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Grant Hicks, CIM

You won't find this idea in a book, even though I wrote the second edition of " Guerrilla Marketing For Financial Advisors" Innovating Financial professionals through practice management. Morgan James Publishing New York. You won't find this idea at a seminar, course or workshop. You cannot get this from top advisors, executives or even the best branch manager in the industry.

Not even online or any website. In fact, you won't get this information from top financial advisor performers, but you will find the idea where you work. It will change the way you think. It will change your business strategies. It will make you take a close look at what you're doing right and what you need to improve on. The idea will help you grow,...

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Written by Wealth Professional magazine

To see the full article click here https://www.wealthprofessional.ca/news/emerging-markets/the-key-to-scaling-your-advisory-business-241937.aspx

The successful advisors of the past will not be heading the field in the future, according to a leading practice management consultant.

Grant Hicks, president and national director of Calgary-based Practice Management, will address the theme of “Taking Your Business to the Next Level” at the Wealth Professional Leadership and Tech Summit on May 30 at the Westin Harbour Castle in Toronto.

Hicks will talk about how advisors can scale their business effectively while continuing to manage existing clients. He believes clarity around this process is vit...

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By Bill Bachrach CSP www.billbachrach.com

I love the modern world. I love the computer, transportation, TiVo, and my iPhone.

Perhaps one of the reasons technology is so quickly embraced by us human beings is because we struggle to delay gratification. We spend more than we earn to live a lifestyle we can’t really afford, we get duped into believing we can get rich quick and without risk, we waste billions of dollars a year on fad diets that promise weight loss without effort, and we do the same with fitness equipment and programs that promise to make us fast and strong without breaking a sweat. Most of us joined the Financial Services industry, in part, for the unlimited income and total time freedom.

The “app” is the ulti...

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With revenue being squeezed by compliance and technology, financial advisors are trying to find ways to increase their revenue and continue to give value-added service to their best clients. When revenue flatlines or starts to shrink, so does the spending on technology and processes. This is a short-term recipe for disaster and frustration, and leaves advisors with tough decisions for their future: sell out if they can, merge with another practice if possible, or invest into systems and processes that can build scale and service their high net worth clients.

New compliance processesHow many times have you had to update your processes with new regulatory changes in the past couple of years? With new regulations being written on a regular b...

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By Bill Bachrach CSP www.billbachrach.com

My personal trainer, Rico, is also a drummer. He told me a story about being invited to play with a group of musicians who were more talented than he was. Being a little nervous to play with these musicians, he made the mistake a drummer can’t afford to make: He followed instead of led. Shortly into their first song, the lead guitar player stopped playing and waved off the other musicians, who stopped also. Then he turned to Rico sitting behind his drum set and yelled, “Hey, Rico, you’re the drummer! You’re supposed to be driving this train, not riding it!"



What about you? When it comes to your client relationships, are you riding the train or are you driving it? When deal...

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Why would financial advisors offer more? More value, more services, more advice? This will take time, effort and will cost more. After all, they are happy with me and appreciate what we do. Why would you want to do more?

Who is your competition?In today's competitive environment, can you confidently make that argument with your top 25 clients? Do you do annual feedback and total transparency with your ideal clients? Unless you do feedback on an annual basis, is your business at risk? I know that 85% of advisors don’t do feedback ( Business Health Pty Ltd. Key Value Drivers USA 2016 www.businesshealth.com.au ) so if your one of the 15% who do it annually, congratulations. If you also do total transparency, in other words, show the to...

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By Bill Bachrach CSP www.billbachrach.com

Long distance cycling has delivered many lessons that have contributed to me helping FAs run better businesses and live better lives.

An obvious fact about riding a bike is that it’s easier to ride with a tailwind. The problem with this, of course, is that you don’t get better, stronger, or faster riding with a tailwind. That usually comes by riding uphill or into a headwind or both. Where’s the fun in that, right? Don’t worry, this is not another “no-pain, no-gain” lecture! Instead, here are 3 things you can do to make your own tailwind. Each is guaranteed to contribute to your success and happiness in business and in life. When the real world is not giving you ...

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Financial advisors who want to prepare for the massive industry changes, have to start by changing their mindset. Financial advisors are struggling to understand some of regulatory, technology, pricing and consumer changes in the industry. But the real change they must embrace is the product has changed. It is no longer about getting paid to sell mutual funds, life insurance or any related products. The product has changed to planning, advice and servicing clients to help them reach their goals. What products do you sell?

Future ready and fee ready advisorsThe advisors who have shifted their mindset to getting paid for advice and servicing their clients have prepared their business for the future. They have delivered 100% transparency on ...

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In real estate, it is location, location, location. In practice management, it is process, process, process. What is your review process and how can you enhance your client’s experience at your meetings? What words do you use on your agenda’s? Creating agendas are what top financial professionals use to enhance their client experience to ensure that all areas of your client’s financial plan are covered and discuss hidden areas that may have been forgotten, such as estate planning, tax planning, wealth management or other investment planning ideas. By adding these three keywords will help your practice implement key practice management processes into your business. The three keywords are 1. Communication 2. Feedback and ...

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Cash, Prepaid visa card or free months for favorable introductions to financial professionals
What is better, a referral or favorable introduction? While referrals are powerful, favorable introductions can be extremely valuable, as people are willing to introduce you to someone they should talk with, and get valuable insights, not necessarily do business with.

What sounds better?

There is a difference between a referral ( someone to do business with) and a favorable introduction ( someone you should meet, regardless if you are looking for that service)“I have a really good coach who you should work with to help you grow your business” is an example of a referral talk, or “I have someone I would like to introduce to you tha...

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