The Secret to Better Conversations Between Advisors and Prospects: Let Them Build Their Own Financial Plans First

Prospecting is a constant challenge for advisors wishing to grow their practice, and while it’s important to invest in marketing toward your prospects, you also need to ensure you’re getting a solid ROI.

Building a basic financial plan prior to your initial meeting with prospects can help streamline the process – but how do you collect all their data before even meeting these individuals?

Today, we’re walking through how you can empower prospects to build their own financial plans before you even know their name, ensuring your first conversations are on-task and show off your value prop – let’s get started.

Why Letting Prospects Build the Plans Builds Better Conversations Upfront

As a financial advisor, it is important to establish trust and rapport with your clients from the outset of the relationship. You also need to show your value up front to turn those prospects into trusting clients.  

Research shows that 62% of the time, the journey from prospect to client takes more than a month. The sooner you establish your value prop, the quicker that process becomes – saving you time and money.

When your prospects build their own plans, you start off those conversations with valuable information about their lifestyle and finances. 

The value for your prospects

By giving prospects the opportunity to input their own financial goals and objectives from the very beginning, prospects are also able to feel more invested in the planning process and are more likely to follow through with the recommended actions. This sense of ownership and responsibility can be particularly powerful for clients who may have previously felt overwhelmed or uncertain about managing their finances.

Additionally, advisors can be more upfront about the limitations and constraints of their financial situation and can work together with the client to develop a plan that is realistic and achievable. If a client wants to save $20,000 this year but can only save $1,000 per month, they can visually understand how their outcome could vary based on various factors by building their plan themselves. Then, they can make changes to their plan to create a more realistic goal or change their savings tactic.

This open and honest approach helps to build trust and can foster a more collaborative and productive partnership between the client and the advisor.

Lasso Lets Prospects Build Their Plans Upfront

Lasso is a two-fold platform to connect advisors and investors. Completely free to investors, it’s easy to create a profile and build a financial plan based on their unique financial goals. 

It goes like this:

  1. Investors download the app and build their financial plans based on a few simple inputs.
  2. They then browse through Lasso’s network of advisors and share their plan.
  3. You optimize their plan for the best possible outcome
  4. Your collaboration moves outside of the app

Let’s break down these steps a little more:

After building a plan based on a specific goal (such as debt, home ownership or educational costs), investors can anonymously browse through advisor profiles and share that plan. That’s your opportunity to show off your skill by tweaking their plan and optimizing their inputs, with just a few clicks.

Once a prospect reviews your custom plan, you can take the conversation out of the app and into the real world to become official clients. At this point, they understand your value proposition, feel comfortable with your firm, and have built their own plan. Both parties can now use that introductory meeting to get down to business right from the start. 

Overall, letting prospects build their own financial plans can be an effective way to establish trust, transparency, and rapport with clients and can lead to better conversations upfront between clients and advisors. By allowing prospects to take an active role in the planning process and by being open and honest about their financial situation, advisors can help to foster a more collaborative and productive relationship with their clients.

Learn More with Lasso

Lasso can help your firm start productive conversations with prospects. Click here to learn more about Lasso and sign up for the platform today.

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