We all know that that we are facing a once in a generation change in the accounting industry. Offering wealth creation services in your practice is a must to thrive, but sometimes starting the conversation can be daunting.
Let’s start with the fundamentals. Some times it’s easy to forget that our clients aren’t quite as comfortable with pages of figures as we are. They’re experts at what they do, not what WE do. So we’ve got to keep it simple.
Xero has changed the game, it is now so easy to get all your clients data (cash accounts, credit cards, loans accounts) and drill it down to one page. Once you’ve got this you can show your clients where they are and what trajectory they’re on for financial freedom. No one wants to stop work and hope they die before the money runs out, so using a tool like this you can start to offer recommendations on how they can put a rocket under their wealth building to ensure that they can live on their own terms when they want to for as long as they want to.
I’ve termed this approach ‘Freedom Planning’.
At the heart of freedom planning is a strategy I refer to as the freedom gap report. It is a spreadsheet with just 10 amounts to enter, while you sit in front of the client.
In just two minutes, it allows you to simply and clearly educate your client about how much money they will need in the future when they want to work less, and what they are expected to have based on their current circumstances.
Guess what? There’s always a large gap between what they will need and what they currently have.
We call this the ‘freedom gap’, and just this one simple process (in less than two minutes) proves you firm’s value proposition to your client. You then simply say: “It’s our job to eliminate that gap over the next number of years. That’s how we help you.”
Every client we have had a freedom planning meeting has engaged us immediately for SMSF advice, insurance advice, debt optimisation, tax planning, protected investment advice, and business value improvement advice.
Wow!
So how do you start the ‘wealth conversation’?
Usually we recommend that accounting firms charge for all their meetings. However, as ‘freedom planning’ can add so much value to the firm and the client we offer a free 30 minute catch up to discuss their financial future. We could talk all day about how great we are at doing this, but we want you to start putting this practice into action. So here is the exact script we use in our own living breathing accounting firm:
Phone Script
Hello – This is [NAME] from [ACCOUNTING FIRM NAME]. How are you today?
We sent you an e-mail on [DAY] with an invitation to a FREE meeting for 30 minutes with [NAME] to discuss your financial future. Do you recall receiving the e-mail?
IF NO:
That’s OK, let me briefly explain what it was about.
(Read copy of e-mail sent to the client and then proceed with the following ‘If Yes’ response)
IF YES:
When would you like to book in for the meeting?
- Are mornings or afternoons better?
- Face-to-face is better, but if you can’t make it in to our office can we arrange a Skype meeting?
(Stop, wait for the client’s response and acknowledge it with either of the following depending on their response to wanting to book a meeting)
IF CLIENT DOESN’T WANT TO MEET:
That’s fine, perhaps I can call you in a few months’ time and book in a meeting then?
Thanks, we’re looking forward to seeing you soon!
IF CLIENT HAS BOOKED A MEETING TIME:
Thanks, we look forward to seeing you on [date] and [time], when you come to meet with [Name].
Accountancy is no longer about compliance. It’s about business advisory – but with a purpose. That purpose is creating wealth for clients and helping them achieve financial freedom.
Our purpose is simply: “Better advice now for a beautiful future”.
What’s your firm’s purpose?
Tim is the director and founder of both ChangeGPS and Change Accountants & Advisors. Tim is passionate about bringing positive change to clients of both Change Accountants and ChangeGPS. Our purpose at Change Accountants is to help our clients with “better advice for a beautiful future”.
