Latest / The Efficient Advisor: Tactical Business Advice for Financial Planners / 192: Ideas to Implement - Do’s and Don'ts of Helping Your Clients Break Up with a Previous Advisor

Transcript

192: Ideas to Implement - Do’s and Don'ts of Helping Your Clients Break Up with a Previous Advisor · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 0: Welcome back.
• 0:01
  Speaker 0: I am super excited to recap this week's episode.
• 0:04
  Speaker 0: I am particularly fond of super implementable, really easy to take and do the thing tomorrow, kind of a things, and this week's episode was exactly that.
• 0:16
  Speaker 0: So, as you know, every week I try to do a long format episode where we do a really deep dive and cover all of the details and then I try to create a short, sweet follow-up episode that's all about the action steps from the longer podcast earlier in the week.
• 0:32
  Speaker 0: So my goal is to always distill down the big episode into a couple of bullet points.
• 0:37
  Speaker 0: Now, no, this is not the CliffsNote version, so you still have to go back and listen to the long one, because that's where all the nitty gritty is.
• 0:44
  Speaker 0: My objective here is really just to make sure that you've got some marching orders and things that you can do to go do the dang thing.
• 0:51
  Speaker 0: I am your host of the efficient advisor, libby Grywee, and I built a 100% referral only planning practice that I grew to seven figures as a solo advisor, all while working just three days a week and taking off 14 weeks a year, so that I could be a mom, a friend, a wife, a sitter, a sister, a daughter, a, frankly, a travel obsessed human who loved taking vacations and all of the other hats that we wear, and I'm really just here to walk alongside you and to show you how to do the exact same thing.
• 1:18
  Speaker 0: I'm obsessed with helping you take immediate action on the most important strategies for scaling, organizing and creating less stress and overwhelm in your business, which is really the heart of this week's episode.
• 1:30
  Speaker 0: We are about to transform your practice, so move over exhaustion and get out of the way.
• 1:35
  Speaker 0: Advisor ADD.
• 1:36
  Speaker 0: It is time to take that one right next step to build a business and a life that you love.
• 1:42
  Speaker 0: So this week's episode was all about the do's and don'ts of helping your clients break up with a previous advisor, and I mentioned there that at the core of this is really reducing overwhelm and reducing stress, and this applies to both you and your clients.
• 1:59
  Speaker 0: So in the long format episode, we talk about how you set this up with your clients before you even make recommendations.
• 2:07
  Speaker 0: How do you talk about the work that another financial advisor has done?
• 2:12
  Speaker 0: And we want to be really sensitive to the idea of what are our clients feeling coming into this experience and how do we want them to feel when they leave this part of the process.
• 2:23
  Speaker 0: So we don't want to talk crap about previous advisors.
• 2:26
  Speaker 0: We want to elevate the industry together.
• 2:29
  Speaker 0: You know there is no right way of doing financial planning.
• 2:33
  Speaker 0: A hundred advisors are going to do it a hundred different ways.
• 2:35
  Speaker 0: We don't want our clients to be worried that they're going to mess up again and have like a freak out moment where then they feel like they need to go get an additional second opinion or third opinion or fourth opinion or, even worse, do absolutely nothing and freeze.
• 2:47
  Speaker 0: So instead we want to set the stage for how we are going to do things and I gave you a bunch of language in the long episode to talk about.
• 2:56
  Speaker 0: You know, if you notice some work that have another financial advisor did, that maybe you're not a big, huge fan of.
• 3:03
  Speaker 0: Here's some ways, here's some specific language of how you can talk about it in a way that doesn't sound like you're putting down the other advisor and or making your clients feel like they made a dumb decision.
• 3:15
  Speaker 0: Right, we want to keep the.
• 3:17
  Speaker 0: We want to take the high road.
• 3:18
  Speaker 0: We want to keep your side of the street very, very clean.
• 3:20
  Speaker 0: Um, we want to say things that will improve the relationship we have with our clients and come off in a classy format that we are just going to be a better solution for them because we are good people, right, and we're not going to just bully their previous advisor, and so that's kind of how we're going to set the stage right.
• 3:43
  Speaker 0: So your language matters, what you say matters, how you make your clients feel matters a whole lot.
• 3:50
  Speaker 0: And you know, when I'm coaching and we're talking about feelings during onboarding, never, ever have I asked an advisor when I said like hey, what do you want your clients to be feeling during this process?
• 4:01
  Speaker 0: Nobody has ever said to me I want them to feel really pissed off at their previous financial advisor and I want them to be angry and I want them to be frustrated and no, mostly it's.
• 4:11
  Speaker 0: I want them to be excited about working with us.
• 4:13
  Speaker 0: I want them to look forward to working with us.
• 4:16
  Speaker 0: I want them to feel relief, to feel organized.
• 4:18
  Speaker 0: Never ever have I heard angry.
• 4:20
  Speaker 0: Okay, so we want to set the stage and then we want to help grease the wheels for our clients so that they can break up with their advisor easily, Because if you just send over the transfer paperwork or replacement paperwork or rollover paperwork, you and I both know it's going to trigger an email, a phone call, something from their previous advisor.
• 4:40
  Speaker 0: So in the episode I gave you language for an email that, hey, here's how you can give this language to your clients.
• 4:49
  Speaker 0: So we would literally send them.
• 4:51
  Speaker 0: We talk about this in onboarding.
• 4:53
  Speaker 0: We talk about hey, here's some ways that you can break up with your previous advisor, so here's something we want to share with you.
• 5:00
  Speaker 0: We know it can be awkward.
• 5:01
  Speaker 0: Here's some language that you can use and, of course, you know you can modify.
• 5:05
  Speaker 0: And then also here's some responses.
• 5:08
  Speaker 0: So we have a, you know.
• 5:09
  Speaker 0: So it's very typical that when you break up with an advisor, you know we're really proud of the work that we do, and I know if a client ever left us, we would want to understand why.
• 5:17
  Speaker 0: So we've provided you some language to help you do that Kind of in the same way that I always say to you guys you know I don't want you staring at a blank piece of paper, especially if it's something that's already been created.
• 5:29
  Speaker 0: So that same thing applies for your clients.
• 5:30
  Speaker 0: Like, I don't want your clients to have to sit down and write this awkward email and either not do it Right and then they end up triggering all this stuff from the advisor that we talked about in the previous email, wanting to meet, wanting to go over your recommendations, wanting to defend their product or their service.
• 5:47
  Speaker 0: We want to avoid all of that.
• 5:50
  Speaker 0: So, instead of having your clients sit down and write an awkward email all on their own, we want to grease the wheels for them.
• 5:56
  Speaker 0: We want to give them the language.
• 5:58
  Speaker 0: We don't want them to be staring at that blank computer screen trying to figure out what to say, especially if they've been with their clients for a while.
• 6:04
  Speaker 0: So not only do you want to give your clients language to support them breaking up with their advisor in a way that allows for a smoother process, you also want to have some kind of canned responses.
• 6:21
  Speaker 0: So things that, hey, if your advisor responds, here's a couple of different ways that you could respond in a classy way, and I love that.
• 6:28
  Speaker 0: You know this idea of Ritz-Carlton concierge service.
• 6:31
  Speaker 0: You know the idea that they are anticipating their guests needs before the guests even know they have them right.
• 6:37
  Speaker 0: This is one of those things.
• 6:39
  Speaker 0: So, by addressing with this with your clients, it's something maybe they haven't even thought about, or maybe they have.
• 6:45
  Speaker 0: So you're either bringing an elephant that's in the room to light and addressing it, or you're prepping them for something that they didn't even know that they were going to experience or potentially have to experience.
• 6:56
  Speaker 0: So either way, right, it's just a helpful thing.
• 7:00
  Speaker 0: So I will, you know, I'm glad we laid it out in the long episode.
• 7:04
  Speaker 0: Check out, you know, check it out.
• 7:05
  Speaker 0: Go back.
• 7:05
  Speaker 0: If you are currently in our group coaching programs or individually coaching with me, you will get a copy of this.
• 7:12
  Speaker 0: When we talk about onboarding, so you'll get a copy of the email with the responses, um, as part of the onboarding process packet.
• 7:18
  Speaker 0: Okay, awesome, well, thanks so much for your attention this week.
• 7:22
  Speaker 0: Again, if you are looking for a conference to attend, I will be speaking at two conferences coming up.
• 7:30
  Speaker 0: We've got the XYPN live conference that's in Minneapolis this October and we've got the RTS conference that is in Tempe, arizona, this September, and I look forward to hugging you in person, seeing you face to face and just riffing on anything and everything process related to your financial planning practice.
• 7:53
  Speaker 0: Hope you guys have an amazing rest of your day and, as always, you can find me over in the Efficient Advisor community on Facebook and on LinkedIn.