One of the biggest challenges that advisors face is client procrastination.
Charles (Chuck) Hollander, Jr., founder of Red Flag, LLC, shared his insights on cracking the code to client procrastination during our recent Consume & Converse virtual event. He stated, “When clients procrastinate, you not only lose an opportunity to grow your firm, but you also lose an opportunity to make a difference.”
The CompassTM will help identify if a client is Satisfied with their current situation; Aware that they have a problem, if one exists; decide if they want to Fix the problem; and then Explore Options if they do. The Compass is not a sales process; it is about helping clients navigate change.
Many times, advisors will identify a problem and immediately start presenting options; but the client may not be on the same page. Some clients do not move on advice provided by their advisors because they do not believe the problem is big enough to fix or that the recommendation given by the advisor will work. Wealth holders cannot fix every problem, so only big problems get their attention.
Clients ask themselves:
- Do I have a problem?
- How big is the problem?
- What is the impact if I don’t fix the problem?
- Who else is impacted?
Your primary role as an advisor is to help clients navigate change, which includes clearly explaining the costs, consequences, and risks (or impact) of not implementing your recommendations. By being able to masterfully communicate this information, your clients will be able to make informed decisions and move forward with the process. And always keep in mind that the client/prospect wants to know:
- Why change?
- Why change now?
- Why change with you?
An attendee offered, “The program was outstanding. So much to process that our heads were spinning with thoughts and ideas. We will take the time to go through the exercises and hone-in on what we do and how we remove obstacles so clients can get what they want (and expect). Thank you all very much for sponsoring this – it is and will be extremely helpful!”
If you would like to learn more about this process, please contact us at 214.443.2423 or via email at [email protected].
