A solid first-meeting interview process can get new client relationships off to a good start.
“[The first meeting] sets the stage for the entire relationship,” says Keith Weber, a certified financial planner and president of Weber Consulting Group in Fort Collins, Colo. It establishes you as a professional in the client’s mind. It also helps you to grow your business optimally by identifying ideal clients.
Weber offers these tips for framing your initial meeting with a client:
> Break the ice
Ask a few questions to make the client feel comfortable and to help you understand what they need.
Weber recommends asking your clients the following three questions at the start of the meeting:
How did you hear about us?
Are you familiar with how we work?
What brought you in to see us today?
The first question will help you evaluate your marketing initiatives. The second makes the client more comfortable with your process and establishes some trust. The last question lets you identify the client’s immediate needs.
> The first third: get the facts
Weber suggests breaking the first hour-long meeting with a client into three parts.
The first part should consist of extensive fact-finding about the clients’ personal information and a balance sheet of his or her current assets.
“A lot of financial advisors just kind of skim over the balance sheet,” Weber says. “They’re afraid the client or the prospect won’t be willing to share that information with them.”
But if the client isn’t willing to share all of their information, Weber says, you shouldn’t be working with them.
It’s like asking a doctor to treat an illness without first examining the patient, he says.
> Middle section: uncover goals
During the second part of the meeting, dig a little deeper into what the client is really looking for.
Help the client define his or her goals, Weber says, and show your value by outlining how you can help them achieve those goals.
> Finally: be transparent
In the last 20 minutes of the interview, explain to your new client how he or she will pay for your services.
Describe all the different fees and fee structures in the industry, says Weber. That way, you can explain your fees and why they are appropriate for that client.
> Use a “short” version
Have a paired down version of the interview for clients you don’t think match your ideal client profile.
If you feel that the person is a “transactional client” — someone who just wants one issue dealt with instead of building a strong relationship — focus on the issue that brought the client to see you. Don’t spend time digging deeper to define his or her long-term goals.
IE