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“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...

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Top advisors manage their capacity by taking more time off. They have the systems and processes in place with their staff to service clients and manage expectations. They have the processes to deliver comprehensive services and do regular feedback to meet and exceed expectations. They are great at delegating and building processes such as client checklists, service checklists and follow up checklists to meet and exceed expectations and have a way of articulating their value that clients understand. They have practised it, over and over and use it consistently to service their ideal clients. They focus their time and energy on the things that bring value to their ideal clients and delegate the rest. Then they take more time off. Remember...

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Have you ever been to a meeting that took more time than necessary? How can you make your meetings more productive, while enhancing your client experience? How can you demonstrate value in your progress update meetings? In working with Business Health and their client survey tool, Ray Henderson of Business Health in Australia suggests that clients surveyed in several countries around the world by their financial advisor sometimes do not see value in the review process www.businesshealth.com.au Why is there a disconnect between what the advisor delivers and what the client sees as a valuable use of their time?

It starts with an agenda In my workshops with financial advisors, it all starts by having a solid agenda for your existing ideal ...

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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 ...

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Do you get valuable information that you need when meeting with an ideal prospect?


Financial advisors spend time getting a meeting with a potential ideal prospect, only to find the prospect is very reluctant to share information with them until they prove themselves. It puts the advisor on the hot seat to answer questions that the prospect has. Questions such as, “What can I expect when I work with you? What does it cost? How are you different from my current advisor?”


While these questions are important to a prospect and answered when speaking about your value promise, they don’t help an advisor determine if this is an ideal prospect.

The opposite approachThe client thinks that the advisor has to impress or prove themselv...

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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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Show them the “missing” beneficiary

When you do a beneficiary ...

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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?


Show them the “missing "beneficiary

When you do a beneficiary audit, people are u...

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After 29 years in the financial industry in various roles including an advisor, National Director of Practice Management and 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 wonderful you are. I was also taught many years ago to position referrals at every clie...

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In order to be a successful financial advisor, you need to be able to find and acquire the clients who are right for your practice, service those clients, and manage your business efficiently. That can be harder than it sounds, especially for new advisors or for those who have hit a plateau in their growth. This podcast provides strategies that are aimed at helping financial advisors manage their practices in a way that ensures they are prepared for the future.

Grant Hicks, CIM, is an author, coach, and speaker. Before he began coaching financial advisors, he had his own successful advisory practice. Now he runs his own financial coaching and consulting firm, Advisor Practice Management, and speaks at conferences and workshops for financi...

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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. 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 when you are paying for something and not getting it? For example, a comprehensive written plan in all seven areas including t...

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