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Advisory practices must “lead with advice”. The Asset-Map process and its toolset is a force for robust conversations that provides the basis for your advice. This is the essence of the process of working with prospects as well as with clients. Whether your prospect and you are determining fit, gathering the information you need to develop a plan, determining what portfolios should look like, or understanding the prospect’s wants, needs, wounds, feelings, and emotions, these conversations are required to provide advice.

The discovery process

In previous articles and in my book, The Financial Advisor’s Success Manual, I outlined an approach to the discovery process. My approach calls for a three-meeting process:

  • Meeting #1: Build rapport and trust with a prospect. Show you care about who they and their family are. The prospects should be speaking 80% of the time; you are listening and taking notes so that you can learn as much about the prospect as possible. This is not a presentation meeting. You are focused on asking and answering questions. You have no prescriptions, recommendations, or opinions until you fully understand the prospect.
    • Uncover their needs, wants, unfulfilled desires, and concerns.
    • Emotionally and economically qualify the prospect.
    • Create interest to get the prospect ready to select you as their financial advisor.