Your seat at the table Flashcards
What are three advisor styles
Sales
Advice
Discernment
Above the line questions?
1. What keeps you up at night?
2. Who is beneficiary on your IRA?
1.) what keeps you up at night.
- Open ended questions about meaning and purpose, ideals and aspirations.
- Factual questions go below the line.
With respect to holding philanthropic conversations, according to study by US Trust cited in this course which statement or statements are true.
- Advisors are holding conversations more frequently than 5 years ago
- Nearly all advisors consider it important
Both 1 and 2
What statements are correct?
1. Total giving is about flat, adjusted for inflation
2. Giving today skews more and more to the wealthier donors
Both 1 and 2
The discernment based process for high capacity client, how, generally will the discernment interview end?
1. Recommending products , tools and gifts
2. Recommending appropriate next steps in process
- Recommending appropriate next steps in process
A discernment based advisor will likely do the following
1. Use open ended questions, followed by probing, close ended questions
2 confirm understanding before moving ahead
Both 1 and 2
- start with open ended questions and close with close ended questions
Below the line addresses the _______?
The “how” of planning
*Tools and strategies to accomplish the clients above the line vision.
Top 5 topics clients want to talk about
- What do I care about
- How much can I afford
- Allocating time for volunteering
- Monitor giving for impact
- Structuring giving for tax efficiency
What do wealthy clients not give
Donor View vs. Advisor View
Client/Donor
1. No connection to charity
2. Gift may not be used wisely
3. Will be solicited often
Advisor Assumption
1. Client doesn’t have enough money
2. Not enough money for heirs
3. Don’t feel wealthy enough
Three Advisory Styles
Sale
Advice
Discernment
Advisory Style
Sell
Sell- convince and control; persuade, sell, or solicit
-adversarial
- low trust
- weak relationship
- transactional
- team- evasive
- fatal choices offered
- commodity provided
- high case rate
- low yield per case
Advisory Style
Advice/Tell
Advice/Tell- Expert, advise, giver; technician
- talk
- advice
- specialize
- fill empty bucket
- learned jargon
- logic driven
- credible
- reliable
- dull and dry
Advisory Style
Discernment
Discernment- closer to the the liberal arts or to civic than financial services
- give client time to think
- listen
- interpret and playback
- strong relationship
- intimacy
- quality not quantity
- expert understanding
- Strategic visionary
- client freedom
Three Advisor Styles
Three Advisory Styles Continued
The Trust Equation
