Why You Should Create a Story-Benefit Matrix

Why You Should Create a Story-Benefit Matrix

Recently, in my post ”Never Underestimate the Power of a Good ‘Who I Am’ Story,” I mentioned the concept of building a good “story-benefit” matrix. I wanted to take a little time and drill down that concept.

Many salespeople are familiar with the concept of a features-benefit matrix – a handy little cheat-sheet that helps sales and marketing people translate product features into benefits for the customer.

Here’s how a features-benefit matrix works in a nutshell.

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4 Reasons Financial Advisors Should Invest in Education and Self-Development Early On

Why Advisors Should Invest in Education and Self-Development Early On

“If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest.”

— Benjamin Franklin

Warren Buffett is perhaps the most successful investor there ever was. Not from just one or two big hits, but from a long string of investment successes over more than six decades. But he didn’t get where he is now without studying very hard at Wharton, then at Columbia, where he studied with the legendary Benjamin Graham.

Further, like a Roth IRA, self-development pays off the most when you do it aggressively early in life. The benefits of learning and knowledge compound over time (as long as you keep learning).

Here are four reasons why you should start investing in education and self-development as early in your Financial Advisor career as you can.

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How Much Do Financial Advisors Make?

How Much Do Financial Advisors Make

The simple answer is easy: According to the Bureau of Labor Statistics, personal financial advisors, on average, made $121,770 in 2018. Translated into an hourly figure, the typical financial advisor made $58.54 per hour, assuming a 40-hour work week.

That’s a mean average, though, which is skewed significantly higher by a few highly successful advisors at the top of the profession. The median average is much lower: $88,890 per year in 2018, or – again assuming a 40-hour work week — $42.73 per hour. “Median” means half the advisors surveyed earned more than that figure, in that year, and half of them made less.

The lowest 10% nationwide made $41,590, or $19.99 per hour – assuming a 40-hour work week. The top quartile of the profession earned $157,710.

But few of them became that successful by working a mere 40-hour work week in their early years!

Here are a few factors to consider to maximize your earning potential.

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5 Risks You Run If You Grow Your Practice Too Fast

5 Risks You Run If You Grow Your Practice Too Fast

It’s natural to strive to grow your business, but too rapid a growth can bring with it a host of problems. By taking on too many clients and ‘running before you can walk’ you might damage your practice in the long run.

“The fuel of persistence is patience, the ability to tolerate delays while persisting.”

Elite advisors all share an important trait – that of patience. It doesn’t matter how good you are at your job. If you don’t see that success requires time and effort, you will remain at a mediocre level.

Here are five consequences of attempting to grow your practice too fast.

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5 Dos of Developing Good Storytelling Skills

5 Dos of Developing Good Storytelling Skills

The ability to tell interesting stories is an essential skill for all advisors. Stories are an effective way of letting people get to know the real you, and they’re also useful when it comes to educating clients.

Few of us are born natural raconteurs – but if you commit to developing your skills and practising them regularly, over time you can become a great storyteller.

Here are 5 best practices when it comes to developing good storytelling skills.

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5 Rules for Effective Communication with Prospects and Clients

5 Rules for Effective Communication with Prospects and Clients

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.

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You Don’t Need to Be Better – You Need to Be Different

As Steve Jobs said, ‘Don’t do something better, do it different’. Facebook wasn’t necessarily ‘better’ than Myspace, it was different. Netflix wasn’t ‘better’ than any other movie-rental system – it was different. Make yourself authentic and you will succeed. Find out what it is that differentiates you from the competition and communicate it to prospects and clients.

Concentrate on developing superb soft skills and you will stand out in a crowded marketplace without trying to be ‘better’ than anyone else.

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How Do Clients Choose a Financial Advisor?

How Do Clients Choose a Financial Advisor?

If you don’t know what’s going on in a client’s mind when they’re choosing a financial advisor, you won’t be able to present yourself in a way that meets their needs. And you won’t get selected.

So let’s take a look at some of the things likely to be on a client’s mind when they’re looking for an advisor…

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