Using Asset-Map in the Client-Discovery Process (David Leo, Advisor Perspectives)
[This article was originally published on Advisor Perspectives]
Key Takeaways:
Client trust and clarity can be built in three initial client discovery meetings with Asset-Map.
Instead of relying on note-taking, advisors can use Asset-Map to create an interactive, visual representation of clients’ financial lives.
Using Asset-Map, advisors gain a consistent, repeatable system for onboarding clients to their practice.
The client discovery process often can feel messy and underprepared. Financial advisors can benefit from a standardized approach to client discovery. Asset-Map offers advisors a repeatable process for onboarding clients.
In this guide, we’ll introduce a streamlined, empathetic, and visual-first approach, leveraging Asset-Map to elevate client conversations. We will highlight a three-meeting process for comprehensive client discovery. Read on to learn how to use Asset-Map for financial advisory discovery.
Your Three-Meeting Roadmap to Client Clarity
Building client trust, collecting data, and developing a strategy can be done in three initial meetings with new financial advisory clients. This roadmap will guide you on how to structure the first three meetings with a new client for the best results.
Meeting 1: Listen, Build Rapport, and Initiate the Map
In the first meeting with a new client, the goal is to understand who the prospect is, beyond their finances. You want to understand who they are as a person and understand their aspirations. This understanding comes from asking intentional questions, such as:
What does financial well-being look like for you?
Which life stories or values shape how you think about money?
In meeting one, you can use Asset-Map to create a draft report with placeholders for assets, family members, income sources, and other relevant items, thereby creating a visual representation of their finances. To invite client participation, ask, “Does this match your story so far?” It is essential to make a positive first impression on clients in the initial meeting, so come prepared and showcase the value you’ll bring.
Meeting 2: Collect Data, Deepen Connection, and Fill the Map
In the second meeting, you’ll want to gather the details needed for meaningful financial analysis. Work with clients to collect information about their risk tolerance, concerns, and long-term financial objectives.
Key questions to ask during meeting two include:
What are your biggest worries about your finances?
What does success mean to you today and in the future?
With Asset-Map, you can present an evolving visual, filling in tiles for assets, liabilities, and insurance policies. You can also use placeholders to indicate areas of client interest, making the process more collaborative and inclusive. Offer clients the opportunity to play active roles in their financial planning by leveraging Asset-Map’s collaborative platform.
Meeting 3: Review, Strategize, and Gain Commitment
Meeting three is for solidifying your client relationships, gaining commitment, and sharing your strategy. During this meeting, advisors should present a visual-first plan and guide clients toward the path forward. It’s critical to gain client buy-in during the third meeting and build trust that your plan will be effective.
When presenting your visual plan, ask clients:
Does this view feel accurate to your experience?
Which part of this plan gives you the most confidence?
Use Asset-Map to provide a comprehensive snapshot, highlight key findings, and visually identify gaps or opportunities. You can also deliver a printable or digital summary for client takeaway. This way, they are supported in taking action steps towards their goals.
Why Asset-Map Makes the Difference in Discovery
Asset-Map makes the client discovery phase more manageable than ever before. There are several key reasons why Asset-Map enhances client discovery meetings.
Empathy meets efficiency: With Asset-Map, a visual dialogue replaces note-taking and uncertainty. Boost your efficiency by storing client data all in one place in an easy-to-understand visual format.
Fosters trust quickly: Clients feel seen when their personal and financial lives are visually mapped out. Asset-Mapp enables advisors to build relationships with clients quickly by providing clear visuals of their financial situations.
Consistent, repeatable process: Financial advisors can scale client onboarding without sacrificing personalization with Asset-Map. It allows for standardized, repeatable processes, making it easier to scale your practice.
Client Discovery Checklist
Use this checklist to guide your discovery process from first contact to a signed engagement, while keeping the client engaged and informed at every step. We’ll walk you through the process step by step, so you feel well-prepared.
Before Meeting 1: Preparation
Before the first meeting, review any existing client information and referral notes you may have to build a client profile. Next, you will want to prepare an Asset-Map Report with basic placeholders for client data.
You should also outline the three-meeting framework to explain to the client how the process will work to keep them informed. Set clear objectives for the first conversation to ensure you come prepared to learn about your new clients.
In discovery, you should understand as much of their lives as you can, especially their emotions, in all the areas you discuss:
Family members
Their history
Current working environments and other activities in which the couple or family members are involved
Current lifestyle
How they spend their time when not working (their likes and dislikes)
Their hopes and concerns for their future selves and their family members
An overview of their financial situation and experiences
Their expectations of you as their financial advisor
Meeting 1: Listen and Build Rapport
In the initial discovery meeting, ask open-ended questions about clients’ values, goals, and their vision for the future. The answers to these questions will lay the foundation of your client relationship. Encourage clients to engage in storytelling to understand the “why” behind their financial choices.
Begin populating Asset-Map with key family members, major assets, liabilities, and other household data. Confirm the accuracy of this initial information and note missing details to ask for in the future.
Between Meetings 1 & 2: Data Gathering
Between the first and second meeting, send a follow-up email summarizing your first meeting’s discussion points. This email provides clients with an opportunity to review the topics discussed during the initial meeting and to bring any follow-up questions to the next meeting.
Additionally, advisors should request supporting documents, such as statements, insurance policies, and tax returns, to verify the accuracy of the information provided. Lastly, advisors should prepare questions for clarifying data or uncovering overlooked accounts or assets.
Meeting 2: Deepen the Picture
The second meeting is for filling in the remaining financial details on the Asset-Map platform. Gather any missing details from clients to paint a full picture of their financial status. Identify and discuss gaps or potential planning opportunities with clients by asking targeted questions about current challenges and long-term priorities. This meeting is a good time to confirm that all of the collected data is accurate and up to date.
Between Meetings 2 & 3: Analysis
Use the time between meetings two and three to run scenarios and identify planning pathways with Asset-Map. By running scenarios, advisors can identify areas that require immediate attention and highlight those that are on track. Before the third meeting, prepare a visual presentation for the client to outline your scenario planning and any identified gaps.
Meeting 3: Present and Commit
In the third meeting, advisors should review the completed Asset-Map Report with the client. Walk through each major component and explain its connection to their goals. Invite them to ask clarifying questions. Then, present the recommended next steps and explain the value of your ongoing relationship. It’s essential to obtain verbal commitment or schedule a follow-up for formal onboarding to commence.
After Discovery
After the three discovery meetings, send a personalized thank-you email with the visual summary from Asset-Map. Document all key points from the meetings in your CRM for future reference. Add the clients to your ongoing communication cadence, such as email newsletters, check-ins, and quarterly reviews.
Client Discovery Done Right
Remember, discovery isn’t just data collection. It’s the foundation of trust, alignment, and ongoing relationships. Financial advisors should follow the three-meeting format to cover all aspects of client discovery. With Asset-Map, discovery becomes a collaborative, visual, and human-first process. Advisors should use Asset-Map to establish a successful relationship with easy-to-understand visualizations.
Explore how Asset-Map can transform your discovery meetings into high-impact conversations. Schedule a demo today!
David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant, and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients.
If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com.