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 Being Done™ – What if I don’t want to “Be Done?” Being Done™ is a term given to that time when Trusted Advisors have optimized their practices so that they can totally focus on delivering the highest quality of service possible to their Clients given the constraints of time. While some Financial Professionals may say that they “never want to be ‘Done’,” that’s really not an option. Call it what you will, it’s a function of time and quality. Maintaining the quality of service you wish to provide requires a certain amount of time per Client. If you follow the Old World approach of “mailing to the masses,” you will inherently spend a large portion of your time “prospecting” for new Clients and screening them to determine if they are a fit with your practice. This doesn’t benefit your Clients (since it’s time spent not serving them), and it doesn’t benefit you. You may also get to the point in your practice where you’ve run out of time to serve any additional Clients. As a result, each new Client either requires that you allow your service quality to erode or that you give up some of your personal time (to maintain service quality). That approach to business requires your Ideal Clients to, in effect, subsidize the time you spend with non-Ideal Clients … and that is not “all about your Clients’ best interests.” So, if you don’t like the term “Being Done™,” that’s okay with us, but you need to recognize that you cannot create more time without negatively impacting the quality of the service you provide or the quality of your life, and we don’t think either is an acceptable alternative. [ ] Calendarization – Why do I have to put everything on the calendar? Your calendar is an extremely important tool in the area of time management … and the better you manage your time, the better you manage your results. By putting things on your calendar, you’re making an appointment with yourself to do those things that you know need to be done. The only question becomes whether you’ll honor your commitment. By putting something on your calendar, you’ve made it “real.” You’ve allocated the time and determine when that time will be honored. Then, it’s only a matter of whether you’re willing to honor your commitment. Either way, you’ll benefit. If you complete the action item, you’ll be on target to accomplish your Goals. If you don’t … you have a clear understanding of why you’re failing short of your Goals. As Bill Bachrach says, “The success of what you’re currently doing is based upon the foundation of what immediately preceded it.” If you do the work, you’ll get the results. If you don’t do the work, ask yourself, “Why?” Then, compare the importance of whatever you did instead … versus what you were suppose to do, and measure the effect each task had (or would have had) on helping you accomplish your Goals for the reasons that are important to you. That’s why one of the best habits you can develop is to take a few moments to review your Success Road Map® each day to remind yourself of what’s important in your life … and why. Then, spend your time in a way that helps you make progress towards your Goals. Remember … “It’s not about comfort … it’s about getting results.” – Bill Bachrach [ ] Compliance Issues (In General) It is a common industry practice to sarcastically refer to the Compliance Department as the “Sales Prevention Department.” In some ways, that’s a compliment … because you shouldn’t be trying to “sell” product if you’re serious about behaving like a professional. Your role should be to tailor solutions that will help your Clients achieve their Goals for the reasons that are important to them. The real role of Compliance is to protect the public. If everyone in the Financial Services industry behaved like a true Trusted Advisor, there would be no need for Compliance. After all, the foundation of Values-Based Financial Planning™ is to always tell the truth and to focus on your Clients’ Goals and Values. Compliance issues sometimes arise because:
If a Compliance review is believed to be necessary, our advice is always the same:
Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (Financial Road Map®) – What if Compliance Won’t Approve the Financial Road Map®? The Financial Road Map® is not subject to regulatory review. It is merely a vehicle for capturing information that is particularly relevant to your Clients … their Values and Goals and a synopsis of their current financial position. It differs from capturing the same information on a legal pad only in that it is designed to enhance your Clients’ experience; to capture and reflect such information in a single document in a way that demonstrates your recognition of its importance. The Financial Road Map® does not constitute “sales literature” within the context of NASD Regulations. This is the only misinterpretation of the Regulations that has ever been argued with respect to the Financial Road Map®, and it was based upon BAI’s web address appearing on the document. BAI is not a regulated entity, and our web address only appears to facilitate reordering. Therefore, the related NASD Regulations do no apply. Click here for White Paper – Financial Road Map® Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (NASD Approval) – Are Your Programs and Resources NASD Approved? BAI’s Programs and Resources do not require NASD Approval. Our Programs and Resources do not offer any securities recommendations or other technical advice whatsoever. We offer no content that is subject to regulatory review. To do otherwise would be totally incongruent with the Values-Based Financial Planning™ philosophy, which asserts that you are a professional with a fiduciary responsibility to act in your Clients’ best interests and that it would be negligent to introduce complex financial information with the intent of suggesting that they have a sufficient understanding to make an “informed” decision without professional advice and guidance. That being said, our Programs and Resources have been submitted by various parties over the years for review, and they have never been disapproved by any regulatory agency. The most common response to submittals has been “approved without comment.” Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (Phone Consultation) – Are Phone Consultations Subject to the Do Not Call List? No … the “Do Not Call” legislation does not apply to phone appointments that are conducted in accordance with the principles of Values-Based Financial Planning™:
Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (Recording) – What if Compliance Won’t Allow Me to Record? There are no State or Federal laws that preclude the recording of anyone’s conversation if that person is fully aware of the fact that a recording is being made and consents to the recording (otherwise answering machines and voice-mail would be illegal). Since our instructions are to have the recording device fully visible and to identify its use clearly, there is no surreptitious use of the recording device, and the consent of the parties is secured. Under no circumstances would we ever condone the use of a concealed recording device or the recording of a conversation without the consent of the parties. Note: Most firms in the Financial Services Industry record telephone calls for quality purposes. If you would like to determine whether your firm does so, just dial your firm’s general telephone number and ask to be transferred to your extension. You will hear the disclosure while you are on hold. [ ] Compliance Issues (VBFP Books) – What if Compliance Won’t Approve the VBFP Book? On rare occasions, Compliance Departments will attempt to deny the use of the Values-Based Financial Planning book because of the terms “Financial Planning” and/or “Financial Advisor” if you are not licensed as a “Financial Advisor” to do “Financial Planning.”
Click here for White Paper – VBFP Book Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Compliance Issues (VBQOL Newsletter) – What if Compliance Won’t Approve the VBQOL Newsletters? The Values-Based Quality of Life™ Newsletter does not and will not contain any securities recommendations or other content that is subject to regulatory control. It provides monthly articles of interest that focus on subjects that are more important to your Clients than the management of their money (i.e., their physical, inner, relationship and career health). The VBQOL Newsletter is designed to reinforce the fact that their money is the under control of a Financial Professional (you) who cares about them as individuals. It also reminds them of whom they can turn to when their financial circumstances change and they need the advice of a trusted professional (i.e., when a CD matures, an inheritance is received, etc.). Note: If it were inappropriate to permit non-financial information to be forwarded to your Clients, then your firm would also have to ban birthday, anniversary and holiday greeting cards (many of which are provided by the firm). While such cards represent a superficial way of maintaining Client relationships, the VBQOL Newsletter represents a far more meaningful and effective way of enhancing Client relationships in a manner that is completely congruent with the Trusted Advisor “Way of Being” … it focuses on helping your Clients maintain balance and perspective in their lives. Click here for White Paper – Newsletter Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Enrollment – How come I can’t enroll in Academy 1 (etc.) if I want to? There are a number of prerequisites for each Program. As examples: you need to have completed the Mastery Series™ 1 before you can enroll in an Academy 1; you need to have completed both Academies before you are eligible for participating in the Being Done™ Study Group; etc. Additionally, attendance or participation in a BAI Program is by invitation only … and only your ACC can extend an invitation. We do this so that you only invest in Programs that are appropriate for where you are in your journey. It also protects the integrity of the Program for other participants … so that they can experience the Programs with other Trusted Advisors who are at their level of skill and commitment. Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Gift or Book – May I use a different gift or book other than the Values-Based Financial Planning book? You may use another book or gift as a basis for the service call you will conduct with your Referrals. However, the results associated with Values-Based Financial Planning are well documented and predictable. The book has been designed to provide real value to Referrals regardless of whether they choose to work with you … and that is the purpose of the Phone Consultation: to conduct a service call that will be of value to the Referral. Additionally, Values-Based Financial Planning is designed to share information that differentiates your service philosophy as a Trusted Advisor from that of a traditional member of the Financial Service industry. In that sense, it is a unique “gift” that provides Referrals with insight into the world of financial planning as well as clarity about the more comprehensive “life planning” element of the Values-Based Financial Planning™ philosophy. Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Judgment – Why can’t I say words like “great” or “good answer?” Bill Bachrach has a phrase that’s relevant, “Trust cannot be established where judgment exists.” When you think about it, judgmental words have always raises a comparative analysis. If you say, “good answer,” that implies that there are “bad answers.” Conversely, if you say something with a negative connotation, it necessarily implies that a positive alternative must exist. Either way, you stymie your Clients’ thought process by injecting doubt or concern. The simple answer to this problem is not to use judgmental terms or phrases. Remember, it’s all about providing the best possible environment for your Clients so “the truth can descend” as Max Dixon would say. [ ] Mass Marketing – Can I still send postcards, brochures and other literature to get Prospects? You can do whatever you want. However, there are three fundamental problems with mass marketing techniques: (1) they are a technique; (2) they are not particularly cost effective or efficient (because they lack the ability to effectively pre-qualify candidates); and (3) people judge you by your behavior.
Please contact your Accountability Coach (800-347-3707) for assistance if you are considering an investment in a Program, Resource or Service to determine whether it is appropriate for you at this point in your journey. [ ] Paraphrasing – Why can’t I use my words when I conduct a Financial Road Map®? The Financial Road Map® is a tool for capturing the Values and Goals of your Clients to help provide them with clarity of purpose. It’s all about them. Therefore, it must be expressed in their words. It’s okay not to write down everything they say … but everything you write down should be something they’ve said. Conversely, changing your Clients’ words, or paraphrasing what they say, is all about you. You do it to make yourself more comfortable. As such, it would be incongruent to do this while conducting a Financial Road Map®.* * The same is true of the Success Road Map® and its use with the Financial Professionals you may serve. [ ] Procrastination – Why can’t I just sign-up/take action/etc. in a few days/weeks/months, etc.? There are two typical motivations for this type of behavior: (1) you want to avoid what you perceive to be “old school” sales tactics, or (2) you honestly believe you will take the action at the later date.
One of Bill Bachrach’s mentors, Doug Carter, talks about “The Commitment Effect” in his Way of Being™ Workshop. Essentially, “The Commitment Effect” suggests that behavior changes in a positive manner once one commits to a course of action. As an example, when you commit to being married … most people stop dating! The same is true of committing to do something (such as coming to an Academy). The commitment changes your behavior. You prepare more seriously and, as a result, get more out of the time and money you invest. As the old adage says, “Don’t put off until tomorrow what you can do today.” Here are a few others that may help you put things into perspective:
[ ] Referrals – Why do I have to ask for Referrals if it makes me uncomfortable? It’s not unusual to initially be uncomfortable asking for Referrals. That’s because most Financial Professionals are so deeply engrained in “sales” training, it’s difficult to let go of the idea that asking for Referrals is only in their interest. Since sales training essentially teaches you to “exploit others to get something for yourself,” it may be difficult to grasp how asking for Referrals is in your Clients’ best interest … but it is. The reality is: you can spend your time doing things that are in your Clients’ best interests … or you can spend your time doing things that are in your best interest. Asking for Referrals lets you optimize the use of your time with respect to your Clients. Rather than spending time and money mass marketing yourself and serving anyone who is willing to pay you, working exclusively through Referrals allows you to spend your time serving individuals who are members of your Ideal Client Community. As a result, your practice is more focused, and you can concentrate on the deliverables you have committed to provide to your Ideal Clients. The end result is a clearly superior experience for your Ideal Clients; and the faster you can complete your Ideal Client Community, the faster your Ideal Clients begin to benefit from a practice that is completely dedicated to helping them achieve their Goals for the reasons that are important to them. [ ] Skill/Experience (Don’t Know What’s Next) – I’m not sure what to do next. That’s why you have an Accountability Coach (ACC). Your ACC is trained to provide you with guidance (with respect to Program and Resource materials you already own) and advice (about Programs, Resources or Services that you should invest in to accelerate your progress). Please contact your Accountability Coach (800-347-3707) for assistance in determining what the appropriate assignment or investment is for you at this point in your journey. [ ] Skill/Experience (Lack Confidence) – I’m not confident in my ability. Don’t worry. Almost everyone experiences self-doubt one or more times when they are attempting something different. It is usually because you are comfortable with your current behavior and any “change” is inherently uncomfortable. Just keep working on your skill by gaining additional experience and the change will come naturally over time. As Bill Bachrach says, “Lather … Rinse … Repeat!” When we try to learn something new, most of us struggle at one time or another. It’s really just a matter of practicing enough to gain the experience we need to become more comfortable in our ability. Do remember how you felt the first time you rode a bike, drove a car, learned a musical instrument, played a sport, tried to dance, prepared a meal, etc.? It is rarely the case that you lack some innate ability to perform; rather, it is usually more a matter of confidence (or lack thereof) that inhibits your success. Practice leads to confidence … and confidence manifests itself as skill. Bill Bachrach says the key to becoming skilled at anything is as simple as the instructions on a bottle of shampoo, “Lather … Rinse … Repeat!” Just keep practicing until you gain the confidence you need. If your confidence is a bit shaken at this point, you may wish to consider the following: Take the time to review how far you’ve already come. Reflect upon your original level of skill and the performance you were experiencing?
How important is it to you to achieve your Goals?
Please contact your Accountability Coach (800-347-3707) for assistance in determining what the appropriate assignment or investment is for you at this point in your journey. [ ] Skill/Experience (Too Much To Do) – I’ve got too much on my plate right now (stressed, etc.). Don’t worry. Almost everyone experiences this feeling. The sense of being overwhelmed is actually a natural defensive mechanism that insulates us from the fear of failure (i.e., we could succeed if we didn’t have so many other distractions). Distractions that we permit to enter into our lives are usually nothing more than thinly-disguised excuses to avoid doing what we know needs to be done. When you get this sense, it’s usually a good exercise to make a list.
The more you honor your commitments, the more you will accomplish … and that sense of “stress” will begin to fade away. Please contact your Accountability Coach (800-347-3707) for assistance with your calendar and in determining what the appropriate assignment is for you at this point in your journey. [ ] Skill/Experience (Too Much Time) – My appointments always seem to run long. Running long on an appointment (or running out of time) is a common issue. There are a number of things you can do to address this.
[ ] Skill/Experience (VBFP Doesn’t Work) – This just doesn’t work with my Clients … in my part of the country … etc. Values-Based Financial Planning™ is predicated upon the fact that people have Values and Goals that are meaningful to them, and those Values and Goals should be respected and used as the basis of their financial strategies. Unless your Clients lack personal Values and Goals, the principles of Values-Based Financial Planning™ apply to creating an inspiring experience for them … no matter whom they are or where they live. If you are experiencing problems in implementing the principles, ask yourself:
Your problem is likely to be related to your present level of skill and confidence rather than to the principles themselves (since Values-Based Financial Planning has been enhancing the experience of Clients of every age, socio-economic level and physical location for approximately 20 years). As Jim Rohn would say, “Don’t wish it were easier … wish you were better.” Please contact your Accountability Coach (800-347-3707) for assistance in determining what the appropriate assignment or investment is for you at this point in your journey. [ ] |
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