communicate effectively Archives - Don Connelly & Associates

5 Relatable Analogies to Explain the Perils of Market Timing to Clients

/ by Don Connelly / Investing Wisdom, Storytelling, analogies and power phrases / 0 comments

Let’s face it: Most people are lousy timers. Think about the last time you switched to the shortest line at the grocery checkout. That feeling of smugness turns to scorn when the line crawls to a halt while the longer lines churn through.

Or, when you constantly switch to the fast-moving lane on the freeway only to watch a long river of red brake lights stretch out in front of you. The actual cost, in terms of time, frustration, and dignity, almost invariably exceeds any possible gain you might have achieved by making the switch.

The stakes for investors seeking bigger gains or cutting losses by timing the market are much higher.

Financial advisors know that few people, if any, are adept at picking winners or predicting the market’s direction. Yet many still try, often driven by the powerful emotions of fear and greed.

Getting SMART About Setting Goals for You and Your Clients

/ by Don Connelly / Best Practices / 0 comments

Anyone who has ever accomplished anything of significance started with a goal. Professional athletes, entertainers, business titans, and the millionaire next door will all tell you that they began with the end in mind, visualizing their destination and then mapping the road to get there.

We’ve written about the importance of goal setting and the significance of writing them down and keeping them in front of you to remind you of what’s possible. However, the process of goal setting is often marred with unrealistic expectations or ambivalence about what you want to achieve, resulting in unachievable or unmeasurable goals.

Financial advisors on the path to success can’t afford to wallow in hopes or pipe dreams. You need clearly defined, actionable goals that reflect your professional and personal ambitions. Although goal setting isn’t rocket science, it does require a deliberate process to ensure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. In other words, it requires the SMART goal-setting framework.

Using Client Personas to Attract Your Ideal Client

/ by Don Connelly / Marketing Yourself / 0 comments

Most financial advisors are familiar with the concept of creating an “ideal client profile” used to identify the type of prospects they want to target. However, that may not go far enough to attract and directly engage with digitally savvy high net-worth investors in the digital age. Emerging-affluent millennials, in particular, are cautious about who they engage with if they can’t see what’s in it for them.

In a digitally wired world, financial advisors need to be able to identify with their target market and communicate in a way they can identify with you. That requires taking the ideal client profile to the next level by digging deeper into who they are, what they do, how they think and communicate, and why they might want to engage with someone like you.

Being a Financial Advisor in Uncertain Times – What You Need to Know

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As I write this in mid-October, 2020, the stock market is sitting right at an all-time high. But there’s still an ongoing pandemic – and a presidential election looming. Either of these things can cause big short-term swings in stock prices.

That means things are pretty risky at the moment. In the short-term, anyway.

As financial advisors, we have to help our clients understand that risk, and help them manage their money so they can accomplish their financial goals, but also so they can sleep at night in the meantime.

Those of you who have been around since before 2008 know this process well. For those of you who are just getting started, here’s what you need to know.

How to Assure Clients That Volatility Is Part of the Strategy

/ by Don Connelly / Investing Wisdom / 0 comments

Unquestionably, the stock market has experienced extreme volatility in the last couple of years, elevating the anxiety levels of investors who grew complacent throughout a historic 11-year bull market. Just as they did throughout the wild gyrations of the 2008-2011 market, investors have grown intolerant of the recent, wild stock market gyrations, resulting in many choosing to make wholesale changes to their portfolio, switch financial advisors, or flee the market entirely.

But, what investors may not understand is that switching between asset classes to avoid volatility can actually have the opposite effect. It is incumbent upon financial advisors to help their clients understand that, with a sound investment strategy and a long-term perspective, volatility can actually be good for a stock portfolio because it has always been the primary force that drives market gains over time.

The 4 Pillars of Great Client Service

/ by Don Connelly / Managing the Relationship / 0 comments

Great client service should be a given. But according to a recent study from Cerulli Associates, less than a third of advisors strongly agreed that their practices go above and beyond to serve their clients, or that their clients offer repeatable and consistent client experiences.

At the same time, 72% of advisory firm principals say client service is a key differentiator.

Folks, if 72% say great service is a differentiator, it’s no longer a differentiator. It’s now the industry standard.

That said, some firms are clearly doing a better job than others. And those are the firms that are attracting bigger clients, with more assets to manage.

Let’s have a look at what they do differently and what are some key components to delivering great client service.

How to Turn New Clients into Loyal Clients

/ by Don Connelly / Managing the Relationship / 0 comments

You have just opened a new account and you are excited to start working with this new client. Of course, you are more than qualified to provide them with the services they need, but how are you going to ensure that your relationship with them will flourish over time?

Here are few good ways to create a loyal bond between you and your client.

What Is Buyer’s Remorse and How to Overcome It in 3 Easy Steps

/ by Don Connelly / Managing the Relationship / 0 comments

Buyer’s remorse is defined as ‘a feeling of regret experienced after making a purchase – typically one regarded as unnecessary or extravagant’ (Oxford Dictionary).

Most of us have experienced this type of feeling at some point – maybe after buying a pair of expensive shoes that with hindsight we considered an unworthwhile purchase.

But buyer’s remorse doesn’t just apply to shopping – it’s possible your clients might feel similarly disenchanted about their decision to hire you.

Make sure your clients don’t experience post-hiring disappointment by doing the following three things.

5 Rules for Effective Communication with Prospects and Clients

/ by Don Connelly / Managing the Relationship / 0 comments

In order to establish trust and credibility – and get your messages across to prospects and clients – you need to be an effective communicator. If you, like many advisors, find this a challenge, you don’t need to feel defeated. With hard work and practice you can become a proficient and natural communicator. Here are some key rules to bear in mind.

Poor Communication Is The #1 Reason Advisors Get Fired

/ by Don Connelly / Managing the Relationship / 0 comments

The chief reason clients fire their advisors is not, as you may have thought, poor performance – it’s poor communication. A survey by Financial Advisor Magazine revealed that 72% of clients said they fired their advisors due to their advisor’s failure to communicate on a timely basis.

The best advisors put their communication strategy at the very heart of their business – and so should you. Not only should you build in time to communicate with clients – but take time to develop your soft skills so that you communicate effectively.

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