You have asked good questions, gone emotionally deep with clarifying, expanding, and impact questions, and listened with empathy, so what do you do now? It’s your turn to talk. And what will be music to their ears when you do speak is if you make them an offer or give them so advice that is relevant for them. How do you know what’s relevant for them? That’s what you discovered while you were listening to the answers to all of your excellent questions.

Impact questions are some of my favorite questions. They take what you have discovered during a conversation that’s gone emotionally deep from someplace meaningful and bring it to a crescendo about the impact and results this will have on their life. Impact questions are questions like, “And what impact will that have on your life?” “Once you have achieved ____________, what will be the result of that?”

Notice how the questions are oriented to draw out things that are positive and tend to stimulate positive emotions. Consider the positive orientation of these questions in contrast to how the old-school salesperson would tend to focus on questions that draw out problems and fears. Don’t be a salesperson, be a trusted advisor.

Speaking the language of trust means that you ask questions where the answers inspire people about their futures, not scare them about the future. The better you understand what inspires a person about the future the more likely it is that they will feel good about you, even trust you. This puts you in a much better position to make an offer that might help them have the future they aspire to. More about making the offer later.

“You build trust by listening to their story, not by telling yours.”  –Bill Bachrach
“You build trust by inspiring people with positive emotions, NOT with fear or greed.” –Bill Bachrach

How do you know that your people skills are more crucial to your success and happiness as a Financial Advisor than your technical skills? 1) It’s your people skills that get you hired in the first place. 2) Everything technical can be outsourced or delegated and nothing “people” can be outsourced or delegated.

You can hire technical experts to write the financial plan, do the asset allocation, manage the money, assess risk and recommend appropriate insurance, do the tax planning and prepare the tax returns, and do the legal work.

But none of your people skills can be outsourced. You can’t hire someone else to be charming for you, ask good questions, listen with empathy, be trustworthy, build rapport, give advice with confidence, provide leadership, and hold people accountable to implement.

I’m not suggesting that you can be a financial moron and be a successful financial advisor. What I am suggesting is that you invest more time in your people skills than your technical skills because it’s your people skills that get you in front of prospects and your people skills that get you hired. It’s your people skills that manage your clients’ expectations. It’s your people skills that help you help your clients manage their emotions during turbulent times. It’s your people skills that generate referrals and convert referrals into clients.

People skills are like muscles and fitness. They can be developed to be strong and productive and they will decline if you don’t consistently work to keep them sharp and strong.

One of the best books ever written about effective communication is You’ve got to be Believed to be Heard, by Bert Decker. Bert is a leading authority on communication. (To learn more about The Decker Communications Course go to www.decker.com. Enter promo code “Iknowbill” for a $200 discount off the regular $1,495 tuition.)

My favorite quote from this great book is, “The most important language in effective communicating is an almost unspoken language, the language of trust.”  How do you speak the language of trust? I believe it boils down to three things:

1)      Know the right questions to ask, when to ask them, and how to ask them.

2)      Listen with empathy.

3)      When it’s your turn to talk to be able to make an offer or give advice that is relevant for them, with confidence and conviction, and in a way that tends to inspire action.

If so, what do you have to do to tap more of your potential and capacity so you can have the kind of life you truly want?

Check out the youtube video: http://www.youtube.com/watch?v=kAXFP_FOi_g

In this what-to-do and how-to-do-it webinar, Bill Bachrach explored the trends that are leading to the popularity of the flat-fee-for-advice model. He will address how making the product the advice rather than the product being financial plans, investments, insurance, annuities, tax returns, and / or legal documents can change your client’s perceptions of you in an extremely positive way.

When you attend this webinar, you will learn:
-How the flat-fee-for-advice model will protect you during economic downturns
-How fee-based and fee-only are different
-How the continuing advisor mindset is shifting towards goal-oriented advice
-Why it should matter to you
-How you can capitalize on this opportunity
-How to discuss the transition to flat-fee-for-advice model to your clients
-How you should set your fee
-How to present a better value proposition at a lower fee
-How being on the front-end of this trend could open the door to more high net-worth clients

It’s possible for a client or prospective clients’ perception of your trustworthiness to be different than your actual trustworthiness. And this perception could be influenced by how you choose to be paid.

In Bill Bachrach’s article in the March issue of FA Magazine, he explored 3 things:
1. The trends that I see that are leading to a flat fee for advice financial services world. I believe this is inevitable and may happen rapidly and soon.
2. Why it matters to you.
3. How you can capitalize on this opportunity.

If you haven’t seen Bill’s article in the March issue of FA Magazine, you need to read it. Enjoy the webinar (http://www.baivbfp.com/pgrm_webinars.html) and the article.

“Well, what I’d really like to tell your audience is that it’s a beautiful Saturday afternoon, and why on earth are you spending it listening to this show?

“Let me ask you a question,” I continued to the host of the show, “How many of your clients do you think are listening to you on the radio?” He admitted that he thought not one of his clients would be tuned in to the show. “Why not?” I asked.

“They don’t need to,” he responded.

“Right! There are better things they could be doing. So my advice is whether you hire our host or somebody else, you should find an advisor you can trust to take care of your money so you don’t have to waste your precious time listening to shows about finance and money. There are competent people out there. Instead, get a hobby. Get a dog. Get a life.” An interesting way for a guest of a show to end their appearance, don’t you think?

I’m sure if we had the listeners make a list of all the things that are more important in life than money (the things they really enjoy doing), listening to that radio show, or any financial show, would not be at the top of the list or not even on the list at all.

Isn’t this what you wish for your clients? That they would determine you are competent enough and trust you enough to handle their money so they don’t have to worry about it anymore? I believe this is the real value a Trusted Advisor provides to clients of all economic levels. Therefore, when you help a person realize that an activity they used to deem important is actually no longer necessary, you give them the gift of time. How much is that worth to them?

Do your clients read financial magazines, newspapers, and books or go looking for or accept investment advice from everyone including friends, neighbors, and a variety of advisors? Do they seek to understand planning methodology or money management strategies? Have you ever supplied them with your own brand of “financial pornography” in the form of an investment newsletter, market update, or other information?

You may think that pornography is too strong of a word. I don’t. I define “financial pornography” as anything of no value to your client. It’s not that the information does not have value in general. It simply has no value to your clients because it’s redundant; you are already doing your job.

Basically, when you distribute financial porn you’re giving people additional tasks they don’t need just to satisfy an unnecessary urge to “know” more about finances. Worse for you, is that you’re sending a powerful negative message: “Don’t trust me to be competent and give you accurate advice, study it yourself.” I know that’s not what you mean to do, but given the importance of trust in your client relationships you want to be especially careful to not send any messages, intentional or not, that lower trust.

Then what do you send to clients if you want to stay in touch? How about something of real value? Like something that relates to them having an even better quality of life because they have delegated making smart choices with their money to you. It may be worth considering sending your clients a newsletter that focuses on the things in life that are more important than money, like physical, relationship, inner and career health. These are areas no one can delegate to someone else, so they are of huge importance in anyone’s life. Clients who receive this kind of communication get a positive message from the Advisor: “I’m taking care of your money, and here’s some information that can help you live a better life.”

A newsletter is one way to keep in regular contact with clients without fostering an unhealthy obsession with financial pornography, investment performance and trying to educate them. Instead of peddling porn, enhance trust.

Don’t be a salesperson. Be a Trusted Advisor.

Who do I have to become to
- be more referable?
- attract more Ideal Prospects?
- be more focused on doing my high payoff activities?
- be a fee for advice Advisor?
- do more client acquisition activities?
- ‘play’ like I’m a top 1% Financial Advisor?

To learn more about how Bachrach and Associates Inc. can help you be in the Top 1% of Financial Advisors, call (858)558-3200 or email info@baivbfp.com.