#studemontgroup

[john-mcdonough]

This just in...investing is a marathon, not a sprint. diversification & asset allocation are the keys! Not market timing, track record investing or the so called “gurus!” Stay the course! You will break long before your portfolio breaks! #stockmarket #studemontgroup https://www.instagram.com/p/Br3hkLjBXnT/?utm_source=ig_tumblr_share&igshid=1vpx9895umv5y

[john-mcdonough]

#JohnMcDonough #coolspringsfinancialhouston #fortune #studemontgroup #houston #ceo #vistage (at Houston, Texas)

[john-mcdonough]

[john-mcdonough]

How do you know you are giving/getting good advice?

As the president and founder of a strategic college planning and funding business (www.collegefundingfreedom.com) as well as a strategic financial planning business (www.studemontgroup.com), advice is the cornerstone of our value add. In one way or another at some point in our meeting or another, prospective clients need to know they are getting good advice. They are questioning if the advice they are receiving is good. What does "good" mean to them? After nearly 15 years here are some things that I have learned. 1. Prospects don't want to be sold. They will have a barrier up until you can prove to them that you don't have a predetermined agenda. How do you overcome that? Ask questions, lots of questions. You actually will come across as smarter by asking good questions than pontificating your knowledge. Let them form an opinion of you. What you think of you doesn't matter. 2. Take your time. My typical first appointment can last 60-90 minutes. Each additional meeting can last 90-120 minutes. When you are truly customizing solutions, asking questions takes time. 3. It's ok to ask for clarification. Most of the time they will have never been asked the questions you are asking. Their answers will reflect that. If you get conflicting answers or need to clarify perspective and philosophy, you better get clarification now. When it comes time for your recommendation, if you are off, they won't buy. 4. Present your solution. "You can lead a horse to water, but you can't make it drink." Like horses, people will only do what they have a mind to do. A good consultant who provides good advice will have been able to get most prospects mind ready for action. Key word: most. Not all, most. 5. Your prospects need to be told. Give them a call to action. After all you have just presented the solution to their problem which is the very reason they came in. If they knew how to fix it themselves they wouldn't have come in to begin with. Final notes: Be wary of the self professed "do it your selfers"...they philosophically don't believe in paying for consulting. Your numbers better work. Show them your solution compared to alternative solutions. Don't give away free advice. If they say "no" after hours upon hours of meetings. They didn't tell you the full truth, and you didn't ask good enough questions to get the full truth out of them.