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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 predato...

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I had the honor of speaking at a global financial conference called MDRT ( The Million Dollar Round Table https://www.mdrt.org/ ) with over 11,000 financial advisors from around the world attending their annual meeting and another 10,000 advisors attending their global meeting. I met advisors from all over the world. Learning from successful people from all corners of the planet was an incredible experience. Each person I spoke with had unique stories within their practice. Just listening to them, I could write another book. Learning where they were from, how they became successful in their country and what they did to get there was exhilarating. I tried to ask several people I met what was their big aha moment at the conference. Their ...

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How do you go from where you are now, to where you want to be? How can financial advisors generating $500k of income get to one million plus revenue? I will give you a hint. It’s not about time management. It is also not about products or services. It’s about your path to success, are you on it?

What is your path to success?
For financial advisors struggling to grow, they are on the path to frustration and as one advisor told me, chaotic. How can you go from $500k in revenue to over 1 million? What are the keys to your path to success? Let’s examine your current path?

Ideal clients definedDo you have a clear definition of what an ideal client is? How much revenue do you want to generate for every ideal client, family or ho...

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The number one thing advisors are looking for is clarity around their business for their future. They have a good sense of where they are going, but then face the challenge of achieving their goals because they seem to change, as the industry changes. With all of the regulatory, technology and product pricing changes, it is no wonder that advisors need a deeper sense of clarity around their future.

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How do you get more clarity?

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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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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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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 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-dimensional world is, which is performance and comprehensive advice.

Why do I believe most clients and advisors live in a one-dimensional world?

Being in the financial industry for 29 plus years, coachin...

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Nostradamus' name is synonymous with predicting the future. Nostradamus "believed that history repeats itself". According to Wikipedia “ Nostradamus,[a] was a French physician and reputed seer, who is best known for his book Les Propheties, a collection of 942 poetic poems allegedly predicting future events. The book was first published in 1555 and has rarely been out of print since his death. So what does that have to do with financial advisors? What does a future-ready financial advisor look like? Will history repeat itself in a world of change?

The four pillarsThe financial world is divided into four pillars. Insurance, banking, trust, and securities.The future needs all four pillars. It will re-evolve into financial advisors hav...

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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 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 ...

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Written by Wealth Professional magazine

To see the full article click here https://www.wealthprofessional.ca/news/emerging-markets/the-key-to-scaling-your-advisory-business-241937.aspx

The successful advisors of the past will not be heading the field in the future, according to a leading practice management consultant.

Grant Hicks, president and national director of Calgary-based Practice Management, will address the theme of “Taking Your Business to the Next Level” at the Wealth Professional Leadership and Tech Summit on May 30 at the Westin Harbour Castle in Toronto.

Hicks will talk about how advisors can scale their business effectively while continuing to manage existing clients. He believes clarity around this process is vit...

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