Archive for the ‘My Practice’ Category
Deducting fees from a registered or cash account—why conventional wisdom may be wrong.
Tuesday, September 7th, 2010
By Marc Lamontagne, CFP, R.F.P, FMA
There are certain strategies that advisors take for granted. Maximize your RRSP, keep your bonds in an RRSP, equities in a cash account and, oh yes, if your custodian allows you to deduct a client’s (who has multiple accounts) fee from a single account, be sure to deduct it from the cash or non-registered account. Conventional wisdom is that this strategy allows more money to stay in registered accounts to compound on a tax-sheltered basis. But is the conventional wisdom always right?
Tags: 1m, Assets, Bonds, Cfp, Conventional Wisdom, Custodian, Estate Tax, Fma, Free Withdrawal, Leads, Minimum Withdrawal, Money, Notion, Oas Clawback, Portfolio, Retirement, Rrsp, Tax Purposes, Withdrawal Rate
Posted in My Practice | No Comments »
Retired Superheroes Keep Kicking
Tuesday, September 7th, 2010
At some point, the iconic superheroes of your childhood grow old, too. Sure, you wouldn’t necessarily expect to see Wonder Woman smoking like a chimney or Batman sporting silvery sprouts of chin hair from atop his motorized chair on wheels, but that’s life, right?
Actually, no it’s not. It’s funny cartoons featuring superheroes in their sunset years.
Advertisement
link and pics:// Artsy Time
Source: Urlesque.com
Originally posted 2010-02-24 11:19:36.
Tags: Batman, Chimney, Funny Cartoons, Sprouts, Sunset Years, Time Source, Wheels, Wonder Woman
Posted in My Practice | No Comments »
Client management advice from a golf pro
Tuesday, September 7th, 2010
Today features a guest column from Don Connelly, a veteran US consultant to financial advisors on sales and marketing. In this column, Don shares a conversation with a successful golf pro that provides important insights for advisors looking to maximize the enjoyment and satisfaction from the work they do.
To learn more about Don’s programs, go to www.campconnelly.com.
—
You are a Financial Services professional.
My friend Teddy is a golf professional. You and Teddy have a lot in common.
The similarities.
Tags: Advice Business, Bad Habits, Business Models, Client Management, Communicators, Consistent Stream, Don Connelly, Financial Advisors, Friend Teddy, Golf Professional, Golf Professionals, Good Golf Swing, Guest Column, Illustrious Clients, Management Advice, Referrals, Sales And Marketing, Sustainability, Swing Coach, Veteran
Posted in My Practice | No Comments »
Landing a $50-million Client
Tuesday, September 7th, 2010
As a result of my talks and articles, I often get approached by advisors for advice.
This was a recent email from an advisor in Montreal working for an independent firm.
“My partner and I have been talking with a big prospect ($50 million plus), have met a few times and have got to the point where we are close to possibly working together.
However, at our last meeting this prospect said the following:
“Look, your returns are matching my returns, and your level of service and the independence of your firm from the big banks is very similar to what I am currently getting from the four brokers and investment mangers I currently deal with.
Tags: 50 Million, Accountant, Advice, Banks, Competitive Advantage, Differentiator, Email, Independent Firm, Met, Montreal, Point Of Difference, Positive Sign, Prospective Client
Posted in My Practice | No Comments »
3 Ways to Earn Trust (Bachrach)
Saturday, August 28th, 2010
How do you become a Trusted Advisor? You start by earning people’s trust, which you can easily do by following these three steps: Communicate with conviction, ask better questions, and tell the hard truth.
1. Communicate with Conviction
Have you earned the right to expect people to follow your advice and respond to your authority? No one will give you that authority unless you first believe you deserve it. If you show up in the marketplace assuming that you’re not going to be trusted and people aren’t going to respond to your authority or advice, it becomes a self-fulfilling prophecy. The result is a collaborative environment where the client directs you instead of following your advice.
Tags: 3 Ways, Advice, Collaborative Environment, Conviction, Financial Advisors, Financial Decisions, Financial Experts, Heart, Many People, Marketplace, Money, Prospects, Self Fulfilling Prophecy, Three Steps, Trusted Advisor, Truth
Posted in My Practice | No Comments »
The Art and Science of Building a Sustainable Financial Advisory Business
Saturday, August 28th, 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
Posted in My Practice, Norm Trainor | No Comments »
Two Types of Financial Models
Saturday, August 28th, 2010
In working with top financial advisors I am often surprised that financial management is an issue. Recently, I was coaching a very successful advisor who did not know how his practice was doing financially. He runs his business on a “cash on cash basis. As long as he has enough money to pay the bills and maintain his lifestyle, he is content. We are working together because he wants to build a sustainable and saleable business. The starting point is a business plan that describes the growth strategy. Financial management is an important element of the plan. Financial advisors are entrepreneurs who have chosen to be in financial services.
Tags: Business Owner, Business Plan, Cash Basis, Cash Flow Statement, Financial Advisors, Financial Management, Financial Models, Gross Income, Growth Strategy, Income Statement Balance Sheet, Income Statement Balance Sheet Cash Flow, Liabilities, Net Income, Norm Trainor, Period Of Time, Point In Time, Pro Forma Financial Statements, Pro Forma Statements, Single Point, Snapshot, Statement Of Financial Position
Posted in My Practice, Norm Trainor | No Comments »
Tom Voccola: Timeless Wisdom- The Science of Getting Rich
Saturday, August 28th, 2010
According to Sally, the proprietor of “Just Stuff”, Pine Creek, Oregon has a population just shy of 50 residents.
I was amazed at the “stuff” she had accumulated since her first yard sale, some 28 years ago. I could have stayed a week and not seen everything.
Tags: 28 Years, Abundance, Bibles, Darkened Room, Good Stuff, Imagination, Light Beam, Old Books, Perfect Shape, Porcelain, Proprietor, Quality Leather, Ray Of Light, Rust, Sally, Timeless Wisdom, True Desires, Unethical Practices In Business, Voccola, Yard Sale
Posted in My Practice | No Comments »
Overcoming the Biggest Barrier to Attracting New Clients
Saturday, August 28th, 2010
In a recent column on US advisor website Horsesmouth, consultant Robert Middleton talked about the gulf between getting interest from prospects and following up with them.
Many advisors are successful at doing things to get an initial level of interest from prospective clients – and then fall down on how they follow up on that interest.
He refers to effective follow-up as the biggest gap most advisors encounter … and offers seven suggestions on closing the follow up gap.
Tags: Chamber Of Commerce, Encounter, Fades, Focus, Follow Ups, Gap, Horsesmouth, Information Abou, Initial Level, Lead, Maximum, Met, Networking Event, Prospective Clients, Prospects, Robert Middleton, Single Day, Suggestion, Time Script, Ups
Posted in My Practice | No Comments »
Four Lessons from the Barron’s Winner’s Circle Conference
Saturday, August 28th, 2010
For the past two years, I have been a regular contributor to Horsesmouth.com, the leading practice management website for U.S. financial advisors.
In late March, I read a column in Horsesmouth by Debra Taylor, a New Jersey financial advisor who wrote about four lessons from a conference in Palm Beach sponsored by Barron’s that she had recently attended.
While written almost six months ago, these four lessons are just as relevant today and I reprinted them with her permission.
Tags: 100 Women, Asset Class, Class Courts, Credit Risk, Debra Taylor, Financial Advisors, Horsesmouth, Inflation Protection, Investment Philosophies, Investment Recommendation, Management Website, Market Risk, Palm Beach, Practice Management Ideas, Risk Credit, Risk Market, Risk Opportunity, Roadblocks, Stress Test, Target
Posted in My Practice | No Comments »
How pension reform might affect advisor compensation—and what you can do about it.
Friday, August 27th, 2010
By Marc Lamontagne, CFP, R.F.P, FMA
Pension reform is still in the news these days, but a number of stories going back to last spring got me thinking about how a government-led shock could affect individual financial advisors and the way we do business.
Proposals under debate included very serious discussions on the introduction of a supplementary pension plan such as a defined benefit pension accessible to employees of small and mid-size companies and expanding Canada Pension Plan contributions, either on a voluntary or compulsory basis.
Tags: Adversity, Bear Market, Benefit Pension, Business Proposals, Canada Pension Plan, Canada Pension Plan Contributions, Cfp, Financial Advisors, Fma, Last Spring, Lump Sum, Mid Size Companies, Motivator, Pension Reform, Rrsp Contribution, Serious Discussions, Service Colleagues, Subsidization, Survey Participants, Survey Report
Posted in My Practice | No Comments »
Lessons from the County
Friday, August 27th, 2010
Nestled on the shores of Lake Ontario, Prince Edward County is one of Canada’s newest wine growing regions. Known as the “County” it is a beautiful region with gently rolling hills, abundant beaches and quaint villages and towns. My colleagues, Jim Harrison and Gary Furlong and their families have enjoyed summer holidays in Sandbanks Provincial Park. Jim and Gary have raved about the area for years.
Tags: Consumer Experience, Eco System, Experience Economy, Farming Region, Furlong, Hardie, Jim Harrison, Lake Ontario, Pinot Noirs, Prince Edward County, Quaint Villages, Quality Accommodation, Recreational Areas, Right Combination, Rolling Hills, Sandbanks Provincial Park, Summer Holidays, Wife Wendy, Wine Tasting, Wineries
Posted in My Practice, Norm Trainor | No Comments »
Advisors weigh in on debt
Friday, August 27th, 2010
Posted in Advisor.ca, My Practice | No Comments »
Responding to clients who drive you crazy
Tuesday, August 24th, 2010
We all have them … clients whose emotion gyrate with markets, who second guess decisions, who create grief and frustration among their advisors.
In the perfect world, we’d part company with all of these clients.
In the real world, short of cases where clients are outright abusive or completely erratic, that can be easier said than done.
Sometimes these clients bring substantial assets, on other occasions they’re connected to other clients that we value … and when you have bills to pay, it’s unrealistic to tell every client who we occasionally find tough to deal with to take their business elsewhere.
Tags: Authors, Control, Crazy Joe, Decisions, Emotion, Frustration, Grief, Guess, Interaction, Local University, Long Time, Occasions, Perfect World, Poll, Psychology, Real World, Relationship, Substantial Assets, Time Client
Posted in Dan Richards, My Practice | 5 Comments »
Five Words to Get Your Emails Opened
Tuesday, August 24th, 2010
The escalating volume of email across everyone’s computer means that fewer and fewer emails are being opened.
That’s true of clients, who presumably should be motivated to open emails and it’s even more true of prospective clients who don’t have the same level of motivation to open emails.
A key challenge is creating a sense of urgency around opening our emails – often clients plan to get back to them at the end of the day, then run out of time and it never happens.
Step one – The right frequency
Tags: Email, Emails, Market Recap, Meaningful Content, Motivation, People, Prospective Client, Prospective Clients, Risk, Sense Of Urgency, Subject Line, Those Five Words
Posted in Dan Richards, My Practice | No Comments »
Starring in a TV news series on retirement challenges
Tuesday, August 24th, 2010
Last November, I wrote a column titled “Tapping into today’s #1 client concern.”
The article discussed the skills and knowledge necessary to become a “go-to expert” on retirement planning - and then about how advisors could get the story out.
Shortly after the column appeared, I received an email with some questions from Andy Fass, a veteran advisor in Sacramento with RW Baird, a leading U.S. independent brokerage firm.
In March of this year, he sent me another email – pointing me to a five part series titled “Plugging the Retirement Gap“ that had appeared on the local NBC television affiliate in Sacramento, in which he’d been prominently featured.
Tags: Compliance Department, Credibility, Fass, Gap, Independent Brokerage Firm, Kcra 3, Kcra Channel 3, Last November, Nbc, Nbc Television, Open Invitation, Prospective Clients, Referral Sources, Retirement Planning, Rw Baird, Segments, Tag Line, Television Affiliate, Term Business, Tv News
Posted in Dan Richards, My Practice | No Comments »
The trailer fee compensation model is making inroads—And why that might be a bad thing.
Tuesday, August 24th, 2010
By Marc Lamontagne, CFP, R.F.P., FMA
Over the years there have been numerous debates about whether trailers should be considered a fee or a commission. Adding to the confusion are industry stalwarts (including yours truly) who have argued convincingly on both sides, but new research suggests we may be wasting our collective breath.
The results of the 2010 Advisor Survey Report by To Fee or Not To Fee (TFONTF) and co-sponsored by the CIFPs indicate that the trailer fee compensation model may be gaining traction in Canada.
Tags: 12 Months, Basis Points, Cfp, Collective Breath, Compensation Model, Confusion, Debates, Fma, Gaining Traction, Gross Earnings, Hand Basis, Industry Stalwarts, Inroads, Investment Commissions, Participants, Segment, Staple, Survey Report, Surveys, Trailers
Posted in My Practice | No Comments »
Tech every advisor needs – Part 1
Tuesday, August 24th, 2010
Posted in Advisor.ca, My Practice | No Comments »
Of horses and regulators
Thursday, August 19th, 2010
Tags: Horses, Regulators
Posted in Advisor.ca, My Practice | No Comments »
What Makes You Different?
Wednesday, August 18th, 2010
The following is based on one of Norm Trainor’s clients, Joel Goodhart.
I asked Joel, “What makes your advisory firm different?” He answered: “Experience”. Joel and his partners, Stuart Leibowitz and Dennis Freedman have 90+ years of experience. It was a good answer, but not the right one.
The right answer is rooted in the values that define how the partners approach their careers.
Tags: Advisory Firm, Affluent Societies, Born Teacher, Burning Desire, Choice Products, Cliff Notes Version, Due Diligence, Experience Economy, Financial Advisors, Financial Health, Freedman, Generous Man, Good Answer, Health And Wellbeing, Interest In Politics, Leibowitz, Norm Trainor, Peak Performer, Professional Approach, Symbiotic Relationship
Posted in My Practice, Norm Trainor | No Comments »
Updated Twice Daily - Click to Listen