Many of your existing clients are likely on an asset management deal. Maybe all of them! It’s hard to determine which clients are a fit for retainer-based planning. Some clients fit. Others do not. Let’s talk about how to navigate the differences.

The truth about fit

Truthfully, it wasn’t as hard as you think it may be. When I first rolled out our retainer-based planning program, I started small. I only introduced it to prospects and kept all existing clients under asset management.

We adjusted to the processes, we fine-tuned our approach.

Over time as we fine-tuned the planning process and met with existing clients, I slowly began discussing it with clients. As I prepped for meetings or came across something that instantly made me think of a specific client I would look and see if they would benefit from planning. If yes, then I would introduce it to them.

Be willing to experiment

I always say it is better to introduce the idea than have them find out. Worst case scenario, the client says no and we continue how we were. Best case, they make the switch.

However, not all clients make great planning clients. At first, try things out. We have planning clients who were under asset management and love it while others change their mind halfway through and no longer want planning.

You won’t get it right the first time and that’s okay. No process or team is perfect, it’s what makes us human. The best advisors are willing to try new things, fail, and then get it better.

What if clients aren’t a fit for retainer-based planning?

Then you say okay, and you move on! You continue to work with them to ensure they get the service they want and deserve. You build your practice around your target clients.

Trust the process.

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