BLOG

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...

Read more

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...

Read more

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 ...

Read more

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 ...

Read more

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...

Read more

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...

Read more

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...

Read more

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 approach


The client thinks that the advisor has to impress or prove themsel...

Read more

By Bill Bachrach CSP www.billbachrach.com

The theme of this issue of FA Magazine is Alternative Investing. According to Investopedia, an alternative asset is any non-traditional asset with potential economic value that would not be found in a standard investment portfolio.

This column uses alternative investing as a springboard to explore how alternative client conversations and advice can help distinguish your client value promise from your competitors to increase client loyalty and grow your business. What is alternative advice? Alternative Advice is advice outside of what is considered to be the traditional domain of financial planning or wealth management: tax, money management, estate planning, and insurance.

You will discover 3 aspect...

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 with each other 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...

Read more