/ by Don Connelly / Long-term Care, Prospecting / 0 comments
This isn’t hyperbole. Right now, Financial Advisors are standing on the brink of the largest prospecting wave in years, one fueled not by market mania or flashy fintech, but by a quieter, smarter shift in product design and client demand. What was once a cliff too steep to climb has become a gentle slope, one with huge rewards at the top. That wave is long-term care protection.
To give you an idea: People with less than $100,000 in investable assets will rely on Medicaid for long-term care, a government-assisted medical plan for individuals in need. Those with over $3,000,000 are able to self-fund. That leaves 110 million people in the middle with too much to rely on Medicaid and too little to self-fund. Maybe 5% have purchased an LTC plan. The rest are facing possible financial ruin if they need long-term care. This is a huge prospecting opportunity for Advisors.
If you’re ready to reimagine your outreach, deepen client trust, and grow your business significantly, this is your moment.
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A Quiet Revolution Is Creating the Biggest Prospecting Opportunity for Financial Advisors in Years
/ by Don Connelly / Long-term Care, Prospecting / 0 comments
This isn’t hyperbole. Right now, Financial Advisors are standing on the brink of the largest prospecting wave in years, one fueled not by market mania or flashy fintech, but by a quieter, smarter shift in product design and client demand. What was once a cliff too steep to climb has become a gentle slope, one with huge rewards at the top. That wave is long-term care protection.
To give you an idea: People with less than $100,000 in investable assets will rely on Medicaid for long-term care, a government-assisted medical plan for individuals in need. Those with over $3,000,000 are able to self-fund. That leaves 110 million people in the middle with too much to rely on Medicaid and too little to self-fund. Maybe 5% have purchased an LTC plan. The rest are facing possible financial ruin if they need long-term care. This is a huge prospecting opportunity for Advisors.
If you’re ready to reimagine your outreach, deepen client trust, and grow your business significantly, this is your moment.
Read more
5 Essential Things New Financial Advisors Must Know to Be Successful
/ by Don Connelly / Best Practices / 0 comments
There’s never been a better time to be in the financial advisory business. And if you’re new to the industry, the opportunity is limitless—if you’re adequately prepared. But if you aren’t, the journey can be a long, slow, uphill slog with a minimal chance of success.
Too harsh? Not at all. It’s a fair warning to anyone who gets into this business with little or no understanding of what it is about and what it takes to succeed.
Historically, the advisory business has attracted young people enamored by numbers, analysis, and their application in the investment world. And most are motivated by the desire to help people achieve financial security. Here’s the deal, though—you can’t help people if they don’t trust you. You can’t build a practice if you can’t convince people to follow your advice. You can’t stay in business if you don’t prospect, and prospects won’t gravitate toward you if you don’t stand out.
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The Halo of Ringlets
/ by Don Connelly / Marketing Yourself, Storytelling, analogies and power phrases / 0 comments
I hope by now you’ve done a business plan. A business plan is how you’re going to hit your goals. You’re driving from Bangor, Maine to San Diego, you’re going to pass mile markers along the way. Those are your goals.
Inside your business plan has to be your marketing plan. It’s not enough to go in the morning and hunt, kill and eat.
Listen to this audio podcast or read the transcript below to hear the ‘halo of ringlets’ analogy and an idea on narrowing down and attracting your target market or markets.
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6 Reasons Why You Should Specialize in The Kind of Financial Advice You Give
/ by Don Connelly / Best Practices / 0 comments
In previous posts we’ve discussed the importance of identifying your ideal client in terms of their attributes – be it occupation, geographical location, etc. But if you are to stand out in a crowded market you also need to pinpoint exactly what you can offer your clients in terms of services.
As part of your marketing strategy aim to narrow down to the field or specialty you’re best suited to offer. Don’t try to be ‘jack of all trades’ by offering to provide advice on estate planning and taxation, and everything in-between. If you do, you’ll end up ‘master of none’.
People need to know you are the expert in your field, otherwise you won’t become highly referable. Here’s why you should specialize in the kind of financial advice you give.
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