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I’ve seen that advisors who understand behavioral finance were able to take a new approach with their prospects and clients that resulted in increased revenue and far less work. For these advisors, behavioral finance changed the investment and service focus from them to their prospects and clients.
The purpose of this open letter is to give advisors a typical prospect’s honest opinion about how advisors present themselves and their advisory firms, and how they treat their prospects. This is a behavioral advisory business view – think behavioral finance, but for growing advisory businesses – that should help advisors with their messaging and process with prospect meetings. (Read article)
No pun intended, but the recent college enrollment scandal is a “teachable moment” for financial advisors, and for their clients and potential clients. For advisors, this scandal highlights how important a child’s academic success is to many of their clients. And because this scandal is so publicized, it is a great opportunity for advisors to help their clients while generating new prospects.
The purpose of this open letter is to have the providers of Sustainable Investing programs think about what, for many of them, is a new marketing approach. (read article)
I'm sure you've seen inflight magazine ads for negotiation workshops, saying, "you don't get what you deserve - you get what you negotiate". Thank you, Dr. Karrass! Well this certainly is true when it comes to advisors in the three most important areas of the life of their advisory businesses: (Read article)
Ask yourself this question: Would one-meeting prospect closes – versus discovery session followed by a presentation session - be better for growing your advisory business? The answer is, "yes!" (Read article)
Ideas without action are just dreams – My best practices articles are designed to help advisors correct real problems, with highly effective solutions that I’ve seen in action. (Read article)
Fixed office costs keep many advisors from going independent, and eats up other's income - I often talk with financial advisors who want to leave their firm and set up their own office - whether as an Independent Rep or RIA - but feel they need a substantial AUM level in order to pay for their office space and staff. (Read article)
Advisors need to "wow" clients - Having a large percentage of clients who refer a large number of their friends and family members to you is the easiest way to have a large and successful advisory business. But merely satisfied, or even moderately delighted clients are not going to generate large numbers of referrals (no matter what great referral system is in place). (Read article)
We all seem to know that we should speak less than our advisory prospects, but it seems to be a very difficult new habit to create. And it runs counter to how many of us were trained to sell (yes, getting new clients for our advisory businesses is selling) or at least how we thought we should sell. (Read article)
Architecture Analogy - Postmodern architecture was a reaction to what many people viewed to be the starkness and tone deafness of modern architecture. I've been in some horrible modern churches that were depressing, and completely ignored the history, culture and feel of churches. Postmodern architecture uses hybrid elements over the "pure" and "clean" ones of modern. (Read article)
Dow plunges 1,175 -- worst point decline in history (CNN)
Dow ends wild day down 1,175 points, largest point drop in history (USA Today)
Wall Street plunges, S&P 500 erases 2018's gains (Reuters)
It's freezing right now in the Northeast, it's a new year, and most of us want new clients, so it is time for us to look at how we can warm up our cold leads.
One of the best times to be a financial advisor - 2017 has been quite a year for financial advisors, with opportunities, challenges, and a lot of "what the heck" moments. But when viewed from their importance on financial advisory businesses, this is one of the best times to be a financial advisor. (Read article)