Streamline My Practice: For Financial Advisors

I used to think the key to growing an advisory firm was simply being a better advisor. But I was ignoring the other 3 essential roles: The 1 we all focus on is 1) The Advisor – This is the technical work, providing the advice clients depend on. The other 3 are 2) The Manager – Creating repeatable systems that ensure smooth operations. 3)The Leader – casting a vision for the future & inspiring your team 4)The Owner – Setting strategic direction, long-term goals, and making key financial decisions. Take 1 minute and think about how much time you spend in each role. Where do you want to spend more time? https://lnkd.in/gYNvNY98

You’re helping a pre-retiree plan for the future: They have a lot in their 401(k) or IRA. But little to no money in bank or brokerage accounts. ?? This often means their retirement expenses are going to be higher than they expect. We’ve seen this time and time again. You map out all their expected costs, run the “what-if” scenarios, and then—surprise—their actual monthly spending in the first year of retirement is much more than they estimated. Have you noticed the correlation between low non-qualified assets and higher-than-expected first-year expenses? How do you help clients prepare for this???

"The EA role is the #1 Missing Role in Financial Advisor's offices." @Brad_Johnson shares some wisdom from his year of coaching advisors. Full episode here: https://lnkd.in/gp953EpM

The old way of financial advising was about the transaction. The NEW way is about the transformation. And I love it because clients need real guidance, not just market updates and implementation. If you're tired of - investment focused meetings - number-driven conversations - clients only calling when something goes wrong Try shifting to Human-First Advice - Seek first to understand - Engage with empathy - Talk about all parts of life, beyond money Real Advisors create real connections. If you want some practical ways to do this, check out the conversation I had with Brian Portnoy.

One of the biggest lessons from @morganhousel and "The Psychology of Money" is... the power that story has when talking about financial concepts or strategies with clients. There are many more lessons in this book that will help Advisors become better. I shared the top 5 in this video https://lnkd.in/gTbUDH7k

We met with a HNW client couple and the BEST part of the meeting had very little to do with investments. This meeting helped us increase client loyalty so I wanted to share it with you too. As advisors, we often focus on investments and financial strategies, believing these are the core areas that clients care about most. However, this approach can sometimes miss the mark. The thing this HNW couple enjoyed the MOST was revisiting their values and goals from the one-page plan. If you’re in the Advisor Value Formula, you know that we start every Prospect Plan Delivery Meeting with Values/Goals on the one-page plan. But it’s also very valuable to revisit these things at least once per year. This client has a net worth over $30M and we spent 20 minutes talking through the following values and goals. (I INCLUDED A VIDEO WITH EXAMPLES IN THE BEST POST) It doesn't look like a lot of info but the conversation was amazing. We could tell they were excited and passionate about these things. It was the best part of the meeting and it reminded us of why we’re planning in the first place. Action Step for You (if you’re not already): 1. Revisit Client Values and Goals Annually This reinforces the personal connection and reminds clients of your holistic approach. 2. Keep a Running List of Goals and Accomplishments This showcases progress and reminds them of the tangible value you provide. 3. Ask the Key Questions Again What’s the most important thing in your life right now? What’s most important about money to you? What’s one thing that would make this year a success? This will build a deeper emotional connection and demonstrate genuine interest. For more ways to grow your advisory business, click on my profile to get the weekly Advisor Growth Newsletter. and check out the video in the next post https://lnkd.in/gn9i2JNW

When you grow your firm and build a team, things can get very difficult bc you now have more demands on your time. Learning about asynch communication has helped A LOT as the team continues to grow. It works for the team and for clients. Full video here: https://lnkd.in/gARiCjf9

Advisors, Have you ever wondered what a $10,000,000+ prospect meeting process looks like? Chad Willardson shares a little about how they do it at his RIA. Full episode: https://lnkd.in/g4U9f9C8

Have you ever had a client feel strongly about a specific stock that they were eager to add to their portfolio? But it didn’t really make sense for their allocation. In this situation, we have 3 options (let me know in the comments if I'm missing anything) 1) Add it into their allocation. 2) Give them reasons why not to buy it. 3) Try the following conversation. Here’s a story about how we handled it. Client: I really like xyz stock. Can we buy it ? Advisor: Thanks for bringing this up. That’s an interesting idea. How much do you think you’d want to own? Client: I don’t know. Maybe $10,000 or $20,000 would be nice. Advisor: Great, let me review your accounts and do a little research. Is it okay if I get back to you tomorrow? Client: Yes, of course. After reviewing her accounts, we found that she already owned an S&P500 index fund, and the individual stock she was interested in was about $30,000. The next day, we called her back: Advisor: Good news! You were thinking about investing $10,000 to $20,000 in this stock and it turns out that you already own $30,000 worth in your trust account. And it fits nicely with your overall allocation and plan objectives. How does that sound? Client: Oh wow! I had no idea. That’s perfect. Thank you! (there was a little more conversation but that's the gist) This approach not only addressed her desire but also made her feel understood and reaffirmed our commitment to her financial goals. I share more tips/ideas like this in my Advisor Newsletter. Click on my profile to get it.

This week, try to be extra curious and interested in the people you meet with. They'll love the interaction so much more. “To be interesting, be interested.” -Dale Carnegie