Rising through the ranks
In pursuit of designations
Letting go of lesser clients
Final Words: Advisors share their insights
Five essential lessons from top advisors
February 5th, 2010
This month, my column in Investment Executive highlights important takeaways from ten successful advisor who spoke at the recent Top Advisor Summit.What was especially striking was how consistently these themes were repeated by advisors with disparate backgrounds and a broad range of firms.
Advisors looking to move through the current tough times could do far worse than focus on the five common messages that came out of the SummitLesson One: Deal with all of your clients’ financial issues
Many clients want and need more than investment advice alone and benefit from advisors who take a whole wealth approach.
Tags: Brother, Client Relationships, Concer, Cornerstone, Disparate Backgrounds, Investment Advice, Investment Executive, Market Turmoil, Negative Headlines, Peace Of Mind, Periods, Psychiatrist, Recurrent Theme, Referrals, Relationship, Speakers, Substantial Value, Summit, Takeaways, Tough Times
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Warren Buffett on the two keys to GUARANTEED investment success
February 5th, 2010
In his introduction to the Intelligent Investor, Warren Buffett wrote that it only takes two things to invest successfully – having a sound plan and sticking to it.
He further said that of those two, it’s the “sticking to it” part that investors struggle with the most.
These themes were tackled in two recent columns in the Globe and Mail Report on Business – these have received an excellent response from investors and may be helpful as something to send clients.
The first column offered advice from Benjamin Graham , the father of value investing and considered the single most influential investor of the past hundred years. Some key lessons from Graham:
Tags: Balance Sheets, Benjamin Graham, Cornerstones, Effects Of Emotion, Globe And Mail, Globe Mail, Hundred Years, Intelligent Investor, Intrinsic Value, Investment Success, Mail Report, Margin Of Safety, Profit Margins, Proponent, Report On Business, Sound Investments, Stock Market, Stock Price, Value Investing, Voting Machine, Warren Buffett
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Ten tips to be more likeable
February 5th, 2010
Ask advisors about what it takes to attract and retain clients and you’ll get answers like above average returns, preserving capital in tough markets and strong communication.
Those are all true – to these can be added delivering strong value and having clients trust your competence and integrity.
But there’s one other factor that’s often underestimated – and that’s likeability.
The importance of being likeable
I’ve heard clients say they’re a bit disappointed with recent returns or they haven’t heard from their advisor in the last while quite as much as they’d hoped – but they really like him or her and just don’t see themselves leaving.
Tags: Blog, Brisk Walk, Competence, Dumps, Exercise, Fresh Air, Integrity, Investors, Likeability, Likeable, Martin Seligman, Optimism, People, Positive Attitude, Positive Energy, Psychologist, Researcher, Sunshine, University Of Pennsylvania, Workout
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Gaining knowledge in the field
Getting established is hard work
Winning clients on the soccer field
Training programs help rookies
Universities should develop advisor education
Expert Evidence to Address Fears About Stocks
February 3rd, 2010
Even with the recovery in the last nine months of 2009, many clients are still anxious about owning stocks.
If you’re running into nervous clients, you might want to refer to a recent interview with Jeremy Siegel, the Wharton academic who’s the leading authority on long term asset class returns.
A link to the full interview is below. Among the key points Siegel makes:
- Stocks today are fairly valued based on current earnings – and over the next year will likely offer better returns than bonds and cash
- Why stocks are likely to be significantly higher by 2012
Tags: Asset Class, Bonds, Deficit Spending, Dividends, Earnings, Expert Evidence, Fears, Inflation, Jeremy Siegel, Last September, Last Ten Years, Leading Authority, Market Outlook, Nine Months, Stocks, Term Asset, Upenn, Valuation Levels, Video Interviews, Wharton
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A simple strategy to make change happen
February 3rd, 2010
This week I began a series of half day workshops addressing opportunities for advisors in the current investor mindset.In those workshops, I tackle the number one problem for most advisors attending training sessions – translating the ideas they get into action. I also outline some simple strategies to put new strategies in place – including the single most successful approach I’ve come across to make change happen.Note that there is seldom a problem getting enough good ideas – rather the typical issue relates to getting too many. As a result, advisors walk away filled with good intentions – but do nothing.
Tags: Calendar, Fashion, Focus, Good Intentions, Investor, Mindset, Momentum, Odds, Sessions, Typical Issue, Weekly Goals
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Marketing for Financial Advisors – Differentiate, Develop a niche and Thrive
February 3rd, 2010
An excellent interview is posted at the Knowledge@Wharton, with three Wharton School professors, who have recently penned a new book on Financial Advisor marketing, aptly titled, “Marketing for Financial Advisors : Build Your Business by Establishing Your Brand, Knowing Your Clients and Creating a Marketing Plan
Get it here from AmazonThe threesome of professors get into a detailed discussion of how to differentiate yourself from your peers, gain market share during market slumps, and lead unhappy clients away from other advisors.
Tags: Advis, Amazon, Difficult Times, Dissatisfied Clients, Economic Times, Eric T, Excerpt, Financial Advisors, Gain Market Share, Important Things, Kw, Marketing Plan, Niche, Niedermeier, Patti Williams, Peers, Practice Meetings, Prospects, School Professors, Slumps, Threesome, Unhappy Clients, Upenn, Wharton School
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The Art and Science of Building a Sustainable Financial Advisory Business
February 3rd, 2010
The following is based on one of Norm Trainor’s clients, Don Leitzell.
What does it take to build a sustainable financial advisory business? For Don Leitzell, it was the ability to combine the art and science of business building. Don started his financial services career in 1984. He became an independent financial advisor in 1987. Now twenty plus years later, his financial advisory firm, Diversified Asset Planners (DAP) has four partners and six planners in two offices 30 miles apart and assets under management (AUM) of approximately $400,000,000. There are three full-time and three part-time staff. The firm generates a multi-million dollar revenue stream.
Tags: Advisory Business, Art And Science, Assets Under Management, Aum, Business Building, Capable Team, Clear Vision, Financial Services Career, Income Producer, Independent Financial Advisor, Loyal Clients, Norm Trainor, Penn State University, Pennsylvania Native, Performance Marketing, Relationship Management, Revenue Stream, Staff Compensation, Success Factors, Time Staff
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Seven Tips to Gain Control of Your Day
February 3rd, 2010
Last fall, I began contributing to Horsesmouth, the top American website for advisors on practice management issues.
At the end of the year, I was delighted to have three of my articles appear in their Top Ten for 2009, including the number one article overall!
Here are the three articles that ranked in Horsesmouth’s top ten for last year.
#1 The end of prospecting as you know it http://www.strategicimperatives.ca/blog/?p=150
#5 10 tips for maximum motivation http://www.strategicimperatives.ca/blog/?p=129
#10 Tapping into today’s #1 client concern
http://www.clientinsights.ca/article/tapping-into-today-s-1-client-concern
Tags: Blog, Consulting Firm, Control, Daily Basis, Free Newsletter, Love, Lunch, Maximum, Motivation, Objective, Practice Management Issues, Productivity, Sanduski, Tapping, Time Block, Value Flexibility
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From One Generation to the Next
February 3rd, 2010
The following is based on one of Norm Trainor’s clients, Norm Carroll.
I first met Norm Carroll in May, 2002. I was launching our Practice Development Program sponsored by Great West Life. Norm was one of 32 President’s Council qualifiers who signed up for the program. In our initial interview, Norm explained that his primary motivation was to keep his production level in the top ten of the President’s Council. Like most top advisors, Norm is very competitive. However, maintaining a top ten position was becoming more difficult. Norm was the only producer in his office. The challenge of selling, managing staff and running his business was becoming overwhelming.
Tags: Complexities, Contributor, Covenant, Dining Room Table, Dining Table, Focus, Initial Interview, Led, Managing Staff, Motivation, Norm Trainor, Overwhelming Sense, Pride, Profitability, S Council, Succession
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Faceoff: Consolidated reporting
The Drive to Excel
January 27th, 2010
The following is based on one of Norm Trainor’s clients, John Nicola.
Tags: Capability, Cognitive Capacity, Complexity, Determinant, Dr Elliott, Elliott Jaques, Financial Advisory Firm, Financial Advisory Firms, John Nicola, Mantra, Norm Trainor, Organizational Effectiveness, Personal Accomplishment, Pinnacle, Relationship Skills, S Vision, Strata, Sustainable Business, Thinker, Wealth Management
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