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You've been Socked!

Paul Dwyer B.A CFP RRC • Oct 28, 2020

Professional Introductions Reimagined.  Differently?  Better! 

Anyone in the people business knows the value of a warm introduction, the gold standard of client confidence a.k.a. "Client Referral".  After nearly 15 years in practice I've learned from the best in terms of positioning and managing this precious resource of business development, in terms of expectations and social interactions.  They preach Professionalism!, but most clients say they experience authentic, sincere, enthusiastic, humorous, and heartfelt concern when they work with me.  They get professionalism at the bank, and its not impressive.  

Sending a package ahead of a first meeting to prepare the recipient for the pleasant experience including what I offer was a great way of warming and calming potentially awkward meetings.    The results improved, but I found that the some curiosity was necessary for prospects to overcome social awkwardness.   I innovated by sending parts of a puzzle or other incomplete gifts where, during the introduction, I would offer the complimentary components.  Again Improved results.  

Existing clients still had mild resistance to offer introductions because of the FEAR associated with being the middle-man.  Risk of being associated with a socially awkward interaction, or risk of not fulfilling expectations or risk of professional or non professional conduct.  Whatever, that risk was real for clients.  After considering this, I offered my clients anonymity - so that they would not be identified in my introduction process, should it lead to disappointment.  WOW... what a response..  It has been raining introductions since.   

So today an existing contact... or client... offers me a name with contact details, explains how they know this contact, why they think that the contact would want to know me, and vice versa.  Based on that I accept decline or defer that offer.  On acceptance, I connect with the contact and then send out a welcome package including:
  • Postcard with contact information, the Rules/assurances, and Instructions.   
  • A packet with a single sock and a pair of googly eyes 
  • An introduction, to be accepted, declined, or deferred.  
While the vast majority of contacts respond positively and meet within 30 days, responses do vary from no response, to rude misunderstandings.  I have found the response reveals so much about the character of the contact.  It's a very good indication of how the relationship will go.  I've also found that in many cases the client chooses this anonymous method for a reason, as they are aware of the abrasive prickly character of their colleagues.  

If you are lucky enough to receive notice of "Getting Socked", know that you are loved by your colleagues and you have an opportunity to change your financial planning experience for the better. Trust the process, or maybe just be open to an introduction.  You don't know what you don't know.  

Paul 

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Hope Help Pride Fear More than 4 letter words

4 Letter Words. Hope, Help, Pride, FEAR

By Paul • 27 Jan, 2021
A Financial Planner is a trusted role. Empathy, understanding, free of judgement or blame. The advisor must embrace the client and fearlessly know the client to the point that the client can feel safe enough that they will permit their best interests to be served, beyond and often contrary to their pride and ego.

Professional Corporations Year Enders

By Paul Dwyer • 12 Dec, 2020
Planning Is Important... At this time of year, finishing up with a good grip of your basic numbers for planning next year is CRITICAL. As a Professional Corporation, planning your tax obligations and Pandemic support qualification. are just a few areas where Knowing your basic numbers are critical... Take the time get close and personal with your business. We're here if you need to ask questions or just talk an idea through. Salary and Dividends Mix... TOSI - Tax On Split Income - demands reasonable wages be paid to family staff members. There's a Schedule at this link. PWC Year End Tax Tips . Be sure and consult your qualified professional before any tax strategies are implemented. Passive Investments in your Corporation.. PIT - Passive Income Tax, within your Corporation is a serious issue. Staying under this year's threshold is critical. While its late, its never too late... and you're better off knowing where you stand than not. Check out the PWC Year End Tax Tips to be clear. Pandemic Response... CEWS - Canada Emergency Wage Subsidy CEBA - Canada Emergency Business Account (interest free loans) CERS - Canada Emergency Rent Subsidy and more. See the Federal Government's Guide Here . Again seek guidance from your professional advisor to be certain what you should be aware of Depreciation and Operating Expenses... Amortization, CCA, or Depreciation is a deductible expense. You should have an understanding of what your deductions are on Capital Assets annually. This informs you of budgeting for other programs like Employee Benefits and Elastic Expenses. And while you're at it. Call your Business Insurance Broker. Tell them you love them and ask for a Claims Experience Letter - Just for file purposes. It serves to remind your broker that you are always evaluating their value... (Keeps them on their toes) and it keeps you informed of how all insurers see you, just in case there's a mistake on the file you'll know it. Happy Year End. Paul
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