The 7 Prospects You Turn Away: If your name’s not on the list you’re not coming in.

Should you be offering a financial planning service in addition to your product advice/ intermediation service? Could that bring in eight times more clients?

Imagine eight people looking for financial planning.

Picture this. There are two financial planners. A conventional asset-based-fee financial planner (FP) and a fee-for-service non-intermediating financial planner (NIFP).

What if I told you that FP would turn all but one prospects away, as he could not figure out how he was going to get paid. But NIFP would see all eight and get paid.

Would you say that was an unlikely scenario?

The prospect that both would see had a windfall of over £100,000 of investable assets and wanted to know what best to do with it.

FP delivered a planning and intermediation service. NIFP delivered a planning and triage to several wealth management services, direct to consumer (D2C) platform, discretionary, advisory channels, and other ideas. Both FP and NIFP were paid £1,500 for planning, and FP earnt an additional implementation fee and ongoing fees.

Now let us consider the seven prospects FP would not see.

1. The prospect who was a fan of Andrew Hallam, author of Millionaire Expat: How to Build Wealth Living Overseas, who wanted to run his own money on a D2C platform using passive investments.

2. The residential property portfolio entrepreneur.

3. The business owner who said her business was her pension.

4. The member of a workplace pension scheme.

5. The client of the local stockbrokers who was in their discretionary service.

6. The prospect with less than £100,000 in investable assets.

7. The prospect in lockdown, or the other side of the country, who could only work digitally.

You see. As Robert Kiyosaki said,

“The rich don’t get rich by working, the rich get rich by creating an asset.”

FP thought there had to be an asset, and he had to run the asset to get paid. NIFP recognised that the asset was just an asset in the cash flow forecast, and if the client didn’t have one the plan was to create one.

Because NIFP didn’t require wet signatures she could service clients digitally, from anywhere.

Because NIFP didn’t make personalised product recommendations, she could deliver generic advice and financial education in groups. Her one-to-one coaching was £1,500. Her Masterclasses were £150 and she ran groups of 10. She recorded her Masterclasses, and placed recordings behind authentication and offered a client-centric cash flow app to subscribers for £15 per month, with 100 subscribers.

NIFP’s Masterclass was titled, “How to create a £100,000 asset with the business plan of you.”

Non-intermediating financial planning is the part of the financial planning process you do before product research, recommendation and implementation. Otherwise known as life planning, lifestyle financial planning, cash flow forecasting, planning the client, etc.. Where it is done in isolation from a regulated activity, it is a non-regulated activity.

If you want to become a non-intermediating financial planner contact us today to find out how the Academy of Life Planning can help you.

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