This Wednesday Wisdom is a little more of a Wednesday Rant…I am regularly hired to work with financial advisors to talk about the integration of next-gen talent into their teams. I believe that if we really want to find success building multi-gen team and cross-generational success in our institutions, then it’s going to require us as leaders to shift our mindsets and belief systems around how we’re thinking of this generation of employees and team members, and it’s going to require us as leaders to change, and not the millennial employee to change.
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.