Recent Stories From This Author
As advisors, we work in a disciplined world of risk management and probabilities, while our clients rely on feelings and “gut” decisions all day long. We shouldn’t take our discipline for granted. We need to remember the vulnerabilities that lurk in the hard-wiring of the human central nervous system.
There are certain common traits and behavioral patterns of the more effective advisors, according to blogger Ken Haman. Of course, not all advisors demonstrate every one of these characteristics, but most of the highly successful people he's been privileged to work with exhibit at least several.
Client advisory boards are a great way to get clients and advocates even more engaged in supporting the business. If you are considering developing an advisory board, here are some points to consider from blogger Ken Haman.
Few advisors are encouraging their clients to take action now and prepare for the challenges their investments will face in a rising interest-rate environment., according to blogger Ken Haman. How could this cost you business in the long-run?
CPAs and attorneys are great sources of referrals, but every advisor already knows this. According to Ken Haman, what your competition doesn't know (and what you are about to learn) is how to hone your message, stand out from the pack and generate more referrals from key influencers.
Building (and rebuilding) credibility with clients and with potential referral advocates must be an ongoing commitment. Ken Haman said that he suggests advisors allocate significant time each month to proactively reaching out to existing clients and to “centers of influence” with a thoughtful message about the markets, where we’ve been, what’s currently going on and what is likely to happen next. How can you use proper messaging to grow your book of business?
After experiencing nearly 30 years of benign, cooperative capital-markets behavior, Ken Haman says many advisors are baffled or frustrated by how difficult it has become to get clients to accept new investment ideas. But if we can understand more accurately how humans cope with anticipating various outcomes, we can structure our messaging to be more effective at getting clients to take the right kinds of actions.
In every organization, there are a few top performers who set the pace for everyone else. Ken Haman says advisors need to explore what the top 20% of your colleagues do differently and what you can do to join them in the top tier.
Fair distribution of awards, not personality mix, leads to success.
If you’ve built a productive advisory practice, you know that the single most important resource for prospective clients is your existing book of clients. Unfortunately, Ken Haman says asking for referrals from your current clients can do more harm than help.
Financial advisors know there’s a lot of competition in the marketplace today. And they know they need a unique value proposition to help market their services and attract new clients. But creating the right unique value proposition can be a challenge.
There are lots of ways to talk about what you do. Unfortunately, most of them aren’t terribly effective, and many actually turn people off. Ken Haman says there are some ways prospect effectively in social situations and make the biggest impact in a short period of time.
A lot of time, effort and money is spent on discovering if a prospective team member will “fit” and determining if a new member’s personality or behavior will be complementary to those already on the team. Ken Haman examines what "team harmony" really means.