Prince: What type of client experience are successful advisors delivering?
Bowen: The top financial advisors have learned that to both deliver a world-class client experience and have the ability to scale up their businesses, they have to have a very systematic process. The process has to address all the major financial concerns of the individuals and families in their affluent market niche.
In addition, these advisors know that their process has to take advantage of the fact that most affluent individuals want to first connect with their potential advisors on an emotional basis and then to justify their decision on whether to work with them based on logic. The advisors we have the privilege of coaching do this by starting with a discovery meeting in which they ask a series of questions around seven major themes that enables them to understand where prospective client are now, where they want to go, and what the gaps are.
With this understanding, the advisors determine whether their prospective clients’ current providers are effectively addressing their needs. If those providers are not, the advisors will explore with their prospective clients whether they’re the right ones to help them achieve all that’s important to them. If both advisor and client agree that they are a good fit, the advisor starts to systematically address each of the five major concerns of the affluent.
Prince: How are top advisors scaling up their practices?
Bowen: They’re building systems that allow them to deliver a consistent world-class experience to each and every client, as well as to attract a steady stream of pre-endorsed, prequalified affluent clients each and every month. To accomplish this, they’re making effective use of technology and building great teams both inside and outside their firms.
Prince: How can advisors achieve the success of your top coaching clients?