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Financial advisors who segment their clients earn 33% more than advisors who do not segment. A key practice management metric is segmented clients. However, segmenting the right way will show you where your revenue is coming from. Don't make the mistake of building more than 2 segments. Ideal clients and non- ideal clients.

I don't have time to segment

Financial advisors who are successful at attracting ideal clients are faced with one challenge. The challenge is segmenting your clients. If you are growing, then segmenting your ideal and non-ideal clients is an annual process if you are growing at 15% or more per year. Why do you segment? Segmenting is a tremendous opportunity to grow your practice. Segmenting will help you focus your t...

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You are sitting on a dock in a comfy Adirondack chair on a hot day, with a glass of lemonade filled to the brim with ice cubes. You decide to pick up a good book. You can’t get into a new mystery novel for some reason so you turn to your business books. You are a student of the industry, a lifelong learner, and you have a library of good books. Before you sit down into that comfy chair on a hot day, consider picking up one of these books. I chose them based on practice management topics for financial advisors and wealth managers focusing on productivity and capacity. I start with my newest book on practice management. If you would like a free preview of my book click here https://freebookpreview.getresponsepages.com/

1. Guerrilla Ma...

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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...

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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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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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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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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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The client's perception is your reality. Think of a service experience you were impressed with recently. It may have been in a restaurant, shop or in your business. Think about what 'it' was that impressed you. What was 'it' that will make you stay and/or come back as a client? They probably completed some form of feedback to capture your experience

How do I create a formal feedback process and why?

According to The FPA Financial Planning Association in the United States (Source USA FPA Research and Practice Institute study - Future of Practice Management -December 2013 ) 85% of advisors do not have a formal feedback process. Similar research by Business Health Australia (Source Business Health Pty Ltd. 2013 US Advisors Key Value Drivers U...

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By Bill Bachrach CSP www.billbachrach.com

The theme of this issue of FA Magazine is Impact Investing. According to Investopedia, impact investing is investing that aims to generate specific beneficial social or environmental effects in addition to financial gain.

The purpose of this column is to look beyond impact investing to impact advising. Since I just coined the term “impact advising” for this article, I suppose it would help you to know how I define it. Impact Advising is financial advice that aims to generate deep psychological and emotional fulfillment for clients, in addition to financial goal achievement.

The natural tendency of many FAs is to explain, or over-explain, their processes rather than focusing on client out...

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