Protocol: Closing Conversation- Getting Commitment to Engage [Best Practices]

During the closing conversation of your first meeting, advisers should attempt to gain a commitment from the prospective client, to continue with the engagement. 

Adviser: Thank the client for spending the time together to complete this process. Let them know that you’d love to be part of their future planning to achieve these goals you’ve discussed, and that you’re confident you’ll be able to assist them to lift their Life scores and achieve their goals.

Identify the obvious gaps in their current financial situation - combining what you observed from their initial financial information in Your Life survey and the discussion you’ve just had.

Note that you are not entering into solution mode here - explaining any financial strategies you’re likely to recommend - rather you are simply stating the areas that you would like to explore further, to determine strategies to improve their situation. E.g. 

“<Name>, your current insurances won’t be enough to cover your debts, much less provide for <partner> if anything were to prevent you from earning your current income, and that’s a real concern, considering one of your core values is not to be a burden on your family; I’d like to take a look at that and determine how best we can get that protection in place, without jeopardising your other goals”, or “We’ll do some analysis on options you can take in order for you to drop back to three days a week and finish that PHD; we’ll look at how we can replace that lost income in the short-term so you don’t have to stress about living expenses while you’re focusing on study”.

 Now is the point at which you’ll present your advice proposition, show them the Best Life Plan to help demonstrate what they’ll receive if they become a client, explain  your Next Steps,  along with your fees, and seek engagement. You should feel confident to calculate and quote your fee at this point, and explain to your client that you will follow up the meeting with an email that will include your Terms of Engagement. 

Encourage them to discuss your services in private and make the decision together if they feel you’re the right adviser for them. E.g. 

“Selecting the right financial adviser to work with is a really important decision, and not one to make lightly - you both want to feel comfortable with the firm that you choose . I don’t want you to rush into a decision on the spot right now, I’d like you to go away and talk with each other without us in the same room, and make the decision together. We’ll send you an email this afternoon, summarising our discussion today and we’ll include our Terms of Engagement letter/Proposal. If you’re happy to engage us, you can sign that document online and that will authorise us to start work on your file, and give you immediate access to your Dashboard.”

If the Adviser feels absolutely confident to get commitment at this point, and the client is obviously ready to engage you, you may choose to sign your TOE and Letters of Authority before they leave the meeting, but otherwise, get an indication from the client as to how long they would like to consider their decision (and make a note to follow up in an appropriate time frame.)

Associate Adviser - Unless the client appears to be negative at this point, you can suggest that you scan their ID  and any paperwork the client brought for you.