Do You Know Your Client's LifeScoreDr. John Rhodes, Vice President of Practice Management at CNL Capital Markets Corp., is known for his exceptional leadership. He was awarded a Bronze Star Medal for his service as a commander in Vietnam where he led a team of 188.
Upon returning home, Dr. Rhodes realized much of the workforce didn’t know how to live a balanced life and therefore faced many regrets. He developed the LifeScore system to help people evaluate their priorities to live a more fulfilled life.
We had the pleasure of speaking with Dr. Rhodes on a recent Kestra Out Loud podcast episode where we discussed applications of his program to the financial advisor community. Here are four key takeaways:
- You are in control of your time – Everyone has the same amount of hours in a day, but between client meetings and operational duties, it can be challenging to manage time effectively. As such, it’s important to set boundaries for yourself, especially with electronics. To maximize your time, Dr. Rhodes suggests working “EFT” (electronic free time) into your day.
- Don’t overlook physical health – “The value of good health is seldom realized until it’s gone." The status of our physical health impacts other areas of our lives, including our lifespan and ongoing medical expenses. Keeping tabs on your clients’ physical health can help inform certain aspects of their financial plan.
- Financial fitness boils down to the head and the heart - As financial advisors, you have more information about your clients than anyone else. You understand their investment interests, risk tolerance, and personal values. Help them strike a balance between making wise financial decisions and enjoying life.
- Commit to being a lifelong learner - Perfecting your practice shouldn’t stop with professional schooling. Changes in behavioral trends, technological advancements, and even pop culture all impact the way in which people seek professional financial advice.
Effectively serving clients goes way beyond portfolio management. Consider all of the variables that affect their lives and how they rank in terms of priority to deliver the best possible plan for each individual.
Be sure to visit iTunes or YouTube to tune in to our full conversation.