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

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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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By Bill Bachrach CSP

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

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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Financial advisors who want to prepare for the massive industry changes, have to start by changing their mindset. Financial advisors are struggling to understand some of regulatory, technology, pricing and consumer changes in the industry. But the real change they must embrace is the product has changed. It is no longer about getting paid to sell mutual funds, life insurance or any related products. The product has changed to planning, advice and servicing clients to help them reach their goals. What products do you sell?

Future ready and fee ready advisorsThe advisors who have shifted their mindset to getting paid for advice and servicing their clients have prepared their business for the future. They have delivered 100% transparency on ...

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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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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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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...

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