ATTRACT IDEAL CLIENTS WITH VISION COACHING

David was a hardworking, competent and caring advisor. His business was reasonably successful, financially. But it was creating far too much stress. Long hours, tedious processes and draining clients were all taking their toll. By 1999, David was on the verge of burnout.

Today, David's business is streamlined and thriving. His focus on his clients' happiness - not just their money - is creating a buzz that is attracting exciting business opportunities. He is having great success with his new position as a financial advisor who adds value with Vision Coaching services. Meanwhile, his revenue, client relationships and his quality of life are better than ever.

The journey wasn't easy, he told me, but today he's deeply satisfied with his work and his life. Moreover he is optimistic about the future. How did he make this transformation? This is David's story.

Questioning the "Sacred Cows"
David read my book, Effort-Less Marketing. By the time he called me, he had already implemented many of the strategies. David had also, however, experienced a few false starts in revamping his investment advisory business. This time, he wanted guidance as he instituted my proven processes in his practice. He enrolled in the Effort-Less Advisor Coaching Program and began making critical decisions.

David knew that his current mental models, or paradigms, had created his current business problems. They were limiting his ability to grow. "I decided to examine all the 'sacred cows,'" David told me. "I questioned everything I did and realized I had to redesign my business from the ground up."

David reached a critical point: $11 million under management. Businesses processes that had worked for $1 or $2 million dollars were breaking down under the weight of David's success. He wanted to streamline his business - so he could connect on a deeper level with his clients. During the program, he recognized that his money management processes and his broker dealer were obstacles to this success. He also decided that many of his clients were toxic and would have to go.

"I went through my client list and put a check next to the people I enjoyed working with," he says. "Then I referred the rest of my clients to a different advisor, explaining that my business was changing direction. In all, I cut my client list in half."

These decisions weren't easy, he told me, but they paved the way for a much more streamlined business.

Reengineering for More Efficiency
Once David made the big changes - reducing staff, setting up his own RIA, eliminating his broker dealer and shedding inappropriate clients - he focused on simplifying his service delivery processes. For example, instead of customizing each client's portfolio separately, he established three model portfolios.

Then he dramatically simplified his money management headaches by purchasing Centerpiece and moving his assets to T.D. Waterhouse. With those changes he no longer had to make tedious trades, with sloppy execution, through his broker/dealer. With his new custodian he could sell a specific fund and buy another one in all his accounts at once-by placing just one order. He also eliminated time wasted on checking confirms and following-up on trading mistakes.

"I used to pay a full-time person to handle portfolio management," David said. "Now it only takes two hours per week."

By realizing these gains in efficiency and trimming his client list, David designed a business model that focuses his time working face-to-face with clients and prospects. This allowed him to add more value and connect on a deeper level with each client - one of his main goals from the beginning.

Focus on Investors' Dreams, Desires and Concerns
Once he completed revamping his infrastructure and advisory service processes, David turned his attention to adding value in a way that meant something to his clients.

"I ask clients what they really want in life - what would truly make them happy. I went beyond just their money," he said. "Then every time I meet with them we review those aspirations and make sure we're moving toward their vision and goals. My clients love the approach and recommend me to other people who fit my ideal client profile."

David has also found success while beta testing my new Vision Coach Success System a turnkey process that helps advisors attract, convert and retain wealthy clients [Link to new page]. The program is based on the science of happiness and attracting qualified prospects by focusing on something they want more than money-happiness and fulfillment.

This marketing approach is unique because instead of finances it concentrates on creating more happiness in life - a concept that holds universal appeal. By focusing on presenting this PowerPoint slide show to mature, upscale audiences David is consistently building new relationships with qualified prospects and centers of influence.

David uses the system to position himself as someone who can help wealthy investors create a positive vision for their future, a plan to achieve that vision and then guide them through an implementation process to achieve their dreams. Money becomes a means to an end, not the end goal itself.

Where many advisors only talk about product or manager performance, David talks to his clients on a deeper and more meaningful level - about their values, concerns and aspirations. "For an industry focused on numbers, talking about subjective feelings and desires is a big leap," he said. "But I can tell you this approach works fantastically, and it has opened many doors for me that I could never have opened without it."

Attracting Strategic Alliances-Effort-Lessly
David told me that since he had been talking to people about "Vision Coaching" based on the science of happiness he has become overwhelmed in very attractive business opportunities. He listed just some of the doors that have opened since he's used the Vision Coaching presentation and the principles of Positive Psychology:

Clearly, any one of these opportunities could have a huge impact on David's assets under management. All these opportunities came to David because he has something they are excited about and want to share it with other people. Vision Coaching is a natural and simple enhancement to traditional financial planning and investment management services.

"By telling prospects and centers of influence that I have a scientific process to increase their happiness, I am out positioning the competition by adding value in a meaningful way," David told me. "My conversations are so different now. I feel like I have something that everyone wants. And I get to select who I am going to work with."

More Appreciative Clients and a Higher Quality of Life
When David started the Effort-Less Advisor Coaching Program, he had about $11 million under management. After he shed half of his clients, this number dropped to $6 million. Now, just one and half years later he is managing $20 million - almost double where he started.

"Most encouraging, my average account sizes are increasing," he said. "Recently a client fired one of his other advisors and moved all his assets to me. Now I manage $1.7 million for him. My average account size is about $1 million and I'm attracting these clients with less effort."

His income is up sharply, but David also appreciates having more time. He takes every Friday off to spend time with his three-year-old son and his stress level is far lower. Instead of feeling burned out, he is energized by his work because he enjoys his clients and feels like he is working for a higher purpose. His new business model allows him to spend more time working on his business instead of just in it.

Looking ahead, David is focused on further integrating Vision Coaching and the science of happiness into his business. "I'm excited about tracking my clients' life satisfaction as I help them to turn their dreams into reality," he told me.

Advice to Readers David's advice to readers is simple: Examine your business every two years. Take an honest look at every 'sacred cow' and decide if it is helping or hurting your business. Most importantly, find out what your clients really want from their money-on a subjective and emotional basis. Then position yourself as someone who will support their dreams with sound financial planning and investment advice.

"Have faith to pursue your own dreams and vision," he said. "We all have those little voices in the back of heads telling us what we should be doing. Listen to those inner voices - they will guide you to more opportunities then you will know what to do with."

< Back to Articles
< Read more articles like this from our archive

© 2003 American Business Visions, LLC. All Rights Reserved.