Many Financial Advisors, unfortunately, change themselves by selling only their product and not themselves. It’s important, it’s very important to focus on the value you bring as an advisor.
The football analogy establishes your role as a key player on the client’s “Finance Team”.
You and I as Qualified Financial advisors must stand shoulder to shoulder with other professionals such as Accountants and Attorneys/Lawyers, but to do so, we must position ourselves in this context early in the client relationship.
This is how I explain it to prospects:
“Financial planning is like a football team, Mr Future Client: it consists of two fundamental elements:
VIOLATION and
DEFENSE.
Offenses include any proactive steps you take to reach your financial goals, such as saving for a home or for retirement.
Defense is what you do to protect yourself and your family if something goes wrong.
This includes planning insurance to “protect” yourself against premature death or long-term disability.”
“As you know, in football, as in any team sport, you need good attack and defense to win games.”
“In my experience, clients who surround themselves with a strong team of professional advisors are more likely to achieve their financial goals. Think of these key people as your “Finance Team.” I can certainly help you with some of your financial needs, but I not the only player you should have in your team.”
“You need three hit men. First, an investment advisor to help you with wealth accumulation – that is my responsibility. You also need an accountant to prepare your returns and provide sound tax planning strategies. Finally, you need a bank manager to help with money management needs like savings accounts, credit cards, home loans.”
“The two defenders on your team should be the insurance adviser and attorney/lawyer. The insurance advisor recommends the right coverage to protect you and your family should something go wrong. I can definitely help here too – you could say I’m a two-way player who fill offensive and defensive roles.”
“A good attorney will handle wills, Power of Attorneys, and other legal and estate planning matters.”
“There is one other important position: Full Back or if you want Goal Keeper.
That is you.”
“You are responsible for ‘reaching your goals’, and keeping your changing financial goals up to date to all of us. Working together as a team, we will help you achieve your goals.”
Ladies and gentlemen, employing this idea during your initial meeting with a prospective client achieves two goals.
First, it establishes clearly that your role is just as important as that of advisors to other clients, such as their accountants and attorneys.
This helps clients see you more as a trusted professional than as a traditional ‘salesperson’.
Also, this idea can be used to appease prospects by removing the pressure to make financial decisions right away.
Tell the client to think of this first meeting as your “test” for their finance team – a chance to see how you work and the value you can provide.
Explain that the only decision you want them to make at the end of the meeting is whether you qualify to be part of their finance team. This shows the client that your first priority is not to make a quick sale; it is to build a strong working relationship based on trust. It builds instant credibility.
Thank you.
Carlos (aka Chas) Banhelyi is a seasoned Australian Financial Advisor with over 30 years of experience in the Financial Advisory field.
Carlos first presented the Football Team Speech in 1986 to Bondmark Financial Advisors in Melbourne. Australia.
Since then Carlos has given the above presentations many times across Australia. The last presentation was made in June 2008.
If you’d like to have Carlos as a guest speaker, contact him via email at: financialandwealtharchitect@gmail.com