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An article in January of 2010 outlined a question to engage high net worth prospects. Last week I talked to a regular reader of my articles who said that he uses this question on a regular basis with excellent results.
Here’s the question:
“What kind of written plan do you have forecasting income and living expenses in retirement, to ensure that you have a comfortable buffer of money coming in to money going out?”
That question made sense in 2010, and given the continued market uncertainty, cutbacks in Government spending and media coverage of longer lifespans; it makes even more sense today. As just one example, here’s an article from yesterday’s National Post outlining the need to for many Canadians to plan on living past 100.
By asking a prospect, “What kind of written plan do you have?” you communicate that people in their situation should naturally have a written financial plan as a matter of course.
And when a prospect says that they don’t have a plan, you ask the logical follow up question, with perhaps a bit of surprise: “And is there a reason why not?”
There are no magic solutions when it comes to creating interest on the part of affluent prospects in meeting with you. But by tapping into real concerns and positioning yourself as an advisor who can help address those concerns, your chances of success go up significantly.
Should you want to read more, here’s an extract from that January 2010 article that got this reader’s attention:
Extract from 2010 article:
“Research shows a continuing anxiety among many Canadians with regard to funding their retirement — and often that concern is highest among mid and higher income earners used to more extravagant lifestyles than someone making $40,000 a year.”
“When talking to prospects, you want to do two things.”
“First, you want to reinforce whatever level of urgency to take action they may already feel — or help create that urgency if it doesn’t exist. And second, you want to position yourself as someone who can provide a solution to important issues in their financial life.”
“Once you’ve broken the ice, here’s a question that I would consider asking to help achieve both of these goals”:
“Do you have a written plan forecasting income and expenses in retirement, to ensure you don’t run out of money?”
“Once you’ve asked that, you might want to have case studies or samples of the kinds of plan you put in place to help clients address this concern”.
“Let’s be clear; there are no silver bullets that will have HNW prospects come flocking to your door.”
“But, asking thoughtful, slightly provocative questions such as this one, not to panic or alarm prospective clients but to get them thinking can be helpful in advancing your cause when talking to HNW prospects.”
Here’s a link to the full article from 2010:
About ClientInsights.ca A breakthrough in client communication Not long ago, clients read what you sent them. Today that's changed. In the You Tube world we live in, many investors would prefer to hear from a portfolio manager directly. And instead of reading an article on tax saving or estate planning strategies, more and more Canadians would rather watch an expert discuss the topic. Clientinsights.ca was developed in response to these changes - to deliver information in the form that investors want to receive it. It provides over 150 short video interviews, each about 4 to 6 minutes - you can email them or watch a video along with clients to start a meeting. No matter how you use it, Clientinsights.ca is designed to help you take client communication to a higher level. Dan Richards Founder and CEO, Clientinsights.ca Read more from the author/contributor here.
Tags: Anxiety, Article Research, Canadians, Government Spending, High Net Worth, Income Earners, Lifestyles, Living Expenses, Magic Solutions, Market Uncertainty, Matter Of Course, Media Coverage, Money, Prospects, Regard, Retirement, Surprise, Urgency
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