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.

5-Step Approach to Addressing Mistakes with Your Clients

5-Step Approach to Addressing Mistakes with Your Clients

Any successful person would agree that making mistakes—and learning from them—is as vital to one’s growth and development as any training or life experience. That’s good because we’re human, and we all make mistakes. Even the brightest and most conscientious financial advisors make mistakes periodically. While mistakes that impact clients can be serious, they don’t have to be the end of the world or a career.
In fact, advisors who quickly own up to their mistakes and rectify them often find that it can solidify their client relationships and strengthen client loyalty. Being conscientious and forthright are appealing traits to clients. And, if mistakes are quickly resolved, they’re no worse for the wear.

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What No One Tells You About Being a Financial Advisor

What No One Tells You About Being a Financial Advisor

In my opinion, there has not been any better time to be a financial advisor. At a time when the world is inundated with chaos and hyperbolic media noise, financial advisors are proving their worth. An increasing number of people are seeking guidance and clarity beyond the cookie-cutter world of robo-advisors and financial pundits.

Those who seek a career in helping people achieve their life ambitions with personalized advice have the chance to be very successful and personally fulfilled. However, with less than 300,000 practicing financial advisors in a country of 330 million people, relatively few people are choosing that path, and even fewer are succeeding.

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Transitioning Conversations: How to Change the Subject without Offending Your Client

Transitioning Conversations - How to Change the Subject without Offending Your Client

In a recent post, we highlighted the importance of maintaining control over conversations with prospects and clients—that your value as a financial advisor diminishes without it. Part and parcel of maintaining control of a conversation is being able to switch gears when a client takes it in a direction you don’t want to go. Getting trapped in a tangent is a time waster, but how do you change the subject without making it awkward or alienating your client?

People go off topic for many reasons. Whatever the reason, they feel that what they have to say is important, so if you’re going to try to change the conversation, it needs to be done delicately and gracefully to not make them feel as if what they have to say is not important.

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Strengths or Weaknesses: Where Should Advisors Focus?

Strengths or Weaknesses - Where Should Advisors Focus

Getting to the next level in any endeavor requires a thorough understanding of your strengths and weaknesses. Your strengths have the potential to power your advancement, while weaknesses could possibly hold you back. But not all strengths and weaknesses are equal in the way they can impact your practice. The challenge for advisors is knowing whether to focus first on their weaknesses and then their strengths or vice versa.

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How to Respond to the Comment ‘I Don’t Want to Lose Any Money’

How to Respond to the Comment I Don't Want to Lose Any Money

A while ago I received an email from John in Texas and his email was very simple. He said, ‘Every time I go on an appointment, the first thing out of somebody’s mouth is, “I don’t want to lose any money.” And I’ve been saying, “I don’t know anyone that ever does.” as an ice breaker, but I don’t feel comfortable. Can you give me an idea on how to respond to that comment?”

Watch this video episode or read the transcript below to learn Don’s answer to this question.

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Want to Get Out of a Rut? Focus on Becoming Exceptional

Want to Get Out of a Rut? Focus on Becoming Exceptional

We can all remember when we first became financial advisors, feeling like we could conquer the world. With our entire careers in front of us, we were excited, motivated, and ready to commit everything we had to become successful. The great thing about starting out as an advisor was that there was never a dull moment. Everything was new, and we thrived on the daily challenges of learning how to build a successful practice.

Flash forward a few years, and time seems to slow down. The hours don’t fly by as they once did, and the pace of change has slowed to a crawl. That’s when you know you’re in a rut, which can be agonizing for someone who once braved the many obstacles that lay in front of all new financial advisors. For financial advisors, being in a rut can seem like dying a slow death.

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5 Ways You’re Setting Yourself Up to Fail

5 Ways You’re Setting Yourself Up to Fail

I don’t think any financial advisor wakes up in the morning and intentionally sets out to fail. But I can think of many examples of advisors who unwittingly find ways to sabotage their efforts to build a successful practice. It’s often the little things they are either unaware of or don’t recognize as problems. But they’re big enough to turn prospects and clients away from you.

While you may not think you are setting yourself up to fail, you have to consider whether you’re doing the things necessary to prepare yourself for success. That includes taking a critical look at yourself and the way you conduct business and making immediate course corrections.

While there are dozens of ways advisors may be sabotaging their business, here are five we see most often.

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5 Things Nervous Clients Need from You

5 Things Nervous Clients Need from You

Let’s chat about the backbone of the business, client relationships. Client relationships are fragile. As soon as their money’s exposed to volatility, clients are on an emotional roller coaster ride and they need a lot of attention. And all too often, we get caught up in the details of products and services we’re offering to notice that our attention may have slipped. And I can tell you without hesitation that the minute your client feels your service is no longer personalized, he or she becomes your competition’s best prospect.

Watch this video episode or read the transcript below to learn a few ideas on how to make sure your clients hold you in high esteem.

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How to Command and Maintain Control over Conversations with Prospects and Clients

How to Command and Maintain Control over Conversations with Prospects and Clients

How often have you been in a meeting with a client or prospect and felt like you lost control of the conversation? After starting on one subject, the other person goes off on tangents or takes the conversation in a new direction. Clients who are upset may launch into a rant with no particular point or one that isn’t related to the work you do with them. Or they simply want to talk about something other than the subject matter you broached with them.

Whatever the reason, when a client or prospect conversation goes off the rails, it’s incumbent upon you to steer it back in the right direction. Otherwise, your value to that person diminishes as long as you’re not in control. Taking control doesn’t mean taking over the conversation and dominating the talking space. Instead, it means getting it back on track, on the path to where it can achieve a productive or desired outcome. That can’t happen if you’re doing all the talking.

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3 Steps to Build Your Self Confidence Regardless of Your Experience Level

3 Steps to Build Your Self Confidence Regardless of Your Experience Level

At some point in their careers, every financial advisor suffers from the affliction of self-doubt. For most of us, it overcomes us at the beginning of our careers. For some, it can linger on for several years. Heck, even experienced advisors have bouts of self-doubt, but they tend to be rare. Whatever the reason for it, self-doubt or lack of self-confidence can be a career killer or, at the very least, a painful way to go through life.

There probably isn’t an advisor among us who early on thought to themselves, “Why would anyone want to work with me?” “I work in a cubicle. I’m just a few years out of college. Many of the people I talk to are old enough to be my parents. The younger ones are successful in their careers. What business do I have telling them how to become financially successful?”

Sound familiar?

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