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This is part 3 of 4 in our Prioritizing Practice Management Initiatives Series.
If you’d like to skip past my recap from Part 1 and 2, jump ahead to 3:35!
If you are interested in our 3D Portfolio Management Program to help you institutionalize your investment management process, click here!
This is part 2 of 4 for our series regarding Practice Management focus areas.
We have received a ton of questions lately around how to generate new business and stay connected to clients and prospects despite the stay-at-home orders. Below are FOUR client event ideas… Hire a motivational speaker Engage our talented and endlessly motivating leadership coach, Katie McKenna, for a 30-, 45-, or 60-min session with your clients […]
This is part 1 of 3 for our series regarding Practice Management focus areas.
Even with advanced trading platforms and programs advisors STILL struggle with creating efficiencies in their investment management process. It’s one of the biggest “time sucks” in an advisory business and a practice management area that absolutely needs to be streamlined in order for the business to grow.
In this video, Erin Wilson gives 3 tips on how to streamline your approach.
If you’d like to inquire about how we can help you systematize your investment management processes, click here!
Not everyone is destined to thrive. In this video Penny talks about what separates the best in the business from the rest.
Holding video sessions with clients is NOT as easy as it seems. Here are our best practices for leveraging video technology effectively.
Here are two exercises that can help you be more efficient today and also serve as the foundation of your practice’s continuity plan.
- Establish a list of Top 10 Mistakes and Errors that occur in each role.
- Establish a step-by-step checklist for each major phase of Client Engagement.
- Record a video of yourself talking about your practice and value proposition. Encourage your team to do the same. Get used to being on video!
- Send out a survey to clients eliciting feedback from them on their experience the last 30 days.
- Text the kids of your clients and anyone whom you’ve met through clients but have procrastinated following up with.
- Approach a COI and suggest hosting a free webinar or conference calls for his/her clients.
- Host a LIVE session for clients.
#WednesdayWisdom Fast forward to 4:40 to hear me discuss these!
What are the takeaways?
- Use Advanced search options on LinkedIn to find ideal prospects connected to your friends. Offer them a second opinion on their portfolios or free planning session.
- Offer to pick up groceries or medicine for your elderly clients.
- Reintroduce your wealth management services to all your clients who haven’t engaged with you in a while.
- Host a Facebook LIVE or Zoom session for 1) all of your clients/prospects in one target market or 2) your team and their families.
- Provide “concierge” service to top clients by providing them updates on their plans and “stress tests in their portfolios.”
Penny was quoted in Financial Advisor IQ, “Advice for FAs Navigating Their First Bear Market.” Her advice for new Financial Advisors: “Put our egos aside and leverage the people in this business…” Read the rest of Penny’s advice and the entire article below.
We’re proud to have been featured on the WHAT how? podcast, hosted by Marketers Company and their founder Corey Keating. Listen to the full hour-long podcast below!
This is the Time…
- When clients will learn who has sold them something and who is an advisor.
- Where new advisors can hit the ground RUNNING.
- Where we show clients that we have the tools to stress test their plans.
- Where we teach team members to consider objectives and not tasks.
What are the takeaways?
- Most advisors aren’t speaking to their clients…. even though this is a PRIME opportunity to actually speak to their clients.
- Working from home works!
- Many advisors are trying to impress other advisors on social media. They should be trying to impress their clients.
- At 0:22, you’ll learn that you don’t have to write on a whiteboard backwards while on video!
#WednesdayWisdom Tip: Fear can lead to irrational behavior no matter how well you think you’ve prepared clients for market volatility. What are the takeaways? Send out a personal communication to all your top clients highlighting what’s happening, its impact on them and your action plan. Make this sort of communication commonplace; empower a Director of […]
Connecting the Activities that Bring Us Joy with what WORKS to Bring in Clients.
Redefining Success for Yourself and Gaining Conviction in Your Offering
#WednesdayWisdom Tip: Clients want an advisor, not a friend; focus on driving the effectiveness and impact of your client reviews before you do anything else! What are the takeaways? Preschedule all your reviews and put clients on a systematic schedule. Invite clients to co-create the agenda a few weeks in advance. Intentionally structure the conversation […]
#WednesdayWisdom Tip: Sharing your business vision with clients will get them engaged in a deeper way than you could’ve ever expected.
#WednesdayWisdom Tip: When you lose a valued member of your staff, immediately use it as a learning opportunity. What are the takeaways? Ask yourself and your team: Were there any warning signs that this employee wasn’t happy, and was there anything we could have done to remedy that? Did we do everything that we could […]
#WednesdayWisdom Tip: Actively “check-in” on whether you and your team are living up to what you market to, and tell clients.
#WednesdayWisdom Tip: Your client acquisition and marketing plan needs to be about much more than just your UVP and elevator speech. It should be almost solely focused on the UVP of the client. What are the takeaways? Ask yourself and your team: Does the prospect receive touchpoints from us routinely throughout their life cycle, either […]
What are the takeaways? Start to document processes and create a rock-solid continuity plan for the business. Start to create a “wish list” database of people you meet who are smart, creative and could be a potential cultural fit for the business. (And stay in touch with them!) Become familiar with “advisory enterprise value” and […]
#WednesdayWisdom Tip: You don’t have to fill out a 40-page business plan template in order to drive strategy for 2020. Simplify your year-end planning by answering 5 simple questions. (Hint: I give a full example on this podcast!) What are the questions? What are your revenue goals? What are your AUM goals? What strategic objectives […]
#WednesdayWisdom Tip: Advisors need to repackage their service offering and translate it into the language of Gen X and Gen Z. What are the takeaways? The industry has spent far too much time throwing statistics at advisors, and not enough time actually teaching them HOW to attract the next generation of clients. (Hint: it’s NOT […]
#WednesdayWisdom Tip: Cultivating an attitude of gratitude and positivity isn’t just for the holiday season Many advisors don’t see why integrating appreciation and gratitude into your daily work life can have a deep impact, but these small acts of kindness and positivity can create greater job satisfaction, increase productivity and help to avoid burnout in […]
Do Your Clients Really Know The Difference Between Wealth Management and Investment/Risk Management?
#WednesdayWisdom Tip: Offering comprehensive wealth management service IS a unique differentiator… because most advisors aren’t actually delivering wealth management. Many advisors dread having professional development conversations as it feels like a ton of work… for them. Advisors should create a culture of self-development, accountability, and self-awareness and encourage team members to own their own development. […]
#WednesdayWisdom Tip: Each team member should be responsible for his / her own development. Many advisors dread having professional development conversations as it feels like a ton of work… for them. Advisors should create a culture of self-development, accountability, and self-awareness and encourage team members to own their own development. What are the takeaways? Let […]
#WednesdayWisdom Tip: Engage your team members in a conversation about what type of discretionary bonus they would value most. Not all team members are incentivized by cash compensation. Some value flexibility over salary; others may value a concierge vacation experience over a bonus. The best way to find out what motivates someone… ask them! What […]
#WednesdayWisdom Tip: Survey your clients to determine your marketing activities for next year. Advisors often get overwhelmed with the thought of building a marketing plan and tracking its results. Rather than fret over the need to schedule marketing strategy sessions with your team, use your clients to determine the approach you will take on a […]
Advisors and their teams waste an inordinate amount of time on unnecessary tasks like scheduling client reviews and waiting for client info and data. These four simple best practices can buy back hundreds of hours over the course of a year. What are the takeaways? Layout the review meeting frequency and schedule when a client […]
#WednesdayWisdom Tip: Great producers don’t necessarily make great leaders. What are the takeaways? The industry has mis-defined what a “coach” does. Effective leaders know that what made them successful won’t necessarily make others successful. The best leaders are focused on helping each team member create the structures and processes that work for them.
#WednesdayWisdom Tip: Pay Yourself a Salary Paying yourself a salary and treating yourself like an employee — even if it’s just on paper — is crucial to building a true enterprise. If you don’t separate your compensation as employee from your equity as owner, you will not have a true gauge on profits of the […]
Today’s Wednesday Wisdom Podcast is for an advisor or advisors within a broker-dealer, who have been thinking about partnering with other advisors for the purposes of forming an enterprise, but have shied away from doing it because it feels impossible or daunting. There are many folks who operate as close to an enterprise as one […]
This week’s video is for anyone who is continuing to grow their practice, simply for growth’s sake. Many business owners who I speak with have let me know that they’ve gotten to a place beyond their imagination in terms of monetary success, and now they’re asking, “Why should I keep building? What am I building toward?”
Today’s video is going to focus on shaping the culture of your organization and the communication that you have with clients so that a day when the markets are volatile is just like any other ordinary day. These tips may also help with opening the door to new business opportunities with clients on volatile market days, as opposed to just ‘talking them off the ledge.’
How do I compensate my employees? Specifically, how do I compensate employees in a way that is in align with how other advisors and firms are compensating employees? Many advisors pay their team members arbitrary salaries and bonuses without ever thinking long-term about the team members’ development or compensation growth. In this video I discuss how advisors can begin to think about institutionalizing employee compensation pathways.
Hello from Spain! A “hidden gem” has typically been in a very specific role on the team, and has only been thought about in that very specific role. However, their potential to play a more powerful role in the organization is hidden below the surface and subtle shifts in their responsibilities can help these employees feel more fulfilled, happier and like they’re being utilized to the greatest capacity.
After such great feedback from last week’s topic, this week I am speaking on net new asset growth in our businesses and why it’s so difficult for advisors to bring on the amount of assets that they probably imagine bringing on year-after-year. The reality of our industry is that for many advisors who boast that their business is growing, much of that growth has come from their current book of business. Watch and listen to this video to learn how to capitalize on the opportunity to grow your business with new clients.
Prospecting is important both for new advisors learning how to grow their businesses AND those who have been around for the long haul. The idea of speaking to strangers about yourself and gauging interest about what you do without sounding “salesy” oftentimes never gets easier or feels comfortable for a majority of advisors. Assuming you’re ‘doing all the things’ and you need just a little shift to get over the dread of prospecting, watch this video.
This Wednesday Wisdom is a topic that I’ve touched on a few times in this series, but it is something that I’ve been asked about specifically from advisors more and more recently. We used to think that a simple, low-key presence on social media was “enough” for advisors. The reality is, though, old tactics are no longer enough – the industry is changing so fast, and it will never change this slow again.
Segmentation has been at the core of so many conversations I’ve had with advisors and clients these past few weeks, and I think it’s highly related to how folks are refining their strategies for the second half of the year and taking a look at operational efficiency metrics and factors, and how to possibly rework those. This is relevant regardless of how long you’ve been in the business and I’ve found that most successful teams have gone through some sort of segmentation process, and have considered it a ‘one and done’ activity… But are you sure that your segmentation still works for you?
It’s been a recurring theme in my recent conversations with advisors that they feel like they have a great team, but they feel like they could be doing more, or something different or better, but oftentimes they’re unable to fully articulate what the underlying cause or concern is. I believe these advisors are recognizing that their team members are fabulous executors, order takers, task completers…but are stuck in a perpetual reactive/defensive role versus a proactive/offensive role.
Referrals are still the number one organic growth strategy as it relates to bringing in new business. But if you’re finding that your referral streams aren’t as active as you would like, start by asking yourself, “Does the person on the other end of this conversation sense my excitement and passion around building my business?”
This is part three of my emotional intelligence series. Empathy is the third driver of emotional intelligence and is often the most difficult EQ driver to master. It’s different than sympathy and requires mindfulness and active listening to be successful.
Active listening can produce twice the amount of dopamine in someone’s system as talking about themselves – allowing them to feel welcomed and engaged in the relationship. As a continuation of the last video, watch this video to learn more about EQ skills and how they can help you develop more meaningful and fruitful relationships in our business and personal lives.
The biggest driver of someone’s emotional intelligence is the ability to be mindful: fully present and aware. To begin developing mindfulness, you have to start with forcing yourself to be present and ‘in the moment.’ Here are two tips that can help you in your journey.
Hello from the Del Coronado in San Diego, CA! Typically when you bring on a client service assistant, you do so with the idea that your key admin person is going to do a fabulous job delegating their work, that there will be a perfect division of responsibilities and your key admin person is going to elevate to an office manager role. Unfortunately, the reality is that the key admin person ends up feeling just as or more overwhelmed than they did before.
Hello from the Gaylord Convention Center in Grapevine, TX! The advisors and financial institutions that can best understand their clients at the deepest level are the ones that are going to move over the next 10 years, unscathed by any of the adversities we’re going to face.
Have you built your business over the years and hit a point where your business has plateaued? You’re not alone. Others like you have overcome this challenge by shifting their mindsets.
One of my favorite words to use with advisors is “intentional.” How intentional are you about the activities on your calendar when it comes to marketing? This is relevant to you regardless of how long you’ve been in the business. Having an underlying company objective of consistently creating more intentionality in our calendar is helpful no matter how long you’ve been an advisor.
Most of the challenges that teams and advisors come to coaches and consultants with, can be solved by shifting the way in which we interact and communicate with each other so that we’re intentionally trying to get the best results from others and from ourselves in what we call our ‘natural state.’ This video discusses how the DISC theory can help.
The Associate Lead Advisor (or Junior Advisor) typically has two objectives in our industry: 1) be an indirect contributor to revenue and 2) over time be a direct contributor to revenue. The integration of this role can be very challenging, and here is some insight as to why.
I often hear two things from advisors as it relates to social media management: 1) I know I need to be better; and 2) I post generic things regularly and I haven’t seen any results from it. I respond with a single message: We’re in a highly saturated marketplace, and everyone is trying to do what you’re doing. Simply being present is not enough. So how do you stand out?
I hear from advisors all the time that they’re really happy with the people they have, they believe they have the right people on the team, and they’ve spent a lot of time and money investing in human capital. But if they’re being honest, they’re not 100% sure what their team is doing all day, every day, or that they’re operating as efficiently as possible. If you’re feeling as if this is the case, chances are – you’re right!
As the Founder of Thrivos Consulting, I believe that practice management as a discipline is 15% technical concept and 85% a business owner’s ability to shift behavior and evolve as the world around them evolves. Through my new series, I’ll be discussing topics including: redefining operational efficiency, thinking more strategically about your P&L, thinking more strategically about the team members you’re hiring and how to create a productive cost from those hires, how to understand communication styles, how to drive our own ability to present and engaged with others, how to drive our own emotional intelligence, and more. As a financial advisor, it’s important to learn and understand the technical side of practice management, but it’s just as important to understand the softer side of practice management.
This year make it a point to send holiday gifts to your clients that are memorable, thoughtful and show your appreciation for their business and partnership. Below is our list of the 17 best and most unique holiday gift ideas that won’t break the bank and will have clients looking forward to another year with […]
Hidden gems are team members who have been typecast in a role but have innate characteristics that would enable them to excel outside of their traditional scope of work or in other areas of the business. What we know about the new generation of talent (think: Gen-Y and Gen-Z) is that they are incredibly creative thinkers, […]
Mass scale and customization sounds like an oxymoron; the notion that you can efficiently wholesale produce and deliver a service while still providing each customer with a uniquely tailored experience. It is the success formula for companies like Netflix and Amazon and the driving force behind today’s roboadvice platforms. As the financial services industry continues to […]
Do you ever reflect on how a client or prospect felt after leaving a meeting with you? I recently faced the trifecta of iPhone debacles for someone running a mostly-mobile business: a cracked screen, non-working audio, and no signal…on a 93-degree day, in Manhattan, in between two important prospect meetings. Over the course of the […]
This is a question I ask many of my advisor-clients as they gear up to hire yet another service-oriented team member. “Are your office policies and procedures documented?” I ask. “Do you have institutionalized systems and processes around client acquisition, client service and client engagement?” “How clear are team members on company objectives and quarterly […]
When most advisors think about today’s millennials, they think about seventeen-year-olds taking selfies and posting on Snapchat. The reality is, most millennials are now in their early 30s and stand to inherit trillions of dollars over the next two decades from their parents and grandparents. While they may still be taking selfies and posting on […]
Running an operationally efficient business today is exponentially harder today than it was thirty years ago. Technology and compliance costs have skyrocketed, wealth management services have become commoditized, and the current inheritors of wealth (women and millennial heirs) are leaving their benefactors’ advisors at alarming rates. Indeed, a bleak picture of what advisor-business owners are […]
You are the founder of a wealth management business that has been around for more than 15 years. You recently decided (smartly) to hire a next-gen professional to mine your current book and advise lower tier clients. You are excited at the prospect of adding capacity and scale to the business while also getting a […]
Your advisor clients and prospects are deluged with information. Worse, it is information that often they can find online, unaided. So how exactly are you going to become irreplaceable? Click the link below to read the article or listen to the podcast.