In this category, we will share stories and practical tips for financial advisors and consultants which have proven to be best practices throughout the years.

Overcoming the Age Bias Prospects Have About Young Advisors

Overcoming the Age Bias Prospects Have About Young Advisors

For young financial advisors, nothing is more challenging than overcoming the age bias that older clients have against them. I hear it often from advisors who come through our training programs—that feeling as though they are viewed more like a child or grandchild than a financial advisor. It creates a perceived impression that young advisors don’t have the experience, skills, or knowledge to appreciate the circumstances of older clients, let alone guide them in making critical financial decisions.

That may be understandable and, in some cases, deserved. Older prospects are right to question a young advisor’s experience and depth of knowledge. But the problem may not be with the perceptions of older clients as much as it is with the mindset of younger advisors. Most advisors have gone through that painful period of not knowing what they need to know and feeling embarrassed to meet prospects who may sense that.

The primary difference between where they are now compared to where they were back when they knew less and lacked experience is confidence.

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3 Strategies Advisors Are Using to Break Through Stagnation to Get to the Next Level

3 Strategies Advisors Are Using to Break Through Stagnation to Get to the Next Level

“I feel my team and I have reached a stage of stagnation. How can we build on what we have and continue to grow the business?”

That sentiment is becoming a common theme among many of the advisors who enroll in our workshops and training programs. I can also attest that it is pervasive throughout industry, which means it happens to most every advisor or advisor team. Regardless of what stage you’re in, you can do all the right things to move through that stage and then realize that what got you to that point isn’t enough to get you to the next level. So, you stagnate. And you know that in this business, if you’re not deliberately moving forward, you’re actually falling behind.

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Why Financial Advisors Must Embrace Technology Now

Why Financial Advisors Must Embrace Technology Now

In the third of our series of Critical Issues Facing Financial Advisors Right Now, we turn to the challenge facing advisors in adopting the technologies that will drive business growth for the foreseeable future. Financial advisors have seen the future, and it is now. Those who learn to embrace it will have a distinct advantage over those who continue to run from it.

We can complain all we want about the rise of robo-advisors but, the fact is, they only control a minute portion of the trillions of dollars held by wealth managers, advisors, and asset managers. Still, robo-advisors are on the cutting edge of technological innovations, and venture capital is flooding the financial technology sector with billions of dollars.

Our industry has reached a critical juncture where advisors must now choose to embrace technological change to get ahead of their competition and provide the level of service their clients have come to expect or risk obsolescence.

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Happy Thanksgiving – Why We Should Be Profoundly Grateful That We Are Financial Advisors

Happy Thanksgiving - Why We Should Be Profoundly Grateful That We Are Financial Advisors

Despite the pervasive and crippling ‘bad news sells’ syndrome, people the world over do pause to give thanks for all that is good. Canadians celebrate Thanksgiving in October. The Koreans celebrate Chusok in August. The Chinese celebrate in August as well, in a festival called August Moon. India celebrates Pongal in January. The Germans normally celebrate Erntedankfest in October. The United States celebrates Thanksgiving in November. We all, in our own way, celebrate the bountiful harvest.

Why we should be profoundly grateful that we are Financial Advisors

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How Advisors Can Inoculate Themselves from Fee Compression

How Advisors Can Inoculate Themselves from Fee Compression

In our last post, we highlighted four critical issues financial advisors face in the aftermath of the COVID pandemic, impacting the way they approach their businesses and the way clients are responding. In the next month or so, we will take a deeper dive into these issues, the challenges they present, and how advisors can meet them head-on for a greater chance at success.

At the top of the list—an issue familiar to all and well-covered here in past blog posts—is fee compression.

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4 Critical Issues Facing Financial Advisors Right Now

4 Critical Issues Facing Financial Advisors Right Now

In the year and a half since the beginning of the pandemic, the financial advisory industry has undergone massive change, impacting the way financial advisors practice their trade as well as the behaviors and habits of clients. Much of that change was underway before COVID but has accelerated or come more sharply into focus because of it.

Advisors have done well to adapt to changes precipitated by the pandemic—becoming adept at virtual communications and navigating the uncertainties of a troubled economy. However, in the wake of these changes, several issues continue to overshadow the industry, requiring advisors to switch from survival mode to aggressively managing them not just to survive but to thrive.

In the next couple of weeks, we will delve more deeply into some of these issues, the challenges they present, and how advisors can meet them head on for a greater chance at success. Among the many vital issues advisors are facing right now, here are four they must contend with in the immediate future.

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Finding the Right Mentor

Finding the Right Mentor

Financial advisors must bring with them some essential traits. They need to be ambitious, courageous and thrive on hard work. That’s just the minimum required to survive the early years. From there, the learning curve is steep, with much to learn—technical and analytical skills, product knowledge, and critical soft skills—all while riding a wild rollercoaster of ups and downs. Those who choose to go it alone struggle mightily to get to the next level. But those who develop a successful relationship with the right mentor often flourish.

Mentors are vital to financial advisors’ growth and development, helping them achieve all their goals and prepare them to face even the harshest of markets with equanimity.

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Zoom Fatigue: 5 Steps Financial Advisors Can Take to Overcome It

Zoom Fatigue - 5 Steps Financial Advisors Can Take to Overcome It

Living in a virtual world as we have for the last year and a half has had its benefits as well as its drawbacks. COVID-19 accelerated the adoption of technology that has helped financial advisors become more efficient and productive with greater outreach to clients and prospects. But it seems that advisors are reaching peak “Zoom fatigue,” an actual medical condition that can have a debilitating effect similar to depression. If you think you may be suffering from Zoom fatigue, you can make some simple adjustments to adapt to the conditions that cause it while enhancing your virtual presence.

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Why You Shouldn’t Be Apologetic when Asking for Business or Referrals

Why You Shouldn’t Be Apologetic when Asking for Business or Referrals

For many financial advisors, that moment right before asking a prospect to take action on a recommendation or, in sales parlance, asking for the order is filled with tension. It can be more stressful when asking for referrals. Less seasoned advisors are often overcome with the fear of rejection, which is natural until you’ve developed more confidence in your ability to close. That comes with practice and experience.

The bigger problem is with advisors who, for whatever reason, approach that critical moment feeling apologetic—as if asking a client for a referral or a prospect to act on their recommendation may seem offensive. It’s a bigger problem because it stems from a mindset that can be more difficult to overcome. It demonstrates a lack of conviction in what they are proposing or, worse, in what they do for a living. They’re not convinced they are providing genuine value. If you don’t believe in yourself at that moment, how can you expect your prospect to have conviction in your solution or your client to believe in you when you ask for a referral?

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Why It’s Vital to Join the Community of Financial Advisors

Why It’s Vital to Join the Community of Financial Advisors

“No man is an Island, entire of itself.” That excerpt from a 17th-century sermon given by a man named John Donne has become a popular proverb that describes the inherent connectivity of humankind. In essence, it says that humans cannot get along with their lives and succeed on their own—that we are all dependent on other people for support.

If you can imagine a conversation between two people, one of whom has ambitions of becoming a financial advisor, it might sound something like this:

First person: When I leave school, I’m going to start a financial planning practice.
Second person: That’s great, but how are you going to do it by yourself?
First person: I don’t need anyone else; I can do it alone.
Second person: No man is an island; you’ll need someone’s support at one point or another.

While that actual conversation may have never taken place, it’s no secret that many people who set out to become financial advisors do so because they like the idea of being independent. But it doesn’t start out that way. Most of us started our careers as trainees thrown together with other trainees to learn the business, typically by reading manuals or attending formal classroom presentations.

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