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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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With revenue being squeezed by compliance and technology, financial advisors are trying to find ways to increase their revenue and continue to give value-added service to their best clients. When revenue flatlines or starts to shrink, so does the spending on technology and processes. This is a short-term recipe for disaster and frustration, and leaves advisors with tough decisions for their future: sell out if they can, merge with another practice if possible, or invest into systems and processes that can build scale and service their high net worth clients.

New compliance processesHow many times have you had to update your processes with new regulatory changes in the past couple of years? With new regulations being written on a regular b...

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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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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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By Bill Bachrach CSP www.billbachrach.com

There are 2 relationship bridges to cross with most of your clients that you may not even realize exist. On this side of the first bridge you have clients who like and trust you enough to do some of their business with you. This may be quite a bit of business generating good money to serve these clients. On the other side of the bridge, however, is a relationship with those same clients where they trust you so much that they give you all of their business. In other words, they consolidate all of their assets with you and take action on all of your advice about everything they need to do to achieve their financial goals. That could be increasing their insurance coverage, buying an annuity, doing t...

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Guest Contributer: Bill Bachrach, CSP, CPAE

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Perhaps one of the most ineffective ideas perpetuated in our industry is the “elevator pitch.”

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Unless you want to grow your business, don’t do feedback. Challenge: How do I create a formal feedback process and why?Opportunity: Advisors who have a formal feedback process typically earn more than 10-50% more than advisors who don’t have a client feedback processAccording 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 USA* 85% of advisors do not have a formal feedback process. Are you kidding me? This leads me to two questions, why and why...

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How do I acquire more ideal clients starting today? What is a simple way to implement immediately to grow my business? What is the best process to find them? Monday morning when you go to your calendar and you don’t see a lot of potential new ideal clients, what do you do? I would start by setting up appointments with some of your ideal clients, either for a progress update meeting or for a coffee. The goal here is to help people in other areas of their lives and become the quarterback, and meet new centers of influence. How many centers of influence give you referrals? Would you like more? In your progress update meetings, ask your clients about their team, which I call the magic six. The six are 1. Accountant 2. Lawyer 3 realtor ...

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