Recent Stories From This Author
Want to join the ranks of elite financial advisors? A great way to start is by benchmarkingdetermining where you stand today relative to your highly successful peers.
By benchmarking yourself against the best financial advisors in the business, youll be able to see your overall position and identify those areas of your practice where you are lagging, on par and maybe even leading the pack.
Want to build a truly elite business? Youll need the help of qualified, motivated people. To maximize your human capital fully, youll need to create systems that address the key areas of finding, recruiting and keeping great people.
In a recent article, I discussed the importance of being part of a high-performance team (HPT) and how elite advisors strive to be members and leaders of HPTs.
The financial advisors we work with at CEG Worldwide generally have three main goals: They want to have a major impact on their clients lives by delivering an amazing client experience that delivers success. They want to increase their incomes and value of their practices. They want to have a great life, more free time and the ability to get off the work treadmill.
Strategic alliances are one of the most powerful client acquisition strategies weve ever encountered. This podcast outlines a great strategy for building powerful strategic alliances with other professional advisors like CPA firms, high-end insurance specialists, and estate attorneys. There is a five stage process to build long-term, high-impact alliances that mutually benefit the three stakeholders: affluent clients, your alliance partner professional advisor, and you the financial advisor.
Elite financial advisors understand an important fact that escapes many others in our business: No one professional can effectively handle all the complex challenges that affluent investors face today.
Few things in the world of business are as satisfying, stimulating or as economically productive as being part of a top-notch team. Think back to the best team youve ever been on. Maybe it was a sports or school team. Remember how exhilarating it was to be part of a group in which everyone really pulled for each other and consistently gave their very best?
Ask just about any financial advisor about his or her key goals and chances are that moving upmarket to serve high-net-worth clients will be one of the top responses. And yet, far too many financial advisors struggle to achieve this all-important objective.
Advisors who use a true wealth management business model outpace their peers across all major measurements of success. Heres how they do it.
Guess what? You have a great life story. Moreover, you can use your great story to grab the attention of prospects and potential alliance partnerssignificantly boosting your business in the process.
Have you ever looked around at extremely high-profile and highly successful advisors and said to yourself: I know theyre not better advisors or any smarter than I amso why do they attract so much more business than I do?
Unrest in the Middle East. Rising oil prices. The terrible tsunami in Japan and the resulting concerns over a nuclear power plant meltdown. These and other events have once again sent global financial markets on a roller-coaster ride in recent months. If youre not used to heavy-duty market volatility by now, youd better be soon.
Want a steady stream of new prospects? Enlist an attorney or a CPA for help.
Strategic alliances with other professionals are one of the best ways to ramp up your business. We coach hundreds of top advisors, and we see that most of the ones who achieve huge breakthroughsthe kind that propel their practices to the highest levels of successare those who execute on building great relationships with outside professionals.
In today's on-demand, search-driven information era, wealthy investors no longer have the time nor willingness to trust traditional advertising and promotions. But they still want reliable information for making crucial investment decisions. This podcast outlines 7 steps you can take to position your expertise in a target niche, pull affluent-investor prospects toward your practice, and become the go-to-guru that everyone wants to work with, listen to and quote.
Elite advisors deeply understand their ideal clients and know what motivates affluent individuals in their target market. In this podcast, we'll share 5 essential credibility marketing tools that work for you 24/7. These tools make it easier for affluent investors to find you, remember you and regard you as the go-to-advisor in your niche.
Its not you, its me. We have all heard this line directed to us at least once in our lives. Well, now comes the time to make use of this when releasing your practice of your less-than-ideal clients to move deliberately upmarket. Of course, in the very short term, the idea of sending clients who have helped you achieve the level of success you have today as well as giving up any sources of revenue in todays market seems off-the-wall at best. But, not really. Those who have been in the business for a length of time usually face a crossroad in at least a few client relationships that finally prompts them to suggest a parting of the ways. Most financial advisors shudder at harsh-sounding references to firing or releasing a client, preferring to use gentler terms such as disengagement. Whatever the phraseology, there are times when a nudge toward the door is unavoidable.
If you dont shoot the ball, it will never go in the basket. This concept sounds simple, and on some levels, it is. Many advisors fail to ask their existing clients for additional assets to manage. If you dont ask, a golden opportunity is being ignored. There are four highly compelling reasons for you to integrate the asset capture process into your business: Its easier to get additional assets than to get new clients, the experience of early successes will transform your business, and by focusing on capturing assets, the odds of building a successful business will increase. Finally, a lack of this type of focus could spell doom for your practice.
Now that you have made the internal transition from advising on a transactional basis to a consultative wealth management process, you need a methodical process for converting the appropriate clients to your new process. It makes the most sense to work with your already existing and happy clients who already trust you and think highly of your services. Once you drill down and fine-tune your approach to this transition, then building out your business with new affluent, ideal clients moves from vision to reality.
We have heard all the metaphors When it matters, In the clutch and Crunch time. They might be tired and clichéd, but they also contain elements of truth. In a time when four out of five investors are considering switching their advisors, you need to dig deep and be creative about delivering a compelling value proposition that places you among the select few financial advisors that clients truly appreciate. In volatile times, a financial advisor who lives to help others out when they truly need help is now in his or her element. Calling your clients to set up a rediscovery meeting in which you review their current situations, where they want to go and any gaps in their plans will not only reinvigorate them, but you as well.
If we have learned anything from the recent economic disruption, it is the importance of clarity and having full understanding on the part of your client or prospect when engaging in financial decisions. Our approach to wealth management is composed of investment consulting, advanced planning and relationship management. For the very first component, Investment Consulting, to be successful, clear communication with your client (or prospect in the process of becoming your client) needs to be in place for them to gain the confidence with you to move forward.