How to Speak Louder than the Media to Your Clients

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#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?

  1. Send out a personal communication to all your top clients highlighting what’s happening, its impact on them and your action plan.
  2. Make this sort of communication commonplace; empower a Director of Planning or Investments to send ongoing communications to top clients.
  3. Consider hosting a webinar for top clients to share insights and field questions.
  4. Create a new page on your site dedicated to the “client journey.”

Perfect Your Client Reviews Before Perfecting Your Client Events

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#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?

  1. Preschedule all your reviews and put clients on a systematic schedule.
  2. Invite clients to co-create the agenda a few weeks in advance.
  3. Intentionally structure the conversation so “goals” are kept as the focal point.
  4. Provide an executive summary on the spot, before the client leaves.

Losing a Valued Employee Doesn’t Have to be a Total Loss

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#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:

  1. Were there any warning signs that this employee wasn’t happy, and was there anything we could have done to remedy that?
  2. Did we do everything that we could to properly incentivize this employee?
  3. How do we currently show our employees that they are integral to the vision and mission of the business?
  4. Have we created a work environment where our employees have the space to be honest about their feelings and concerns, and know that they will be heard?

How to Acquire More Clients? Focus on More than Just UVP and Elevator Speech

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#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:

  1. Does the prospect receive touchpoints from us routinely throughout their life cycle, either digitally or in person?
  2. Does the client have the ability to get to know us — and our perspective of wealth management — before meeting us?
  3. Are we SURE we are what the client wants?
  4. Can the client imagine how they can grow and evolve with us?

Initiatives That Should Be In Your Business Plan But Likely Aren’t…

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What are the takeaways?

  1. Start to document processes and create a rock-solid continuity plan for the business.
  2. 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!)
  3. Become familiar with “advisory enterprise value” and have a rough estimate of your business’ value at all times.
  4. Commit to either the “Life Style Practice” or “Wealth Management Enterprise” pathway.

You Don’t Need a Business Plan Template to Business Plan!

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#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?

  1. What are your revenue goals?
  2. What are your AUM goals?
  3. What strategic objectives do you have around growing/managing/developing your Team?
  4. What strategic objectives do you have around changing Business Structure?
  5. What strategic objectives do you have around how you will Grow?
  6. What strategic objectives do you have around how you will achieve greater Efficiency?
  7. What strategic objectives do you have around how you will ensure Continuity.

The Industry Hasn’t Done Enough to Teach Advisors HOW to Attract Gen X & Gen Y

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#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?

  1. 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 by having an Instagram account).
  2. Yes, Gen Y is important, but we’ve forgotten about Gen X: the 40 something’s who grew up as latch key kids and need planning the most.
  3. Make the decision to either continue to build a lifestyle practice and ignore this, or build a multi-gen enterprise. If you want the latter, start by auditing and changing all of your marketing messaging.

Gratitude and Positivity

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#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 your team as well as yourself.

What are the takeaways?

  1. A focus on positivity and gratitude in the workplace has proven to have a profound effect on the health and happiness of employees.
  2. The way to show gratitude to your employees is by being specific about what they are doing right, making it a daily practice, and taking the time to reflect on what it is that your team has done to make the business you have successful.
  3. Don’t try to pour from an empty cup – take 2 minutes every day for 21 days to write down 3 things that you feel grateful for in your life, and appreciate what you have done to make this life possible.

Do Your Clients Really Know The Difference Between Wealth Management and Investment/Risk Management?

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#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.

What are the takeaways?

  1. The terms wealth management and investment management / risk management have become synonymous in our industry.
  2. Educate your clients about what wealth management actually is: investment management, risk management, cash flow & cash management, budgeting, philanthropy, estate planning, tax planning, family planning, emotion management, lifestyle management.
  3. If you realize you are still product and not advice oriented, completely change the way you run your initial meeting.

Creating a Culture of Self-Development, Awareness and Accountability

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#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?

  1. Let team members set their own role objectives and update you on the key results they will be tracking each quarter.
  2. Encourage team members to build self awareness by assessing their own strengths, weaknesses and development opportunities.
  3. Give team members space to set professional and personal goals.

Download the Professional Development Plan Template

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