say it so it makes a difference Archives - Don Connelly & Associates

5 Effective Ways Financial Advisors Can Educate Clients

/ by Don Connelly / Managing the Relationship / 0 comments

Even though overeducating your clients can intimidate or overwhelm them into analysis paralysis or lost trust, still, one of your critical roles as a financial advisor is empowering your clients to make informed decisions.

Financial advisors who prioritize client education foster trust and instill confidence in their clients. The more trust and confidence your clients have in you and your advice, the more enduring the advisory relationship will be. But you must walk the fine line between overeducating your clients and empowering them with the right amount and type of financial literacy.

Here are five of the most effective ways financial advisors can educate their clients:

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.

7 Common Mistakes Financial Advisors Make that Repel Clients

/ by Don Connelly / Best Practices / 0 comments

To be successful, financial advisors must work tirelessly to master their craft while putting in countless hours to build their business. Some have an easier time of it than others because they avoid the many missteps that can drive prospects and clients away. Even the most well-intentioned advisors can sometimes engage in behaviors that unintentionally repel potential and existing clients, creating an enduring uphill battle to grow their practice.

You spend a lot of time and resources to gain a foothold in this business. But if you’re not aware of the crucial mistakes many advisors make in trying to build relationships, you are less likely to avoid them yourself, making your job much more difficult—maybe even impossible. Here are seven common missteps many advisors make that you must avoid to have any chance of success.

How Financial Advisors Can Be the Leader Their Clients Want

/ by Don Connelly / Best Practices / 0 comments

In today’s complex financial landscape, being knowledgeable and able to connect with people is not enough. Clients expect more from you as their financial advisor. They expect you to lead them to financial security. Individuals seek financial advice because they lack the knowledge and expertise to navigate their financial futures effectively. But they are not inclined to follow just any advisor—only those who can unequivocally inspire trust and confidence. Why bother with anyone else?

Advisors must work each day to demonstrate leadership qualities that inspire trust, confidence, and informed decision-making. Here are the critical areas advisors should focus on to become leaders in the eyes of their clients:

‘Why Should I Do Business with You’: Crafting a Compelling Response to a Prospect’s Critical Question

/ by Don Connelly / Marketing Yourself / 0 comments

For every financial advisor, the question, “Why should I do business with you?” hangs heavy in the air during initial consultations, whether spoken or not. It’s a pivotal moment, a crossroads where trust and value must intersect to convince the potential client to take the next step. While tempting to launch into a self-promotional monologue, a nuanced, client-centric approach is critical to unlocking that coveted “yes.”

It’s crucial to understand that a prepared, cookie-cutter approach, such as reciting your value proposition, won’t work. Every prospect is unique, so it’s essential to adapt your approach based on their specific circumstances and needs using the following framework:

Twelve Quick Suggestions for Building a Better Business

/ by Don Connelly / Best Practices / 0 comments

Allow me to give you 12 suggestions – things I’ve learned over the years. Watch this video episode or read the transcript below to learn these 12 ways to build a better business.

How to Regain the Trust of a Client After a Disagreement

/ by Don Connelly / Managing the Relationship / 0 comments

Can you think of any relationship that has never experienced conflict—where two people with the best of intentions fail to see eye to eye on an issue? Such is the nature of relationships, even where there is a track record of trust. You expect it in a marriage and even among colleagues—so why not between a financial advisor and their client?

It happens more than you might think. Financial advisors are wired to be analytical, while clients are often driven by emotion, which sets the stage for many “reality vs. perception” standoffs.

Addressing Communication Breakdowns: 5 Common Communication Challenges Financial Advisors Face Today

/ by Don Connelly / Managing the Relationship / 0 comments

We spend a lot of time and space here harping on the importance of client communications because, more than anything else you do in this business, it can make or break you.

We’ve discussed that 72% of clients who fire their financial advisors do so due to poor communication. We’ve pointed out studies that show clients value solid communications the most in an advisory relationship, yet many feel they’re not receiving it.

We’ve also outlined the reasons why it’s critical to build a systematic communications structure designed to keep your clients engaged, cultivate loyalty, and instill confidence in your advice and then provided a framework for building it.

Above all, we’ve stressed the importance of continuously working on your communication and requisite soft skills for building trust and solidifying your relationship.

However, all that will do you little good if you don’t recognize the communication challenges you face on a daily basis, especially the communication breakdowns that lead to conflicts, such as miscommunications, misunderstandings, and a lack of clarity.

Here are five of the most common communication challenges financial advisors must recognize and overcome to build and maintain solid client relationships:

How Newer Financial Advisors Can Build a Solid Client Base

/ by Don Connelly / Prospecting / 0 comments

There’s never been a better time to build a financial advisory practice. More people than ever are clamoring for quality, objective financial advice to guide critical life decisions. It’s also a very challenging time for newer financial advisors as the competition for quality prospects is fierce.

However, unlike fledgling financial advisors of yesteryear who worked with little more than a reverse phone directory to find clients, advisors building a practice today have the advantage of years of hindsight along with some cool technology to get them over the proverbial hump.

Rather than applying a dated “all of the above” approach to prospecting that included endless cold calls, direct mail, and even blast emails, newer financial advisors can systematically and incrementally build a solid client base using a proven marketing and sales framework fit for the digital age.

Building Resiliency Through Successful Calling Habits

/ by Don Connelly / Prospecting / 0 comments

I think it’s safe to say that most financial advisors don’t like making prospecting calls. Many even detest it. At best, it’s a necessary evil.

However, some advisors not only welcome the challenge of call prospecting, but they also thrive on it. One advisor I know considers each phone call he makes as the potential to uncover riches like scratching off lottery tickets. He said, “I could win the lottery at any minute, and if I scratch off enough tickets, believe me, I will win the lottery.”

That’s one way to stay motivated. But there is an element of truth to it. Ambitious advisors will do whatever it takes to build a resilient mindset, which is critical to success in any endeavor. They’re not afraid to risk rejection because they know it will lead to wins, and that’s what they live for. However, for resilience to be sustained, it must be built on solid habits that eliminate the overthinking that leads to call reluctance.

Here are the essential calling habits—several of which occur before the call—you must develop to grow your businesses successfully:

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