Net It All Out:
What's The Bottom Line?
Once you've walked through your first six Value Ladder answers, prospects will want you to relate your unique value to them. They want a concise reason why they should do business with you. This is your chance to connect your Value Ladder back to their specific needs, based on what they have shared with you. The specific examples of successes you've had with other clients help you here. This, added to what you have learned from them, should tell them how you can help achieve their goals. A dialogue around real value may sound like this:
Prospect: "You've presented a compelling case for consideration. One final question, why should we do business with you?"
(Honestly, did you begin to have some thoughts about winging it? The new and improved advisor's response might sound like this:)
You: "Thank you, Mr. and Mrs. Smith, I appreciate your interest as well as the possibility to partner with you. It would be a privilege to have you as clients, and I truly value the opportunity." (Now there's an emotional connector.) "We've discussed your key long-term wealth management goals. You have major issues to contend with in the broad areas of estate planning, retirement and income protection. You also have key issues regarding your children and your parents."
You continue, "I presented my UVP earlier to you, my proposal of value. As my UVP stated, my practice is solely focused on what you are seeking. You should have a sense of my business beliefs and, most important, the process I employ going forward to meet your goals. I've also shared client experiences that are similar to your goals and how I've helped them to achieve theirs. Hopefully you are comfortable with how I've differentiated my solutions.
"The real value will be in the results I will be able to produce for you. Similar to the results I've achieved for others, I believe I can save you money and put this plan into action to help you increase the certainty of achieving your total wealth management goals. A number of my clients have commented that putting a plan in place has reduced their stress levels and has liberated them to spend less time managing investments. As I mentioned, I value the opportunity to strategically partner with you. May I begin that opportunity now?"
Steps Out Of Sequence?
Are you wondering if this question, "Why Should I Do Business With You?" will come up early in the dialogue before you've been able to answer the other six critical questions? My experience shows that it usually does not. Think about this: Why should a prospect ask why he or she should do business with you, if they never got around to first asking what you do?
If it does come up early in the dialogue, you might say something like, "Well, there are many reasons why I believe you should hire me, but I'm not yet sure if we're the right fit for each other. It's important to me that I have a good understanding of what you are looking for, and what you value, and that what I am capable of providing is in line with what you are looking for in a strategic partner."
Answering this question prematurely would be like a doctor prescribing a medication for an illness before he or she even runs tests and determines a diagnosis. This would be the equivalent of financial malpractice.