01: Full Free Masterclass - Building Client Trust

In the competitive world of financial services, resilience and adaptability are essential for long-term success. Ashwin Mohan, a top-ranked financial advisor and sales coach, has built a remarkable career by embracing these traits. In this post, we’ll explore key insights from Ashwin’s journey and his approach to financial planning and client relationships.
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‍Ashwin's Financial Services Journey
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‍Ashwin's foray into the financial services industry began in 2015 as a college intern with Northwestern Mutual. His dedication and hard work quickly paid off, and by 2018, he had transitioned to a full-time financial advisor. Demonstrating exceptional skill, Ashwin achieved a six-figure revenue within just three months in 2019. However, his upward trajectory faced an unexpected hurdle when changes in visa structures led to a significant decline in his business. Instead of succumbing to the setback, Ashwin made a bold decision to repay the upfront payments he had received, even at the risk of jeopardizing his partnership with Northwestern Mutual. This act of integrity marked the beginning of his journey to rebuild his financial planning practice. Ashwin developed a five-step planning process that became the cornerstone of his comeback. By 2023, he had successfully launched Mohan Coaching, offering a comprehensive financial planning course and a mastermind program designed to empower other financial advisors.
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‍"Having a structured sales process is crucial for building trust and ensuring sustainable growth." – Ashwin Mohan

‍Building Rapport and Understanding Client Needs
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‍One of Ashwin's standout strategies is his approach to building rapport with clients. He believes that establishing a genuine connection is fundamental to understanding and addressing client needs effectively. By leveraging clients' locations and interests, Ashwin and his team create a sense of credibility and trust from the outset. During client meetings, Ashwin focuses on the benefits of financial planning, tax education, and personalized financial strategies. He underscores the importance of regular check-ins and open communication, ensuring that clients remain informed and engaged throughout their financial journey. This dedication to understanding and meeting client needs has been instrumental in Ashwin's ability to maintain strong client relationships and achieve high client satisfaction rates.

‍Financial Planning Process and Fee Structure

‍The meticulous financial planning process typically spans five meetings over two to three weeks. This structured approach begins with understanding clients' goals, followed by a comprehensive review of their balance sheets. Ashwin and his team provide detailed feedback and conduct stress-tests on financial plans to ensure their robustness.

‍Key Elements of the Financial Planning Process:
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      -Understanding Goals: Identifying clients' financial and personal objectives.
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      -Balance Sheet Review: Analyzing assets, liabilities, income, and expenses.
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      -Feedback and Analysis: Providing insights and stress-testing financial plans.
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‍      -Transparent Fee Structure: No charges for the initial planning process, fostering trust.

Transparency is a cornerstone of Ashwin's fee structure. He ensures that clients are fully aware of the costs involved, highlighting that there are no charges for the initial planning process. This openness fosters trust and eliminates potential concerns about hidden fees. Additionally, Ashwin emphasizes the importance of scheduling follow-up meetings and collecting necessary documents, which streamline the planning process and enhance efficiency.

‍Financial Planning Approach and Client Alignment

‍Ashwin's approach to financial planning is deeply rooted in understanding and aligning with clients' goals and expectations. He believes that financial actions should be directly tied to clients' personal and financial objectives, ensuring that their plans are both practical and meaningful. To maintain alignment and progress, Ashwin schedules multiple meetings with clients, fostering a consistent timeline and ensuring that their financial plans evolve alongside their changing needs. On a personal note, Ashwin applies the same principles to his own life, emphasizing the importance of communication and alignment in his relationships. This holistic approach not only strengthens his professional practice but also enriches his personal life. Through his mastermind program, Ashwin extends his expertise to other financial advisors, coaching them on effective processes and systems. This collaborative environment encourages continuous improvement and innovation, contributing to the overall success of the financial advisory community.

‍Providing Value to Clients and Onboarding Process

‍Ashwin is committed to providing exceptional value to his clients before seeking anything in return. Drawing inspiration from Gary Vaynerchuk's philosophy, Ashwin focuses on understanding and meeting client needs through education and personalized service.

‍Strategies for Providing Value
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Reviewing Statements: Analyzing client financial statements.
Tax Education: Explaining complex tax concepts in simple terms.
Foundational Planning: Teaching the principles of financial planning.
Funding Buckets: Implementing strategies for efficient fund allocation.
Advanced Planning Software: Utilizing tools to enhance financial strategies.

His process involves reviewing client statements, explaining complex tax concepts, and teaching the foundational principles of financial planning. Ashwin also employs strategies like funding buckets and advanced planning software to enhance his clients' financial strategies. By scheduling regular follow-up meetings and being readily available to answer questions, Ashwin ensures that clients feel supported and informed throughout their financial journey. The onboarding process, refined during the pandemic, is another area where Ashwin excels. By streamlining the initial steps and ensuring that clients have all the necessary information and resources, Ashwin creates a smooth and welcoming experience that sets the tone for a productive and trusting relationship.

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02: 5-STEP MEETING PROCESS - INCREASE CLOSING RATES

When it comes to financial planning, a structured, client-centric process ensures that no details are overlooked, and clients are fully informed and comfortable every step of the way. At our firm, we believe that setting clear expectations, providing thorough analysis, and maintaining open communication make for an effective financial advising experience. Our 5 Close Meeting Process is designed to build trust, clarify goals, and guide clients smoothly from the initial approach to onboarding.

APPROACH MEETING

In the initial approach meeting, we introduce the client to our financial advising process. We’ll cover the scope of our services, outline the steps we’ll take together, and discuss our compensation structure. This meeting is all about setting clear expectations, answering any initial questions, and ensuring y feel comfortable moving forward. By laying out the roadmap and discussing your priorities, we establish a strong foundation of trust and understanding.

FACT FINDER

The Fact Finder meeting is designed to gather a detailed snapshot of your financial situation and goals. We start with three critical questions that help us understand the client's priorities, their sources of financial information, and their expectations of working with a financial advisor. This meeting also involves collaborative tools, like an online Excel spreadsheet, to organize your data and lay the groundwork for follow-up tasks. This is a crucial step for analyzing the client's current financial standing and their unique needs can best be met.

FIRST CLOSE

In the first close, we dive into the initial review of the client's financial documents, including statements and tax records. This session is about building the base of your financial plan, identifying key areas of focus, and addressing any preliminary observations. It’s a checkpoint where we make sure that all parties are aligned before moving into more specific recommendations and strategies. This meeting ensures clarity on the client's current financial standing and gives them an opportunity to ask questions on foundational aspects.

SECOND CLOSE

At this stage, we move into more strategic discussions. We review the client's savings capacity sheet and explore different funding strategies through “funding buckets,” which help categorize and prioritize savings goals. We also provide a side-by-side comparison of the client's current financial plan versus our recommended approach, allowing them to see the tangible benefits and projected outcomes of our strategy. This meeting aims to clarify the impact of our plan and address any specific concerns the client's may have about saving and investing.

THIRD CLOSE

In the third close, we present detailed recommendations based on the findings from previous meetings. We walk you through visual illustrations of our presented planning strategy, discuss our overall philosophy, and refine the plan based on client feedback. This meeting ensures that every aspect of their financial plan aligns with your goals, allowing for any final adjustments before implementation. We emphasize understanding, so the client's feel fully confident in each recommendation.

FOURTH CLOSE

As we approach the final steps, this meeting focuses on answering any last questions and reinforcing the client's understanding of the financial plan. It’s a review and confirmation session where we address any lingering uncertainties, clarify specific aspects of the plan, and ensure that you feel informed and empowered. By this stage, our goal is for the client to feel entirely confident and ready to proceed.

FIFTH CLOSE & ONBOARDING

The last meeting is about bringing it all together and preparing you for the next steps. We conduct a final review of recommendations, gather any remaining information, and guide you through the onboarding process. This includes an introduction to ongoing client resources, so you know what to expect as a client. This session marks the official start of our advisor-client relationship, and we ensure you feel supported and equipped for a successful financial journey.

A detailed PDF worksheet for getting the information needed from client meetings to make proper recommendations.

Looking to boost your closing rates and enhance client trust? Our 5-Step Close Meeting Process is designed to guide clients from the first approach to a successful onboarding, ensuring they feel informed, confident, and ready to commit. Download our free worksheet to streamline client data collection and start applying this structured methodology in your practice.

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