Successful advisers offer easy-to-implement advice for practices looking to improve and update their businesses.
Apr 18, 2014, 1:19 PM EST
One of the hidden secrets in our profession is that there are a thousand ways to succeed. You won't hear this from your manager or from sales trainers, since firms have no vested interest in thinking creatively or helping you find new ways to drive business. In my hierarchy of fun activities, client prospecting used to live near the bottom alongside a screaming baby on a redeye and a root canal. Then I found a way to connect my business to an extracurricular activity that ignited my deepest passions. This could be a hobby, a personal interest, or a favored activity of (almost) any kind. It could sports, knitting, cooking or even reading books. Maybe you're a closet woodworker, a ballroom dancer or an equestrian jumper. Try the PowerBall test and see what fits best. If you won $100 million (after taxes) tomorrow, what would you still do because you loved doing it? That's the place to start. Follow my logic as it pertains to connecting... Read full post
Apr 2, 2014, 3:44 PM EST
I spend a lot of time consulting with advisers on things that they do on public display. Everything I counsel them on keeps things framed from the clients' perspective. Before you write a single word of marketing copy, utter one syllable on television or do any interviews, advisers should remember one thing: no matter what forum you think you are in and whom it's reaching, there is a chance it will also reach your clients.Don't assume that when you are featured in InvestmentNews your clients aren't reading it. You know how the saying about assumptions goes. Think about the phrase “client segmentation” for a second. Now imagine how a client would feel if they knew they were being “segmented.” How would you feel if your doctor “segmented” you into a group of patients they clearly didn't find very interesting or worth much time?The standard industry approach to client segmentation — rating clients,... Read full post
Feb 25, 2014, 2:50 PM EST
While on a recent flight from San Diego to Denver, I came across an article in Spirit Magazine about a website, BecauseISaidIWould.com. The 28-year old founder, Alex Sheen, started this nonprofit in memory of his father, to inspire others to make (and keep!) promises that better humanity. This got me thinking about what is frequently considered the greatest promise financial advisers make to clients: To be there for them forever. Whether stated or implied, I've heard advisers suggest they'll be there through every life stage and transition, helping their clients achieve financial security. The dirty little secret is that few advisers consider how they'll actually deliver on their promises, “because they said they would.” While most understand the importance of succession and continuity planning, few have built the infrastructure to truly serve clients consistently, should something happen to them. Don't Miss: Episode 2 of... Read full post
Feb 12, 2014, 11:19 AM EST
Advisers always want to find ways to increase their overall efficiency and improve their image.So with that in mind, here are five things you can to renovate and make over your social-media profile. Don't Miss: The debut of Practice Makeover1. GET A NEW PICTUREMost of you have absolutely abysmal Sears portrait studio, same background, same suit, same tie pictures. You have to do something that's going to separate you from the rest. Get a local photographer to take a good picture of you at a local landmark. Support local business. Find a moderately priced photographer, have friends and family help you choose the right photo and put it on all of your social-media profiles. ON FACEBOOK: IMAGES, IMAGES, IMAGESUse images to tell your company's story. Put pictures of your team, your office, your conference rooms, events that you're doing without clients (unless you get them to sign a release, depending on your compliance department).... Read full post
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Ugo W. Egbunike Dir. Of Business Development, ETF.com Greg Crawford Deputy Editor, InvestmentNews
February 11, 2014