A Gift of Answers

11

A Gift of Answers

Ed Howat, Jr., CLU, ChFC, LUTCF, RCCEd Howat, Jr., CLU, ChFC, LUTCF, RCCAddie Woods Consulting CoAddie Woods Consulting Co

651.405.6644 [email protected] [email protected]

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Practice ManagementPractice Management

Client Retention, Acquisition, Cross Client Retention, Acquisition, Cross SellingSelling

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Transactional

Financial Planning

Comprehensive Wealth

Management

A

B

C

Will Lose

At Risk IDEAL

Too Costly

Too CostlyIDEAL

IDEALAt Risk

????

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Transactional

Financial Planning

Comprehensive Wealth

Management

A

B

C

Will Lose

At Risk IDEAL

Too Costly

Too CostlyIDEAL

IDEALAt Risk

????

Which group gets most of your time?How many hours of work on your desk?

9.6%

How much time do you spend looking for stuff?

80/20 Rule

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Have any of your clients died?Have any of your clients died? As a Financial Advisor, what do you recall about As a Financial Advisor, what do you recall about

the experience?the experience? What did the family expect from you?What did the family expect from you? What could you have done to make it easier for What could you have done to make it easier for

the family?the family? Were there issues that you were not prepared to Were there issues that you were not prepared to

handle?handle? Were you able to continue working with the Were you able to continue working with the

surviving family members?surviving family members?

Client LossesClient Losses

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When A client dies…When A client dies…

Will you be working withWill you be working with A strangerA stranger No oneNo one A spouse and family who see A spouse and family who see

you as a very trusted advisor?you as a very trusted advisor?

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It may be time to shift It may be time to shift Your focus to the Your focus to the beneficiariesbeneficiaries How well do you know the family members? How well do you work with woman?

The average age of first time widowhood is 52* 70% of widows change financial advisor within 3 years

of their husband’s death** Do the children know how good you are?

* The American Journal of Public Health reports ( Detroit Free Press) April 30, 2003** Marketing to Woman, How to Understand, Reach and Get Your share of The Worlds Largest Market Segment, Martha Barletta, January, 2003

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It’s About It’s About HouseholdsHouseholds

Up The Family Tree

Down The Family Tree

Across The Family Tree

It’s About Marketing

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Parents

Cousins Siblings

Friends

Parents

School Parent

s

Current

Former

Clubs

CoachesTeams

Attorney

CPA

Charity

Church

CivicAlumni

Recreation

ClientAND

Spouse

Children

workplaces

Community

Hobbies Pastime

s

AdvisorsHow well are you co

nnected to

the fa

mily?

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Gatekeeper, Rainmaker, or Gatekeeper, Rainmaker, or RoadblockRoadblock

Are you making sure that your clients’ family’s financial well being is taken care of?

Have you connected your clients’ finances with their life?

Are you a catalyst or a roadblock? Do any of your clients need to do some estate

planning or purchase more life or long-term care insurance?

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Tool KitTool Kit The Value PropositionThe Value Proposition The SafeThe Safe The Beneficiary BookThe Beneficiary Book Wealth Management ReportWealth Management Report First Things FirstFirst Things First Disaster Preparation KitDisaster Preparation Kit Marketing PlanMarketing Plan

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“I am going to help you get your financial house in order. We are going to do it in an organized manner. Basically, I want to help you do what you haven’t done.”

Borrowed from Mark Zinder

Value PropositionValue Proposition

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The SafeThe Safe

$50 Wal-Mart

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The Beneficiary BookThe Beneficiary Book

Purchase ten copies of The Beneficiary BookPurchase ten copies of The Beneficiary Book Send best clients a copy with a cover letterSend best clients a copy with a cover letter Organize a client seminar (optional)Organize a client seminar (optional) Begin work on completing the bookBegin work on completing the book Uncover gaps and provide solutionsUncover gaps and provide solutions

http://www.shopstorenow.com/orange/activeinsights/index.html

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Wealth Management ReportWealth Management Report

Prepare a complete financial reportPrepare a complete financial report Set up client meeting to reviewSet up client meeting to review Update client informationUpdate client information Set goalsSet goals

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First Things FirstFirst Things First

Review ChecklistReview Checklist Set timetable to completeSet timetable to complete

Adobe Acrobat 7.0 Document

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Disaster Preparation KitDisaster Preparation Kit Review ChecklistReview Checklist Set timetable to completeSet timetable to complete

Adobe Acrobat 7.0 Document

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Marketing PlanMarketing Plan

Review and adjust Ideal Client ProfileReview and adjust Ideal Client Profile Rethink your storyRethink your story Rethink your target marketsRethink your target markets Review networking diagramReview networking diagram Rebuild your Center of Influence listRebuild your Center of Influence list Review your sales processReview your sales process Rethink your discovery form & processRethink your discovery form & process Be a beacon not a barrierBe a beacon not a barrier

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Action PlanAction Plan

Identify Your Top Ten ClientsIdentify Your Top Ten Clients Send them The Beneficiary Book with a cover letterSend them The Beneficiary Book with a cover letter Sit Down With your clients and begin the process of Sit Down With your clients and begin the process of

completing The Beneficiary Bookcompleting The Beneficiary Book Organize The Beneficiary Book SeminarOrganize The Beneficiary Book Seminar Integrate the Wealth Management Report into the Integrate the Wealth Management Report into the

Plan.Plan. Meet with the client’s other advisorsMeet with the client’s other advisors Begin to close the gaps in The PlanBegin to close the gaps in The Plan

The person with the most information has the The person with the most information has the controlcontrol

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The Client SeminarThe Client Seminar

The Gift of AnswersThe Gift of Answers

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BIRTH DEATH

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It’s About Your MovieIt’s About Your Movie

Where did it start?

Where is it now?

Where is it going next?How is it going to end?

You may still have time to write the last ACT!

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HeritageValues

Dreams

“Life is what happens to you while you're busy making other plans." -- John Lennon

Experiences

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Is it time to write the last ACT?

What do you want people to remember about your What do you want people to remember about your movie?movie?

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“The farther back you look, the further ahead you can see.” Winston Churchill

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““Have you claimed your place at the Have you claimed your place at the fire?”fire?” – Richard Leider - Author– Richard Leider - Author““Whenever an older person dies, another Whenever an older person dies, another museum closes.”museum closes.” -- -- Scott West - AuthorScott West - Author

Will your estate pass on with a deep Will your estate pass on with a deep sense of heritage*, or will the past die sense of heritage*, or will the past die

with you?with you?

*Heritage: something possessed as a result of one's natural situation or birth? What is your family’s heritage?

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To change a culture, the first thing that must go is the traditions

What do you remember about your parents and grandparents?What did you learn from them?How did you learn it?What should your family know about them?

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The Best Gift The Best Gift What would you like to know about your family’s past?

Can you still find the information? How much do you know about all the people in your

family’s photo albums, home movies and recordings? Are there any questions that you would ask your parents,

or grandparents if you had another chance? What do you want your family to remember about the

past? What traditions, values and beliefs need to be

permanentized?

What could be better than a gift of answers?

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The Best Gift The Best Gift

What made it difficult to deal with your parents’ death? What could they have done before they died to make

things easier for you to wrap up their lives and their estate?

Upon reflection, what could you do to make it easier for your family to deal with your death?

What could be better than a gift of answers?

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A way to be remembered and to leave something behind A way to be remembered and to leave something behind Who will tell your story if you don’t? Who will tell your story if you don’t? A way to put into writing what you value most and what you A way to put into writing what you value most and what you

stand for.stand for. By articulating what you values now, you can take steps to By articulating what you values now, you can take steps to

insure the continuation of those values for future generations insure the continuation of those values for future generations You will learn a lot about yourself in the process You will learn a lot about yourself in the process You will come to terms with your mortality by creating You will come to terms with your mortality by creating

something of meaning that will live on after you are gone something of meaning that will live on after you are gone It provides a sense of completion in your life It provides a sense of completion in your life

Ethical WillsEthical Wills

This is the wrapper and the bow around all that you own

Microsoft Word Document

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Finishing the MovieFinishing the Movie

How do you want your movie to end? What do you want your family to remember about you? What do you want your family to remember about your

parents and grandparents? If you could share five things about life with your

children and grandchildren, what you tell them? Would you like to offer specific advice to anyone in

particular? Are there any relationships that need repair? Who is prepared to take over your role as head of the

family?

http://video.google.com/videoplay?docid=440900812139281725

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Is it possible that your movie Is it possible that your movie script will be completed by script will be completed by someone else?someone else?

But…

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Could This Tragedy Be Avoided?Could This Tragedy Be Avoided?

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Stuff Happens…Are you prepared for an Emergency?

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Death is inevitable; Death is inevitable; the mess is avoidablethe mess is avoidable

““The lack of knowledge The lack of knowledge deprives people the deprives people the opportunity to mourn.” opportunity to mourn.” -- Martin -- Martin Kuritz - AuthorKuritz - Author

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What are you leaving to chance?

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Have you ever called the Have you ever called the babysitter because you babysitter because you forgot to tell her something?forgot to tell her something?

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Does your family’s legacy come with an owner’s Does your family’s legacy come with an owner’s manual?manual?

Owner’s Manual

Peace of Mind

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The Most Qualified The Most Qualified ExecutorExecutor

Who is the most qualified person to Who is the most qualified person to handle the final affairs of your estate?handle the final affairs of your estate?

If you won’t be around to do it yourself, who has the information to do it right?

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QuestionsQuestions

Will your spouse have to search for a: Will your spouse have to search for a: Financial Advisor?Financial Advisor? An AccountantAn Accountant A LawyerA Lawyer

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Now what happens when you’re no longer “available”?

Will your heirs have ready access to all the information they need to handle your

estate?

Making Things Easier for Your Heirs

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A will? A trust? A living will? Real estate? IRAs and/or a 401(k)? Investments? Debts and Mortgages?


Do you have:

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Take medications?Have life insurance?Have a lawyer?Have an investment advisor?Have IDs and Passwords?Have “final “arrangements”?Have a Disaster Recovery Plan?


Do you:

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Your heirs, executor, administrator will need to know: The location of al important documents, how to contact certain people and a lot more!

Have you recorded all that information? Where? How? Who knows where it is?


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The Owner’s ManualThe Owner’s Manual

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"The attorney who utilizes a caring "The attorney who utilizes a caring approach to death issues can be assured approach to death issues can be assured of a continuing stream of referrals from of a continuing stream of referrals from clients. `clients. `The Beneficiary BookThe Beneficiary Book' may be ' may be the way to facilitate that process."the way to facilitate that process." ----Law Practice Management MagazineLaw Practice Management Magazine

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"The advice you’ll find in this book is "The advice you’ll find in this book is what you write yourself.what you write yourself. And that’s the beauty of it… It’s And that’s the beauty of it… It’s designed to tell everyone where designed to tell everyone where everything is – and advise them what to everything is – and advise them what to do once they find it."do once they find it."

- - Susan Tompor, Susan Tompor, Detroit Free PressDetroit Free Press

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AdvantagesAdvantages

An organized way to give your family the An organized way to give your family the answers they will need.answers they will need.

It reduces stress for your loved onesIt reduces stress for your loved onesIt is a way to test drive your plan to make It is a way to test drive your plan to make

sure everything is in ordersure everything is in orderIt is an easy fill-in the blanks approachIt is an easy fill-in the blanks approachIt is easy to change and updateIt is easy to change and update

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Table of Contents

1.1. Personal and Medical InformationPersonal and Medical Information2.2. First Things To Do In An EmergencyFirst Things To Do In An Emergency3.3. Estate Plans and Final WishesEstate Plans and Final Wishes4.4. Finances, Investments and InsuranceFinances, Investments and Insurance5.5. Inventories Inventories 6.6. Business InterestsBusiness Interests7.7. Strictly ConfidentialStrictly Confidential8.8. Everything ElseEverything Else

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Some items you might not think of on your own Location of circuit breaker box Where to turn off water supply Utility companies – how to contact Credit card information Alarm system code & password Home maintenance companies (lawns, pool, etc,) Doctors, medication, etc.


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When The time comes, will the scripts be ready?When The time comes, will the scripts be ready?

Owner’s Manual

Peace of Mind

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SummarySummary

If you don’t get The Beneficiary Book ……….

Documents

A Gift of Answers