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A Powerful Opportunity - Post-webinar Speaker Q&A's  

  

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28th January | 12.00

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How do you set expectations for what clients should expect before the coaching conversation?

Posted by: @sjgazzard

How do you set expectations for what clients should expect before the coaching conversation?

Hi Steve,

I guess there are several potential stages to managing expectations.

Marketing: What does your marketing say? Who do you attract?

Pre-reading: Ahead of the first meeting you could consider sending out some pre-reading explaining the firms approach and how the first meeting will run. Maybe ask them to reflect on some simple questions.

At the start of the first meeting: Explain how the first part of the conversation will work (you don't need to say that it is a coaching conversation) i.e. the focus is on exploring what is important to you (the client), you goals etc.

Jan

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Is this where the live Q&A is?  Is there an audio Q&A or just written Q&A?  sorry first time using this!

@victorias

Hi Victoria, this is a written Q&A. How can we help?

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Jan, What do you think about coaching clients online?

 

@carrie

Hi Carrie,

We are starting to do online coaching a lot more ourselves. The technology i.e. bandwidth need to be good enough, so it doesn't get in the way.

You do of course lose a little bit of the human connection, so I still prefer face-to-face coaching - particularly in the first meeting.

Jan

Posted by: @carrie

Jan, What do you think about coaching clients online?

 

Hi Carrie,

We are starting to do online coaching a lot more ourselves. The technology i.e. bandwidth need to be good enough, so it doesn't get in the way.

You do of course lose a little bit of the human connection, so I still prefer face-to-face coaching - particularly in the first meeting.

Jan

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Hello, so from what I understood from the webinar was that the coaching element was all about 'know your customer'. If you were to complete a Fact Find properly it would cover all aspects of a clients position. Eg if someone was to come in to talk about their pension, a full Fact Find would also include their investments and their mortgage(s) ect. So how would you complete this to understand the true position the client is in, if we dont really want to be taking notes during the meeting?

Posted by: @thomas_c_96

Hello, so from what I understood from the webinar was that the coaching element was all about 'know your customer'. If you were to complete a Fact Find properly it would cover all aspects of a clients position. Eg if someone was to come in to talk about their pension, a full Fact Find would also include their investments and their mortgage(s) ect. So how would you complete this to understand the true position the client is in, if we dont really want to be taking notes during the meeting?

Hi Thomas, what you are describing is what we might call the 'hard facts', which can be collected outside of the meeting room. Perhaps send an email in advance asking for some basic facts. Or an email after. If you just chat, most of the information will come out anyway. I remember one client came in and we had a chat for an hour. At the end of the meeting, I drew it to a close, and the client said "Don't you have to get lots of information from me?" To which I replied "I already have!". 

@chrisbudd

Okay, thank you Chris! Much appreciated!

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This is one from the session - "I was once told that the first question should be 'What does money mean to you?'" - Chris what do you think

 

@carrie

Personally, I'm not a great fan, especially as an opening question. It's a question that may well make a client think 'Why has he asked me this?' and therefore make the conversation more about you than them. It also frames your ensuing conversation to be about money, whereas the focus of financial planning should be about life and happiness, with money just as a tool.

@carrie

I'm sure that's what Carl Richards talks about alot! I'm not sure on it as an opening question either

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Hi Chris, thanks for the webinar, looking forward to this afternoon. What would you say are the two or three most important/effective questions to ask in a first client meeting? 

Posted by: @charlotte-rosewoodfp

Hi Chris, thanks for the webinar, looking forward to this afternoon. What would you say are the two or three most important/effective questions to ask in a first client meeting? 

Thanks Charlotte. I'd try and not overthink it. As long as the intention is on the client, then it'll be a good client. I do like "How will we know when we are finished?" But other questions that get the client talking might be along the lines of "What would you like to talk about?" or "What has happened to bring you to see us?". Then just keep being interested and keep things simpler. 

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Hi folks, how practical do you think it is to introduce coaching skills into larger, national financial planning businesses?

Feels like it might be tricky to introduce with existing clients under an ‘assets under advice’ charging model?

Thanks, Graham

 

 

Posted by: @grahamwells

Hi folks, how practical do you think it is to introduce coaching skills into larger, national financial planning businesses?

Feels like it might be tricky to introduce with existing clients under an ‘assets under advice’ charging model?

Thanks, Graham

 

 

(sorry if this is a duplication, I thought I'd already answered it).

Definitely possible to introduce into a national firm - but with training. One would assume that the firm wants consistency of its advice, and coaching skills should only be used after appropriate training. So it is practical, but would need a little planning. 

As for the ad valorem, charging a % on AUM model, I'd suggest it's absolutely crucial. Under such a model, you need to keep a client for the long term to earn from them. If your advice is investment focused, then the client will go elsewhere if they perceive they can get better investment advice. If you are helping clients to become happier not just wealthier, they will stay with you.

 

@chrisbudd

Many thanks, Chris. Appreciate your thoughts. Graham