The Prospect of Discovery

As you can see, your inquiry into who the prospect really is goes much further than the fact-finding process used by most advisors, which is typically limited to assets, net worth, time horizon, investment goals and risk tolerance. While these subjects are clearly important and need to be covered, they do little to reveal what really matters most financially to the individual or couple in front of you.

Mind MappingBefore starting your Discovery Meeting, you'll want to prepare three things. First, an interview guide will allow you to efficiently and thoroughly move through the seven areas of the Total Client Profile. Second, a digital voice recorder will enable you to remain focused on your prospect without worrying about missing any important information. (Assure your prospect that confidentiality will be strictly maintained with respect to any recording.) Third, set out the materials necessary for mind mapping, including colored pens and a large piece of unlined paper (artist sketch pads work great for this).

As you move through your interview guide and ask questions in each area, do two things. First, listen — really, deeply, listen — to the prospect's responses, both so that he or she feels heard and so that you actually have heard what was said. In our hyper-sales-focused industry, far too many advisors are better at talking than at listening, but it's in the listening — the open and unhurried receiving of information — that real relationships develop.

Second, use mind mapping to document the Total Client Profile on the piece of paper or flip chart. Begin by putting in the prospect's name (or both names for a couple) in the center, and then draw connecting lines and text bubbles for each of the seven main areas of inquiry. As you move through your questions, capture the responses in appropriate places, using any kind of graphic elements you like, not just words. Connect responses with lines when they relate to one another to illustrate the interconnectedness of the various parts of the prospect's life. Done well, a mind map will stimulate thorough responses, trigger new and deeper questions and capture relevant information that randomly arises in a quick and efficient manner.

The First StepWe've heard from virtually every participant in our coaching programs that creating a Total Client Profile through the mind-mapping process has been the single most important step they've taken in establishing a true wealth management practice. Why? First, you'll be able to offer optimal financial solutions to your clients based on a comprehensive picture of everything that's important to them financially. Second, by asking thoughtful questions, by listening carefully and by creating a mind map in real time, you'll demonstrate just how client-focused you are, thereby differentiating yourself from the vast majority of advisors.

You can create a Total Client Profile for your existing clients as well as for prospects. Advisors regularly tell us that even with long-term clients, they find themselves learning important new facts that they never knew before. For example, advisors who thought that they knew what was going on with a family find out about children with serious problems, or other threats and financial risks to the well-being of the client and his or her family. In short, never presume that you know everything of financial importance going on with your clients, and remember that there's no better way of making sure that you do know what's going on than by creating a Total Client Profile.

The Discovery Meeting, with the Total Client Profile at its heart, is the first step toward establishing a client-centered consultative process. Become an expert at conducting it. Few other things will so effectively set the stage for you to provide the kind of value that makes for happy and profitable long-term client relationships and a successful up-market practice.

—

Patricia J. Abram is a senior managing partner with CEG Worldwide in Florida; see www.cegwordwide.com.