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Value Creation Blog

5 Reasons A Discovery Process Is Important

Posted by Josh Patrick

discoveryprocess resized 600Finding good advice is a challenge.  You want to make sure the money you spend gets a positive result.  I don’t know about you, but I’ve spent far too much money and received too little value several times in my business career.  Since joining the other side of the table I’ve come to realize there are a few things I as an advisor can do that allow you to “kick the tires” with little risk.

The kicking the tires process is what I call a discovery process.  In our case our discovery process takes about a day and half and is called The Objective Review.  At the end of this process you’ll have some solid ideas on things that you can do to create value in your business and life.

We start with why.

I think the first thing you need to discover is why you want to work with a consultant/coach/coordinator.  Part of the Objective Review process is to help you develop strong why’s for any of the outcomes you think are important.  This process will help you key in on two or three things that can add a significant amount of value.

You get to decide whether you can work with us.

I’ve had the experience of deciding to do a very complicated strategy and choosing the wrong people to work with.  It’s not that they weren’t competent.  I didn’t like their process.  They wouldn’t listen and would try to tell me what I wanted, not listening to what I wanted.  You might want that type of expert working with you, I didn’t.

The Objective Review gives you a really good idea of how we work.  You’ll either like the process of finding why you want to do things or you won’t.  If you like being in control and being treated like the expert, you’re likely to want to work with us.  If you want your advisors to provide all of the answers, then we might not be right for you. 

We expect you to be the expert on what’s important about your life.  We’ll ask you lots of questions and drill down on why this is important.  I can’t answer those questions, but you can.  The answers you give will help you figure out what’s important and then we can work on those activities together.

You get to evaluate the value we bring to the party.

At the end of the Objective Review process you’ll be able to evaluate the amount of value we brought to the two days we spent together.  If you say to yourself, “This was good, but not great” then you’ll likely pass.  If instead you say, “This was great, I’m going to get a real return on the time I spent” you’ll likely want to learn more about how we work.

We only want clients who get a tremendous amount of value out of our relationship.  If we can’t bring value, you shouldn’t hire us.  If we can, then it’s easy for you to say yes.

We get to evaluate whether you’re coachable.

I’ve learned that if I’m going to work with you, I have to have confidence that you’re coachable.  This doesn’t mean that you take all of my ideas and implement them.  It means that you want to make your business and life better.  It means that you’ll take small steps to improve what you already have.  It means that you’ll work in a collaborative manner with us.

If any of these things are not present, it’s best that we don’t try to work together.  We’ve done many, many engagements.  I’ve learned that being coachable is knowing that you’ll take action and not just talk.  You can be sure that we don’t want to waste your money and time.  You really don’t want to hire us if you’re looking for someone to validate what you’re already doing.  It’s just not my style.

We get to evaluate whether we believe we can work together.

This is really the crux of the deal.  If your business makes enough money for us to do an Objective Review I’m confident that we can provide excellent value.  I’ve learned that success is not only measured through how much money you earn.  Success also comes from how you enjoy those you work with and the effect your work has on them.

If we don’t like each other were not going to be successful working together.  The coaching process is about making things better.  You’re just not going to listen to someone you don’t like.  I’m not going to give my best advice to someone I don’t like.  We’re going to know after two days whether we like each other enough to make a major commitment to making your life better.  If we both answer yes, then we should have a serious discussion about what a wealth management engagement between us will look like.

If you find this post interesting and want to learn more I’ve written a white paper on our Objective Review process.  I hope you’ll download this whitepaper and contact us with any questions or comments you might have.  To get this report, click on the button below.


Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

Topics: for business owners, value creation, asking why

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