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?

Read more

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.

Read more

To Develop Top-of-Mind Awareness with Clients, Develop Your Authority

To Develop Top-of-Mind Awareness with Clients, Develop Your Authority

We’ve reached the fourth and final issue in our series on Critical Issues Facing Financial Advisors Right Now—Staying Top-of-Mind with Your Clients. Of the four critical issues presented, developing top-of-mind awareness is perhaps the most crucial because it is paramount to your ultimate success. If you are not the first person your clients think of when good or bad things happen to them, things that impact their financial lives or the lives of their friends and family, you could have a long, slow slog to the next level.

I’ve written on the importance of top-of-mind-awareness in past posts, along with the strategies you can use to develop it among your clients. The key to remember is creating top-of-mind awareness is not about pestering your clients with calls and emails just to keep your name in front of them. You don’t want to annoy your clients.

The key is reaching them in a way that heightens their perception of you as someone who’s not a typical advisor but rather as a genuine authority in their field. Authorities have influence. Some even develop a kind of star power that gets people’s attention. What makes an authority? Content.

Read more

How Financial Advisors Can Stay Ahead of Industry Commoditization

How Financial Advisors Can Stay Ahead of Industry Commoditization

In our second in a series of Critical Issues Facing Financial Advisors Right Now, we focus on perhaps the most significant threat to advisor success, much less survival—the commoditization of the advisory industry. The threat is significant because most advisors don’t even know it’s happening to them. In this extremely cluttered and highly competitive advisory landscape, advisors who don’t find ways to stand out in the crowd get swallowed by a sea of mediocrity, where clients dare not go.

Sound overly dramatic? In fact, it might be understating what is happening. Striving to be a knowledgeable, client-focused, and trusted advisor is no longer enough because that is what clients expect. Advisors must work each day at providing their clients with the unexpected. Otherwise, why should they choose you over any other typical financial advisor? Equally important is why should they stay with you when they can find so many others like you from which to choose?

Read more

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.

Read more

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.

Read more

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.

Read more

How to Become Top of Mind with Your Clients and Prospects

How to Become Top of Mind with Your Clients and Prospects

As a financial advisor, you can’t always be there when a client or prospect has a need. You can only hope that you’re the first person they think of when they want to discuss it or when one of your clients is asked to recommend an advisor. That’s where top-of-mind awareness comes in. If you can develop it effectively, your name is more likely to be the first to come to mind when they have a need.

Chances are, when you crave a cola, you think Coca Cola. That’s because Coke spends hundreds of millions of dollars on advertising to ensure you do. You want that same reflexive thought to occur with your clients and prospects, but you don’t have to blow out your budget to create similar top-of-mind awareness. The objective of a top-of-mind strategy is to be remembered, and you can accomplish that with five easy steps.

Read more

Why You Matter: Embracing the Difference Financial Advisors Make in People’s Lives

Why You Matter - Embracing the Difference Financial Advisors Make in People’s Lives

Allow me another movie reference because it’s crucial for the point I want to make. If you haven’t seen the movie, Oh God! or if you haven’t seen it in a while, I encourage you to track it down. The film is excellent – funny, full of life’s lessons and a joy to watch. But it’s the last ten minutes that is worth 100 times your time and effort in trying to find it.

You remember the story: Jerry Landers, an assistant manager of a supermarket played by John Denver, is convinced he has visits from God, played brilliantly by George Burns, who asks him to take on some worldly responsibilities.

Now, imagine telling your spouse, friends, and co-workers that you’ve spent a few hours talking with God, and you describe him as Jerry did, as a short, old man wearing sneakers, a fishing hat, and smoking a cigar. That his wife threw him out, his friends ostracized him, and his boss fired him shouldn’t surprise anyone.

Read more

Email Newsletters for Financial Advisors: 6 Tips to Engage Your Contact List

Email Newsletters for Financial Advisors - 6 Tips to Engage Your Contact List

With the heavy emphasis on social media marketing, many have said that email marketing, and sending email newsletters in particular, is outdated. That couldn’t be further from the truth. Why do I know that? Because the financial advisory business is a relationship business and there’s no better method for cultivating relationships in a digital environment than email marketing. Why? Because it’s inexpensive, easy to manage, gets quicker than most results, and it reaches your clients and prospects where they spend a lot of their time—in their inbox.

It’s also effective. According to Litmus, on average, for every dollar you invest in email marketing, you receive $42 in return. Can you think of anything else you could do to acquire more clients that generates a better return?

Of course, that also assumes that you are doing email marketing right, employing all the best practices to ensure optimal results. Executing an effective email marketing campaign is not rocket science, but it does require adherence to some proven techniques that involve some effort and resources.

Here are six critical elements of effective email newsletters and other email marketing campaigns.

Read more

1 2
top