Your client is overwhelmed by financial options. How do you guide them through the complexity?

At National Best Financial Network, we have developed a client engagement system that we think better reflects a positive experience. We teach our advisors to: Appreciate Connect Discover Share Confirm Follow Up And then begin the cycle again once they have been onboarded. Notice that we do not dive into Needs Analysis or "Education". Most people don't want to be "educated." They want an empathetic ear to hear their real concerns. Thus, there is a need to Appreciate their situation first.

When a client is overwhelmed by financial options, start by understanding their financial goals and risk tolerance. Simplify the information by breaking down options into clear categories (e.g., savings, investments, insurance). Educate them on the pros and cons of each category, using easy-to-understand language and visual aids. Prioritize options that align closely with their goals and financial situation. Provide a concise, actionable plan and ensure regular follow-ups to adjust the plan as needed. This approach helps in making informed decisions and reducing the complexity.

Educate. Educate. Educate. There are so many options when it comes to the products and services that our clients can utilize. It’s up to us as financial professionals to make sure we deeply understand our clients, their goals and the time frame to achieve those goals. Once we understand what’s important to them then we discuss the pros and cons of each product and strategy. That allows the client to make an informed decision that best fits their current needs. That also allows for life’s curveballs and our ability to change course if needed.

Further to our discussion of the National Best client engagement system (Appreciate, Connect, Discover, Share, Confirm and Follow UP), we do not dive into Needs Assessment and Education, rather, we Appreciate the client situation and try to make a meaningful Connection in order to engender trust and holistic understanding. It's not about the numbers, the savings, the insurance amount, or the retirement projections; it's about walking in their shoes. Once we have made a meaningful connection, we can Share information, which may or may not be an education event.

If the problem is really one of simplicity vs complexity, the key is to create one executable outcome early and get the client to make that happen. The challenge here is solving for inaction, not creating the perfect plan.

It is always advisable to start with what the client wants to achieve, which would allow for the elimination of many of the options from active consideration. Then it is a question of the probability that any of the remaining options will achieve the desired outcome, and when it may not. That will allow the client to make an informed decision.

Using the National Best Financial Network client engagement system (Appreciate, Connect, Discover, Share, Confirm & Follow Up) to simplify options is a natural consequence of the process. However, it is a mistake to make too many assumptions about the client's needs or intentions. There is nothing worse in financial services than a one-trick pony: advisors who have a short shelf of products, proprietary products, or single strategy marketing that "works for everyone". I don't think most clients need it to be dumbed down, which is really what simplification can mean in many cases. They need to be informed, ask questions, and explore options, and it is our job as advisors to Confirm that the process has produced the best result.

El cliente debe sentirse seguro y debe tener la certeza que en el tiempo podrá responder a algunas de estas opciones, no se trata de hacerle elegir bajo presión se trata de guiarlo en la mejor decisión para que luego en una entrevista consultiva no de una simple venta pueda evaluar el escenario y tomar una decisión basada en resultados, estabilidad y protección.

One thing I’ve found helpful is math. I often say math is perfect. Then people get mad at me for saying that. So maybe I should say we should try to provide the best math we can when we’re comparing financial options. I consider math to be a vital consideration for informed decision making.