The ABCs of using LPA for Lead Generation
Many Advisors ask me “Eugene, how do you get your leads in Estate Planning?â€
And I tell them there are many ways to do that.
But today, I just wanna share 1 Powerful Strategy to get referrals when it comes to Estate Planning…and that’s thru your client’s LPA!
To make it easier, I boiled it down to 3 simple steps—or what I like to call “The ABCs of using LPA for Lead Generationâ€ðŸ‘Œ
Here’s how it works…
When you are helping your client do up their LPA and you want to potentially prospect their chosen donees, you can say “hey you know I can do you a favor to call up your donees and explain to them what are the responsibilities that they faceâ€
And once you are there to meet with their donees (or you’re on the phone with them), you have to follow this, step-by-step:
ð—”: ð—”ð—¹ð—¹ð—¼ð˜ ð˜ð—¶ð—ºð—² ð—³ð—¼ð—¿ ð—® ð—½ð—¿ð—¼ð—½ð—²ð—¿ ð—¶ð—»ð˜ð—¿ð—¼ð—±ð˜‚ð—°ð˜ð—¶ð—¼ð—»
I always tell FCs this…
Before you even brief your client’s donees, the first thing you should do is introduce yourself.
Why?
Because if you don’t, then many clients will think you are a lawyer.
So you have to make it clear that you are a Financial Advisor and that it is your duty to your client to make sure that all these things are being done properly (their LPA, Will, CPF, or whatever).
Because when the donees hear that you are an FC and you want to do all these things for your client, then their first thought would be “Wow, you as an Advisor are so on the ballâ€
And they will even start to compare you with their current Advisor.
You know what I mean?
Because it’s human psychology, right? It’s very normal for them to compare—and this technique will help put you on a higher level in their eyes.Â
ð—•: ð—•ð—¿ð—¶ð—²ð—³ ð˜†ð—¼ð˜‚ð—¿ ð—°ð—¹ð—¶ð—²ð—»ð˜â€™ð˜€ ð—±ð—¼ð—»ð—²ð—²ð˜€ ð—³ð—¿ð—¼ð—º ð—” ð˜ð—¼ ð—
Now that you have the introduction covered, you move on to Step 2 which is—
To brief your client’s donees.
About what, exactly?
You have to explain to them what are the responsibilities that they face as donees.
It’s very simple actually. You just go to the opg website and you can see a list of duties / do’s and dont’s as a donee.
Â
In fact, here’s the link: https://bit.ly/43dFGPu
You can explain it to them and even send them resources that they can read thru.
And this step is very important for your client.
Â
Because imagine you appoint your friend or family member as a donee then you don’t inform him what he should do, right?
You need to properly tell them what their duties are. You cannot assume that they already know.
Because if anything happens, the donee can be sued by your client’s family because they are not doing a good job, for example.
That’s why it’s very important to brief them beforehand.
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ð—–: ð—–ð—¹ð—¼ð˜€ð—² ð˜„ð—¶ð˜ð—µ ð—® ð—½ð—¼ð˜„ð—²ð—¿ ð—¾ð˜‚ð—²ð˜€ð˜ð—¶ð—¼ð—»
This is the last most important thing you should do.
Before you end the meeting or end the call, you must say this line:
“By the way, [Mr. Client], I wonder if you have done up your LPA already.Â
Because if you have done up your LPA, then you will probably be very clear with these LPA donee duties. But when I spoke to you earlier, it seems like you may not be very clear on this.
If you have not done your LPA, and since you are a good friend of my client, I would like to do your LPA for you, explain to you, and perhaps add value to you in this area. How does that sound?â€
Now that is a powerful way to actually use LPA for your lead generation.
And it gets better…
Let’s say you have 50 clients, right.
And all those 50 clients have to do up their LPA—which means that they would have to think of at least 2 donees (1 main and 1 substitute in case the first person passes on)
That means you’ll have at least 100 names/prospects to call!
So every call you make achieves 2 purpose:
1) to help your client brief their person
2) for lead generation
And that will give you a larger pool of leads flowing in.
Bonus tip:
When you help your clients do up their LPA and get it certified and all that…
Put it on social media.
As in take a pic and say for example “Very excited I helped client to complete their LPA. Now they can have peace of mind in the event of mental incapacity, etc. etc.â€Â
How is this helpful?
It can help you build awareness that you do in fact help your clients with that.
Because a lot of FCs have clients who don’t even know that they can help them with their LPAs.
So you have to make extra effort to show them that you can bring value in this area too.
There you go!
So to recap, the ABCs of using LPA for Lead generation are:
ð—” - llot time for a proper introduction
𗕠- rief your client’s donees from A to Z
and…
ð—– - lose with a power question
Hope it value-adds your Advisory Business! Let me know what your biggest takeaways are from this post 👋😃
Finance Services Associate Director | Certified DISC Coach
1yHi Eugene, I appreciate the practical tips you've shared. This is a valuable resource for anyone looking to boost their lead generation efforts. Thanks for sharing your expertise! ðŸ‘
Leading by Example to Empower Others to Achieve Their Dreams | Court of Table | Inspire to Aspire | Dad
1yGreat post, Eugene Soo! Utilizing a client's Lasting Power of Attorney (LPA) sounds like a powerful approach.
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1yI love the closing question! Really helps to give an open ended question at the end so the client can stop and ponder about it.
Engineer at U-NEXT | Software Development | Cross-Functional Collaboration
1yGreat article ðŸ‘
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1yValue content as always! Great sharing!