/ by Don Connelly / Investing Wisdom / 0 comments
Everyone knows that cars go down in value. That’s just the way it is. No matter what you pay for a car, and no matter how carefully you look after it, it’s going to be worth a lot less than you paid for it. It’s never going to bounce back in value, but car owners are okay with that. They are pre-conditioned to the loss. However, clients don’t see their investments this way. They think investments are only supposed to go one way – up. When investments go down, clients feel they have lost money, even if they have not sold out. They will take a hard loss on a car and not bat an eye, yet they can’t stomach a paper loss in their portfolios.
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5 Costly Mistakes That Could Lose You Clients
/ by Don Connelly / Managing the Relationship / 0 comments
When a client takes you on, they’ve decided they’re comfortable getting into a long-term relationship with you – and that’s a huge compliment. If you want to retain them, you must work hard to maintain the integrity of that relationship over the long term.
Don’t make one of these errors, or you could end up in the firing line.
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Maintaining Meaningful Relationships Is Hard but Essential Work
/ by Don Connelly / Managing the Relationship / 0 comments
As a financial advisor you need a wide range of skills, not least the ability to prospect and win new business. However, another area of expertise – and one which is frequently overlooked – is the ability to maintain a meaningful ongoing relationship with your clients. Here are a few ways to do this.
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Teach Your Clients Not to Watch The Evening News
/ by Don Connelly / Investing Wisdom / 0 comments
In our increasingly information-driven society, it’s your job to teach clients not to believe all they hear. They need you most of all when they’re being bombarded with negative news about the markets. Being exposed to excessive information without anyone there to guide them could see your clients making bad decisions regarding their investments.
Here are a few ideas how to make sure your clients stick to the plan despite what the media say.
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Your Success Depends on The Strength of Your Client Relationships
/ by Don Connelly / Managing the Relationship / 0 comments
Client relationships are the cornerstone of your business. They must be strong enough to weather bad market conditions and to ensure clients stay invested for the long term.
Here are some things you should do to maintain a secure ongoing partnership with your clients, regardless of market conditions.
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New Advisors: Learning to Cope with These Five Things Will Help You Persevere
/ by Don Connelly / Best Practices / 0 comments
Outstanding advisors possess sustainability; they have the ability to overcome mental and emotional obstacles in a way that average advisors can’t. Simply passing the relevant exams won’t help you develop these coping skills – they don’t get taught in training. So, if you too want to reach the top of your profession, you’ll need to develop a tough mindset and overcome difficulties that others cannot.
Here are five things you’ll frequently encounter in your practice that you need to cope with to stay the course.
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The Greatest Challenge Any Client (and Therefore You) Will Ever Face
/ by Don Connelly / Investing Wisdom / 0 comments
Sticking with the plan despite tough market conditions is the greatest challenge both you and your clients will face. That sudden drop in cabin pressure when the markets fall is the acid test of your relationship building skills. If you aren’t prepared ahead of time, neither will your clients be.
Whether your clients will stay the distance depends on you.
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5 Reasons to Always Strive for Excellence
/ by Don Connelly / Best Practices / 0 comments
If you want to become an elite advisor, you need to strive for excellence in everything you do. And this requires an outstanding work ethic. Great advisors ply their trade until they become proficient. They understand that striving for excellence is an ongoing process; that there’s always room for self-improvement and it is excellence that will separate you from non-achievers. Here are some reasons to develop the habit of excellence.
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Be Prepared – Don’t Ever Run and Hide
/ by Don Connelly / Managing the Relationship / 0 comments
What do you do when the market takes a turn for the worst? Do you wait for the storm to pass and simply do nothing – or do you reach out to clients and reassure them things will get better? According to recent research carried out by Financial Advisor Magazine failure to communicate with clients on a timely basis is the number one reason advisors lose clients. The upshot is you need to be prepared to talk to clients both in the good times and the bad times.
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Put Investing in Terms That Clients Can Understand
/ by Don Connelly / Investing Wisdom / 0 comments
Everyone knows that cars go down in value. That’s just the way it is. No matter what you pay for a car, and no matter how carefully you look after it, it’s going to be worth a lot less than you paid for it. It’s never going to bounce back in value, but car owners are okay with that. They are pre-conditioned to the loss. However, clients don’t see their investments this way. They think investments are only supposed to go one way – up. When investments go down, clients feel they have lost money, even if they have not sold out. They will take a hard loss on a car and not bat an eye, yet they can’t stomach a paper loss in their portfolios.
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Lead by Example – Prepare Yourself so Your Clients Are Ready Too
/ by Don Connelly / Managing the Relationship / 0 comments
As an advisor, you need to prepare your clients for events that have not yet happened. You need to know in advance how you are going to manage your relationship with them when the markets take a downturn.
To step up to this challenge you need to practice your soft skills so that you inspire your clients with confidence in what you say. If they believe in you and think you are the ‘real deal’ they will go where you lead them.
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