For a few hundred dollars, your lawyer will draft this document for you. Your firm may already have a template you can use.
One of the hallmarks of our training and coaching is that we teach you to diplomatically, but directly and candidly, say what you really want to say to people to help them make better decisions about their futures. It seems so simple, right?

Then why don’t more “advisors” communicate more directly with their clients about what needs to be done so they increase the probability of achieving their goals and reduce the risk of events that could derail or delay goal achievement?

According to those of you who have shared your reasons with me, it’s because you are afraid of how your clients will react and, if they react badly, they will stop doing business with you. I suppose that’s a risk, but it’s a bigger risk in your mind than it is in reality.

Perhaps it would be better for your clients and your business if you were less afraid of the tough conversation with clients about what they need to do to increase the probability of achieving their goals and reducing the risk of events that could derail or delay goal achievement. And MUCH more afraid of the more difficult conversations with them and their family should you find yourselves at a place in the future where that bad decision has come back to haunt them, like the example above.

Would you rather have the difficult conversation with the 48-year-old mother about buying the right insurance? Or would you rather have the more difficult conversation with her mother? I agree with grandma. What she’s implying, correctly I believe, is that it’s your job to make sure your clients do what they need to do, not what they want to do, especially when they make irrational excuses for not doing what’s in their own best interest. And if you can’t get that job done, then maybe you shouldn’t be that person’s advisor. It’s a high bar, I know. What do you think? How do you think our industry would be perceived if we all operated at this standard?

It’s not a job requirement that your clients like you. It is a requirement that they trust you and that you ALWAYS tell them what they need to do to increase the probability of achieving their goals and reducing the risk of events that could derail or delay goal achievement. Especially when that’s difficult. Think of yourself like a Hall of Fame coach. Your goal is to help them get the best results, not be their best friend. Be friendly when friendly works. And be prepared to do whatever is necessary when it doesn’t.

You probably don’t ever want to wonder, as you lay your head on your pillow at night, whether your clients are exposed to risks because you lacked the courage to tell the hard truths so they make the best choices, no matter how difficult. Or whether you put your need to keep a client ahead of the client’s need to hear the truth from a professional advisor who cares about them achieving their goals and having adequate protection against the risks to achieving their goals.

Of course, not everyone can handle the truth. My advice is that you build your business with people who want an advisor who tells them the truths they need to hear, not what they want to hear.

A person who cannot handle the truth is definitely NOT an Ideal Client.

To learn more about how Bill and his team can help you be a more direct and candid communicator who helps clients make better decisions, schedule your Business Accelerator Meeting today. 858-558-3200 / www.billbachrach.com

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