1 Document Every New Client Must Be Given

There’s one document that if utilized properly… can be the most important document you will ever give to your new client. I jokingly call it, “The One Document to Rule Them All.” But what is it really called? “The Document of Expectations,” now let’s breakdown what exactly this document is, and why it "rules them all."

The Document of Expectations is best used immediately after your prospective client verbally commits to work with you. Imagine it as a timeline that’s visually laid out for your new client to see. Odds are, that you’re likely already doing everything it lays out, so there’s no additional work on your end after simply creating the document. Its process driven and easily duplicatable for the other advisors and teammates in your office. So, for those of you reading this and already thinking to yourself how you presently don’t have enough time during your day to do everything that you need to… pause for a second, and understand that this document should help you:

• Multiply your time.
• Generate more opportunities for business from newly onboarded and existing clients.
• Enhance your overall client experience.
• Increase your client conversion “close” rates.
• Allow you to spend less money on marketing. (If that’s important to you)

Here’s the breakdown of the different phases, what gets accomplished during those phases, and the “why” behind doing it this way:

Consider the word “phases” to represent meetings with you, or preferably meetings with defined specialists on your team.

Phase 1: The Commitment Phase

As I mentioned above, this all starts after they verbally commit to working with you. This is when you will collect signatures for transfer of assets. It’s also when the new client should sign an unofficial agreement that they understand what the next steps are and that they will follow the proven path of implementation and onboarding, as it’s laid out on the Document of Expectations. You don’t need lawyers for this, and its nothing that should be an objection for the new client. It’s ultimate purpose at the end of the day is to be an action by the new client that can be leaned upon should they get cold feet, become unresponsive or uncooperative.

The key during phase one, is to set expectations and for the client to acknowledge their understanding of what these next steps look like.

Phase 2: The Implementation Phase

This is the time to work with the client to finalize the investment and income strategies that will be built into their financial plan. Show them what you and your team initially drew up and explain the reasonings behind the decisions. This is when you will want to collect any initial planning fees if you have them. Then collect any additional signatures during this phase needed for transfer work.

The key during phase two, is to create excitement and solidify to them that they made a good choice to work with you. This should also serve as an anchor or “checkpoint” for the relationship, because you should never go backwards beyond this point.

Phase 3: The Get Organized Phase

If you’re managing their assets, now is when you will want to walk them through your client portals and how to navigate any specifics in working with you and your RIA/BD/Agency/etc. This meeting is best suited to be held by either your assistant, your case planner/para-planner, or an operations specialist in your office.

The key during phase three, is for housekeeping and discussion of client facing details.

Phase 4: The Maximize Their Money Phase

Are they working still? What’s their retirement plan look like? Their contributions? Allocation strategies?

The key during phase four (if needed), is to dig into their occupational income and investment strategies.

Phase 5: The Protect Yourself Phase

Do they have an estate plan in place? A written and updated living will? Do they have life insurance? Is their life insurance still suitable for their needs and situation? Do they have a plan for handling expenses for long-term care? How is there tax situation? Can you refer them to a specialist within your professional network who could likely put them in a better situation?

The key during phase five, is to build a web of ancillary offerings and support for your clients, to further enhance the value they can receive in working with your firm.

Phase 6: The Advanced Planning Phase

Are they of Medicare age? Do they have the right Medicare supplement plan? Is there outside real estate that’s a critical part of their overall portfolio and income strategy? Should charitable giving strategies or other HNW tax reduction strategies be valuable to them? Are they a business owner, responsible for benefits and investments to their employees? Are they utilizing cryptocurrency in their overall investing strategy?

The key during phase six, is to go the extra mile to show your client just how broad your support and planning work can be. Uniquely enough… research shows that over a third of referrals generated by advisors, is because of a niche or “unique” ancillary offering they provided to a client; not because of their general financial planning approaches.

Phase 7: The Final Phase

The final draft of their financial plan is given to them 3-6 months after they verbally committed to become a client. That may seem like a long time. But the build out and deferral on sharing the final draft with the client was 100% intentional. As the advisor, you’ll spend time explaining everything to your client, and you’ll be there to answer any questions they may have. You waited until all the previously mentioned moving pieces were in order and accounted for, before you presented your masterpiece. This makes for a much better end product for you and your team, as well as a much greater perceived value the client experiences with their financial plan and advisor.

The key during phase seven, is to connect all the dots for your client and show them what your team’s been working on over the last handful of months since they’ve joined your firm.

Phase 8: The Ongoing Relationship Phase

Periodic adjustments to goals and investments should be made. Your client experience and support team should be stepping in and running lead on the relationship now and moving forward.

The key during phase eight, is to create a seamless handoff from you (advisor) to your team (client relationship managers).?

That my friends, is the one document to rule them all! I hope you enjoyed reading. If you enjoyed this week's article, I would love it if you subscribed to our LinkedIn newsletter, The Weekly Voyage. Looking for more daily consumable content? You can keep up with me here on LinkedIn and across all your favorite social media platforms.