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Proven Strategies Blog

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2021-09-17 • 20 second read

Planning, philosophy and process are all interdependent. Educating a prospective client as to why this is – or re-framing your value with an existing client through the three Ps – helps them buy into your positioning as a professional consultant. 

2021-09-16 • 1 min video

This video is an excerpt of the “The 7th Pillar: Amp Up Your Fee-Worthiness” video available now on YouTube. To watch the entire video click here: https://youtu.be/cFeLVvKFyCY

2021-09-15 • 1 min video

This video is an excerpt of the “The 7th Pillar: Amp Up Your Fee-Worthiness” video available now on YouTube. To watch the entire video click here: https://youtu.be/cFeLVvKFyCY

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2021-09-14 • 2 min read

As we head into a new era, there’s a tremendous opportunity for a financial professional to deepen their relationships with high-value clients and to put more distance between themselves and everyone else vying for the same clients.

Before I get into that, I’d like to ask you a couple of simple questions. Do you want to swim in a pool of sameness, by simply hoping a client will select from a generic menu of products and services? Or do you want to achieve professional contrast by having a client buy into your proprietary process?

Do you want a client to ask you if you sell, for example, long term care? Or do you want a client to ask if long-term care is part of your panoramic process?

Lastly, do you want to find out that a client bought a product or service from another provider because they weren’t aware that it was a solution you could have provided? We’ll be releasing three more articles on the Seventh Pillar over the coming weeks. We’ll lay out for you how to rejuvenate relationships, activate future pacing and ensure clients understand and appreciate your value fully and completely. If you’ve already adopted and customized our ‘Seven Pillars, One Process’ approach, you know how to frame your value, and this series will help you go even deeper. In this series, we’re going to place a specific emphasis on the seventh pillar (Value-Added Services), because it’s the most important for amping up your fee-worthiness and decommoditizing your value.

So as you can see from the Seven Pillars, in essence, you’re not an asset manager. Asset management is part of your process. You don’t sell insurance products, but risk management is an essential part of your process. On it goes to the seventh pillar, your value added services that clients will find to be of immense value. Not just because you are a good person, but because it’s all part of your well-thought-out process. It wouldn’t surprise me if you had 15 distinct value added services. Developing a financial plan, providing fluid and dynamic planning advice, being a sounding board for friends and family members, deploying your service model and so on. My three favorites - which we’ll drill into over the next three articles – are being a goals-based planner, being a trusted life-coach resource and providing a formalized Value Added Support Team (VAST).

Continued Success!

Contributed by: Duncan MacPherson

2021-09-14 • 1 min video

This video is an excerpt of the “The 7th Pillar: Amp Up Your Fee-Worthiness” video available now on YouTube. To watch the entire video click here: https://youtu.be/cFeLVvKFyCY

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2021-09-13 • 20 second read

Many financial advisors obviously have great intentions, qualities and skills. While these are all important factors, none are proprietary. We want you to professionalize that skillset and every interaction with a process that clients can internalize and buy into.

If you are interested in learning more about our process and working directly with me, click here: www.paretosystems.com/blue-square

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2021-09-10 • 20 second read

You want your business legacy to reflect your commitment to helping people face the future with anticipation and to be an action-oriented implementer. Strategic planning isn’t just about crystallizing your thoughts on paper. It’s also about the application of appropriate strategies that will propel you forward.

2021-09-09 • 1 min video

This video is an excerpt of Duncan’s recent 'Developing a Professional Referral Network' webinar. To watch the full recording, click here:  paretoacademy.com/recorded-webinars

2021-09-07 • 1 min video

This video is an excerpt of the “Telling Your Clients You've Sold Your Business” video available now on YouTube. To watch the entire video click here: https://youtu.be/paFMrotIzro

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2021-09-07 • 2 minute read

That moment of truth is a big one. 

When you have to have a conversation with a client about an upcoming transition, such as selling your business, it can feel ominous and overwhelming to the client. However, with a little preparation, and by positioning it in the right way in terms of your clients’ best interests, it can help to alleviate any fears they may have had, and help them to embrace the upcoming transition as a benefit.

Transitions can include having to allocate a client to a different model, delegating the client to a different service provider within your bench, disassociating from a client altogether or even switching firms.  

In this article I will be speaking in the context of how to position your eventual departure from the industry and/or your retirement, because that is something that happens to everyone. However, the positioning I will discuss applies, to a greater or a lesser extent, to all of these cases.

Like all transitions, you want to frame it around the past, the present and the future. Order your talking points in that progression and start by honoring the past. Explain how much you love what you do. “It’s not a job. It’s a calling.” You’re very, very fortunate. You have a sense of purpose. You’ve enjoyed your client relationships. It’s been a tremendous honor, but ultimately - like your clients - you’ve aspired to having that work-optional lifestyle. 

You’ve got many things that you want to pursue and many other chapters in your life to write. It’s not that you’re “getting away from this”, it’s just a springboard into an evolved future. Then talk about the fact that you are a lifelong planner and you’ve been very methodical about this, and you’ve done extensive due diligence to ensure continuity and succession was addressed properly. Explain that you didn’t take that lightly. Talk about the fact that you’ve identified a new team who will be taking over. Qualify that around expectations. Explain that this will be a gradual wind down and that you’ll be retained as a consultant into the future. Again, touch on “You don’t have to do this, you get to do this. This has never been a job.”

Then talk about the future. Talk about the new team that’s acquiring your business and frame that in people, practice and process. Talk about how much you like and respect the people based on their credentials and skills and qualities. That they’re really good at what they do. But again, hit on your sense of purpose and passion for this very noble profession. Talk about the practice and how innovative they are and how they’ve adopted best practices to create a consistent client experience. That you were incredibly impressed relative to some of the other professionals you talked to. Talk about their process; talk about the fact that they have developed and refined a process that puts every piece of the puzzle together and how impressive that is. 

What’s really important here is that this isn’t interpreted as a hand-off. It’s an upgrade. It’s not that the past was flawed. This is just part of the evolution. They’ll be in very good hands and their client experience will be elevated. While you’ll still be involved in their lives, this is positioned as an opportunity for them to “level-up” going forward. Watch how your clients’ energize. On your side, note the liberation and order that comes in your life and how the appreciation for your value is rejuvenated. You’ll probably want to stick around and still be relevant, but on your terms.

Continued Success!

Contributed by: Duncan MacPherson

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