These questions cover financial information , of course — but they go much , much deeper than simply looking at the numbers . Armed with that information , you can help the prospect recognize and articulate the things in life that are truly important to them . What ’ s more , you ’ ll be in an ideal position to recommend financial solutions that truly address their most vital wants and needs .
By crafting a total client profile , you realize several important benefits to your business :
1 . You connect emotionally to prospects . When you ask them about themselves on a deep level and make the conversation all about them , they immediately see you as someone who cares about them as people ( or as parents , and so on ). This emotional connection is crucial in getting them to become clients .
2 . You can deliver on clients ’ key concerns . Just as a doctor can ’ t effectively treat patients without knowing all their symptoms , advisors can ’ t address clients ’ key concerns until they understand everything that ’ s important to those clients — their families , the causes they care about and their values .
Ultimately , taking prospects through a discovery process and creating this profile for them typically lets advisors double their conversion rate .
How It Works
The total client profile results from the discovery phase with a prospect , and it covers seven key areas of importance — only one of which is focused on financials .
1 . Values . This is where you ask clients : “ What is truly important to you about your money and your desire for success , and what are the key , deep-seated values underlying the decisions you make to attain them ? When you think about your money , what concerns , needs or feelings come to mind ?”
2 . Goals . This is where you ask , “ What are you most proud of achieving in the past ? And going forward , what do you want to achieve with your money over the long run — personally and professionally , from the most practical to your biggest dreams ?”
3 . Relationships . This is where you ask , “ Who are the most important people in your life — including family , employees , friends and even pets ?”
4 . Assets . Here you ask , “ 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 . Now ask , “ 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 . Here you ask , “ 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 . Now ask the clients , “ 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 and create a formal profile that you can review with your prospects . When they see their specific answers in the seven areas laid out visually , it is truly a moment to wow them — and that ’ s when they can see how different you are from all the other advisors they ’ ve met or worked with .
Interests
Process
The Total Client Profile
Advisor
Values
CLIENT
Goals
Relationships
Assets
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 .
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 . For example : Did the client ’ s daughter have her baby yet ? Is their 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 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 .
JANUARY / FEBRUARY 2024 | FINANCIAL ADVISOR MAGAZINE | 33