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One Legal Document You Must Have, Episode 5

Sometimes you just don’t know what you don’t know and that was the case early in my career. I learned the hard way that financial power of attorney— commonly referred to as a POA— is an important document and one you need to have. It’s simple and inexpensive to obtain but can have painful repercussions if you need it and don’t have it. Listen to the episode to hear why.

You will want to hear this episode if you are interested in...

  • Why I think this document is important [0:21]

  • A close call and a good reason to have a POA [2:03]

  • What is a financial POA? [3:35]

  • My recommendation on who to see to get your financial POA [3:57]

  • The sales tip section: appointment debriefing [4:44]

  • This week’s FLASHBACK [5:45]

A close call leads to a POAwerful lesson learned

In this episode, I talk about an experience that would lead me to recommend that all of my clients at least have a financial POA in place. You can set parameters that dictate what causes it to go into effect, who will be your agent, what power they will have, and how long it will last. You can download this form and complete it yourself. However, I encourage clients to work with an actual qualified estate planning attorney to develop one. That’s just an attorney that will have a conversation helping you to figure out the answers to all the specifics that I listed before. Many people feel they will never need a financial POA, however, in my personal experience it is one of the most important legal documents you can have in place.

Debrief an appointment… YES!

I learned about appointment debriefing back in Sandler sales training through the Ruby group. I’ve modified it overtime to make it useful for my needs. It is simply debriefing the appointment after each meeting with a potential client. Write down what went right and what could have been better. There are always certain things I want to make sure I cover and the debrief lets me evaluate how effective I was at achieving those objectives. Full disclosure, I did stop doing these debriefs some time ago; then I realized my appointments were getting sloppy. I was trying to wing it and the results were— as you’d expect— less than stellar. I am back in the habit now and my meetings are where they need to be. Although it seems silly to write down and debrief an appointment, I’ve found it to be an effective tool for strong sales. Perhaps you will find it helpful as well. 

Flashback of the week

Nine Inch Nails is one of my favorite bands of all time. I was instantly hooked in 1990 when a co-worker at Cedar Point loaned me a cassette. I recall being in a record store at the end of summer in my home town and hearing one of their songs “Head Like a Hole” pour through the speakers. I quickly found the CD and headed to the counter. What stands out most was the reaction of the clerk when I went to check out. I was what you would have called a preppy kid and she was goth. When I placed the CD on the counter she looked dumbfounded. I’m not sure if it was because I knew the band just from hearing it play in the store or if it was a surprise that a kid who looked like me would be purchasing THIS music. Either way, it's fun to surprise people who make assumptions. No, you can't take that away from me.


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