How I Interact With Prospects
What a busy week. I had a few meetings with prospective clients, opened a few accounts with my new custodian, and learned more about technology and how it can help. First, let’s talk about the prospective clients, of course, without divulging any confidential information.
As I continue in this business, I am always refining how I do things. Here’s what I did with respect to the first meeting with a prospective client.
When they enter the office, they find a warm, friendly, smiling receptionist….my wife. As they are ushered into my office, she offers them something to drink. In my office, we engage in some small talk for about 5-10 minutes.
After that, I begin to ask them a series of questions. I’m trying to get the heart of the matter, “What’s driving your decision to meet with me?”
Once I have a better understanding of their situation, I tell them a little bit about my practice and how it differs from other companies. The content of this depends on who they currently work with on their finances.
For example, if they are with a very large firm, it’s quite possible that they are not getting the attention they desire. In any event, after this, we adjourn to the conference room where my computer is linked to the plasma TV. I then demonstrate, for example, how the level of withdrawals, coupled with the risk in a portfolio, has a dramatic effect on their terminal wealth. For instance, an annual withdrawal of $50,000 may be safe, but $100,000 is not. This is purely hypothetical, but the point is to show them how I can determine a prudent level of spending for a client to assure a high probability of not running out of money.
Before they leave, I have them fill out a questionnaire which I’ve named “What’s Important to You.” After they leave, I score the form to see if they are looking for the things which I provide. I then send them an e-mail (I may change this and leave it for a second in-person meeting) with the results of the questionnaire. If they score high, we might be a good fit.
What I am trying to do is create a consistent process for the first meeting. I find that if I am comfortable with how to proceed, the stress level is much lower.
Mike how are you generating your leads?
Mike,
I would like to let you know that I enjoy reading your posts. I am just starting out as an investment adviser so prospecting is very important right now. Just wondering if you could share your questionnaire that you have prospects fill out towards the conclusion of the first meeting with me. Thanks so much in advance.
Regards,
Alex
Maybe. Send me an email and we’ll talk. You can do this here or go to my website at integritywealth.us
As a process gal, I see all the time new practice owners flounder after they leave the “nest”. It’s so good to see you are taking the time and energy to be clear about your process and how your customers are a fit for you. The fact that you share the data with them is above and beyond. Will you recommend someone else for them is they aren’t a good fit for your practice?
Your friendly neighborhood small business organizing consultant, Jessica
Dear Process Gal,
Which friendly neighborhood are you in? (Just curious)
Yes, I would recommend someone else if the situation warranted.