Ironically, when talking to prospects and clients, I try to avoid the words “financial planning.” The term is imprecise and vague. It oversimplifies the depth and breadth of my work, and most clients and prospects don’t know what I’m talking about anyway.
Hi Reese. Thanks for highlighting this mental model and for expanding on it in the 3 subsequent articles. Most advisers would benefit from a guided group session to collaborate and fast-track the creation of a really good list of job statements (there would be a lot of overlap even if you have advisers with different niches). If you ever launch this cohort or course please drop me a note! Sincerely from South Africa
Reese, I think "jobs" can help us explain our value to both clients and prospects. Ironically, I was talking to a new client last week who was trying to get clarity on what we meant when we said "Financial Planning."
I'm not sure if these are great examples, but here are some attempts and some jobs I think we do for clients. Admittedly, even these are more vague than I like and the language may be too "cliche."
- Ensure you are maximizing your available retirement savings options
- Proactively coordinate your tax strategies with your overall financial goals
- Monitor your cash levels to make sure your money is working toward your goals
- Regularly review your insurance policies to make sure your family is still protected adequately
- Maximize your charitable giving through tax-efficient strategies
Nice work Thomas, definitely catching the vision here. Today I spent time laboring on some really critical insights and client communications around the "Debt" jobs to be done. I broke apart Debt to Income Ratios into 5 brackets, labeled each of them appropriately, wrote copy for each bracket, and we're doing some testing on them right now. I found my self thinking about how clients really value the advisor's opinion on so many of these jobs, especially when you are precise in how you describe them. Keep it up!
Thanks Joshua! I’d love it if you could share with me one of the most important jobs you think you’d like to describe as you imagine it and work through the exercise. It seems like each advisor is able to creatively identify unique ways to describe the jobs that we do 👊 Each customer type has unique jobs that are fun to expose.
Feb 4, 2022·edited Feb 4, 2022Liked by Reese Harper
Hi Reese. I am going to think on it more. But what you said resonated with me. One of the most important jobs I do for clients is "creating a distribution strategy" and I talk about that with prospects, but I think that begins to fail for the same reason---too vague, perhaps imprecise. It may be fine to talk about with mass affluent but I lost a HNW prospect recently and I think that may explain part of reason for not closing. Last night I talked a prospect (was successful) and she liked a lot of the graphics I had to demonstrate how we coordinate the various sources of income...but I need to spend time working how to verbalize this...and I think organizing it into jobs how you discussed may be a good place to start.
Joshua, yes, this is exactly the right mindset IMO. I would encourage you to think about the JTBD in the way I have described it above. And to build a job map to show all of the steps, and frequency by which you will complete the job. Most jobs will have clear steps that expose some of the complexity of the work you do, and also expose the value more deeply. I think clients and prospects will value jobs that seem to be ongoing and challenging more than isolated, one-time jobs.
For example, in the example you gave, "create" is a verb that implies a one-time interaction. It's also missing some context (how frequent do you perform this job, and what are the associated trigger by which you may need to repeat it?) Also remember that the client doesn't care so much about the "job"—you're using it to frame a conversation about "desired outcomes". Why would the prospect hire you to perform the job? Understanding in their own words "why" they might hire you is the most important thing you want to discover. Rather than forcing "one" job into the sale, you want to expose dozens of jobs that you do, and see which jobs might be helpful for them, and then focus on describing (in their own words) the benefits "desired outcomes" so that they can visualize what life is going to be like working with you down the road.
Nice work being willing to open up and share your challenges in a public form like this. We all miss opportunities to engage with clients and prospects and simply practicing your communication in this format.
Reese, thanks for taking the time to give your thoughts on how to think about it. I'm going to plan (in the near term) to cut out some dedicated time to think about and build a "job map" in order to communicate to prospects/clients the value, complexity and ongoing benefits achieved through an engagement with me. I printed your article and response.
Certainly---I think analyzing wins and (perhaps especially) losses can be a powerful tool for future business. And if I want a lot of wins going forward, I have to be willing to take a hard look at the losses. Again, I appreciate your thoughts. Have a great weekend!
Just in case it was of interest, this weekend I started to put together a graphic that showed all the various jobs or a representation of the various jobs that I do for clients. My typical client probably looks a little bit different than yours. My typical client is either in or preparing for retirement.
It will require a different graphic/job map for each client type.
This graphic is to present to clients who are thinking about the distribution phase. I did not create a process flow that had a start and end. Rather I wanted to demonstrate that all these things are part of the bigger picture, they all interrelate and they all need to be regularly evaluated. I will work on getting more specific in terms of frequency. The point is, that they see all that is involved (hoping it is borderline overwhelming…and they see I am aware of the variables and have proficiency in putting it together), and that they need a professional that specializes in this.
I also show a graphic from Income Solver and other places how all the various income sources are put together and typical “Advisor Alpha” (saving generated) by way of a plan I can design.
I put it together keeping in mind The Elements Podcast you had with Sten Morgan on December 21st 2021 where his is trying to up front very early on communicate to the client the complexity and all the things you bring to the table. And trying to demonstrate value early on.
Anyway, it’s a work in progress but this is where I am now.
Does EFPS share these job and desired outcome statements for each of the Elements? As I read your example and thought of the various Elements, I thought it would be great if there was a manual for this.
Hi Kyle! Elements is actually being designed around this framework. We try and expose through "next actions" in our Web system which jobs need to be done given changes in the clients data. We have built manuals for this, but have found that programming into software is actually a more effective delivery mechanism to assist advisors.
Hi, Reese! Thanks for the reply. So, an advisor should be keen on "next actions" to learn how to discuss the job and desired outcome statements? In other words, if I'm an advisor and want to get my talking points down, what's the best way for me to learn them in the context of using the EFPS? (No rush needed for this answer.)
No worries Kyle, our next big product release (Next Actions, Web for Advisors) programmatically surfaces those insights and language suggestions to the advisor. We will be building that feature so advisors can simply customize and communicate instead of spending all their time identifying the opportunities for engagement.
Hi Reese. Thanks for highlighting this mental model and for expanding on it in the 3 subsequent articles. Most advisers would benefit from a guided group session to collaborate and fast-track the creation of a really good list of job statements (there would be a lot of overlap even if you have advisers with different niches). If you ever launch this cohort or course please drop me a note! Sincerely from South Africa
Thanks for this, Reese! It is the one last thing I needed for refining my processes with my new business partner.
Thanks Andie! Would you mind framing that up a bit more for me so I know how you found it helpful?
Reese, I think "jobs" can help us explain our value to both clients and prospects. Ironically, I was talking to a new client last week who was trying to get clarity on what we meant when we said "Financial Planning."
I'm not sure if these are great examples, but here are some attempts and some jobs I think we do for clients. Admittedly, even these are more vague than I like and the language may be too "cliche."
- Ensure you are maximizing your available retirement savings options
- Proactively coordinate your tax strategies with your overall financial goals
- Monitor your cash levels to make sure your money is working toward your goals
- Regularly review your insurance policies to make sure your family is still protected adequately
- Maximize your charitable giving through tax-efficient strategies
Nice work Thomas, definitely catching the vision here. Today I spent time laboring on some really critical insights and client communications around the "Debt" jobs to be done. I broke apart Debt to Income Ratios into 5 brackets, labeled each of them appropriately, wrote copy for each bracket, and we're doing some testing on them right now. I found my self thinking about how clients really value the advisor's opinion on so many of these jobs, especially when you are precise in how you describe them. Keep it up!
Good post Reese.
Thanks David! Really appreciate your tuning in!
I love this. This is fantastic. I can see this being a much better way to frame, position what we do from the outset. Thanks.
Thanks Joshua! I’d love it if you could share with me one of the most important jobs you think you’d like to describe as you imagine it and work through the exercise. It seems like each advisor is able to creatively identify unique ways to describe the jobs that we do 👊 Each customer type has unique jobs that are fun to expose.
Hi Reese. I am going to think on it more. But what you said resonated with me. One of the most important jobs I do for clients is "creating a distribution strategy" and I talk about that with prospects, but I think that begins to fail for the same reason---too vague, perhaps imprecise. It may be fine to talk about with mass affluent but I lost a HNW prospect recently and I think that may explain part of reason for not closing. Last night I talked a prospect (was successful) and she liked a lot of the graphics I had to demonstrate how we coordinate the various sources of income...but I need to spend time working how to verbalize this...and I think organizing it into jobs how you discussed may be a good place to start.
Joshua, yes, this is exactly the right mindset IMO. I would encourage you to think about the JTBD in the way I have described it above. And to build a job map to show all of the steps, and frequency by which you will complete the job. Most jobs will have clear steps that expose some of the complexity of the work you do, and also expose the value more deeply. I think clients and prospects will value jobs that seem to be ongoing and challenging more than isolated, one-time jobs.
For example, in the example you gave, "create" is a verb that implies a one-time interaction. It's also missing some context (how frequent do you perform this job, and what are the associated trigger by which you may need to repeat it?) Also remember that the client doesn't care so much about the "job"—you're using it to frame a conversation about "desired outcomes". Why would the prospect hire you to perform the job? Understanding in their own words "why" they might hire you is the most important thing you want to discover. Rather than forcing "one" job into the sale, you want to expose dozens of jobs that you do, and see which jobs might be helpful for them, and then focus on describing (in their own words) the benefits "desired outcomes" so that they can visualize what life is going to be like working with you down the road.
Nice work being willing to open up and share your challenges in a public form like this. We all miss opportunities to engage with clients and prospects and simply practicing your communication in this format.
Reese, thanks for taking the time to give your thoughts on how to think about it. I'm going to plan (in the near term) to cut out some dedicated time to think about and build a "job map" in order to communicate to prospects/clients the value, complexity and ongoing benefits achieved through an engagement with me. I printed your article and response.
Certainly---I think analyzing wins and (perhaps especially) losses can be a powerful tool for future business. And if I want a lot of wins going forward, I have to be willing to take a hard look at the losses. Again, I appreciate your thoughts. Have a great weekend!
Hi Reese,
Just in case it was of interest, this weekend I started to put together a graphic that showed all the various jobs or a representation of the various jobs that I do for clients. My typical client probably looks a little bit different than yours. My typical client is either in or preparing for retirement.
It will require a different graphic/job map for each client type.
This graphic is to present to clients who are thinking about the distribution phase. I did not create a process flow that had a start and end. Rather I wanted to demonstrate that all these things are part of the bigger picture, they all interrelate and they all need to be regularly evaluated. I will work on getting more specific in terms of frequency. The point is, that they see all that is involved (hoping it is borderline overwhelming…and they see I am aware of the variables and have proficiency in putting it together), and that they need a professional that specializes in this.
I also show a graphic from Income Solver and other places how all the various income sources are put together and typical “Advisor Alpha” (saving generated) by way of a plan I can design.
See link for access: https://bit.ly/3owo2EN
I put it together keeping in mind The Elements Podcast you had with Sten Morgan on December 21st 2021 where his is trying to up front very early on communicate to the client the complexity and all the things you bring to the table. And trying to demonstrate value early on.
Anyway, it’s a work in progress but this is where I am now.
Josh
Hey Josh, thanks for sharing! Lots of good things here.
Does EFPS share these job and desired outcome statements for each of the Elements? As I read your example and thought of the various Elements, I thought it would be great if there was a manual for this.
Hi Kyle! Elements is actually being designed around this framework. We try and expose through "next actions" in our Web system which jobs need to be done given changes in the clients data. We have built manuals for this, but have found that programming into software is actually a more effective delivery mechanism to assist advisors.
Hi, Reese! Thanks for the reply. So, an advisor should be keen on "next actions" to learn how to discuss the job and desired outcome statements? In other words, if I'm an advisor and want to get my talking points down, what's the best way for me to learn them in the context of using the EFPS? (No rush needed for this answer.)
No worries Kyle, our next big product release (Next Actions, Web for Advisors) programmatically surfaces those insights and language suggestions to the advisor. We will be building that feature so advisors can simply customize and communicate instead of spending all their time identifying the opportunities for engagement.