Many Financial Advisors, sadly, short-change themselves by selling just their products and not themselves. It is important, very important to focus on the value you as an advisor bring to the table.
The football analogy establishes your role as a key player on the client’s «Financial Team».
You and I as a Qualified Financial advisors should stand shoulder to shoulder alongside other professionals such as Accountants and Solicitors/Lawyers, but to do so, we must position ourselves in this context at the very beginning of the client relationship.
This is how I explain it to prospects:
«Financial planning is like a Football team, Mr Future Client: it is made up of two fundamental elements:
OFFENCE and
DEFENCE.
The offence includes all the pro-active steps you take to achieve your financial objectives, such as saving for a home or retirement.
The defence is what you do to protect yourself and your family in case something goes wrong.
This includes insurance planning to «defend» yourself against premature death or a long-term disability.»
«As you know, in football, as in any team sport, you need both a good offence and a good defence to win the game.»
«In my experience, clients who surround themselves with a strong team of professional advisors are more likely to achieve their financial objectives. Think of these key people as your «Financial Team». I can certainly help you with a number of your financial needs, but I’m not the only player you should have on your team.»
«You need three forwards on offence. First, an investment advisor to help you with wealth accumulation – that is my responsibility. You also need an accountant to prepare your returns and provide sound tax planning strategies. Finally, you need a bank manager to help with money management needs such as saving accounts, credit cards, home loan.»
«The two defending players on your team should be an insurance advisor and an solicitor/lawyer. The insurance advisor recommends the right coverage to protect you and your family in case something goes wrong. I can definitely help here, too – you could say I’m a two-way player who fills both an offensive and defensive role.»
«A good solicitor will handle your will, Powers of Attorney and other legal and estate planning matters.»
«There is one other important position: Full Back or if you wish Goal Keeper.
That is YOU.»
«You are responsible for ‘tending to your goals’, and keeping the rest of us up to date on your changing financial objectives. Working together as a team, we will help you reach your goals.»
Ladies and gentlemen, using this idea during your initial meeting with a prospective client accomplishes two objectives.
First, it establishes clearly that your role is of equal importance to that of the client’s other advisors, such as their accountant and solicitor.
It helps the client see you more as a trusted professional rather than as a traditional ‘salesperson’.
In addition, this idea can be used to put the prospect prospect at ease by removing the pressure to make any immediate financial decisions.
Tell the client to think of this first meeting as your «tryout» for their financial team – an opportunity to see how you work and the value you can provide.
Explain that the only decision you want them to make by the end of the meeting is whether you have earned the right to be a part of their financial team. This shows the client that your first priority is not to make a quick sale; it is to establish a strong working relationship on the basis of trust. This establishes instant credibility.
Thank you.
Carlos (aka Chas) Banhelyi is an experienced Australian Financial Advisor with more than 30 years hands on Financial Advising experience.
Carlos first presented the Football Team Speech in 1986 to Bondmark Financial Advisors in Melbourne. Australia.
Since then Carlos has given the above presentation many times all over Australia. The latest presentation was made in June 2008.
If you wish to have Carlos as a guest speaker contact him via email on: financialandwealtharchitect@gmail.com
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