Today’s video is one of the most important questions anyone providing financial advice can ask clients to keep them motivated and engaged.
If you prefer to read it … see below.
So, you make a really big difference in the lives of so many people with the work that you do and I’m talking particularly right now about Financial Advisers and Accountants.
And one of the biggest things that I see missing though when it comes to really demonstrating how valuable you are is the question, “What do you want the money for?”
Because it’s all good and well that you’re helping them with their money, or you’re saving them tax, or you’re stopping them from making mistakes, or you’re helping their money grow, or you’re protecting it.
And that is absolutely a critical piece of their puzzle that they need to be solved.
But a really, really important but often missing part is to understand what it is that they want that money for.
What are the things that they want to do and have, the things they want to enjoy, the people that they want to love and protect, and you know life’s ‘what-ifs’ that they want to make sure that they’ve got contingencies in place?
So, as you’re going about it, and you’re trying to engage clients on a regular basis, at some point if it’s only ever about the money and the strategy, the conversation can come to an end.
And I get so many Advisers say to me, “Ah Kim, I’ve got these review appointments coming up, and I just don’t know what to talk about,” once we’ve discussed how their money is performing, or what returns we’ve got, or whatever it might be that you’re actually dealing with.
Yet when you understand what is it that they want the money for, so this year do you want to go to Bali or to Phillip Island?
Do you want to look after X, Y and Z?
Do you want to do some renovations on your home?
Whatever that might be, but understanding exactly why they want those returns, why they want that money invested, why they want that money protected, why is it they want to save more money on tax?
What do they want that money for?
Find out that, and it can make for a much, much deeper relationship, a far more robust conversation on an ongoing basis, and at the end of the day it gives the clients a lot more motivation for why they’ve got to do and take the advice that you’re giving them.
Because after all, You are a Valuable Adviser.