Recommend three strategies to every client every year

Challenge yourself to formally recommend at least three strategies to each client every year.

Invite your client in to discuss things. Make it an agenda free meeting, and make it a free meeting. Never let a fee note get in the way of a good client meeting. Ask your client questions. How is work? How is business? How are the kids? How are mum and dad? How is the home? How is your tax? How is your super? Are you worried about retiring? Are you worried about not retiring? Where do you see yourself in ten year’s time? What can I do to help?

Find out what your client is concerned about. Listen carefully to what they have to say. Don’t launch into sales pitch number 7. Think and reflect, and strive to come up with an idea or suggestion that fits in with what they want to do a makes a good thing better.

Has your client overlooked something? Let them know if there is a gap in their plan.

Has your client not aimed high enough? Let them know of what others are doing, and what they can do.

Has your client aimed too high? May be break it down into steps. One at a time. First things first.

Discuss things that work. Most clients spend too much. Suggest a cash budget. Many clients pay too much tax. Talk about tax, and what can be done to reduce it.

Super should feature. What about the home? Paying for the extension? Can the interest rate be negotiated down? Can the principal repayments be deferred?

Is your client female? About half will be. Discuss gender equity, the need for it to be assertive and insist on their rights at every turn. Gender economic equity requires attitude.. This includes financial rights. Super and home ownership are critical here.

What about estate planning? Fresh wills? Fresh POAs? Fresh BDBNs?

What about buying a business? What about buying into an employer’s business? What about starting a business? What about expanding a business?

What about asking for a salary increase? What about changing jobs?

What about re-training or up-training? Training to improve future salary and/or avoid future redundancy.

What about negative gearing?

What about positive gearing?

What about a SMSF?

What about gearing a SMSF?

What about extra super now to pay off a home loan faster later?

What about an early inheritance?

At least one or two of these questions will get traction. Create set plays that work for most of your (homogenous) client base. Give them examples and case studies exemplifying what can be done. Paint a positive picture. Encourage and compliment them.

Work out how you are going to be paid

You cannot help your clients if you are not making a profit. Your practice must be profitable. A profitable practice presupposes appropriate pricing.

The answer is not found in a rah-rah seminar, where you walk over hot coals and tell yourself ten times while you clean your teeth “I am worth it, I am worth it” to find it all fizzles once you are back at your desk.

The average full time worker earns about $1,500 a week. Most earn less. So quoting $400 an hour is not going to work with most clients. You have to be smarter than that. The key to effective pricing is first demonstrating value. “Value” not mean some remote esoteric subjective good feeling that may be one day the client will be happier than they are now. “Value” means money in your client’s pocket.

You must show your client they will be demonstrably better off, now and in the future, in measurable monetary terms. Money saved or money gained.

The Dover Group