advice enables their clients to do.
What do you reckon?
Jim
Photo Credit: CANVA_photos_MAEE_ZW_fLw