Chapter 11: The Client Annual Review:

Chapter 11: The Client Annual Review:

The best way to begin this chapter it to first of all revisit a few excerpts from an earlier chapter — Chapter 3 — and the reason I want to do this, is so that we can start this chapter’s with the end in mind, in other words what is the “effect” of the Asset Transformation “cause”.

Doing so will give Asset Transformation and the My Asset Journal client records keeping system more meaning and a sense of purpose. Especially since it is that at this point you have not experienced an Asset Transformation client annual review.

To begin with, usually there are at least two individuals involved in a client annual review — both you the advisor, and your client. And so with that, lets first of all take a look at the “effect” this will have on your clients in general.

Lets do this by revisiting excerpts from Chapter 3:

Now, lets take a look at the “effect” this will have on you as an agent an or advisor in general.

 We’ll do this by again revisiting excerpts from Chapter 3:

So there we have it the “effect” of the cause for both agent/advisor and client.

I’m quite confident that as Asset Transformation reach spreads out across the fruited plains that there are yet to be realized benefits for all parties involved in the process.

 So with this now in mind, lets move into the steps of the Asset Transformation client review!

Step 1: Schedule Review Appointment.

Pretty self explanatory. What you want to do is use the review scheduling script I’ve included in the Appendix section.

The script has a 100% appointment close ratio! (I’ve never had a client refuse a review appointment! How does that compare to new leads?…)

Step 2: Order Your Client’s Favorite Pie.

When scheduling your appointment, find out what your client’s favorite pie is! Then what you do is locate a local bakery where you can call in favorite pie orders and have them bake a fresh “favorite” pie for your client!

Here’s why you want to do this.

All of what you are doing with the My Asset Journal system is very personal, high-value-service that your clients will very much enjoy for all the reasons previously stated. What the pie does is it TOTALLY takes the review event WAY OVER THE TOP! As far as high value service is concerned.

Your senior clients well remember the day when the milkman delivered milk and ice cream to their door. They affectionately remember the days of high-value-service, and when you combine the My Asset Journal client records keeping system and the pie, you do the opposite of the rigid, fast paced, very distrusting  world we live in. You create an atmosphere of the simpler and better days the well remember and a nostalgia for such.

And what you become through all of this in your clients life is a very unique “high-value” professional relationship – one they will stick with FOREVER!

Powerful stuff!

Optional of course.

But I highly recommend you do the pie…you will have a ton of fun bringing a smile to your clients face in the process!

Step 3: Prepare Client Records Keeping System.

If it is that this is your first Asset Transformation client review, you would prepare a new My Asset Journal data file as well as a new My Asset Journal client records keeping system for your client.

 If it is that this is a subsequent (2^nd and up) Asset Transformation client review, you will only prepare new My Asset Journal reports in order to update your client’s My Asset Journal client records keeping system that you had previously delivered to your client. So the reviews in year two and up are even much easier.

 Note: As well, at this point I would suggest that you watch the “Seven Quick & Easy Steps” video if you have not already done so.

Step 4: Conduct The Review.

 Essentially you will have three things with you during the review:

– Your client’s My Asset Journal client records keeping system.

– Your client’s favorite pie.

– Your briefcase and or a shoulder carry satchel case.

If it is that the review is taking place at your clients home and, leave the briefcase behind until after you are welcomed in and have presented your clients with their My Asset Journal client records keeping system and their favorite pie.

If it is that the review is taking place in your office, leave anything business like out of your welcome. And if possible, do the review from your conference room and not from behind your desk. Don’t sit at the head of the conference desk, sit beside your client. What you want is a warm, relaxed, casual, friendly atmosphere.

Step 4a: Serve Your Gifts To Your Client.

Make the giving of your client’s My Asset Journal client records keeping system and their favorite pie formal. Present it to them as if you were presenting an Olympic gold medal to them – do it formally. Serve the My Asset Journal and the pie to them with both of your hands.

Make it special!

 Have fun!

Step 4b: Review Your Client’s My Asset Journal Client Records Keeping System.

What you want to do here is to go through each of the different sections and review the reports and charts one by one explaining nearly every thing and what it means.

 I personally begin at the beginning, at the Asset Summary section report and chart and go through this with my client.

 Then I move into the Insurance Assets section report and chart and from there on into the individual insurance asset section 1-36 and review this. And next a quick look at the asset documents.

This is a great opportunity to:

– Assist your client in making any necessary changes to any of the assets.

– Discuss performance of their assets and any changes you might recommend or they might request.

– Get their involvement in reviewing beneficiary designations and other account details to ensure the account information is correct.

– Leave the review conversation open an flexible, often times your client will request addition information that pertains to assets not under your management. Which leads to new business opportunity.

After thoroughly reviewing the entire My Asset Journal client records keeping system, next I move into the suitability questionnaire.

Step 4c: Review The Client Suitability Questions And Client Suitability Assets Questionnaires With Your Client.

Inform your client that at this point of the review you have a few questionnaires you will review and that these are an integral part of the high-value-service annual review and that they are standard procedure in your business processes, will better enable you to serve them as a client and to keep their My Asset Journal better updated.

The purpose for the suitability review is to:

– Ensure that what you set up for your client in as far as assets are concerned remains suitable (suitability doesn’t just apply at time of sale…things change), and to document such for your and your client’s records.

– To probe your client’s goals, wishes and objectives, which is a critical part of the New Business transition process. After all, any new recommendations should ideally be “suitable” to your clients goals, wishes and objectives.

– To gather client asset information in order to prepare future planning recommendations.

– As well, this process now becomes your in house client suitability system, which in this day and age is a must-have requirement.

– This is where we begin to move into the New Business transition process.

Note: The suitability questionnaires are copyrighted materials. However, as a licensee you are granted permission to modify the questionnaires to better suit you and your business. The questionnaires are in Microsoft Word format and are on a disk that came with your course.

Step 4d: New Business Transition Process.

By now you are well in to the new business transition process.

At this point in the process you’re now getting back to familiar ground. Discovering new assets and making recommendations is old hat for most reading this course. What I have done with Asset Transformation is given you a NEW way to do the old hat asset discovery, to serve your client, to have fun, to gather referrals, to be a professional and be proud of what you do.

And by now at this point you have come across loads of new business opportunity.

The process of getting to all of this “old hat” stuff with this system is of course different, but I am quite confident that the 4.5 years I took to blaze a trail will soon be followed by multitudes of agents and advisors.

What you will find in this process is a TREMENDOUS amount of HUGE new business revenue opportunity. I’ve literally had clients throw statements at me and practically demand the assets be transferred during annual reviews.

It all started out as a simple desire to assist my clients in organizing their assets.

Solve that problem I did, and along the way new business revenue literally “fell out of the sky”! The vast majority of my client annual reviews done this way have resulted in additional new business revenue.

Go into this with HIGH expectations. But don’t get disappointed if initially the results are not the same as mine. Keep at it, keep doing the Asset Transformation reviews. This is a process that takes a bit of time but has huge payoff in the long run and in so many ways.

For me the process has spanned 4.5 years and now is in your hands. A lot of life is about persistence, sticking to the plan an NEVER giving up.

I honestly cannot thing of a more pleasant way to do our business, and I think that good feeling comes as a result of the act of giving something of value — My Asset Journal — and the act of bettering someone else's life (the client records keeping system) from you at no cost to them.

What It Is, Is About “Serving”!