Not sure if they're on-track to achieve their goals
Updated
How to improve your score:
Establish clear goals
Understanding motivations. Establishing your client’s real goals and the motivation behind them is vital to getting your client to buy into the value of your advice and gain a feeling of comfort that they are on track to achieve their goals.
Visualise the journey. Cash flow modelling can be a fantastic way to visually show your client the path to their goal. By returning to the cash flow model every year, they can chart progress towards their goal which helps them feel on-track.
Visualise the journey. Cash flow modelling can be a fantastic way to visually show your client the path to their goal. By returning to the cash flow model every year, they can chart progress towards their goal which helps them feel on-track.
Link actions to the plan
Reference how the activities you are completing will bring your client closer to their goals. This will enable your clients to understand why they are taking those actions and how they fit into the bigger plan, and therefore feel more on track.
Examples of linking could be;
- “We need to understand how much risk you’re comfortable taking to achieve your goal of retiring at age 60”
- “By getting information about your existing pensions, we can see how much more you’ll need to save to retire at 60”
- “Investing an extra £200 per month will boost your savings to help you buy your holiday home overlooking the mountains in north Wales in 10 years”
Examples of linking could be;
- “We need to understand how much risk you’re comfortable taking to achieve your goal of retiring at age 60”
- “By getting information about your existing pensions, we can see how much more you’ll need to save to retire at 60”
- “Investing an extra £200 per month will boost your savings to help you buy your holiday home overlooking the mountains in north Wales in 10 years”
Validate
Repeat back. Get your client to repeat the plan to achieve their goals back to you, including how each step will contribute to achieving the goal. This will help you confirm they understand what’s going to happen and how it gets them closer to their goal. If they can’t tell you what the plan is and why each step is important, it’s time to go back and explain again.
Worst case scenario. Ask your client to tell you what would happen if they didn’t follow the plan. The answer will generally be that they don’t achieve their goal, which reinforces the importance of following the plan and helps them feel on track.
Worst case scenario. Ask your client to tell you what would happen if they didn’t follow the plan. The answer will generally be that they don’t achieve their goal, which reinforces the importance of following the plan and helps them feel on track.
Your client feeling clear that they are on track to achieve their goals massively increases advocacy. Take the time establishing your client’s goals and helping them see how the steps you’re taking will get them there. Cash flow modelling can be a great way to visually show the journey and help get clients buy in.
