Welcome back to the 241st episode of the Success podcast for financial advisors!
My guest on today’s podcast is Bill Bachrach. Bill is the Chairman and CEO of AdvisorRoadMap, which provides training and mentoring to help financial advisors better acquire and communicate with their ideal clients.
What is unique about Bill, however, is that he, as the creator of the value-based financial planning framework and father of the now famous question – “What is important about money to you? and goals at the heart of financial planning discussions at a time when the industry was almost entirely focused on product sales.
In this episode we talk at length about how Bill’s “What do you care about money?” Not only does Question provide a powerful way for advisors to start a meaningful conversation, it also gives prospects a chance to communicate the value they are seeking from a financial planning relationship, as this initial question is only part of Bill’s script, to conduct value discussions with potential customers in order to create a basis of trust and ultimately to help advisors (as Bill puts it) rescue Interested parties from their current advisors and how Bill uses his value roadmap as a result for the visual representation demonstrate Prospects of the steps they can take to fulfill their deepest values and achieve their most important goals.
We also talk about Bill’s five prospect interviews (which take place during the first prospect conversation, including opening, values, and goal interviews, as well as the “All Money and Commitment to Hiring” steps, Bill’s techniques, and suggestions for conducting these conversations without over-talking the conversation “Control” and how recording potential conversations for later review not only helps consultants build even more trust and relevance, but also helps them listen more, say less, ask better questions, and answer potential questions more effectively.
And be sure to listen to the end where Bill shares his recommendations to help prospects identify and define their goals more specifically, not just with name, target date, and cost, but the emotionally compelling words that describe what accomplishing this goal will feel like (on their financial roadmap) why Bill thinks it’s that of a consultant Obligation to take full advantage of the financial planning tools they have at their disposal (and why it makes it even easier to “rescue” clients from other advisors who don’t); and Bill’s view that trust is not a function of an advisor’s technical ability, but rather a Function of character, the ability to ask good questions, listen and ultimately hold customers accountable for the advice they receive.
So, are you interested in hearing how Bill explains “What is important to you about money?”? If you ask about his five conversations with interested parties or how financial advisors can build trust, then we wish you a lot of fun with this episode of the podcast “Financial Advisor Success” with Bill Bachrach.
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