Lexicon

AM

Administrative Manager

The project leader, sometimes called Operations Manager, who supports the clients & the Financial Advisor, and coordinates the SMEs

AME

AM Expectations Conversation

A form of job performance review

APACT

Advisor PACT™

PACT is an acronym for 4 promises to Ideal Clients (a pledge): Protection, Attention, Coordination, Transparency

APM

BICA

The Best in Class Assessment Meeting™

The second of 3 meetings in the DTRP in this process of elimination (you’ll usually conduct 3-6 BICAs every 60-days)

BTN

The Behind The Numbers™ Report

A list of accounts which total the 3 numbers on The Financial Road Map® (which are updated prior to every Dry-Run Prep Meeting™)

CAF

The SME Commitment Assessment Form™

An internal document, completed by AM with the TA, but not seen by the Subject Matter Expert.

CPP

The Client Prep Packet™

A single PDF file containing (archiving) 100% of all reports, statements, analysis or other prep created by our team prior to any client progress meeting.

CSA

Client Service Assistant

Usually any admin support person, other than your Administrative Manager, who is responsible for helping serve clients. They are optional staff, but often necessary after your Ideal Client Community exceeds twenty (20). CASs can be either Virtual Assistants (VAs) or in-office, and either full-time or part-time.

CSR

The Comprehensive Safety Review™

One of the meetings in The Three Meeting Process™

CSRE

The Comprehensive Safety Review Exercise

The Ideal Client exercise conducted during The Comprehensive Safety Review™ (CSR)

CWLFS

Comprehensive Written Lifetime Financial Strategy

CYA

The Correct Your Aim™ (CYA) client exercise

The Ideal Client exercise conducted during The Annual Review™ (TAR)

DCP

Deliverables Checkpoints™

Truly Comprehensive Financial Services™ = The Ten Client Deliverables™ = 142 Deliverables Checkpoints™

DRPM

The Dry-Run Prep Meeting™

The internal dress rehearsal 7-days prior to a client progress meeting with any Ideal Client

DSM

The Deal Structure Meeting™

The third of 3 meetings in the DTRP in this process of elimination (you’ll conduct the DSM only with the final SME you’ve selected to join your team)

DTM

Deliverables Team Member

Any member of your team who is responsible for contributing in any way helping deliver on the promises that have been made to your clients (both Ideal Clients (ICs) or Non-ideal Clients (NICs)). EX: ALL of the following are usually DTMs: Administrative Manager (AM), Subject Matter Experts (SMEs), Client Service Assitants (CSAs) & points-of-contact fore each SME’s office (POCs)

DTRP

The Deliverables Team Recruitment Process™

The 12-step process for filling one SME vacancy in less than 60-days

FAM

The Financial Advisor Mastery Program

The one-on-one consulting program that we offer month-to-month

FAWT

FA Weekly Tracking (FAWT)

Key Financial Advisor performance measures (KPMs) for the Client Acquisition Project. Weekly tracking of key metrics for FAs activity for new business goals (NOTE: Client Service Project Key Performance Measures are tracked on The Referability Dashboard™, Lead Conversion Project Key Performance Measure is FRMs to Ideal Client ratio …a single number)

FCRs

The Five Critical Reports™

One summary report created from each of the 5 areas of personal finance (each report created by the SME responsible for their area)

FIRP

Fishing in The Right Ponds

The “circles” all of us move within: Our family, friends, colleagues, church, hobbies, these are all examples of “circles,” or ponds, that we might operate

FRM (FRME)

The Financial Road Map®

also known as The Financial Road Map Experience (FRME)

GMME

The GMME Course

The Greatest Marketing Machine Ever Devised for Financial Advisors (GMME), a Client Acquisition course available through The Mark of Mastery™ https://themarkofmastery.com/ (also known as The Financial Advisor Mastery Program – FAM)

GPO

The Goal Progress Outlook™

One of the meetings in The Three Meeting Process™

GPS (TIP)

The Greatest Probability Strategy™ (GPS)

also known as The Implementation Plan (TIP). The Greatest Probability Strategy™ (GPS) step-by-step implementation plan-of-action.

HPC

The Highest Priority Conversation™

The most important conversation that needs to be conducted with the Ideal Client at the next client progress meeting

IC

Ideal Client

An individual who meets ALL of the criteria listed in our Ideal Client Profile, not just a few criteria, but ALL of the criteria.

ICI (FRME)

The Initial Client Interview™

also known as The Financial Road Map Experience (FRME)

ICP

Ideal Client Profile

Every Trusted Advisor has an Ideal Client Profile detailing the profile of the client best served by the firm.

IDM

The Initial Discovery Meeting™

The first of 3 meetings in the DTRP in this process of elimination

KCSO

Knock Client’s Socks Off

In our vernacular “Knock Clients’ Socks Off” means “exceecing clients’ expectations” usually in reference to “impressing Ideal Clients” at a higher level than “serving Non-ideal Clients.” The reference is a hat-tip to acknowledging Ideal Clients are paying for, and expecting, a higher-level and significantly more impressive service level, commensurate with your higher fees for them. IC paying you $36k/year v. a NIC paying you $12k/year reasonably expects you to be twice as impressive, and for you to devote twice as much of your team’s time and attention than you do for that NIC. It’s an incentive to become an IC.

KPMs

Key Performance Measures

Key metrics that measure success for each Deliverables Team Member. There are different KPM tracking sheets for AMs, SMEs & Trusted Advisors

LEIK

“Literally Everyone I Know”

A list maintained by every Financial Advisor with the names of Literally Everyone they Know. A long list of people (individual names) known by the Financial Advisor who also know them and would likely return their call. Friends? YES, Colleages? YES, Clients? YES, Family? YES EVERYONE! Since EVERYONE is a potential referral source, every successful Financial Advisor maintains a “Literally Everyone I Know” List …A LEIK List, and maintains a file on every one noting all their MISC information called The Relationship File™ (TRF, also see The MISC Organizer™below)

M101

Marketing 101 Make a List Project

A Client Acquisition Project

MISC

The MISC Organizer™

Also known as The Relationship File™ (TRF). MISC is an acronym (Meaningful, Important, Significant, Compelling information about a person)

MOM

MOSH

Master One-sheet (MOSH)

An optional method of making updates, team notes, and client information available to Subject Matter Experts who do NOT have access to CRM or other client files. MOSH is a single document shared with all Deliverables Team Members assigned to a client family (one MOSH per client family). Traditionally this document has 3 sections: TOP: Contact & basic information including contact information & current client goals. MIDDLE: Links to files & folders available in the cloud (accessible to SMEs) BOTTOM: Timestamped Notes summarizing The Interaction Log (TIL) going back to the inception of the relationship (TIP: Start the MOSH notes as of today and in the first MOSH note, indicate where previous client notes & TILs may be found or requested by SMEs).

NIC

Non-ideal Client

A Non-ideal Client is someone who does NOT meet our Ideal Client Profile

NICP

Non-ideal Client Profile

If Non-ideal Clients are being accepted, then there also needs to be a Non-ideal Client Profile created (establishing the minimum standards)

OBA

Outside Business Activity

Any business activity conducted by the Trusted Advisor which is NOT investment advice, nor investment advisory services.

PACT

Advisor PACT™

PACT is an acronym for 4 promises to Ideal Clients (a pledge): Protection, Attention, Coordination, Transparency

PAL

Prioritized Action List (PAL)

Prioritized Action List (PAL) is a term & acronym coined by Anne Bachrach for a Deliverables Team Member’s prioritized list of to-dos. The PAL must list EVERY Action Item that’s expected of that team member. All tasks that team member is responsible for are listed on the PAL. For Administrative Managers working with The Toolkit team, we provide a spreadsheet format for this PAL, which we request be used until our AM training is complete (usually 90 days, but please “Contact Us” before you cease using the PAL spreadsheet we provide).

PIC

Potential Ideal Client

A peson, or couple, who meet our Ideal Client Profile, and qualify to be invited into our Ideal Client community

POC

Point-of-contact

A specific individual designated as the single simple point-of-contact for any company or organization. In our system, we require every Subject Matter Expert to appoint a single simple POC as the designated point-of-contact. It can be anybody in the SME’s organization that they assign, other than the SME themself. It must be someone else, preferably a high-level admin support who is highly responsive.

PCI

Potential-Client Interaction Time™

Potential-Client Interaction Time™ (PCI Time) is the amount of time in a week (7-day period) invested face-to-face or on-the-phone directly with potential clients (also known at non-clients). Catching up with friends & contacts (non-clients) or generally investing your time with an individual deeping your relationship with them is considered PCI Time. This is one of a handful of key leading indicators of new revenue and must be tracked on a weekly basis. EXAMPLE: Last week I invested 21.25 hours PCI Time (which is time invested face-to-face or on-the-phone developing relationships with individuals (non-clients), not groups nor team members).

PMARR

Predictable Minimum Annual Recurring Revenue

Minimum recurring revenue.

QCP

Quality Control Process

The 7 days after the document deadline, prior to a Dry-Run Prep Meeting™. For client progress meetings with Ideal Clients the AM uses the QCP to ensure the quality of Action Items & recommendations is “up to the Trusted Advisor’s standards” prior to every DRPM.

SCV

Secure Cloud Vault (google folder)

If you work with us, the SCV is a google folder we set up for you so that we can trade files. We can provide you tools and you can give us items for review

SFI

Significant Financial Issue

“A financial problem. Potential clients are motivated to sit down when they have a Significant Financial Issue or problem that worries them. The longer a financial problem has been keeping them up worrying the more driven they are to meet with a Financial Advisor to “”talk business.”” Never Miss an Opportunity by always inquiring about SFIs in routine conversations and follow up by always asking how high a priority their SFI is. If a potential client cancels or reschedules their FRME, it’s likely you failed to establish their SFI and it’s priority. People who have SFIs that are a high priority seldom ever miss their FRME. ALSO MEANS: The Significant Financial Issue Conversation (SFI)”

SME

Subject Matter Expert

The term used for professionals skilled in a narrow area of specialization (EX Tax Planning Subject Matter Expert)

SMEE

The SME Expectations Conversation

A form of job performance review

SQUID

Squid on their face

Metaphor: Picture a squid wrapped around a person’s head. A “squid on their face” is the metaphor for a HUGE issue that needs to be discussed or resolved before they’re willing to move forward with the normal process. You’ve got to deal with that huge issue (the squid) first, so the client isn’t distracted, and is willing to follow the routine process. This type of client needs “financial triage” to assess priorities.

SUSO

Shape Up or Ship Out

As in, “I was forced to have a SUSO conversation with my Financial Planning Subject Matter Expert.” Meaning, I was clear to this SME there must be improve in certain areas of performance, or must leave the team. (usually leaves the meeting with their agreement to “step up” to the expected standard”)

TA

Trusted Advisor

The Lead Advisor who serves as the MOST trusted advisor to the clients, and oversees the client’s OTHER financial advisors (accountant, etc)

TAN

Trusted Advisor Nation™

The community of professional Financial Advisors who are providing Truly Comprehensive Financial Services™ via The Three Meeting Process™

TAR

The Annual Review™

One of the meetings in The Three Meeting Process™

TARR

The Annual Referral Rate™

TARR is the rate of referrals per client over the past 12-months, recalculated monthly. Calculated as a monthly report by your Administrative Manager & tracked separately for Ideal Clients & Non-ideal Clients each month. EX: Ideal Client TARR = the number of referrals provided by Ideal Clients over the past 12-months divided by (÷) the total number of Ideal Clients. EX: Eighteen (18) referrals received from Ideal Clients over the past 12 months ÷ the six (6) total Ideal Clients we currently have = TARR of three (3) for the previous calendar month.

TATK

TATP

The Annual Tax Projection™

One of The Five Critical Reports™: Created by Tax Planning Subject Matter Expert prior to the end of every tax year

TBW

The Best Way™ Method

The Best Way™ method of documenting a process

TCC

The Circle Chart™

One of The Five Critical Reports™: Created by Money Management Subject Matter Expert an infographic listing all financial assets & routine cash flows

TCD

The Ten Client Deliverables™

Truly Comprehensive Financial Services™is defined as delivering The Ten Client Deliverables™ annually (which is a list of 142 Deliverables Checkpoints™)

TCF

The Crucial Few™

The 80/20 rule aka The Pareto Principle, aka The law of The Crucial Few

TCFS (CFS)

Truly Comprehensive Financial Services™

Truly Comprehensive Financial Services™ is The Ten Client Deliverables™ supported by 142 Deliverables Checkpoints™ (aka Comprehensive Financial Services)

TER

The Exception Report™

A report required of all Deliverables Team Members PRIOR TO missing any promised (assigned) target dates

TFE

The Freedom Experience®

The proprietary experice offered to Ideal Client by Mark McKenna Little. Available to Trusted Advisors upon request (licensing available)

TFS

The Focused Solution™

A 20-min strategic planning exercise. Used whenever there’s a problem with more than one obstacle. Often paired with The Impact Filter™ (TIF)

TGB

The Goal Blueprint™

One of The Five Critical Reports™: Created by Financial Planning Subject Matter Expert one page summary for EVERY client goal

TIC

The Toolkit Inner Circle™

Administrative Managers on The Trusted Advisor Toolkit™ qualify for The Toolkit Inner Circle™ every 90-days.

TIF

The Impact Filter™

A 20-min planning exercise for Deliverables Team Members to explain the value of any new idea they come up with

TIG

The Insurance Grid™

One of The Five Critical Reports™: a 1-pager created by Insurance Subject Matter Expert listing every insurance policy

TIL

The Interaction Log™

TIL is required from all team members after any & EVERY business interaction. It’s simply their notes from the interaction. In business, notes are the “receipts” after any business interaction (if notes don’t exist in the files for a business interaction, then the interaction DIDN’T HAPPEN. A least, without TIL, there’s no EVIDENCE the interaction ever happened). Therefore TIL is a format for the notes taken during every business interaction (meetings), must include bullet-pointed summary of important topics, especially including all Action Items, expectations, “next steps” and deadlines or timelines agreed to during the interaction. TIL is subitted to the AM who them posts it to The Online Meeting Plan

TIM

The Implementation Meeting™

One of the meetings in The Three Meeting Process™

TLF

The Legacy Flow™

One of The Five Critical Reports™: An infographic created by Estate Planning Subject Matter Expert displaying how all wills & trusts will work

TML

The Monthly Lesson™

In The Advisor P.A.C.T. Monthly Program™, the monthly meeting (webinar) to take live Q&A from members

TMP (3MP)

The Three Meeting Process™

“The Three Meeting Process™ (also 3MP) is a 2-part sequence for meeting with Ideal Clients at a prescribed cadence that’s data-driven. PART I: The initial 3-meetings required to create a client’s comprehensive written lifetime financial strategy (overarching strategy). PART II: The routine 3-meeting process for meeting with each IC annually thereafter. After the strategy is created, a formal client progress meeting will occur at least once every 4-months (at least 3 Times per year). All meetings are always scheduled at least 12-months in advance.”

TMPR

The Monthly Project™

In The Advisor P.A.C.T. Monthly Program™, the project (module) members are expected to complete each month

TNH

The Numbers History™

A spreadsheet documenting the 3 numbers noted on the Financial Road Map® on the date of every prior client progress meeting at your firm

TPRs

The Progress Reports™

There are several proprietary progress report formats which Ideal Clients prefer

TRD

The Referability Dashboard™

A monthly dashboard updated by the Administrative Manager measuring referrals from clients over the past 12-months

TRF

The Relationship File™

The document (file) established on each individual noting personal information (if a married couple, then there are two (2) TRFs, one for each)

TRF Meeting

TRF Meeting

A personal meeting with an individual, just to “catch up.” Not a business meeting. A meeting where interesting tid-bits of information are learned & will be added to the person’s TRF document

TTCs

The 3 Conversations

The 3 routine conversations to cover at EVERY client progress meeting: 1) The Expectations Conversation. 2) The Significant Financial Issues (SFIs) Conversation. 3) The Largest Expentitures Conversation (4mo, 12mo, 36mo)

TTG