For most financial planning businesses "opt in" means you will need to change systems, processes, methodologies and the philosophy of how you do business. To do that you need to bring the people in your business along the journey and you need to have something to implement that maximises the possibility of opt in success.
This is an organisational change process. And it is a process that needs to be specific to financial planning where the critical factor affecting success is relationships.
Rather than approaching this traditionally with problem - solving change management protocols an approach of appreciative inquiry seems to dove tail into financial planning businesses.
This approach reframes relationships around what is positive and what is possible.
It is representative of positive organisational behaviour - where the people in the business focus on positive aspects and in so doing improve business and personal success and subjectve well being as a consequence.
The beauty of this for financial planning businesses contemplating an opt in world is that the process you can use to re-create your business can also be directly applied (with the help of tools from Positive Client Engagement) when working with your clients.
There is a "four D" model for this process.
Discovery, dreaming, designing, delivering.
Discovery
- identify positive elements of your business
- document and create stories about positive client outcomes you have created
- interview your staff about what drives them in serving clients
- interview successful businesses that you know of - perhaps in the same AFSL as you and discover the strengths of these businesses
- look to sources of research on businesses - eg: The groundbreaking Asteron Life 2 year study on the 7 best practices adopted by businesses who have successfully tapped into the intergenerational opportunity
Dreaming
- gather your staff and have a vision coaching session where you imagine the possibilities and what you would deliver to clients in the ideal business
- remember it's a hypothetical business so feel free to fearlessly design a cutting edge business without barriers
Designing
- also involves your staff and now you shape the dream into what becomes a common and shared image of what can be for your business - and it shifts focus back to the day to day roles and how such a model would be implemented
Delivering
- set specific tasks, objectives, directions, time frames, resources for the agreed upon model
What does the ideal business look like? And how do you apply the same model to clients?
The ideal business discovers what a client sees as positive elements of their life and in so doing provides motivations to overcome the negative aspects of their financial world.
The ideal business tells stories about success they have had with similar clients and uses the concept of social proof to de-mystify the process of financial planning.
The ideal business writes white papers that research the areas of the businesses expertise that are a demonstration of ability, empathy and experience to your clients and prospects.
The ideal business has a process for assisting a client to dream what is possible in their financial world and imagine possibilities unlimited by past experiences or current circumstances.
The ideal business takes a palpable stake in the clients vision and designs the success plan as a shared image of what is possible clearly identifying the role the business plays in the outcomes and the journey.
The ideal business delivers the direction, objectives and plan in a way that is meaningful and relevant for the client and is achieveable, measurable and timely.
The ideal business engages it's clients positively, uses tools such as a Positive Client Engagement Lifestyle Questionnaire (c) and the Positive Client Engagement Wealth Management Index (c).
So let go of your structured norms and change your mindset. Investigate the positive possibilities and have queues of advocates opting in to your financial planning business.
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