Subscribers to the Bill Good Marketing System know that this is no mere suggestion— it’s THE LAW. It should and must be followed without fail.

What does The Law mean? It means that if you call and speak with a client, you document it. It also means that if you call and only get voicemail, you still document it. The same goes for every other team member in your office. What’s more, you should store all this documentation in whatever CRM software you’re using, backup your data frequently, and store your backup in a secure (and preferably off-site) location.

Money in Motion

What is “money in motion”?  Think people who are getting promoted, laid off, changing jobs, getting married, getting divorced, retired, etc.  People who are going through a major life change, which often means a change in where and how their money is invested.  Because their money is in motion, get it?   

You can often find money in motion if you follow THE LAW.

This means that whenever you meet or speak with a client or prospect, you record what you discussed.  Whether you use a dictation service, a record update form, or even a handy napkin, taking detailed notes is one of the easiest and most powerful ways to grow your business.  For example, let’s say you speak with your client, Velda Oldebucks.  Here’s the note you might write:

Spoke with Velda.  She just had her first grandchild – it’s a girl!  She’s so excited to “play grandma” and really wants to have an impact on her grandchild’s life.  

Did you just uncover an opportunity to find money in motion?  Sure did!  A new grandchild could have a profound impact on someone’s finances.  Maybe Velda wants to change her estate plan by adding her grandchild to her will or set up a trust in her grandchild’s name.  Maybe Velda wants to start contributing to a 529 Plan.        

Another example: A conversation with a prospect, Joe.  Here’s the note:

Had a conversation with Joe.  Very short — he was in a hurry.  Said he was in a car accident a few weeks ago when someone rear-ended him.  Went on a long diatribe about people talking on the phone while driving.  Has a meeting with his insurance company about a settlement.  Said to call back in a week.  (Note: He said it’s best if I call his cell.)

Money in motion?  You bet!  Can you say, “Possible insurance settlement that he may want to invest?”

How to identify money in motion

In practice, many advisors miss opportunities to capture money in motion, even if they’re taking good notes.  Often, they have so much on their plate, they don’t have time to really scrutinize their notes, and so miss opportunities like the ones described above.  

But your Computer Operator (CO) has time.  

At least once a week, your CO should review EVERY NOTE entered for that week.  Specifically, your CO should look for:

• Births or deaths in the family
• Injury or serious illness in the family
• Divorce or separation
• Buying or selling property
• Bond or CD maturing
• Insurance settlement
• Charitable bequests
• New job or promotion
• Bonus or salary increase
• Job loss or transfer
• New important dates

If your CO finds anything in your conversations that indicates one of the above is happening in a client’s or prospect’s life, they should notify you immediately.  From there, you can reach out to schedule an appointment or send relevant information.  

The Takeaway

By following THE LAW, and by instructing your CO to “mine” your notes for the data covered above, you can often find opportunities to capture money in motion.  It’s not an exaggeration to say your notes may be a veritable goldmine of such opportunities.