BLOG

When was the last time a client or prospect walked into your office and asked for an estate plan? The reason why people don’t ask for one is that they need a deeper clarity around their specific goals for their estate. Instead, ask this question. “Did you know about our beneficiary audit service? “The typical answer is no, what is that about. “Would it be valuable to do a beneficiary audit, to summarize on one page all your beneficiaries and the benefits they will receive, and make sure all beneficiaries are correct and coordinated with your will? If we could summarize this information on one page, would that be valuable to you?

temp-post-image
Read more

By: Bill Bachrach www.billbachrach.com

There are critical conversations necessary to engage people in ways that predictably turn leads into prospects, prospects into clients, clients into people who take action on your advice, happily pay you for planning and advice, and refer you to their friends, family, and colleagues.

These conversations are easy to understand but hard to master. Many FAs have a basic level of ability with these conversations, but this article is about elevating from basic ability to virtuoso skillfulness. Consider what could happen to the quality of your client service and the value of your business when you can artfully engage anyone, any time, and anywhere.

Critical Conversation #1: Mastery of the first conversation.

E...

Read more

If you want clients to trust you, hire you, move all their money to you, implement the advice from your planning process, keep working with you in any market or economic conditions, and introduce you to everyone they know... you need to have strong communication skills.

temp-post-image
Read more

In the wealth management world, I truly believe that most wealthy high net worth clients are living in a one-dimensional world with their financial advisor and wealth manager. What I mean by a one-dimensional world versus two and three dimensional is that advisors have clients convinced it is all about the performance of their portfolio. They do a great job managing their portfolio and the market keeps going up for years, so that is what the clients believe is the value and that is what advisors believe is the value. They don’t know what a two and three-dimensional world is.

What is a three-dimensional advisor?

The first dimension is products ( insurance) and performance. The second dimension is comprehensive planning and advice coor...

Read more

If you want clients to trust you, hire you, move all their money to you, implement the advice from your planning process, keep working with you in any market or economic conditions, and introduce you to everyone they know... you need to have strong communication skills.

Words matter a lot. What you say, how you say it, and when you say it can make all the difference in the world to your success or failure.

If you’d like to discover exactly what to say and what NOT to say in order to attract and retain the clients you really want, you’re invited to attend a free webinar training with Bill Bachrach on January 24 at 11:00am PT / 2:00pm ET.

When you learn to speak the language of trust you can create relationships where people trust...

Read more

What is the real reason why ideal prospects do not bring all of their key financial documents to a meeting with you? Because you have not positioned it properly in their minds. Positioning according to Wikipedia” refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitor”. Most financial advisors I ask how they position to prospects to bring all of their documents with them at the meeting, that the advisor has set up, is wrong. It is usually positioned to the advisor's benefit. The advisor positions it by saying something like “ bring in all of your financial documents so we can see where you are at and it will help me understand how we can hel...

Read more

Do your ideal clients know all the services that you offer? Imagine walking into a restaurant, and after getting seated, the host rips the menu in half and says” enjoy your meal”. Do you want the whole menu or just half of it? Your ideal clients, which are your best clients want the whole menu. They delegate everything to you and are “all in” when it comes to comprehensive planning and advice. The clients who only want to use part of your services are NEVER going to be your ideal clients, so stop hoping they become one someday.

Ideal clients delegate

Imagine having two doctors you trust that compete with one another, one doctor for the top half of my body and one doctor for the bottom half. Sounds crazy to most, yet...

Read more

Do you have too many non-ideal clients that take up a more than 50% of your time? Yet these clients represent less than 20% of your annual revenue? Take the test, do this simple time management exercise.

____ % percentage of time with ideal clients? Target 70% time and revenue
____ % Percentage of time with ideal prospects and opportunities? Target 20% time and revenue
____ % Percentage of time with non-ideal clients? Target less than 10% time and revenue

Do you even have a clear definition of what an ideal client is and the annual revenue they generate? Are you growing your practice at 17% or more each year, for the last 5 years? How about 2019? Will you grow by 17% or more?

How are you being on target for 2019?We know that Elite Financial T...

Read more

“In the struggle for survival, the fittest win out at the expense of their rivals because they succeed in adapting themselves best to their environment". ~ Charles Darwin

Charles Darwin would love financial advisors today. In October 1838 Charles Darwin thought of a way in which one species could change into another. He noticed that individual members of a species vary. Furthermore, all animals are competing to survive. If the environment changed in some way, say if a new, faster predator appeared then any herbivores that could run slightly faster than other members of its species would be more likely to survive and reproduce. Any herbivores that ran slightly slower than most would be more likely to be eaten. Slowly a new, faster h...

Read more

By: Bill Bachrach www.billbachrach.com

There are critical conversations necessary to engage people in ways that predictably turn leads into prospects, prospects into clients, clients into people who take action on your advice, happily pay you for planning and advice, and refer you to their friends, family, and colleagues.

These conversations are easy to understand but hard to master. Many FAs have a basic level of ability with these conversations, but this article is about elevating from basic ability to virtuoso skillfulness. Consider what could happen to the quality of your client service and the value of your business when you can artfully engage anyone, any time, and anywhere.

Critical Conversation #1: Mastery of the first conversation.

E...

Read more