EJ - Process Flashcards
Identify the
“4 Levels of Relationship Progression”
- Personal connection
- Understand their situation
- Add value
- Seamless account opening
What is the purpose of relationship progression?
Relationship progression allows you to establish a personal connection, position yourself as a trusted professional, and gather information about prospective clients’ goals and preferences.
What are the characteristics of establishing a personal connection during an initial conversation?
- Identify shared interest
- Allow them to get to know you
- Create a no-pressure environment
- Actively listen and ask specific questions
- Display positive body language
- Do not leave a conversation without establishing the next step (i.e. follow-up phone call, email, etc.)
What is the rule regarding financial foundations for retirement accounts and advisory accounts?
As an advisor, you may not offer solutions or financial advice without previously establishing their financial foundation.
It is important to understand their financial picture before recommending a solution.
What are the characteristics of understanding their situation during an initial conversation or repeat contact?
- In a repeat contact, always reintroduce yourself to refreshen their memory.
- Correctly identify the strength of their personal connection to build upon it. For example, both military members, neighbors, etc.
- Convey the value proposition
- Ask probing questions
- For example, what steps have you taken to prepare for retirement?
- Immediately following up a probing question with a follow-up question.
- As questions about their feelings concerning their ability to meet their goals.
- Rephrase the answer by including the value proposition
- Do not leave a conversation without establishing the next step (i.e. follow-up phone call, email, etc.)
What steps must be taken when conducting a repeat contact via phone call?
- Always ask if this is a good time to talk
- If not, ask for permission to call back at a more convenient time.
- Establish the next step by asking for a more ideal date/time to call back.
- End call by wishing them well.
What are some of the characteristics of adding value to progress the relationship?
- It is extremely important to understand a PC’s needs before proposing a solution.
- The first appointment requires:
- the advisor to have an agenda
- keep the discussion focused while communicating strategies.
- resulting in a solutions-based appointment
What are some of the characteristics of a seamless account opening to progress the relationship?
- Start the meeting by reintroducing the 5-step process
- Phrase: I thought we could focus on your retirement by reviewing steps 3 and 4 of our established process. Step 3 will shed some light to determine how close you currently are to reaching retirement given your current efforts. If it turns out that you may need some minor adjustments then step 4 will highlight any particular changes that you can make to get you through retirement.
Describe
“Acceleration Field”
- Acceleration code is used to best represent a prospective client’s financial capacity to do business or a current client’s upcoming needs.
- Coding clients accordingly will help prioritize activities to help you focus on the right people to grow your business and determine the frequency of contact.
Acceleration Code:
“Green”
- Has multiple financial needs
- Has one or more financial needs
- Has money in one or more financial institutions
- Money coming due or in motion in the next 12 months
- Major life events (new job, child, marriage, divorce, college, estate)
- Rollover opportunities
- Proceeds from business sale
- Proceeds from maturing investments
- Inheritance
Acceleration Code:
“Yellow”
- Has a financial need
- Not clear if they are working with another advisor
- Has the ability to make minimal investments now and the potential to do greater business at a future date (e.x., 2 years)
- Money coming due or in motion but the timeframe is greater than 12 months
- Major life events (new job, new child, marriage, divorce, college, estate needs)
- Rollover opportunities
- Proceeds from a business sale
- Proceeds from maturing investments
- Inheritance
Acceleration Code:
“Red”
- Our services can’t meet their needs (e.g. debt consolidation)
- Does not have the financial ability to invest for the foreseeable future (I.e., 5 years or longer)
- Does not have money coming due or in motion for the foreseeable future (I.e., 5 years or longer)
- Safety issues (FA felt uncomfortable/threatened around prospective client)
- Told not to be contacted/ Told to be put on the firm’s Do-Not-Call list
- They are already an Edward Jones Client
What are the three components of the value proposition?
- I want to understand what’s most important to you.
- We’ll use an established process to build personalized strategies to help you achieve your goals.
- We’ll partner together throughout your life to help keep you on track.
What are the three components of the Financial Foundations?
- Understanding the client’s comfort with risk through documentation of the Risk Tolerance Questionaire
- Documenting/reviewing the client’s goals
- Recommending a portfolio that is aligned to the client’s comfort with risk and their time horizon to achieve their goal.
How long do you have to deposit a check received from a client?
