advisory focus

advisory focus
MAY 2011
Introducing Loring Ward’s
360 Client Discovery Process
Summary:Discover what really matters to your clients.
Every year on the first Saturday in May, Warren Buffett has held the Berkshire Hathaway
shareholder meeting in my hometown of Omaha, Nebraska. Attendance keeps growing with every
meeting, topping 40,000 this year.
Why do so many people keep showing up? I believe the answer lies in the straightforward, educational
approach to handling investments followed by Buffett and his long-time partner, Charlie Munger.
Both men are deeply knowledgeable about their subject matter — the companies they own — and
are widely viewed as experts in sound investing.
During the recent meeting, Buffett and Munger answered questions from their shareholders for more
than six hours. Here are a few of their responses:
“Investments in gold depend on hoping someone else will pay more for the same thing, while investments in
assets such as businesses offer a return because they produce goods and services.”
“The past 100 years has been the most extraordinary economic period in the history of the world…largely
because of the positive influences of capitalism.”
“Investors would be better off putting their money in low-cost stock market index funds unless they are going
to spend time studying and choosing proper investments.”
As Wealth Advisors, we know that our clients rely on us for answers to their most pressing questions
because they view us as experts. So how can you better define your expertise and ask the questions that
are most relevant to your clients’ financial success?
This is where Loring Ward can help. We have developed a comprehensive, intuitive and client-focused
discovery process which we call 360 Client Discovery. We believe that a Wealth Advisor’s expertise
must be grounded in knowing clients and helping them make better decisions for their financial
futures. And this process begins with Discovery.
Too often Advisors approach Discovery as financial fact gathering — collecting past statements,
determining risk tolerances, etc. These are important, but they are only 180 degrees of the perspective
you need to truly help a client. This is why 360 Discovery combines financial discovery with life
discovery to help you achieve a comprehensive understanding of the client and build a stronger
relationship, right from the beginning.
Below are examples of some of the key questions top Wealth Advisors are asking clients. These
questions help demonstrate the Advisor’s expertise and commitment to knowing the client.
What concerns you about either your health or the health of your spouse or family?
As you think about your life, what kinds of things are most important to you?
Advisor Use Only — Not for Public Distribution
advisory focus
What are the biggest mistakes that you feel you make with your money?
Who else in your family will be directly impacted by the plans we put in place?
Any Advisor can pontificate about the direction of the stock market, but too few have meaningful
conversations that can dramatically help a client navigate the many perils of planning for the future.
Most clients need an Advisor focused on them, not just their investments. In fact, a study by the
Oeschli Institute found that 87% of affluent investors say it is very important to have an Advisor
who cares “more about me than just my investments.” Sadly, only 46% of investors report that this is
something their Advisor does well.1
I hope you will pick up some ideas from our 360 Client Discovery Process or adopt it fully. To help
you, we have developed a number of tools including Life Cards, a Financial Life Map, Advisor Guide,
podcasts and more.
Our intent is to put you in the best possible position to be an expert on clients and become their
primary Advisor. You never know, maybe someday you’ll be like Warren and Charlie with thousands
of people lining up at your doorstep each year hearing what you have to say.
Steven J. Atkinson, CFS
Executive Vice President, Advisor Relations
satkinson@loringward.com
Special Webinar
Introducing 360 Discovery
May 25, 11:00 AM PT/ 2:00 PM ET:
Learn about our new 360 Discovery Process, created in partnership with
noted author and retirement expert, Barry LaValley, president and
founder of Right Brain Consulting. In this webinar, you will “discover”
how to use this new client process to engage in deeper, more productive
and engaging meetings with clients and prospective clients. We will
also share tools and techniques to help you incorporate the powerful
combination of life discovery and financial discovery into your process.
Meeting Number: 338 303 266 | Meeting Password: loringward
Click here to attend the webinar
1
The Oechsli Institute, New World Advisor Report, 2010
©2011 LWI Financial Inc. All rights reserved. The material in this communication is provided solely as background information for registered
investment advisors and is not intended for public use. Unauthorized copying, reproducing, duplicating or transmitting of this material is
prohibited. LWI Financial Inc. (“Loring Ward”) is an investment advisor registered with the Securities and Exchange Commission. Securities
offered through Loring Ward Securities Inc., an affiliate, member FINRA/SIPC. R 11-112 (5/11)
Advisor Use Only — Not for Public Distribution
advisory focus — May 2011 — page 2 of 2