Have you ever wondered why it’s difficult to attract successful business owners to your practice? After decades spent working with both advisors and owners, we’ve found that advisors who want to represent owners make two fundamental mistakes:
- They are focused on making a sale of a product or traditional service (e.g., life insurance to fund a buy-out) rather than on listening and understanding an owner’s needs.
- They fail to understand that owners don’t buy services because they like the services or even the person selling them. Owners buy services to solve a business problem or seize an opportunity.
If you agree, the question is: What’s the better way for a financial / insurance advisor or CPA or attorney to approach owners?
The answer is obvious: Demonstrate an understanding of the owner’s problems and concerns, then solve them!
Less obvious is how professional advisors demonstrate that understanding and resolve an owner’s business concerns or help them seize an opportunity.
Most advisors can’t do either, and that’s great! Once you know how to uncover an owner’s concerns and have the tools you need to deliver solutions, you can attract and gain successful owners as clients without competition from their current advisors.
Uncovering an Owner’s Concerns
For years BEI-trained advisors have used a short assessment that accurately identifies and prioritizes—for both owner and advisor—an owner’s concerns and needs.
Want to learn more about BEI’s assessment resources? Set up a meeting with us!
Addressing an Owner’s Concerns
Only after owners communicate their business needs and concerns can you recommend actions to address them.
For example, Owner A’s assessment may indicate that she is most concerned about motivating and retaining key employees but not so concerned with business continuity planning. That information tells you where you are needed and where to start.
BEI has created 30-plus recommendations to address the owner concerns identified in the owner assessment. These recommendations describe how and when a course of action is appropriate and the steps you take to create and implement it. Recommendations typically include the use of one or more of your profession’s tools or products.
Two Mistakes. One Solution.
Two fundamental mistakes and two proven tools to help you avoid them: an owner needs assessment and a set of recommendations to address those needs. One practice differentiator—knowing how to address owners’ most pressing concerns—and one source for training and tools: BEI’s program for Owner-Based Planning Advisors.
To learn more about BEI’s Owner-Based Planning program and the upcoming training schedule, follow the link below.
