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FOUR WAYS TO SAVE TIME & IMPROVE YOUR PROCESS (FOR FINANCIAL ADVISORS)

Thursday, October 24, 2024

Primary Blog/STRATEGIC PARTNERS/FOUR WAYS TO SAVE TIME & IMPROVE YOUR PROCESS (FOR FINANCIAL ADVISORS)

FOUR WAYS TO SAVE TIME & IMPROVE YOUR PROCESS (FOR FINANCIAL ADVISORS)

Financial advisors today have overwhelming demands on their time and energy. Clients have higher expectations, technology is constantly changing, and the competition seems ferocious. Here are four key questions to ask yourself to save time, create more efficiency and leverage your unique business process into a competitive advantage.

#1 - HOW DOES MY LEAD GENERATION STRATEGY SUPPORT MY IDEAL PROCESS?

You can often save time, improve your process, and create a competitive advantage by changing the way you generate leads. For example, are you happy with the number of referrals you are generating from your existing client database? Here's an idea to consider: personally call just one of your clients per day... every day for the next 100 days. During the conversation, discover your clients' current life priorities and give them something of tangible value that meets their current needs... something that may be completely unrelated to your work for them as a financial planner. For example, if your client is evaluating college or internship options for their children, offer to write a letter of recommendation. If your client is thinking of moving, offer to introduce him/her to a top real estate agent in the area. Become relevant to your clients' current priorities. In doing so, you'll uncover referral opportunities you would have otherwise missed. You can probably get this done in less than 30 minutes per day!

#2 - WHAT HAPPENS TO TURN A LEAD INTO A CLIENT?

Most prospects are:
1.Skeptical and suspicious of financial advisors
2.Misinformed about the market
3.Misinformed about the financial planning process
4.Scared about making a commitment to a financial advisor

5.Fearful of making a mistake

Unless your unique process obliterates all of these potential problem areas, chances are that many of your prospects won't become clients. The ones who do become clients will be more likely to eat up your time and drain your energy. Here are three key questions to ask yourself about your prospect-to-client conversion strategy:

What questions can I ask to uncover needs and concerns before they become problem areas?

How can I better educate my prospects and set more realistic expectations?

What makes my process different, and what is the specific benefit to clients in working with me vs. my competition?

#3 - HOW DO I INTERACT WITH MY CLIENTS DURING THE FINANCIAL PLANNING PROCESS?

One way to save a lot of time is to improve the way that you, your team and your vendors communicate with clients during the financial planning process. Here are some key questions to ask yourself:

What questions do I get asked most often, and how can I save time by answering these questions before they are even asked? (E.g., create an FAQ document, or an article, or a video to educate clients about your process.)

How can my strategic partners help me to communicate better and set more realistic expectations about the loan process, the home buying process, the tax process, the estate planning process, or other areas of financial planning?

How can my team and I improve the way we communicate with one another and with our clients throughout the process?

#4 - HOW DO I INTERACT WITH MY CLIENTS AFTER THE FINANCIAL PLANNING PROCESS?

This goes back to the first point we started with... You can build a significant business by simply creating more tangible value for your existing clients AFTER they agree to work with you by enhancing your Annual Review process. Here's how it works:

Ask one or two questions about other areas of the client's life (e.g., "Are you thinking of buying a new house, investment property or vacation home in the next 12 months?")

Create tangible value for the client as an extension of your financial advisory services. For example, "One of the unique things about our financial planning process is the strategic relationships we have with mortgage lenders, CPAs, and other professionals. This allows us to bring a more comprehensive approach to the financial planning process. You'll have an entire team of professionals working on your behalf! How about we call [mortgage planner's name], our in-house mortgage planner and set up a 20-minute follow-up consultation so that we can better implement your financial plan and take advantage of unique market opportunities..."

So there you have it! Your strategic relationship with a mortgage planner should have the added benefit of saving you time and creating a competitive advantage for you. Contact me using the info below so we can get started!

Source: CMPS Institute

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FINANCIAL PRO: ASK NOT WHAT YOU CAN DO FOR YOUR MORTGAGE PRO?

DEAR FINANCIAL PROFESSIONAL: ASK NOT WHAT YOU CAN DO FOR YOUR MORTGAGE PRO. ASK WHAT YOUR MORTGAGE PRO CAN DO FOR YOU.

If you're not yet involved in giving your clients mortgage and real estate equity advice, someone else will take your place. Don't miss out on this tremendous opportunity to retain your clients' trust and loyalty while adding significant value to your advisory relationships. As a Certified Mortgage Planning Specialist (CMPS®), I'm fully committed to helping you:

Grow your business and your personal income level in 2020 and beyond

Experience less stress in your life and business

Further, I'm committed to helping you answer the following questions:

How can my mortgage pro help me attract and retain more clients?

How can my mortgage pro help me create a more significant competitive advantage in my market?

How can my mortgage pro help me provide unique and/or better solutions for my clients' college funding, retirement planning, and elder care needs?

How can my mortgage pro help my clients improve their credit score and/or restructure their debt?

How can my mortgage pro work with me as a team to help my clients improve cash flow and increase the safety, liquidity, tax advantages, and yield on real estate assets?

How can I work with a true mortgage professional who is committed to higher standards of competence, ethics, and communication during the home buying and refinancing process?

Contact me so we can get started!

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