Morningstar Fund Detail reports for all of the mutual funds used. These are not shown in the Sample Plans.
Mutual fund prospecti, and other required paperwork, if you’re working in commission mode.After you explain the Sample Plan, say, “What do you think of that? This is as sophisticated as it gets in this business. Have you ever seen anything like this before?” Then do the usual thing after asking any closingquestion - just shut up and wait for an answer.The more money people have, and/or the more they know about investing and have seen other examples, themore they like the Sample Plan. So it just boils down to how well you can explain it. Most everything you needto explain and understand these reports is either here, or in the direction pages for each individual product. If you still don’t understand something, that means other people, most importantly clients, don’t get it either, so please let us know so we can make changes.Before showing prospects everything, it’s important to first find out how much money they have to work with.Yes, we’ve been there and done that, and we know it’s awkward and hard. There are several reasons for wantingto find out how much they have, but at this point, you just want to know so you can show them the right samplereports. What you really want to know is how much they are willing to let you manage, and this is the step-by-step process for finding that out.We’ve been in this position many times and have fumbled with various ways of asking ask a stranger how muchmoney they have to work with in the first few minutes of the first meeting after small talk is over. Even fluffyconsummate salesman with thirty years experience, have a hard time with this. You always feel like you’reimposing, being nosy, or you’re diving in too fast. We worked on these scripts one on one for years, and wethink we finally got it right. The best thing to do is
look them straight in the eye and just ask!
When the time is right, it seems like the worst thing you can say at that point in a meeting, but it’s not. Everyoneis there for the same thing - to find out if you can reach an agreement on managing the prospect’s money(and/or do financial planning). Finding out how much you’re talking about is a logical starting point and it’s the perfect segue into the
Dog & Pony Show
(showing off the reports).After the small talk is over and it’s time to get down to business, you just say, in a nice, caring way: “So<client’s first name>, if it turned out that you liked the way we do planning and manage money, around howmuch would you consider letting us manage? The reason I’m asking is because we want to show you what wewould do with your money, and we need to know which sample reports to show you.”Then you shut up and don’t say anything until they give you an answer. If they take too long to answer, thensay, “Just ballpark rounded to the $25,000,” then shut up and wait again. The vast majority of the time, they willfess up and tell you. The less you beat around the bush, the better things will go from then on.Sometimes they fudge because they don’t want to give away their hand too soon. About 10% of the time theywill be uncomfortable, and/or just don’t know how to answer the question. Married couples like to look at eachother with the, “Whose got the brain today, dear?” routine.
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