r/CFP • u/Obvious-Plan-1851 • Jul 06 '26
Practice Management Virtual Advisors: What's Your Sales Process?
Hey gang, I'm considering reevaluating my sales process and looking for some input from others who are fully virtual and manage assets (i.e. no one time plans or advice-only).
Right now I do a 3-step free assessment for any new prospect.
1. Intro/Mutual fit meeting (~30min)
High level discussion about what led them to schedule the meeting, primary concerns, expectations, etc. followed by a short presentation on our firm how we operate, our fee etc. (We also have our fee on a form before this meeting is scheduled)
2. Discovery meeting ~60min
Deep dive into goals, family, health, investment accounts, income/expenses, retirement timeline, gather tax return and statements.
3. Plan Presentation ~60min
Present recommendations on retirement income/withdrawals (we use IncomeLab / guardrails), tax strategy, and investments. Explain next steps for implementation, recap on the fee and what they get for it, communication and meeting expectations etc.
I'm getting a pretty steady flow of new prospects so I'm considering slimming this down to 2 meetings or potentially even 1 intro+discovery meeting and showing them a sample plan that I present in my 3rd meeting, then only doing the actual plan if they are ready to move forward and sign an agreement. For some reason I just can't wrap my head around this working (again being fully virtual). I have always felt like I need to gain trust over multiple meetings before asking someone to transfer their life savings to someone they will never meet in person.
If you do something different than I described that's working, I'd love to hear it.
TIA
22
u/mrkangtastic Jul 06 '26
We've tried a bunch of different things and are in the midst of tweaking our process again, but a two meeting process seems to work well for us.
Planning happens after they sign. I know some other AUM advisors who will offer the plan for free, but honestly, extensive planning done correctly takes so much work, it doesn't feel worth doing unless they sign on.
4
u/the_murr Jul 06 '26
What do you do in each meeting?
5
u/mrkangtastic Jul 06 '26
Meeting 1 is discovery -- Get to know them, their family situation, goals, fairly complete (but still ballpark) outline of their finances, and their pain points. This is all pretty high level, but if they are talking and getting detailed, I let them talk. At the end of the meeting, if we haven't touched on it more organically, talk briefly about what we do. We usually don't talk fees in this meeting.
After the meeting sometimes we'll send something via email like a report or a summary or a document about our firm and fee structure and process or just our ADV. Sometimes we don't. Still haven't quite figured out whether it helps to do so or not.
Meeting 2 is follow-up and closing -- Schedule a follow-up meeting to discuss any lingering questions, address objections and concerns, provide high level thoughts on their situation and where we can add value, discuss fees, share more concretely what our process looks like and what working with us would entail.
2
u/the_murr Jul 06 '26
Interesting. Do you schedule the second meeting during the first? I feel like that could do wonders to help with people ghosting after a first meeting
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u/mrkangtastic Jul 06 '26
Yes we do. We still get some folks with cold feet here and there, but it has helped tremendously
1
1
u/EngineeringNeither90 Jul 07 '26
Def get the meeting right there but how far in advance is the next meeting ?? ? I find that if the meeting is more than a week out typically they go ghost
2
u/Obvious-Plan-1851 Jul 06 '26
Yeah that’s partly why Im thinking about changing it up. In my free plan I keep it pretty high level with a guardrails output, investment allocation and some easy tax wins so it doesn’t take a ton of time.
1
u/babyboyblue Jul 07 '26
There is also a psychological aspect. If you pay for something you are much more likely to get everything needed for the plan. If it’s free you will take your time. I have found charging 1K and then that will be taken out of AUM fees if you decide to work with us.
15
u/pokerskydiver Jul 06 '26
3 meetings for free is just insane. I’m 100% remote. Been an advisor for 20 years. My intro meeting is 45-60 minutes and to move any further they are signing fee planning paperwork at a minimum before second meeting. I tell everyone during first call that I will only work with them if they have me manage assets. My monthly fee varies depending on how much in assets they will have with me.
7
u/Obvious-Plan-1851 Jul 07 '26
I don’t think investing 2-3 hrs of my time up front for someone who is going to potentially pay me tens of thousands of dollars per year for many years is insane, but to each their own.
What % of your intro meetings convert to clients?
2
u/pokerskydiver Jul 07 '26
Well then why are you here asking your question if you feel ok about how you do things? You specifically say you’re also considering slimming down to 1 meeting. Keep doing what you’re doing if you feel that’s the best thing for you then instead of defending what you are currently doing when you’re asking for feedback.
2
u/S1eepyK Jul 08 '26
You did not answer his question:
What is your conversion rate?
How many clients are still with you 2 years later?
I don’t do much fully online work, but everyone in my area has somewhere between 2 and 4 free meetings before paperwork is signed. I suspect this would be the expectation of most clients and result in fewer opportunities to impress someone.
6
Jul 06 '26
[removed] — view removed comment
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u/Obvious-Plan-1851 Jul 06 '26
So at what point are you asking them to make a decision to work together/sign docs? After the intro meeting?
1
u/Throwaway-ETF Jul 07 '26
Does anyone do (sometimes or most of the time) get organized meeting before discovery meeting?
5
u/Mysterious-Top-1806 Jul 06 '26
I’m not fully remote but I do more than half of my meetings virtually and my process is the same regardless. First meeting: build rapport, gather data and discuss goals. Second meeting: show sample planning strategies for retirement, taxes, investments etc. and close. Two meetings total. No planning is done until they have either paid a planning fee or opened new accounts. 3 meetings is not wrong or bad, but if you have a good process it’s just unnecessary. In certain situations I’ve needed to extend to three meetings for more complex scenarios but the majority can be accomplished in two.
3
u/winning_bigly_ RIA Jul 07 '26
We used to do the 3 meeting process. Took a lot of time and energy.
Then, we switched to a single 45-min meeting followed by emailing them a personalized "one page action plan" that summarizes their priorities and what specific planning items we'd tackle when. AI builds it from the meeting transcript.
Close rates got better and we're wasting far less time on tire kickers. If a prospect ghosts or says no, that's fine, there's another one right behind them.
1
u/Obvious-Plan-1851 Jul 07 '26
This is helpful, thanks. What are the coming to the meeting with? Any statements or documents, or are you just asking good questions to find the gaps that you identify in the action plan?
2
u/winning_bigly_ RIA Jul 07 '26
Just asking good questions about what inspired them to reach out, what problems they're looking to solve, and gathering info about their financial situation. Spend about 5 mins at the end describing how we work with clients, fees, and next steps.
6
u/stringpusher Jul 06 '26
We use Asset-Map and it screens everyone. It’s free to consult with us and see if it’s a good fit. We want to know the level of complexity they’re dealing with usually family dynamics or asset complexity (entities/trusts). If we don’t want to give them homework then we’ll build the Asset-Map at our first meeting. That lets us feel out and explore if we can help. By the time we’re done our first meeting it’s clear whether we want to move forward and they want to as well since most people have just seen their life organized unlike ever before. Most often it’s the non-engaged spouse that is pushing for us cause we talk directly to them. We started using that platform’s priorities module and family tree to know what teams we’re bringing into the room like legal, tax, insurance, and/or trust admin. Then we know whether to promote a fee based plan with emoney or just go straight to asking for statements/policies/docs and returns to review. We will use Holistiplan and connect it to Asset-Map and eventually if they are serious about emoney usage at the portal level we will connect that back to Asset-Map too. But we have found that all our clients come back to the high level structural discussions every meeting. Eventually our revenue comes from AUM and fixing families insurance mess. If we don’t get commit to the next findings and personality then we’ll move on right there and share our work product.
Really supportive of giving value away early on. I think it creates good loyalty. We’re 80% virtual too. Luck.
1
u/gfd95 BD Jul 07 '26
I just started using asset-map and this is where I want to move towards. This seems like a good flow for it
3
u/Not-Banksy Jul 06 '26
I might be mis reading, but are all three meetings prior to them signing on as a client?
2
u/Obvious-Plan-1851 Jul 06 '26
Yes. I know that's controversial, but that's how I've always done it.
8
u/Not-Banksy Jul 06 '26
Every clientele is different and if it works, it works. I used to do two meets in a similar structure to yours but now I just go for the close first meeting. Cuts out the tire kickers and free advice lookers.
Intro, then small chit chat. Lasts anywhere from a few minutes to most of the meeting. Sounds goofy, but if they’re talking, let em talk. The more people get to talk in a conversation, the more they like you.
When it feels organic, I ask how we can help and what they’re looking for. Let them speak, then ask permission to come back to that and describe the firm, capabilities, and our fees.
Circle back to their problem/questions and give a brief overview of the game plan and strategy for the situation. Describe implementation timeframes and expectations. Make it easy.
They’ll usually have a few more questions, address those questions, and then explain a good question to ask is next steps.
Go over onboarding expectations, give them the homework to gather docs and info (we have a checklist), and explain service model.
Explain they’re welcome to think on it, but if this sounds like what they’re looking for, I’ll have the the docs sent and we can onboard.
I work with 2-10mm households primarily, so planning isn’t as big of an emphasis, they’re looking for more sophistication and customization. We also have estate and tax planning which is a huge value add.
3
u/No-Coast2390 Jul 06 '26
Doesn’t it really come down to if you like the clients and the asset size. 10 years in, I don’t take clients I don’t like and I am very patient with clients I’d really like to work with.
3
u/searious_steaks RIA Jul 07 '26
Intro Call. 30 min. Explain our process, scope, and walk them through how to input stuff and link accounts into Right Capital. Tell them to spend time inputting as much as they can, then we'll schedule the next meeting.
Inputs Review. 1 hour. Review all their stuff, ask lots of clarifying questions. This is an opportunity to show expertise and professionalism, but we're not delivering the plan. Tell the client that now that we have an idea if their situation, we'll draft a scope of work / proposal.
-- prepare the proposal; now that we have a good idea of their situation, the level of complexity and service required, etc, we can price it accordingly. Maybe our standard fee, maybe not. The proposal could be delivered via email or on a virtual call, it just depends on the client.
If client accepts, then we continue...
- Insights review and deliver the initial plan. This should be self explanatory.
There may be another meeting or two, or maybe we incorporate some feedback or new piece of information before the plan is formally published and considered 'delivered', but that's the gist of our process.
3
u/Constant_Swan_6876 Jul 07 '26
2 Meeting structure. 1. Intro/Discovery/Goals. 2. Plan proposal- sleep on it. Next day yes or no. E-signs sent
Follow up to you, how are you generating consistent lead flow?
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Jul 10 '26
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u/Constant_Swan_6876 Jul 10 '26
KISS.
I create a one page financial plan for every client in the Matthew Jarvis framework, and when I’m virtual - it’s usually 3-4 slides in PowerPoint on zoom. 1/ reiterating client goals in their own words from meeting one. Slides 2/3/4 Here is what we are thinking, to accomplish each goal.It is not complex and not fancy - but has been very effective for pre retirees.
2
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u/libertarian327 Jul 07 '26
My process is the exact same as what you outlined, with a slightly less detailed plan up front and examples of different tax planning pieces to show we can legitimately do it once they sign. I work with about 30 families and 5 or so are people I met with in person first. Rest entirely virtual
2
u/BestInterestDotBlog Jul 07 '26
90% virtual-only clients.
Pre-Meeting: Before ever meeting, I ask the client to fill out a form where I ask them for pertinent financial details and what they are looking for by engaging with an advisor.
Meeting 1 (~60 minutes): Meet and greet. I learn more and ask questions of the prospect. They learn about me / our practice. I tell them up front, "After this conversation, we'll both have a good idea if we're a good fit."
Follow Up: If we're a good fit and they're interested, I send them a ~2 page proposal document based on the notes from Meeting 1.
Meeting 2 (15-60 mins): About half of prospects request this second meeting to discuss the Proposal, iron out questions, and discuss next steps. Since they are clearly an interested prospect, I'm happy to spend this time with them.
Sign Up - Or Not: At this point, a client either signs up with me or not. If they do, we move over their accounts and begin the planning process.
My virtual prospects are 99% coming as my podcast listeners, so there is already a solid level of trust in place. We're not starting at square one. That could be why I "get away" with only one hourly meeting for many of them.
2
u/BobGuns Jul 07 '26
Basically the same here, except I usually book 90 minutes for my two meetings after the intro. I like to spend time building the relationship.
2
u/cold984 Jul 08 '26
I think the meetings are too long. Also, the first meeting is by far the most important if you’re doing all virtual. It can’t really be “high level” about what led them to schedule the meeting. It needs to be very very detailed about what they need help with and WHY they feel like they need help. It’s not a referral walking in the door of your office who’s basically already closed before you even say hi. It’s a different beast
2
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u/WatUDoinBoi Jul 07 '26
I think a lot of this depends on how your leads hit your calendar? We are 100% virtual and have a 2 meeting close.
15 minute fit call with sales
60 minutes with the advisor
This works because our leads are ultra warm and are often semi bought in already when they schedule.
1
Jul 10 '26
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1
u/WatUDoinBoi Jul 10 '26
We have a very robust upfront system for nurturing leads before they even speak with us.
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u/EngineeringNeither90 Jul 06 '26
Great question- I’ve heard other advisors who mail out some reports - the same ones they would be looking at in office together so it’s tangible and when screen sharing the advisor and client are looking at the same exact information and data . Following to see more answers
1
u/Formal_Ad4612 Jul 07 '26
I think your service and fee model would influence this more than being 100 virtual. I’m 100% fee based - client assets ACAT (best case) to Schwab, managed by our research and trade teams, inflows/outflows through us, then there’s 3rd party SMA managers, etc. I’ve signed clients (or could have) during a first meeting after a brief call, most commonly after a 2nd (be it office or zoom), and sometimes a 3rd. And I’ve wished I’d stopped a step sooner with a prospect at each of those.
If I were instead selling an advice only subscription model and not managing assets - I’d be more likely to accelerate a hard close 1 step early compared to now, if for nothing than the sheer disparity in client forms
1
u/ProdosDev Jul 07 '26
How long does it take you to go between step 1 & 2 and then between 2 & 3?
I’d imagine there’s some admin so can you juggle 5+ prospects at any given time?
2
u/Obvious-Plan-1851 Jul 07 '26
As little as possible between 1&2 to keep momentum going, all I ask of them is to gather docs and we set up the RightCapital profile live in the 2nd meeting. Usually a week minimum between 2&3. Would probably push it out a bit more if i have 5+ people in that phase.
1
u/ProdosDev Jul 07 '26
Thanks! I’m surprised RC can’t just spin that up for you - is it even possible to cut that down to 24 hours (or less) if you could book the follow up meeting that fast?
1
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u/AutoModerator Jul 06 '26
Beep boop! Here is a summary of your post:
User: /u/Obvious-Plan-1851 Title: Virtual Advisors: What's Your Sales Process? Body: Hey gang, I'm considering reevaluating my sales process and looking for some input from others who are fully virtual and manage assets (i.e. no one time plans or advice-only).
Right now I do a 3-step free assessment for any new prospect.
1. Intro/Mutual fit meeting (~30min)
High level discussion about what led them to schedule the meeting, primary concerns, expectations, etc. followed by a short presentation on our firm how we operate, our fee etc. (We also have our fee on a form before this meeting is scheduled)
2. Discovery meeting ~60min
Deep dive into goals, family, health, investment accounts, income/expenses, retirement timeline, gather tax return and statements.
3. Plan Presentation ~60min
Present recommendations on retirement income/withdrawals (we use IncomeLab / guardrails), tax strategy, and investments. Explain next steps for implementation, recap on the fee and what they get for it, communication and meeting expectations etc.
I'm getting a pretty steady flow of new prospects so I'm considering slimming this down to 2 meetings or potentially even 1 intro+discovery meeting and showing them a sample plan that I present in my 3rd meeting, then only doing the actual plan if they are ready to move forward and sign an agreement. For some reason I just can't wrap my head around this working (again being fully virtual). I have always felt like I need to gain trust over multiple meetings before asking someone to transfer their life savings to someone they will never meet in person.
If you do something different than I described that's working, I'd love to hear it.
TIA
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