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You won't find this idea in a book course or workshop. You won't find this idea at a seminar.

Not even at a course or the Internet. In fact, you won't get this information from top performers, but you will find the best idea ever in your own practice with your own clients. It will change the way you think. It will change your business strategies. It will make you take a close look at what you are doing right and what you need to improve on.
This BEST PRACTICE idea will help you grow, develop and build your practice to heights you thought weren't possible. It will make you understand your business better, even more than hiring a consultant. This one idea may change your business in 2019 and beyond.

If I was asked to give only one idea to bui...

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In real estate, it is location, location, location. In practice management, it is process, process, process. What is your process for ideal clients in a progress update meeting? How can you enhance your client’s experience at your meetings? What keywords do you use on your agenda’s? Instead of the word reviews, use a progress update.

Create an agenda with time blocks

Creating agendas are what top financial professionals use to enhance their client experience to ensure that all areas of your client’s comprehensive financial and investment plan are covered and discussed. Do you add to the agenda hidden areas that may have been forgotten, such as estate planning, tax planning, wealth management or other investment planning i...

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As the late Jim Rohn once said” We’re affected by whatever we know or don’t know. Here’s a good phrase to jot down: Ignorance is not bliss. Ignorance is tragedy. Ignorance is devastation. Ignorance creates lack. Ignorance creates disease. Ignorance will shorten your life and leave you with the husks, nothing to account for. No, ignorance is not bliss.” www.jimrohn.com

What are clients ignorant of?

Coaching top financial advisors on a daily basis, we all know that there is a tremendous amount of change in the financial industry. But paying attention to the changes is important. As Albert Einstein said,” the only knowledge is experience”. If you have not experienced the changes then how could you p...

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Do investors understand the total cost of investing and advice? The problem with ideal prospects is that they tell you" they are good" meaning they are happy with their advisor. But you know they are not getting the level of service they deserve. You know they are not getting comprehensive planning, and they are definitely not getting all of the services that a comprehensive planning and wealth management firm provides. But here is the problem. You know it and they don't.

Offer a fee audit on a prospects portfolio and financial plans

How can you let them know what they are not getting, but think they are paying for. Do a fee audit, to show them what they are paying, and more importantly, getting and not getting. Honestly, how do you feel w...

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Favorable introductions are easier than referrals. After 30 years in the financial industry in various roles including being a financial advisor, National Director of Practice Management and financial advisor coach, I truly believe that favorable introductions are easier for financial advisor clients than referrals. Let me explain. When I was growing my financial advisory practice, I was looking for more ideal clients, wealthy individuals who needed complex planning and advice to help them reach all of their goals. The financial industry and all top advisors said, grow your business by referrals only. But, I did not buy it, there must be more to it than sitting at your desk waiting for people to call you because they told a friend how wo...

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What is on your third screen? I use three screens to accomplish my work. Two for work tasks and the third screen to focus on the most important people that I work with, and would like to work with. Let me explain. As a financial advisor, what is your daily and weekly focus? How much will you grow your financial advisor practice this year? Five percent, ten percent, twenty percent or more? When you look at how much you want to grow as a financial professional, you look at your revenue. When you look at acquiring new ideal clients you look at the number of new clients you can acquire. There is a big disconnect on how we think we will grow and what actually happens. Change your thinking. What if it only takes one or two or three clients to ...

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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?

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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...

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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.

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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...

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