BLOG

Do your ideal clients know all the services that you offer? Imagine walking into a restaurant, and after getting seated, the host rips the menu in half and says” enjoy your meal”. Do you want the whole menu or just half of it? Your ideal clients, which are your best clients want the whole menu. They delegate everything to you and are “all in” when it comes to comprehensive planning and advice. The clients who only want to use part of your services are NEVER going to be your ideal clients, so stop hoping they become one someday. Imagine having two doctors you trust that compete with one another, one doctor for the top half of my body and one doctor for the bottom half. Sounds crazy to most, yet so many advisors acc...

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

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

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...

Read more

By Bill Bachrach www.billbachrach.com

The experts on achieving goals say the first, and a very important step, to achieve a goal is deciding to. My hope is that this article points out some opportunities for you to make more money and serve your clients at a higher level and that you decide to do something about it.

The 5 ways FAs leave money on the table are:
1. Not charging a fee, or charging too small of a fee, for up-front planning and advice work.
2. Not consolidating your client’s assets.
3. Unimplemented advice.
4. Referrals.
5. Wasting time.

1. Not charging a fee, or charging too small of a fee, for up-front planning and advice work.

If I had a nickel for every time I’ve heard an FA say, “I do the planning for free in ...

Read more