DATA
Collect remaining data to construct a verified Present Position Model of the client’s current financial situation and build an initial foundation for a long-term client relationship.
Goal
Collect Client’s Financial Data
Collect and verify client’s “hard” financial data.
1
1
Objective
Collect Client’s Consultative Data
Collect additional “soft” data about the client. ​
2
2
Objective
Discover Potential Hurdles
Discover potential hurdles that the client brings to your working relationship.
3
3
Objective
Schedule Next Meeting(s)
Schedule next meeting(s) to discuss problems identified in client’s Present Position Model, as well as potential solutions.
4
4
Objective
Set Up Client
Filing System
Create client files to keep all their relevant financial data secured and organized.
5
5
Objective
Collect Client’s Financial Data (“Hard” Data)
Fact finding and verification is an essential step in the Leap process. Without factual information about your client, you will not be able to offer effective strategic alternatives. The client’s Present Position Model will mold the strategic alternatives and dictate the actions to be taken.
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Assuming the prospect has not completed the Questionnaire prior to the Intro Meeting, one of your objectives is to collect as much of the client’s data as you can. At the end of your Intro Meeting, you can give the prospect the Questionnaire and say:
All you need to do is…
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Collect the documents that I have highlighted for you from the Questionnaire Checklist located on the inside cover of the Questionnaire
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Fill in all of your personal data on page 1 of the Questionnaire.
As time goes by, you should be able to evaluate some of these financial documents in front of a client, which will assist you in what we call pre-selling. A good example of pre-selling would be to pick up a client’s life insurance policy, review it and find an error or identify a problem(s) that may exist, such as in a beneficiary designation or settlement option, and suggest to the client strategic alternatives to address the error or problem(s).
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Questionnaire
Instruct your client to complete as much of the basic financial data as possible and leave the gray shaded areas blank. Below are the page numbers that point to the corresponding data sections in the Questionnaire.
1
2
3
4
5
6
7
8
9
Background
Information
Insurance Information
Savings Type
Assets
Investment
Type Assets
Real Estate
Loans, Debt
& Personal
Property
Additional
Information
RepresentativeNotes
A completed Questionnaire with no documents will not provide the full data they need in order to create the client’s verified Present Position Model. The client must complete the background Information and provide a complete set of financial documents listed.
Tips and Considerations
Briefly review and cross reference against the document check list in the Questionnaire.
Do not assess the information in front of the client until you’re able to interpret financial documents.
The client’s financial information will be used throughout the Leap process, so be sure to keep all client data and documents in a secure location.
Client information should be securely stored and accessed in accordance with your agency’s Information Protection policies and guidelines.
Always set proper expectations with your prospects and be sure it’s in the right context.
Do not take shortcuts during fact-finding process.
People are dynamic and always changing, never stop learning about your clients.
Collect Client’s Consultative Data (“Soft” Data)
Consultative questions provide you an opportunity to engage the client in conversation and to ask for clarification and verification. Your participation in such consultative queries enhances your professional image and attention to detail. The consultative data is inserted into the shaded gray areas throughout the Questionnaire along with a page to make additional notes.
The remaining information that you want from the client comes from what is referred to as consultative data known as “soft” data.
60-70%
The client’s Questionnaire and documents will give you enough to build the client’s Present Position Model and to begin working with them.
30-40%
Consultative Questions: Who, What, Why, When, Where, and How
WHAT
do your clients have?
WHY
do they have it?
HOW
do they like it?
WHO
helps make their decisions?
WHEN
are they planning
on doing it?
The most important consultative questions are those that provide context to how they got to where they are. A skilled financial professional should always be fact-finding and learning more about the client, what they want, what concerns them, how they make financial decisions, etc. at all points in the Leap process.
For example:
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What do they fear or avoid?
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What are the client’s biases?
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What are the client’s hot buttons?
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What is the client’s short and long term goals?
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What does financial success mean to the client?
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What strategies are “off the table” for the client?
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How do they see the future in… 1 year… 5 years?
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What would the client eliminate if they had the money?
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What strategies would the client be interested in learning more about?
Download the complete list of Consultative Questions
Discover Potential Hurdles
The Data Collection Meeting is also used to discover any hurdles, biases or challenges that the client may bring to your relationship with them.
It’s imperative that you uncover all of the client’s hurdles in this meeting. This will help you assess if you have the desire, the time, and the capability to educate and help the client to overcome their hurdles or if those hurdles would prevent you from building a long-term relationship with them.
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Examples of potential hurdles that can show up during the Data Collection Meeting:
Your client may reveal they hate or don’t believe in Life Insurance.
A client who doesn’t make any financial decisions without the approval of their CPA, yet won’t invite them to the meeting.
How do you know you have collected enough “hard” and “soft” financial data and uncovered any potential hurdles to building a relationship with the client?
You have a secure handle on not just what the client has but how they got to where they are at, what their beliefs and biases are, and what circumstances will impact their decision making moving forward with regard to resolving problems and implementing solutions.
Schedule Next Meeting(s)
Scheduling a firm next meeting, or ideally a series of meetings over the next several weeks, to discuss with the client, in greater detail, the problems and concerns present in their model, as well as, the strategy solutions that are available. If the collection of financial data is performed correctly and there are no unsurmountable hurdles, not only will the client be willing to commit the time to participate in the next meeting or set of meetings they will want to!
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Be sure to make a firm appointment for next meeting by saying:
Let’s go ahead and schedule a time next week to go through your current Present Position Model in greater detail. We’ll begin with focusing on the Protection component of your model first, then we’ll move on to the Savings and Growth components.
Under no circumstances should you leave this data meeting without a commitment from the client to move forward in the process and a date and time for the next meeting confirmed in both of your calendars.
Set-up Client Files
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As you begin to collect financial information from the client, it’s important to create a secure and organized client folder to hold all of their individual documents. Make copies of all information so you can return the original documents to the client at the next meeting. Using a filing system that follows the different drawers of the Leap Model assures that the information can be easily referenced and quickly handled during your client meetings.
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Download the Financial Document Checklist
Data Success Factors​​​
Continue to practice ways to communicate ideas with different types of people
Success exists in your data gathering skills and the connections you create with your client
Establish an organized file system for you and your clients
Integrate a consistent request to schedule next meeting in all of your client meetings
Prepare a list of applicable consultative questions prior to your meeting