3) Relationships. Who are the most important people in your life—including family, employees, friends and even pets?
4) Assets. What do you own and what are your liabilities —from your business to real estate to investment accounts and retirement plans—and where and how are your assets held?
5) Advisors. Whom do you rely on for advice, and how do you feel about the professional relationships you currently have? Is there a need to find new trusted professional advisors?
6) Process. How actively do you like to be involved in managing your financial life, and how do you prefer to work with your trusted advisors?
7) Interests. What are your passions in life when you are not working—including your hobbies, sports and leisure activities, charitable and philanthropic involvements, religious and spiritual proclivities, and children’s schools and activities?
Presenting The Profile
The total client profile isn’t simply for your knowledge. Don’t write down the answers and put them in a folder. Instead, using mind-mapping software, create a formal profile that you present to and review with prospects. When they see their specific answers in the seven areas laid out visually, it is truly a moment when you can WOW them—and when they can see how different you are from all the other advisors they’ve met with or worked with.
Once a prospect becomes a client, this total client profile should be your first stop at each regular progress meeting you have with the client. Instead of launching into a talk about the markets, pull up the profile and see what may need updating. Some examples: Did the client’s daughter have her baby yet? Is the plan still to buy a second home in South Carolina, or has anything changed? You want to be updating the profile regularly and getting clients to talk about their lives. When they talk about their lives and the things they care about, you are going to be able to make better decisions to help them. You're going to see what matters to them. And they're going to feel closer to you.
The upshot: Don’t overlook this all-important tool for turning prospects into clients. It truly has the potential to fundamentally reshape your practice.
John J. Bowen Jr. is CEO of CEG Worldwide and CEG Insights. Join the "Play to Win" consultation; it's your guide to wealth management success. Capture high-net-worth clients, move upmarket, unlock your potential now!