TYPICAL DAY
Typical Day as a Financial Service Professional
One of the very best benefits of a career in financial services is
the freedom of time and action. With the exception of training and supervision
meetings, financial professionals have the ability to literally design
their own workweek. Building relationships takes skill and
training. It also takes time, because of this we focus on 7
areas of development with our associates. In any given
day you could engage in one or all of the following categories of development:
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Client Interviewing: Having the ability to take a client
from A-Z through the financial services process.
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Networking/Marketing: Positioning yourself in the marketplace to
attract ideal new clients. Attending networking events and functions
for the purpose of identifying "centers of influence."
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Referral Gathering Skills: Referrals are the #1 way ideal
clients want to meet you. This is a vital skill to develop throughout
your career. Tiburon Strategic Advisors conducted a study on how clients
found their financial representative; a stunning 58% of clients
met their representative through an introduction from a friend, employer,
CPA or other professional. With high net worth individuals, almost all business
takes place through referrals and introductions. Through this solid
endorsement, the trust your client has in you is transferred to their
referral.
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Phone Techniques: Having the ability to engage an individual or
business that you have been referred to.
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Case Design: Having the ability to create and build strategic plans to help your client achieve their objectives.
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Product Knowledge: Having a solid understanding of how financial products work and where they fit into a client's plan.
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Professional Development: We have 100% participation in
ongoing professional development. Through our association with The
American College all associates
are expected to enroll in the CFP®, ChFC or CLU studies.
The company has a generous reimbursement program.
Seminars, schools and other continuing education
events are common and often required by the NASD and state insurance
departments.
The Financial Services Process
The Six Step Process: Financial services professionals
help individuals and business owners develop, implement and monitor
financial strategies. The Financial Services process involves 6 steps:
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Initial Interview: Visit with a prospective client
(prospect) and present your personalized service and compensation structure.
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Fact Finder Interview: Collect and inventory a prospect's
assets, liabilities, income etc. This is called getting a clear picture
of a prospect's current program. This data is often referred to as "hard
facts".
The second part of the fact finder interview is conducted in conversational
format trying to capture the prospect's financial objectives and special
circumstances that must be considered in the planning process. This
information is referred to sometimes as "feeling facts". A financial plan
will be built using the data collected in the second interview.
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The Analysis and Preparation of the Financial Plan: Our financial
plan is developed using four key components:
1.) Organized Data: Preparing
the data collected in the second interview in an organized format, telling the
prospect important information such as net worth and cash flow.
2.)
Objectives: What are the specific and measurable financial planning
objectives? Remember you cannot manage what you cannot measure.
3.)
Observations: Once the analysis
is complete we will prepare observations. These observations are based upon
the prospect's current planning and objectives. Observations also identify
areas of strength and improvements.
4.) Recommendations: Recommendations
are developed to help satisfy planning shortfalls to achieve the objective
earlier stated.
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Presentation of Plan: The final plan is presented to the prospect; the objectives, observations and recommendations are covered. The education of the client is an important part of the planning process.
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Implementation: This meeting is often combined with the presentation
of the financial plan. However, the process of planning needs to be completed
before the implementation meeting can take place. This is by far the most
critical part of the process and a part of the planning process where some
firms drop the ball. The planner's role in this meeting is to represent
the prospect in the marketplace and help him or her to gain access to products,
services and strategies that were recommended.
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Monitor/Review: This is just like going to a doctor every
year even if you think you don't need to. A financial services professional
has a responsibility to deliver on the promises made to his or her client.
Annual if not quarterly
reviews are an important part of the relationship-building process with a
client.
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