practice management for financial advisors

Are You a Crossroads Advisor?

Sun, 22 Feb 2026 23:00:09 GMT

Are You a Crossroads Advisor?

You’ve built something real.

A million-dollar practice doesn’t happen by accident. It happens because you can prospect, convert, serve, retain, and inspire trust at a high level. You’ve earned the lifestyle: flexibility, income, status, and a calendar you largely control.

And yet… the same success that got you here may be quietly trapping you here. We have several clients who come to us because they are stuck.

If you’re hovering around ~$1M in production and growth has started to feel like pushing a boulder uphill, you may be a Crossroads Advisor: a high-performing professional who has reached the edge of their current business model. Not because you’re failing—because you’ve maxed out your personal capacity.

Here’s the punchline most advisors don’t see coming: Your next level doesn’t require more effort. It simply requires a new operating system.

A sixth gear you didn’t know you had—because you’ve never needed it.

The Crossroads Scorecard (quick self-check)

If you nod “yes” to 3 or more, you’re likely at the crossroads:

 You’re still the primary engine for revenue, service, decisions, and problem-solving.

 You feel “busy-successful” but not “scaling-successful.”

 Your dealer has tools, services, and tech… and you’re using a fraction of them.

 Delegation feels expensive, risky, or slower than doing it yourself.

 You’re proud of your practice—but it wouldn’t run smoothly without you for 30 days.

What follows is the path I see top advisors using to break the plateau—not just to grow, but to build a practice that gets lighter, stronger, and more valuable over the next five years.

1) Upgrade from “Hero” to “CEO”: Build a Team That Buys Back Your Time

At $1M, your calendar becomes your ceiling. The breakthrough move is to turn hours into capacity by installing role clarity, process ownership, and a service model that doesn’t require you to be in every room for every meeting.

Questions to think about

 What percentage of your week is spent on work only you can do?

 If you disappeared for two weeks, what would break first—and why?

What we at APM Might Ask You in a Session:

 “Let’s list your weekly activities and label them: $25/hr, $250/hr, $2,500/hr. Which ones are you still personally doing—and what’s the cost of that?”

 “What’s the first role that removes friction immediately: client service, operations, or associate advisor?”

Outcome / next-step example

 Create a Role-to-Results Map: 5 outcomes your practice must deliver weekly (service, paperwork, follow-ups, meetings, planning). Assign ownership. Then hire or restructure around outcomes, not tasks.

2) Stop Under-Leveraging Your Dealer: Treat It Like an Extension of Your Firm

Many crossroads advisors run a “boutique” inside a large platform—and unintentionally ignore the platform. The next-level advisor becomes a power user: tech stack, planning tools, model portfolios, lending and insurance support, onboarding services, marketing resources, and practice management support.

Questions to think about

 What dealer offerings are you paying for indirectly—but not using?

 Where are you rebuilding tools your dealer already provides?

What we at APM Might Ask You in a Session:

 “Show me your current client workflow. Where are you doing manual work that dealer systems could automate?”

 “Which two dealer specialists would change your client outcomes in 90 days—if you actually partnered with them?”

Outcome / next-step example

 Run a 30-Day Dealer Leverage Sprint: pick three dealer resources, integrate them into one client process (onboarding, reviews, planning, or implementation), and track time saved + client experience improvements.

3) Redesign the Client Mix: You Don’t Need More Clients—You Need the Right Ones

Plateaus often come from a silent leak: a client base that grew organically without a deliberate profile. The next level comes from tight segmentation and a service model aligned to value, complexity, and profitability.

Questions to think about

 Who are your “high-love, low-return” relationships that consume disproportionate energy?

 Are you running one service model for everyone—because it feels fair?

What we at APM Might Ask You in a Session:

 “What is your Minimum Relationship Standard—assets, revenue, complexity, or referrals?”

 “If you were starting today, who would you clone 25 times?”

Outcome / next-step example

 Build a 3-Tier Client Service Charter (A/B/C or Platinum/Gold/Silver). Define meeting cadence, proactive touches, planning depth, and response standards. Then begin a respectful migration plan for C clients.

4) Install a Growth Engine You Can Predict: Lead and a Second

At $1M, random growth feels exciting—and exhausting. Top advisors simplify to repeatable pipelines: a primary engine (niche, COI, centers of influence, corporate, or content) plus one secondary channel.

Questions to think about

 If referrals stopped for 90 days, what would you do to generate new business?

 Is your growth currently intentional—or hopeful?

What we at APM Might Ask You in a Session:

 “Where have you already won repeatedly—and why aren’t we industrializing that?”

 “What’s your weekly activity standard that guarantees future revenue?”

Outcome / next-step example

 Choose one growth engine and define Weekly Non-Negotiables (e.g., 5 COI touches, two introductions requested, one educational event invite, 10 targeted LinkedIn value comments, three prospect conversations). Track it like a scoreboard.

5) Move from Opinions to Instrumentation: KPI Scoreboards That Run the Business

Crossroads advisors often feel busy but can’t clearly measure what’s driving growth. Top firms become data-driven in simple, practical ways.

Questions to think about

 What are the five numbers that tell you if the business is healthy this month?

 Do you manage the practice… or does the calendar manage you?

What we at APM Might Ask You in a Session:

 “Show me your last 90 days: meetings held, proposals delivered, net new assets, and referrals requested. Where is the constraint?”

 “If we fixed one metric, which would create a domino effect?”

Outcome / next-step example

 Build a One-Page CEO Scoreboard: net new AUM, revenue per client, meetings held, referrals requested, pipeline value, implementation time, and capacity (hours/week). Review weekly with your team.

6) Productize Your Advice: Turn Custom Work into a Signature Process

A significant growth limiter is bespoke planning and inconsistent client experiences. The sixth gear is a repeatable, branded client journey: your method, your milestones, your deliverables—delivered consistently by a team.

Questions to think about

 Do clients experience your expertise as a “process”… or as “you”?

 Where do you reinvent the wheel each time?

What we at APM Might Ask You in a Session:

 “What are the 6–8 moments every ideal client should experience in year one?”

 “Which steps could be delivered by your team with you as final authority?”

Outcome / next-step example

 Create a Signature Client Journey (Onboarding → Discovery → Plan →

Implementation → Review Rhythm). Document it. Train it. Then improve it

quarterly.

7) Build an Enterprise, Not Just a Practice: Value, Transferability, Optionality

Over the next five years, the winners will be those who build businesses that can grow without breaking and hold value beyond the founder. That means structure, documentation, brand, compliance hygiene, succession options, and the ability to attract talent.

Questions to think about

 If you wanted to step back in three years, could you?

 Is your business sellable—or is it just you with a book?

What we at APM Might Ask You in a Session:

 “What would a buyer love about your business—and what would scare them?”

 “What capability would increase enterprise value fastest: team, systems, or client mix?”

Outcome / next-step example

 Start an Enterprise Upgrade Plan: document core processes, reduce key-

person risk, strengthen client segmentation, build second-in-command capacity, and formalize your continuity plan.

The Real Crossroads Question

Here it is—the question that separates comfortable from extraordinary:

Do you want a nice lifestyle… or do you want the version of your practice that’s even better than you’ve imagined—more money, more freedom, more control, and less friction?

Because the next level isn’t a grind, it’s an unlock.

If you’re at $1M and stuck, you don’t have a motivation problem. You have a model problem—and models can be rebuilt.

Your sixth gear is there. The only question is whether you’re ready to shift.

Thank you for reading! This is what we help advisors do every day!

Written by Jeff Thorsteinson

How About Your Goals for Your Practice in 2026?

Download our updated 2025 Comprehensive Practice Management Checklist

 Get a copy of our Updated 42-page Comprehensive Practice Management Strategies

Checklist by clicking here: https://practicemanagement.getresponsepages.com/

 Fee Audit Checklist for Ideal Prospects: click

here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog

https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

The 10 “Sure Things” Top Financial Advisors Don’t Leave to Chance

Sun, 15 Feb 2026 23:00:03 GMT

The 10 “Sure Things” Top Financial Advisors

Don’t Leave to Chance

What if the reason your practice isn’t growing isn’t your marketing… or your portfolio construction… or your pricing — but the handful of “sure things” you’re accidentally skipping on your busiest weeks?

Here’s the uncomfortable truth:

most advisors don’t lose clients over performance. They lose clients due to silence, friction, ambiguity, and inconsistency—the things that never show up on a statement but always show up in a relationship.

And the most successful advisors?

They aren’t doing exotic things. They’re doing the obvious things with uncommon discipline.

Below are 10 “Sure Things” that distinguish the practices clients tolerate from those clients fiercely protect. (And yes—if you want the workbook version with scripts, checklists, scorecards, and implementation plans, I’ll show you how to get it at the end.)

1) CLARITY BEATS CLEVER

If your prospect can’t explain what you do or what makes you unique to their spouse in one sentence, no progress will be made.

Your move:

craft a single, repeatable “Point of View” sentence:

“I help (who) achieve (outcome) by (method), so they can (life result).”

Then build everything else around it—website, intro, LinkedIn headline, referral

language.

What changes: prospects stop nodding politely and start leaning in: “That sounds

exactly like us.”

2) MOMENTUM IS A PRODUCT

Most advisors don’t have a “lead problem.” They have a next-step problem.

A great conversation that ends without a clear next decision is just an expensive coffee.

Your move:

end every meeting with a simple “Decision Ladder”:

1. Summarize what matters most

2. Zone in on what we’re solving

3. The options

4. The recommendation

5. Book the next meeting

What changes:

fewer “We’ll think about it” stalls. More decisions are made when confidence is high.

3) TRUST IS BUILT IN MICRO-MOMENTS

Clients rarely say, “I don’t trust you.” They say, “We’re just not sure…” and drift away.

Your move:

standardize three “trust moves” in every client interaction:

 “Here’s what I heard…”

 “Here’s what this means…”

 “Here’s what happens next…”

What changes:

When you listen and take control, clients relax. Consolidation becomes a natural next step. The status quo is a non-negotiable.

4) YOUR SERVICE ISN’T A LIST—IT’S AN EXPERIENCE

Advisors say they deliver value. Clients say they feel value… when the experience is

designed.

Your move:

Map the client journey like a product designer:

First contact → First meeting → First recommendation → First review → First life event

Then define what the client should feel and what they can expect at each moment.

What changes:

you become referable because clients can describe you and your process without needing a financial dictionary.

5) FREQUENCY BUILDS CONFIDENCE

Silence is never the status quo. Silence gets interpreted as absence. Connection is

required at a minimum of quarterly.

Your move:

adopt a simple communication rhythm:

 Weekly: a short “steady hand” insight

 Monthly: a planning prompt

 Quarterly: a decision touchpoint

What changes:

fewer anxious emails. More calm, proactive conversations.

6) REVIEWS MUST BE ABOUT ADDING VALUE AND DECISION-MAKING

If your review meeting could be replaced by sending a PDF, it’s not a review. It’s

reporting.

Your move:

make every review a decision meeting and a value-add:

Consider: What’s changed? → Progress toward goals? → Top risks/opportunities? →

Decisions needed today? → Next actions? → What’s coming up financially for you?

What changes:

clients leave feeling progress, not just “spoken to.”

7) YOUR CALENDAR IS YOUR BUSINESS MODEL

A messy calendar doesn’t just create stress—it fosters underperformance.

Your move:

protect three blocks:

 deep work (business strategy)

 prime client time (client decision meetings)

 team leverage (non-client-facing, handoffs + ops)

What changes: you stop being busy and start being effective. Your best work stops

happening “after hours.”

8) WHAT YOU MEASURE IMPROVES

Instinct is good. The Business Discipline is better.

The move:

Follow our Advisor Practice Management Business Discipline. Measure

your new approaches, contacts, meetings booked, meetings completed, new clients, sales revenue, referrals.

What changes:

you stop guessing where growth is stuck. Now you’ll see the gap early and fix it by calling more, tightening your scripts, and improving your appointment-closing skills.

9) YOUR TEAM IS YOUR GROWTH ENGINE

If you’re the bottleneck, growth becomes an endless personal endurance sport.

The move:

define roles and handoffs so the team and clients feel supported — not shuffled. Team roles may look like the following:

 Advisor = decisions.

 Associate = preparation + execution = experience.

 Service = execution + experience + operations.

What changes:

clients feel the firm—not just the advisor—your capacity returns without

compromising quality.

10) REFERRALS ARE ENGINEERED, NOT REQUESTED

“Let me know if you know anyone…” is the referral equivalent of a limp handshake.

Your move:

swap the ask for a prompt:

“Who in your world is dealing with a decision like this?”

“Who’s the responsible one everyone turns to?”

What changes:

referrals become easier, more natural, and dramatically better qualified.

Here’s the real punchline

None of these is a secret. But if they’re so obvious… why do most practices still

struggle? Because the enemy isn’t ignorance. It’s an inconsistency.

Inconsistency is what our “SURE THING” workbook addresses.

The workbook turns these 10 Sure Things into:

 Plug-and-play scripts

 One-page meeting templates

 A weekly scorecard

 A 30-day implementation plan

 A client journey map you can actually use

 A referral language sheet that clients can forward

In other words, it turns “I should do that” into “We do this every time.”

Want the workbook?

If you want the SURE THINGS FOR ADVISORS TO REMEMBER workbook, comment “SURE THINGS” or message me “WORKBOOK” and I’ll send it to you.

Thank you for reading! This is what we help advisors do every day!

Written by Jeff Thorsteinson

How About Your Goals for Your Practice in 2026?

Download our updated 2025 Comprehensive Practice Management Checklist

 Get a copy of our Updated 42-page Comprehensive Practice Management Strategies

Checklist by clicking here: https://practicemanagement.getresponsepages.com/

 Fee Audit Checklist for Ideal Prospects: click

here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog

https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

Your Five-Year Test

Sun, 08 Feb 2026 23:00:00 GMT

Your Five-Year Test

TOP Challenges Facing Financial Advisors

The next five years won’t be “more of the same.” They’ll be sharper. Faster. Less

forgiving.

Over the next five years, clients will arrive more informed, more skeptical, and more

overloaded. Regulators will request greater clarity and detail. Technology will accelerate what’s possible and valuable, and expose what’s not. Talent will continue to move to firms that feel organized, modern, and human.

And quietly, in the background, one question will follow every advisor into every

meeting:

“Is this practice built to withstand the great practice I’m trying to build?”

Below are the five challenges that matter most. Each challenge affects revenue,

reputation, and capacity.

1) The Value-Pressure Squeeze

When everything looks comparable, your value must become unmistakable.

There was a time when expertise was assumed. Today it’s tested. Anyone can find a

graph, a comparison, a headline, a low-cost alternative, and an opinionated stranger on the internet in under five minutes. The portfolio is no longer the whole story—it’s just an entry point to the value you offer. We need to do better.

In this new era, top advisors don’t “explain their value.” They demonstrate it with a

client experience so visible, structured, and repeatable that the fee feels like the most rational part of the relationship:

 They deliver planning as part of the service.

 They operationalize proactive, excellent client service.

 They systemize and document coordination.

What top advisors are doing now:

 Building an annual “value calendar” clients can recognize: reviews, tax

touch-points, planning updates, and family conversations.

 Creating a signature deliverable that clients keep (and refer to when life gets

loud): a one-page plan, a decision dashboard, a retirement paycheque map

 Making outcomes clear: fewer surprises, better decisions, cleaner execution,

calmer money behavior

Two questions to think about:

1. If a client challenged your fee tomorrow, what would you show—in 60

seconds—that proves you earn it?

2. What do your best clients believe you prevent (mistakes, stress, family conflict)

that they don’t fully appreciate until later?

If you worked with APM, we might also ask:

“Let’s write your ‘proof of value' list—twelve moments a client experiences in a year. Which three must happen no matter what, even when you’re busy?”

2) Capacity and Efficiency

The bottleneck is internal friction within the practice and is unrelated to market volatility. Most practices don’t collapse from a lack of opportunity. They collapse from “undocumented process accumulation”: too many exceptions, too many meeting types, too many “we’ll remember,” too many things that only work when the advisor must be personally involved. Not scalable!

The practices that win in the next five years will look and feel different. Not louder. Not busier. Just cleaner and well-oiled. The machine will run with less heroism.

Top advisors are becoming engineers of flow: decisions move, work moves, follow-up moves. Nothing lives in one team member’s head. The calendar stops being an anchor and becomes a strategic weapon.

What top advisors are doing now:

 Reducing complexity: fewer meeting formats, each with a purpose, agenda, and

template

 Building “handoff clarity”: who owns what, when, and what “done” looks like

 Creating a weekly operating rhythm: a short team meeting that prevents fires

instead of chasing them

 Turning onboarding into a premium process—because first impressions are

capacity decisions

Two questions to think about:

1. Where does your week get stolen: by admin, by indecision, or by work that

should have a system?

2. If you had to add 25% more clients with the same team, what would break first?

If you worked with APM, we might also ask:

Name the top ten recurring tasks that consume the practice. We’re going to eliminate, automate, or delegate three—this quarter—and measure the hours reclaimed.”

3) Technology and AI

The advantage won’t go to advisory teams that buy tools. It will go to teams that build systems. Technology is a multiplier. Which means it’s merciless. It amplifies discipline but can also expose disorder.

Firms that adopt AI without redesigning their workflows will introduce noise and

confusion. Firms that redesign workflow first will create capacity that feels like magic. Clients won’t care what software you use. They’ll care that everything feels faster, more precise, and more connected and consistent.

The most practical way to think about tech now is not “What should we implement?” but “What should we stop doing manually?”

What top advisors are doing now:

 Rebuilding one core workflow end-to-end: onboarding, annual reviews, money

movement, or service requests

 Standardizing meeting preparation and follow-through so every client gets the

“best version” of the firm

 Using automation to reduce error and delay: reminders, task sequences,

document collection, routing rules

 Tightening CRM hygiene by embedding it into the process, not relying on

memory

Two questions to think about:

1. What are the three tasks in your practice that should never be done manually

again?

2. Where do mistakes happen because the process lives in someone’s head

instead of in a system?

If you worked with APM, we might also ask:

“Pick one workflow. We’ll map it, rebuild it, and measure three outcomes: hours saved, turnaround time, and fewer exceptions.

Which workflow gives the highest ROI?”

4) Regulation and Liability

Documentation will become part of your brand.

In the coming years, “doing the right thing” won’t be enough. You’ll need to show the right thing was done—clearly, consistently, and without improvisation.

This isn’t just a regulatory reality. It’s a trust reality. The practices that feel safe to clients will be those that are fully transparent, clearly described, and documented.

Top advisors treat compliance like quality control. Not fear. Not paperwork. A system.

What top advisors are doing now:

 Establishing a “perfect file” standard: non-negotiable artifacts that exist in every

client file

 Using a consistent meeting-note structure: Context → Decision → Rationale →

Actions → Owner → Date

 Documenting alternatives considered—not to impress, but to show care

 Auditing files to fix patterns, not to patch problems

Two questions to think about:

1. If a regulator or senior leader reviewed a random client file, what would they not

understand?

2. Where are you relying on good intentions instead of good process?

If you worked with APM, we might also ask:

“Let’s define your minimum viable documentation standard. Then we’ll make it automatic—so it happens on your busiest week, not just your best week.”

5) Talent and Succession

Your team, not prospects, will determine your capacity ceiling.

The next five years will be brutal for firms that treat hiring like a one-time event and leadership like a personality trait. Talent will migrate to the practices that feel organized, modern, and meaningful—and away from chaos, ambiguity, and burnout. Meanwhile, clients will quietly ask a question they may never say out loud:

“If something happens to you, what happens to us?”

Top advisors build continuity as a value proposition. They don’t hide succession in a

filing cabinet. They weave it into trust.

What top advisors are doing now:

 Writing role scorecards so every seat has a definition of “winning.”

 Creating training paths for associates and service teams

 Building a “two-in-the-room” habit so relationships deepen beyond one person

 Positioning continuity as client care, not an internal business issue

Two questions to think about:

1. How many of your top 25 clients have a relationship with someone besides

you—by design?

2. What’s your single point of failure: a person, a process, or your own calendar?

If you worked with APM, we might also ask:

“In 24 months, what kind of firm are you building: a practice that depends on you, or an enterprise that can outlive you? What seats must exist to make that true?”

The 90-Day Move That Changes the Next Five Years

If you want momentum without overwhelm, do this:

1. Make value visible: build one signature deliverable that clients keep.

2. Create capacity: rebuild one core workflow to reclaim 3–5 hours/week.

3. De-risk the firm: implement a perfect-file standard and a two-in-the-room habit.

Small changes don’t stay small when they compound.

The next five years will not reward the advisor who tries to do more.

They will reward the advisor who builds better—better systems, clearer value, stronger team continuity, cleaner execution, calmer leadership.

And if you want one final question worth sitting with, it’s this:

If your best clients could see your practice from the outside, would they describe

it as “busy”… or “built”?

Thank you for reading! This is what we help advisors do every day!

Written by Jeff Thorsteinson

How About Your Goals for Your Practice in 2026?

Download our updated 2025 Comprehensive Practice Management Checklist

 Get a copy of our Updated 42-page Comprehensive Practice Management Strategies

Checklist by clicking here: https://practicemanagement.getresponsepages.com/

 Fee Audit Checklist for Ideal Prospects: click

here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog

https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

How Advisors Can Create Capacity for Growth

Sun, 01 Feb 2026 23:00:16 GMT

How Advisors Can Create Capacity for Growth

Capacity is the invisible currency of a top advisory practice.

The best strategy in the world collapses under the weight of a calendar that can’t breathe. A brilliant referral plan dies quietly when every week is already spoken for. And a practice can look wildly successful from the outside while feeling like a locked room from the inside.

Top advisors don’t “get more time.” They design capacity—the way engineers design load-bearing beams. They remove friction. They protect focus. They build a system that holds growth without cracking.

Here’s what we see top advisors are doing to give themselves the best chance at the best 2026:

1) They decide who the practice is built for

When you try to serve everyone like they’re your best client, you punish your best clients with your time.

How to do it:

 Define your ideal client in one clean sentence (complexity, values, service

expectations).

 Tier your client base. Write a service promise for each tier.

 Stop giving premium time to non-premium fit.

Excellent outcome: Fewer exceptions. More consistency. Better relationships. More room for the clients and prospects who actually belong in the future you’re building.

2) They stop letting the calendar ambush them

Growth requires an open runway. Most advisors live on a runway that’s already booked.

How to do it

 Build a model week with non-negotiable blocks: client meetings, deep work, team huddles, recovery.

 Batch meetings into “surges” to create entire weeks for planning and growth

projects.

Excellent outcome: Your week no longer feels like shrapnel. The team gains rhythm. Clients experience reliability. You regain the ability to build instead of merely responding.

3) They make meetings smaller and sharper

Most meetings aren’t too short. They’re too unfocused.

How to do it:

 Standardize agendas by meeting type (discovery, review, planning,

implementation).

 Send a prep package: updated snapshot, required decisions, and top 3 issues.

 Open with: “What would make this meeting a win?”

Excellent outcome: Clearer decisions. Fewer follow-ups. Clients feel heard. You finish the day with energy left—enough to grow.

4) They delegate outcomes, not errands

Task delegation creates helpers. Outcome delegation creates leverage.

How to do it:

 Assign actual ownership: onboarding, meeting prep, service queue, CRM

integrity, implementation follow-through.

 Define “done,” set standards, and track one metric per outcome.

Excellent outcome: The advisor is no longer the bottleneck. The team becomes an

operating system. Work moves forward without needing the advisor’s fingerprints on everything.

5) They standardize the right 60%

Customization feels like service—until it becomes chaos disguised as care.

How to do it:

 Map repeatable workflows: onboarding, annual reviews, implementation,

estate/insurance coordination.

 Build templates: checklists, emails, meeting notes, and deliverable structures.

 Keep “white-glove” where it matters; standardize the rest.

Excellent outcome: Fewer mistakes. Faster execution. A calmer practice. Clients feel mastery—not mess.

6) They make technology earn its place

Top advisors don’t buy tools for features. They buy them to eliminate work.

How to do it:

 Audit your stack with one question: “What does this remove?”

 Automate scheduling, workflow reminders, document collection, and routine

updates.

 Establish one source of truth—then enforce it.

Excellent outcome: Less chasing. Less searching. Less “Who has the latest?” Your

day runs more smoothly because the system prevents chaos rather than cleaning it up.

7) They redesign the service to reduce inbound noise

A flood of “quick questions” is usually a service model problem wearing a client’s name tag.

How to do it:

 Create simple client pathways: market updates, cash needs, tax-time checklists,

“what to do when…”

 Communicate proactively on a predictable cadence.

Excellent outcome: Clients feel more supported—and contact becomes more

purposeful. Your practice stops reacting and starts leading.

8) They install decision gates

Capacity is lost one “sure” at a time.

How to do it:

 Use three filters:

o Does this align with our ideal client and service promise?

o Is this advisor's work—or teamwork?

o Can this be solved with a standard process?

 Keep a “Not Now” list and review it monthly.

Excellent outcome: You’ll have more confidence in saying no and you’ll see more

bandwidth for what actually grows your practice.

9) They run the business with a scoreboard, not feelings

If you can’t see capacity, you can’t protect it or measure it.

How to do it:

 Track weekly:

o Meeting volume by type

o Deliverables completed

o Service ticket volume and time-to-close

o Pipeline: intros, booked meetings, proposals, wins

o Team capacity: open hours next 2 weeks

Excellent outcome: Bottlenecks show up early, and firefighting declines. Growth

becomes schedulable—because reality is visible.

10) They clear the backlog with implementation sprints

Nothing crushes capacity like unfinished work you carry in your head.

How to do it:

 Schedule a recurring sprint (one day every two weeks).

 Arrive with a list of pending items and subsequent actions.

 Close loops: signatures, transfers, beneficiary updates, follow-through.

Excellent outcome: Momentum returns. Clients feel progress. The team exhales. The practice stops dragging invisible weight.

11) They treat energy like a production asset

This isn’t soft. It’s operational.

How to do it:

 Put your most challenging conversations and decisions in your best hours.

 Move admin to lower-energy slots.

 Build recovery into the week, not as a rescue plan.

Excellent outcome: Better decisions. More consistent leadership. Less fatigue tax.

Capacity expands because you stop paying for work twice—once with time, and again with depletion.

A capacity test for this week

Answer these honestly:

1. What are we doing today that we wouldn’t rebuild from scratch?

2. Where does work get stuck—advisor, team, or client?

3. What changes if we cut 20% of meetings and double meeting quality?

Your next capacity breakthrough is hiding in those answers.

The best advisors aren’t simply growing. They’re building a practice that can carry

growth—without costing them their health, their family time, or their joy.

If you want 2026 to be extraordinary, don’t start with “How do I grow?”

Start with the better question:

What must be true for growth to fit inside my life—and still feel excellent for clients?

Thank you for reading! This is what we help advisors do every day! Written by Jeff Thorsteinson

How About Your Goals for Your Practice in 2026?

Download our updated 2025 Comprehensive Practice Management Checklist

 Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

 Fee Audit Checklist for Ideal Prospects: click here: https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson

https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks

CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog https://www.advisorpracticemanagement.com/blog

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

What Top Financial Advisors Are Doing This January

Tue, 20 Jan 2026 00:27:05 GMT

What Top Financial Advisors Are Doing This January

The 5 Moves That Quietly Decide Who Wins 2026

Let me ask you a blunt question: If I looked at your calendar and pipeline right now, could I predict your 2026?

Because top advisors know something most of the industry forgets every January:

January is not a month. It’s a lever.

Pull it right, and the rest of the year tilts in your favor.

Pull it wrong, and you spend the next 11 months “working hard” just to feel caught up.

Here are the Top 5 things top advisors are doing this January to give themselves the best shot at their best 2026—written with the rigor of a McKinsey operating review, but with the human reality of what actually works in a busy practice.

And yes: I’m going to make it practical enough that you can implement it before the month ends.

1) They install a 2026 Scoreboard (and stop guessing)

The big idea: Top advisors don’t “hope” for growth. They instrument it.

Most practices don’t have a performance problem. They have a visibility problem.

When you can’t see the business clearly, you manage by emotions such as:

 “It feels busy.”

 “We’re doing lots.”

 “The market’s weird.”

 “Q1 always starts slow.”

A scoreboard such drama. Scoreboards replace subjective inputs with factual data that drive sound decision-making and growth.

How to implement (60 minutes)

Build a one-page dashboard with eight measurable numbers:

 Net new assets (monthly)

 New households (monthly)

 Client attrition (monthly)

 Reviews completed vs planned (monthly)

 Discovery meetings held (weekly)

 Proposals outstanding (weekly)

 Close rate (monthly)

 Referrals received (monthly)

Then set one non-negotiable rhythm:

30 minutes weekly (same day, same time) for a CEO huddle:

o What’s on track?

o What’s off track?

o What do we do this week to correct it?

o Who owns it?

Excellent outcome example: By the end of January, your growth becomes predictable. By March, you can point to exactly why you’re winning-because the scoreboard tells the truth every week.

2) They Segment Clients (and reclaim capacity without losing quality)

The big idea: Top advisors don’t get better by doing more. They get better by doing less, better.

Unsegmented service models create silent decay:

 your best clients get less proactive thinking

 your team gets stretched thin

 your calendar fills with “urgent” noise

 business development becomes optional

Segmentation isn’t elitist. It’s best practices with structure.

How to implement (90 minutes + your admin lead) Segment using two lenses:

Economics: revenue, assets, complexity

Energy: values fit, trust, referability, mutual respect

Create three tiers with clear standards:

A Tier: proactive planning + curated experiences

B Tier: structured review rhythm + planning triggers

C Tier: streamlined service model (or transition plan)

Then do the brave January move: choose one:

 raise minimums for new clients

 reprice high-complexity relationships

 transition C-tier relationships that no longer fit

 redesign service, so your team isn’t drowning

Excellent outcome example: By the end of Q1, you’ve recovered 4–6 hours per week. Your best clients feel like they joined a premium experience—not a busy office.

3) They build a “Top 25” Relationship Plan

The big idea: The next 12 months will be shaped by a small number of relationships. Not because they’re transactional—because they’re strategic. Top advisors treat relationships like a portfolio:

 concentrated

 intentional

 reviewed

 rebalanced

How to implement (one focused afternoon)

Choose your Top 25:

 Top 15 clients by influence + fit (not just AUM)

 Top 10 COIs (and COIs-to-be)

For each, write a 5-line plan:

 What matters to them right now?

 What value can I deliver in Q1?

 What introduction could I earn?

 What “wow moment” would they remember?

 What date will I act?

Key upgrade: Replace “If you know anyone…” with earned-introduction language:

“I’m doing a small number of planning resets this quarter for people like you. If one person comes to mind, I’ll take great care of them.”

Excellent outcome example: By the end of Q1, you generate warm intros without feeling salesy—because your clients experience you as intentional, not opportunistic.

4) They Design the Ideal Week (before the year hijacks the calendar)

The big idea: Your calendar is your business model.

If the calendar is chaotic, the practice is chaotic. If you don’t install rules in January, you will spend the year negotiating boundaries—one meeting at a time.

Top advisors don’t defend their time emotionally. They protect it structurally by setting boundaries.

How to implement (45 minutes)

Pick a simple week structure such as:

 2 meeting days

 2 deep work blocks

 1 business development block

 1 weekly ops huddle (30 minutes)

Add three rules such as:

 no “random availability.”

 meetings happen in windows

 Friday is pipeline hygiene + planning

Then communicate it like a professional: “We schedule client meetings in these windows so we can be fully prepared and proactive.”

Excellent outcome example : By February, your week feels calmer while output rises. Your team stops firefighting. Clients feel a more confident, premium team.

5) They run a January Meeting Surge (and start the year on offense)

The big idea: Top advisors don’t wait for the year to start. They create demand early—then spend the year serving it. January is the one month where outreach feels natural:

 people are goal-oriented

 Schedules are less congested

 financial motivation is high

How to implement (a clean 2-week sprint)

Build two lists:

1. Clients: planning resets for A & B tiers

2. Prospects: warm leads, stalled opportunities, referrals you didn’t convert

Use a straightforward invite:

 “I’m doing a limited number of Q1 planning resets—want one of the spots?”

 “If we could improve one thing in your plan this quarter, what would it be? Let’s take 20 minutes.”

Follow up like a pro:

 3 touches over 10 days (invite → value proposition → close the loop)

Batch meetings:

 Scattered meetings kill momentum

 clustered meetings create flow

Excellent outcome example: By Feb 15, your calendar is full of high-quality

conversations. Pipeline is real. Reviews are on track. Your year starts with traction, not random growth.

The January Execution Plan (so this doesn’t become “nice ideas”)

If you want the simplest possible rollout, run January in four weekly sprints:

Week 1: Install the Scoreboard

Week 2: Segment clients + service standards

Week 3: Top 25 plans + schedule the actions

Week 4: Ideal Week + Meeting Surge sprint

And keep one weekly rhythm:

 30-minute CEO huddle

 scoreboard + pipeline + next actions

 repeat until winning becomes normal

Closing: The question that separates average from elite

Top advisors don’t leave their year to chance. They install a system so good that—even on the weeks they’re tired—the system still wins.

So here’s the real question:

Which of these five moves would change your 2026 the fastest—if you actually did it before January ends?

Drop the number in the comments (1–5).

And if you want, add what’s getting in your way of a prosperous 2026—because odds are, someone reading this has already solved it.

Thank you for reading! This is what we help advisors do every day! Written by Jeff Thorsteinson

How About Your Goals for Your Practice in 2026?

Download our updated 2025 Comprehensive Practice Management Checklist

 Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

 Fee Audit Checklist for Ideal Prospects: click here: https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson

https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks

CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog https://www.advisorpracticemanagement.com/blog

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

2026 Is Here. Do You Have Your Playbook?

Sun, 18 Jan 2026 23:00:01 GMT

2026 Is Here. Do You Have Your Playbook?

Have you outlined your goals for the year? Now is the perfect time to craft your strategy. A well- designed playbook isn’t just a tool—it’s a roadmap to success by setting key objectives, aligning your team, and keeping everyone accountable. Imagine the possibilities this could unlock for your practice!

What is an Advisor Playbook?

The Advisor Playbook captures insights from the past year and guides you in setting priorities for the year ahead. It includes practical worksheets to:

 Refine your mission and vision.

 Analyze key performance metrics.

 Assess your client base and services.

 Set clear goals and execution plans.

Top advisors dedicate time to planning their future. The Playbook provides a structured, efficient way to work on your business, ensuring you focus on the steps needed to achieve your goals. It also helps you track your progress, identify areas for improvement, and stay accountable to your goals.

Key Components of the Playbook

Vision Statement - Your vision defines what you aspire to become and the broader impact you aim to make. It’s your guiding light, inspiring your team and clients.

Questions to consider:

 What are our hopes and dreams for the practice?

 What problem are we solving?

 Who or what are we inspiring to change?

Example: "Our vision is to be the leading financial practice supporting our clients’ long-term success."

Mission Statement:

Your mission statement explains your practice’s core purpose and how you serve your clients. A clear mission motivates your team and sets the foundation for achieving your goals.

Questions to consider:

 What do we do?

 Whom do we serve?

 How do we help them?

Example: "We provide tailored, objective advice to give clients financial peace of mind and the confidence to pursue their passions."

Reflecting on the Past to Plan the Future

Snapshot of the Year: Review your progress in assets, revenue, and profitability. Understanding where you stand will help you chart your course for the next 3–5 years.

Ratios for Success: Tracking metrics such as meeting bookings, sales, and referrals can reveal areas for improvement. Adjusting your processes based on these insights can make your practice more efficient and scalable.

Segmentation: Segmenting clients is vital, yet only 37% of advisory teams do it effectively. Proper segmentation improves client experience, optimizes resource allocation, and highlights growth opportunities.

Example: By identifying time-intensive C and D clients, you can reduce administrative tasks and focus on high-value relationships, freeing time to improve service delivery.

Execution Plan

Set four professional and personal goals for the year—no more. Simplicity ensures focus and achievability.

Once your Playbook is complete, schedule quarterly tracking sessions to review progress, address gaps, and adjust plans. Quarterly reviews will keep you on track toward success or prompt adjustments.

Start 2026 with Confidence

Email Jeff for a copy of your playbook at jeff@jeffthorsteinson.com

Thank you for reading! This is what we help advisors do every day!

Written by Jeff Thorsteinson

How About Your Goals for Your Practice in 2026?

Download our updated 2025 Comprehensive Practice Management Checklist

 Get a copy of our Updated 42-page Comprehensive Practice Management Strategies

Checklist by clicking here: https://practicemanagement.getresponsepages.com/

 Fee Audit Checklist for Ideal Prospects: click

here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog

https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

You don't need a Bigger Audience as a Financial Advisor- You need the Right One

Mon, 12 Jan 2026 10:15:00 GMT

You don't need a Bigger Audience as a Financial Advisor- You need the Right One

You’re sitting across from your coach. It’s mid-morning, just before lunch, and your calendar is finally quiet enough for real thinking.
You lean back and say it out loud: “I feel like I’m invisible in this city. Too many advisors. Too many voices. How do I stand out when the market’s this saturated?”

Your coach smiles—not because it’s a new question, but because it’s the right one. Then she says, “You don’t need a bigger audience. You need the right one.” You feel a wave of relief wash over you, knowing that there is a solution to your visibility problem.

The Truth: Large Populations Don’t Reward Generalists
Let’s get something clear: trying to build a brand across an entire urban market is like whispering into a stadium during a rock concert. No one hears you. No one sees you. And even if they do, you’re forgotten by the morning.

Big cities require relentless marketing budgets, endless content creation, and omnipresence; yet, most companies, let alone advisors, still blend into the noise.
Instead of trying to become known everywhere, what if you became the go-to advisor in one powerful circle of 10,000 people who congregate regularly, already talk to each other, and celebrate together? Let’s explore this notion:

A Niche Is Not Small. It’s Focused.
Think less mass market. Think more micro-celebrity. You don’t need to be a household name in the city. Instead, you need to be a legend in the right “room”. By 'micro-celebrity', I mean being a significant figure within a specific community or group, where your influence and reputation are highly concentrated and impactful.

That “room” might be:
• A medical association with 8,000 doctors
• A regional commercial real estate group with 6,000 agents
• A cultural or faith-based organization with deep multi-generational ties
• A consulting engineer association of 80 companies that throws an annual charity golf tournament and a lifetime achievement gala every April

The magic of a niche isn’t that it’s small. It’s concentrated. Connected. Like-minded. And self-reinforcing. It's a place where you belong, where you're understood, and where you can make a real impact.

Why Niches Work
1. They talk to each other. You don’t need 100,000 prospects—you need 15 raving clients who each know 10 more.
2. A niche exhibits similar patterns and commonalities among its members. The same fears, the same decisions, the same life events. You don’t just know them—you understand them.
3. They host frequent meetings, events, awards, and celebrations that you can afford to participate in. This is how authority and community are built: by being seen, not just selling.

How to Select the Right Niche (Coaching Dialogue)
Coach: “Let’s figure out your niche. Quickfire: Who do you already love working with?” You: “Entrepreneurs.”

Coach: “Too broad. Narrow it. Tech founders? Franchise owners? Wedding planners?” You: “Actually, I work with a few consulting engineers, who some advisors find difficult to work with because they want details to the fourth decimal place. But, I speak their language and understand them well.”

Coach: “OK, this might work as your niche.”
You: “And guess what? They hang out together. They share war stories. They have a group benefits plan through the association. They have monthly meetings, a golf tournament, and a lifetime achievement award.”

Coach: “The association looks like it has a category that you qualify for. They refer each other to ‘the person who gets it.’ That could be you.”

How to Dominate a Niche in 5 Steps
Step 1: Pick a Circle, Not an Urban Center
Choose a group that:
• Host 5,000–15,000 people
• Gathers regularly (study clubs, meetings, AGMs, conferences, charity events, retreats, LinkedIn groups, newsletters)
• Celebrates success (awards, leaderboards, traditions)

Step 2: Learn Their Language
Become fluent in their frustrations and pain points. Learn the career trajectories, milestones, and life cycles of this niche. Build content around their specific milestones and career:
• “What gym owners get wrong about buy-sell agreements”
• “How to exit a dental practice without starting from scratch at 55”
• “Commercial Lawyers need help navigating the 7 milestones in their career”

Step 3: Be Where They Are
Few advisors, if any, can afford billboard advertising in Times Square —but you don’t need to.
To be successful within your niche, you need to show up at:
• Their golf tournament as a longest drive and hole-in-one sponsor
• Their monthly meetings, fundraiser gatherings for the charity of choice, and AGMs
• Their annual lifetime achievement award gala
• Their Facebook and LinkedIn groups
• Their trade association newsletter
At Advisor Practice Management, we have a simple yet effective saying for achieving niche marketing success: Visibility + Proximity = Authority.

Step 4: Win Their Inner Circle
Identify three connectors:
• The Executive Director of the group or association
• The organizer of the events or membership coordinator
• The “loudest voices” in the niche
Add value. Interview them. Refer to them. Partner with them. The fastest way to win a niche is to serve the people they already trust.”

Step 5: Build Signature Content That Feels Like Them
Create a:
• “State of the Niche” annual report
• Podcast or video series: “Money Moves for [Niche] Leaders”
• Sponsorship or award tied to their values: “Financial Fitness Award for Studio Owners”
You’re not a financial advisor. You’re the unofficial CFO of their world.

Real Talk: You Can’t Be Their Advisor If They Don’t Know You Exist
Coach leans in. “Let’s get practical. Pick the group. Build the list. Book the flight. This quarter, you’re showing up in person. You’re not watching from the internet anymore.”
That’s when it clicks. You don’t need to dominate a city. You need to own a room.
And once you do? Your business becomes magnetic. You’re not “trying to get clients” anymore. You’re simply the one everyone in that room knows, trusts, and introduces. So now they come to you.

Your Next 3 Moves:
1. List three niche communities where you already have a few clients or connections.
2. Identify their gathering points—events, awards, influencers, groups.
3. Commit to attending in-person events for the next 90 days.

How About Your Goals for Your Practice in 2026?

Download our updated 2025 Comprehensive Practice Management Checklist

Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/
Fee Audit Checklist for Ideal Prospects: click here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog https://www.advisorpracticemanagement.com/blog

Take our Marketing course https://advisorpracticemanagement.thi n kific.com/courses/marketing

The six roles every financial advisor must master

Mon, 05 Jan 2026 12:00:33 GMT

The six roles every financial advisor must master

New Paragrap When I first started as a financial advisor, I thought I’d be doing one main thing: helping people manage their money. I pictured myself sitting with clients, discussing savings, investments, and retirement. I knew we'd always be dealing with “dollar sign” decisions on behalf of clients. But as I evolved in this career, I realized I was more than just a “money person.” Clients turned to me for guidance in many areas of their lives, not just their finances.

In fact, I learned that great advisors must play several different roles throughout their careers. Here are six of the most important “hats” a financial advisor wears and why they matter:

1. The Listener

Market ups and downs can be stressful, and that’s when clients often feel anxious about their financial future. A good advisor knows that before anything else, they need to listen. By understanding their clients' fears and goals, advisors can create a secure and realistic plan.

Advisor Tip: Start each meeting by asking open-ended questions. Make it safe for clients to share their thoughts. Then, summarize back what you heard. This shows you’re paying attention and helps build trust.

2. The Educator

Understanding finances can be tricky. Advisors often take on the role of teacher, explaining concepts like “risk versus return,” “diversification,” and “investor discipline.” A good advisor breaks down these topics so clients can understand and make confident decisions.

Advisor Tip: Use examples or stories to explain different strategies. When clients understand why a strategy was recommended, they’re more likely to follow it and feel empowered.

3. The Caretaker

Advisors think about the long term. They help clients with immediate needs and future goals. Acting as a “financial caretaker” means assisting clients to plan for what might happen over the next few years—or even decades.

Advisor Tip: Map out short-term, medium-term, and long-term goals with clients. Make efforts to explain how these timelines affect your approach to their financial plans, showing clients the benefits of thinking ahead.

4. The Wealth Coach

Clients can be tempted to make sudden, impulsive decisions when things get rough - like during market slumps. In these moments, an advisor takes on the role of a “wealth coach.” This means encouraging clients to stick to the plan and guiding them back to rational, well-thought-out choices.

Advisor Tip: Remind clients why they hired you: to manage their wealth over the long haul. Like a sports coach, keep them focused on their strategy and the discipline needed to achieve their goals, no matter the market.

5. The Architect

Once the advisor understands the client’s needs and goals, it’s time to design the financial plan. Here, the advisor acts as an “architect,” piecing together a strategy that fits the client’s unique goals, risks, and timelines.

Advisor Tip: Make sure each plan is custom-built for the client. Explain how you chose each part of the plan, helping clients see how it fits their personal financial journey.

6. The Expert

In today’s world, everyone can search for financial advice online, but clients still need the wisdom and experience of a real expert. An advisor helps clients make sense of complex financial news, understand market trends, and develop a strategy to reach their goals.

Advisor Tip: Clients look to you for answers, especially during uncertain times. Explain your process for filtering news so they know they’re getting reliable, unbiased advice.

These roles—listener, educator, caretaker, wealth coach, architect, and expert—are more than just titles. They are the ways advisors build trust, help clients reach their goals, and create their unique “advisor brand.” By wearing these hats, advisors manage money and guide clients through their financial journey.

Thank you for reading! This is what we help advisors do every day!

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and they will get the right help for the right part of their practice. What areas does your practice need help with?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice. Let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com or Grant Hicks, CIM at grant@ghicks.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching, click the following link

Jeff https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant https://my.timetrade.com/book/JMTNJ , Let’s have a conversation

Jeff Thorsteinson, Grant Hicks CIM and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!h

What does your 2026 Playbook look like as a Financial Advisor or Portfolio Manager?

Mon, 29 Dec 2025 10:30:00 GMT

What does your 2026 Playbook look like as a

Financial Advisor or Portfolio Manager?

What Does Your 2026 Playbook Look Like?

As 2026 approaches, have you outlined your goals for the year? Now is the perfect time to craft your strategy. A well-designed playbook isn’t just a tool—it’s a roadmap to success by setting key objectives, aligning your team, and keeping everyone accountable. The possibilities this could unlock for your practice are truly inspiring!

What is an Advisor Playbook?

The Advisor Playbook captures insights from the past year and guides you in setting priorities for the year ahead. It includes practical worksheets to:

Refine your mission and vision.
Analyze key performance metrics.
Assess your client base and services.
Set clear goals and execution plans.

Top advisors understand the importance of planning for the future. The Advisor Playbook offers a structured and efficient approach to working on your business, ensuring you focus on the key steps needed to achieve your goals. It also plays a crucial role in tracking your progress, identifying areas for improvement, and staying accountable to your goals. By using the Advisor Playbook, you can continuously refine your practice and stay ahead in the industry.

Key Components of the Playbook

Vision Statement - Your vision defines what you aspire to become and the broader impact you aim to make. It’s your guiding light, inspiring your team and clients.

Questions to consider:

What are our hopes and dreams for the practice?
What problem are we solving?
Who or what are we inspiring to change?

Example: "Our vision is to be the leading financial practice supporting our clients’ long-term success."

Mission Statement - Your mission statement explains your practice’s core purpose and how you serve your clients. A clear mission motivates your team and sets the foundation for achieving your goals.

Questions to consider:

What do we do?
Whom do we serve?
How do we help them?

Example: "We provide tailored, objective advice to give clients financial peace of mind and the confidence to pursue their passions."

Reflecting on the Past to Plan the Future

Snapshot of the Year: Review your progress in assets, revenue, and profitability. Understanding where you stand will help you chart your course for the next 3–5 years.

Ratios for Success Tracking metrics like meeting bookings, sales, and referrals can reveal areas for improvement. Adjusting your processes based on these insights can make your practice more efficient and scalable.

Segmentation Segmenting clients is vital, yet only 37% of advisory teams do it effectively. Proper segmentation improves client experience, optimizes resource allocation, and highlights growth opportunities.

Example: By identifying time-intensive C and D clients, you can reduce administrative tasks and focus on high-value relationships, freeing time to improve service delivery.

Execution Plan

The Execution Plan section of the Advisor Playbook guides you to set four professional and personal goals for the year—no more. This simplicity ensures focus and achievability, allowing you to concentrate on the most critical aspects of your practice. By following this process, you can effectively use the Advisor Playbook to set a clear path for your practice's success.

Once your Playbook is complete, schedule quarterly tracking sessions to review progress, address gaps, and adjust plans. Quarterly reviews will keep you on track for success or inspire you to make modifications.

Start 2026 with Confidence

If you want an e-version or our 2026 Advisor playbook, send us an email at jeff@apm.coach

Thank you for reading! This is what we help advisors do every day!

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice. Let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com or Grant Hicks, CIM at grant@ghicks.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching, click the following link

Jeff https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant https://my.timetrade.com/book/JMTNJ , Let’s have a conversation

Jeff Thorsteinson, Grant Hicks CIM and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Breakthrough Thinking for Financial Advisors: How changing the question changes everything

Mon, 15 Dec 2025 10:45:00 GMT

Breakthrough Thinking for Financial Advisors:

How changing the question changes everything

Every advisor reaches a point in their career where a problem seems immovable. A client relationship that won’t take the next step. A lead generation strategy that has stalled. A growth plateau refuses to budge despite your best efforts.

You’ve tried brainstorming. You’ve talked to colleagues and mentors. You’ve even whiteboarded it out over coffee with your team. And yet you're still stuck. Here’s the truth: Your problem isn’t the problem. The problem is the question you’re asking about the problem.

Why You’re Asking the Wrong Question

When advisors get stuck, it’s usually because they’re approaching a complex issue with a narrow lens. The questions advisors typically default to are often reactive, logical, and surface-level:

Why can’t I get more high-net-worth clients?
How do I get clients to respond faster?
Why isn’t my team performing better?

These feel like the “right” questions because they sound tactical and professional. But in reality, they often box you in and stall you. They focus your thinking on symptoms rather than causes. They seek fixes, not insights.

Typically, the key to transformation lies in reframing the question.

Real Problems Require Better Questions

Let’s take a few common financial advisor “stuck” points, as mentioned above, that we see every day, and show you how to reframe them for breakthrough thinking.

1. Stuck Question: “Why can’t I get more high-net-worth clients?”

Reframed: “What would make a high-net-worth client chase me down for a meeting?”

This flips the frame from you trying to get clients to becoming the advisor clients pursue. That leads to better follow-up questions:

What would I need to stand for?
What would my first impression need to look and sound like?
Who already has the trust of these people—and how can I collaborate with them?

Now you're designing a magnetic attraction, not chasing.

2. Stuck Question: “How do I get clients to respond faster?”

Reframed: “What’s stopping my clients from seeing this as urgent?”

This question shifts the problem from logistics to psychology. You begin thinking about clarity, emotional engagement, and client motivation:

Is my message clear, or am I overwhelming them with complexity?
Did I anchor this conversation in what they care about most?
Am I speaking to their future, or about mine?

3. Stuck Question: “Why isn’t my team performing better?”

Reframed: “What would inspire my team to take ownership like it’s their business?”

This isn’t about micromanaging or fixing attitudes. It’s about systems, culture, and purpose. Advisors who ask this question find better answers in:

Vision that includes the team, not just the founder.
Clear scorecards that measure what matters.
Modelling a culture of values and success as a leader will inspire the team to up their game.
A recognition system that rewards outcomes, not effort.

The Growth Skill Most Advisors Never Learn

Reframing questions isn’t soft thinking—it’s a complex skill. And like all powerful skills, it must be practiced with intention and purpose. Review this three-step process to apply to a problem that remains stuck:

1. Name the problem as you see it.

Example: “I’m not converting enough discovery meetings.”

2. Ask: ‘What question am I really asking here?’

Most likely: “How do I convince more people to sign up?”

3. Reframe: ‘What question would unlock a better future?’

Transformational question: “What would make my discovery meetings so valuable that clients want to onboard before we even talk about fees?”

This last question opens creative energy. It invites innovation. It pushes you toward what matters: solving the problem or issue that has you stuck.

This Is What the Best Advisors Do Differently

Top-performing advisors don’t just work harder or move on from the unsolved problem; they address it. They ask sharper, more profound, more empowering questions—of their clients, their teams, and themselves. They don’t settle for shortcuts to solving the apparent problem. They reshape the landscape to enable better solutions to emerge. They think differently. You can too.

Ready to Try?

Here’s your challenge:

1. Write down a business or client challenge that has you stuck and frustrated.

2. Next, write down the first question that comes to mind. Then flip it. Expand it. Push it toward purpose, not panic. Alternatively, ask, “What question am I really asking here?”

3. Your next breakthrough might not come from working harder. It might come from a better question like “What question would unlock a better future?”

Final Thought:

In this business, clarity isn’t a luxury. It’s a multiplier. And when clarity is missing, confusion or passivism wins. So, the next time you’re stuck, don’t ask, “How do I fix this?” Ask instead: “What’s the question that would change everything?”

Because when you change the question, you not only CHANGE your game, but you also UP it.

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice. Let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com or Grant Hicks, CIM at grant@ghicks.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching, click the following link

Jeff https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant https://my.timetrade.com/book/JMTNJ , Let’s have a conversation

Jeff Thorsteinson, Grant Hicks CIM and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Why Investment only Financial Advisors and Portfolio Managers must embrace Insurance and legacy Planning in 2026?

Mon, 08 Dec 2025 11:00:11 GMT

Why Investment only Financial Advisors and Portfolio Managers

must embrace Insurance and legacy Planning in 2026?

Why Investment-Only Advisors Must Embrace Insurance

Most investment-centric financial advisors begin their careers focused on portfolios—allocations, returns, and performance. It’s natural. The excitement of market dynamics, the constant news cycle, and the immediate feedback of gains and losses draw advisors and clients alike toward investments as the center of their conversations.

But here’s the reality: by staying locked into investments alone, many advisors unintentionally limit their value, their client relationships, and even the long-term profitability of their practices.

The truth is, your clients don’t just want better investment outcomes. They want peace of mind. And peace of mind doesn’t come from the market—it comes from knowing that, no matter what life throws at them, their financial plan can withstand the storms.

This is where life insurance, disability insurance, and critical illness coverage move from being “optional extras” to becoming essential pillars of your advice model.

Why advisors stay investment-focused

There are many reasons an advisor may not fully integrate insurance into their practice:

Comfort zone: You were trained on investments, you’re good at them, and your process is built around them.
Fear of pushback: Insurance is often misunderstood, and you may fear being seen as “selling” instead of “advising.”
Complexity: The options, underwriting, and paperwork can seem like an unnecessary distraction from investment discussions.

Yet, staying investment-centric is like building only half a bridge for your clients. It looks impressive, but it won’t get them safely to the other side.

The potential you unlock

When you integrate insurance into your prospecting and client reviews, you do three things:

Increase client value – You position yourself as the advisor who looks beyond returns and into the client’s whole financial life.
Enhance the service experience – Clients feel safer, cared for, and more loyal when they know their risks are managed.
Boost practice income – Insurance solutions provide a new, sustainable revenue stream that diversifies your business beyond investment fees.

In short, insurance makes your advice more complete, your practice more profitable, and your client relationships unshakable.

Life Insurance: The “Legacy Protector”

Why : Life insurance secures your client’s family, estate, and wealth transfer goals. It answers the question: “What happens to the people I love if I’m not here?”

How to Introduce It :

In reviews, ask: “If something unexpected happened tomorrow, how would your family continue financially?”
Use stories of families protected versus families unprotected—it brings the abstract into reality.
Position life insurance as the foundation for wealth protection, not just another product.

Inspiring forward : Life insurance turns financial plans into legacies. Helping clients leave behind more than memories elevates your role from money manager to life architect.

Disability Insurance: The “Income Protector”

Why : Your client’s most valuable asset isn’t their portfolio—it’s their ability to earn an income. Disability insurance ensures that if health interrupts their career, their lifestyle doesn’t collapse.

How to introduce it :

Ask: “If your income stopped tomorrow, how many months could you sustain your lifestyle before your savings ran out?”
Frame disability coverage as a continuation of their investment plan: it funds contributions, lifestyle, and retirement goals even during a crisis.

Inspiring forward : Disability insurance keeps dreams alive, even when life blindsides your clients. You’re not just protecting dollars—you’re protecting decades of work, effort, and ambition.

Critical Illness Insurance: The “Recovery Cushion”

Why : Major illnesses don’t just impact health; they impact wealth. Treatment, time off work, and lifestyle adjustments can create financial stress exactly when focus and recovery should be the priority.

How to introduce it :

Ask: “If you were diagnosed with cancer tomorrow, would you want the freedom to focus on recovery, or the burden of worrying about bills?”
Present critical illness coverage as a “freedom fund”—cash that buys time, choice, and dignity in the face of adversity.

Inspiring forward : Critical illness coverage is about more than money—it’s about giving clients control when life feels out of control. You’re not selling insurance—you’re giving them options when they need them most.

How to put it all together

Here’s the framework to weave insurance naturally into your process:

Start with empathy – Don’t lead with products; lead with understanding your clients' fears and aspirations. Show them that you care about their financial well-being and are committed to helping them achieve their goals .
Link to goals – Position insurance as the safety net that keeps financial goals intact under any circumstance.
Tell stories – People don’t remember numbers, but they remember stories of families protected and families left vulnerable.
Integrate, don’t bolt-on – Insurance discussions should flow seamlessly into prospecting, planning, and reviews—not feel like an add-on.

The Bigger Picture: Practice Growth & Client Loyalty

Incorporating insurance elevates you from being a money manager to becoming a complete wealth advisor. It’s not just about better outcomes for your clients—it’s about:

Stronger retention, because you’re delivering deeper value.
More referrals, because you’re recognized for protecting not just assets but lives.
Increased practice value, because diversified revenue streams make your business more resilient and attractive.

How to Implement

Do you need to be the insurance expert? Heck no! There are numerous insurance specialists all across the country willing to partner with you to become part of your in-house, outsourced team of experts to assist your clients in implementing their insurance needs. If you’re not familiar with this, let’s have a quick discussion!

Final word

Advisors who integrate life insurance, disability, and critical illness into their practice build something rare: a holistic, unshakable client relationship.

You’re no longer the advisor who manages investments—you become the advisor who protects dreams, futures, families, and legacies. That’s the kind of value that multiplies your impact, your income, and the ultimate worth of your practice.

The question is simple: are you ready to expand your conversations, elevate your role, and create the kind of practice that grows in both value and meaning?

Thank you for reading! This is what we help advisors do every day!

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice. Let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com or Grant Hicks, CIM at grant@ghicks.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching, click the following link

Jeff https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant https://my.timetrade.com/book/JMTNJ , Let’s have a conversation

Jeff Thorsteinson, Grant Hicks CIM and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Increasing revenue without increasing your number of clients for financial advisors

Mon, 01 Dec 2025 15:00:32 GMT

Increasing revenue without increasing your number of clients for financial advisors

Increasing revenue without increasing your number of clients for financial advisors

How does a team of successful advisors scale their business, and increase equity and value, to make it more efficient? In other words, how do you scale your practice from 75 million to 150 million to 300 million or more? Or a 300 million practice to 500 million+. No matter what the numbers are, or revenue, you know what to do but do you know how to do it?

Money is recoverable time isn’t

You know you can go and earn more money as a successful advisor, but you can’t go and earn more time? Capacity is the number one issue for successful advisors, so how are you managing your capacity? In the book on practice management, by Mark Tibergien and Rebecca Pomering, ( Practice Made (More) Perfect: Transforming a Financial Advisory Practice Into a Business (Bloomberg Press) they show the difference in time management between average and elite financial advisors. What if you could find 200 more hours in a year, what would you do with the extra time? This is the difference between teams that do in-house portfolio management and teams that don’t. The average advisor spends 24% of the time on portfolio management and research versus 12% or less when they have either outsourced it or built it in-house, where they control the cost and revenue and build more equity. I see successful wealth managers generally increasing efficiency, capturing more ideal clients and assets, and improving client outcomes consistently. A Portfolio manager process or a TAMP process, turnkey asset management process, either way, how much time are you spending on your process? How can you get 200 more hours in the next 12 months, you know what to do, but how will you do it?

Ideal families

The financial industry drives me crazy sometimes. Everyone talks about ideal clients. If the language in the industry changes from clients or households to ideal families, then the math changes dramatically and so does the revenue. An ideal client or household may have a million dollars so the revenue at a simple 1% is $10,000 plus additional services such as insurance planning banking etc. If you target ideal families, not just parents and grandparents, but other family members such as parents brothers and sisters, and other relatives, you go from $10,000 for an ideal client to $20 $30 , $40 or $50,000 or more revenue. 50 ideal families at $50,000 per ideal family is an ideal business that generates $2.5 million or more. You have a team of 4 of those types of advisors and you have a 10 million-plus revenue firm. What is the value of that firm if you transitioned to retirement or sold it? Start thinking differently. During the pandemic, people moved closer to family members, so referrals to other family members came easily to financial advisors. Why not capitalize and look at families linear as well as horizontally? Wealthy business owners always have family involved in their businesses. Make a list of your ideal families and how you will capture more!

Replace costly inefficient staff with technology and tech-savvy staff

The biggest thing on financial CEO’s minds these days is when staff comes back to work what will the model be, and how will the culture be? Let’s face it, the pandemic has forced the financial industry to adapt to technology. It is a tech-savvy business, do you have non-tech-savvy staff who resist change? The future-ready financial advisor no longer has an admin assistant, they have a technology assistant or I refer to as a Robo-assistant, handling everything in the digital world, and implementing technology practice management processes with ease. They bring the practice forward and are always looking for fresh ideas on how to scale the practice. Some examples of Robo-assistants I have worked with have blown me away in their processes in running their practice. They have shown me technology that is super efficient and changed how I work with assistants in consulting with financial advisors and teams. Do you have a technology assistant or administration assistant?

Acquire more ideal families

What are the two or three marketing processes embedded in your practice to find and acquire more ideal families? Don’t have these processes that you can turn on or off at any time, hmmm are you winging it when it comes to marketing? Marketing for financial advisors is about three things, process, process process. The subject of a future blog article. Hint, it starts with delivering more value. How are you going to deliver more value to ideal families in the next 12 months? The more value you give or deliver, the more valuable you become.

Take more time off

We all know you make more money by taking more time off. Whenever I hear advisors say to me, I have difficulty taking time off, I think of how much growth they are missing by not taking time off. Every successful business book you have ever read endorses this, yet some choose to ignore this sage advice. Get rid of the guilt or reason why and plan it. Your team will always be more productive when you are away. If the team isn’t more productive when you are away, this is the first thing you need to change on your way to increase revenue.

One final question?

You know what to do to scale your business. How are you going to do it? I highly encourage you to connect with your coach, consultant, mentor, or manager and schedule a discussion of how you are going to do it. “Over every mountain, there is a path, although it may not be seen from the valley. Theodore Roethke

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Schedule Appointment

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The Capacity Trap for Financial Advisors

Mon, 24 Nov 2025 11:45:06 GMT

The Capacity Trap for Financial Advisors

Your Calendar is Lying To You

At 7:42 AM, your calendar looked reasonable. Three client meetings. A block for prospecting. A clean, bright stretch in the afternoon that promised time to think. How nice. By 9:10 AM, that promise was gone. A compliance question slipped into the inbox with the urgency of a smoke alarm. A portfolio system demanded an update. A “quick sync” ballooned to fifty minutes and adjourned with a second meeting to finalize the first. Somewhere between a login reset and a call that started late and ended later, the afternoon’s open water turned into foam—missed lunch.

If you’re an advisor, you know this day. On paper, you’re cruising at eighty percent. In reality, when you’re there, you’re actually running at one hundred and ten—you’re totally distracted .

The calendar records availability: your outcomes record results. That gap is the Capacity Trap .

Does this sound familiar? It’s a challenge all advisors face —a shared experience that unites us.

The mistake is counting hours instead of attention. Time is the commodity on your schedule; attention is the currency that ships work. When attention shatters, your “free” fifteen hours shrink to five, and five hours of real, shippable work isn’t capacity. It’s a rounding error. That’s why “adding a few more clients” often creates a new kind of drowning: more motion, less progress, a constant sense of catching up.

Each interruption seems harmless—an urgent compliance ask, a “two-minute” email, a login issue, a quick sync before the “real” meeting. Individually reasonable, collectively fatal. Distraction masquerades as productivity : you moved all day, but little that grows the practice actually advanced. The fix isn’t heroics; it’s a short reset that protects focus and converts routine into repeatable wins.

Start with one honest week. Track three numbers that form your attention dashboard:

Focus blocks ≥ 45 minutes (count)
Context switches per hour (estimate)
Rework rate (tasks touched more than once, %)

By the end of the week, most of us realize that the problem isn’t a lack of time, but rather an abundance of distractions. By improving these three key metrics, we can reclaim lost time and restore our capacity for productive work.

Make the calendar do the heavy lifting. Anchor a few non-negotiables so focus has a fair shot:

Two 90-minute growth blocks (pipeline, COIs)
Two 60-minute ops blocks (approvals, decisions)
Fixed client-meeting windows (no white space anywhere)
One end-of-day triage window (process loose ends)

Next, install a one-and-done flow. Nothing leaves your hands without a named owner, a clear outcome, and a due date captured in your task system. If a task takes less than 2 minutes, finish it; otherwise, schedule it deliberately. The second time you repeat a task—onboarding, review prep, transfer follow-ups—convert it into a one-page checklist. That page isn’t bureaucracy; it’s protection against reinvention and rework.

Divide messages into two tiers: “today” (client commitments, trades, money transfers, compliance deadlines) and “this week” (everything else). Train your admin to handle the second category with clear escalation rules so that 'urgent' truly means 'urgent'. Expect a brief dip in performance and more proactive check-ins with the team during the initial adjustment, but the benefit will be a smoother, more organized process afterward.

Meetings need a reset: fewer topics, tighter timeboxes, clearer decisions. End with three lines, captured where everyone can see them: owner, outcome, date . If you can’t state those in thirty seconds, you didn’t have a meeting—you had a conversation. And when you delegate, use a four-line brief: context, desired outcome, constraints, definition of done . If work boomerangs with predictable questions, the brief wasn’t finished; tighten the input, and the output improves.

Simplify tools by clarifying roles. One source of truth for tasks. One calendar. A shared file structure with enforced naming. Turn off noncritical notifications for a week and observe. The world keeps spinning; your throughput climbs.

Twelve weeks from now, “good” is tangible: twelve to sixteen protected focus blocks ; shorter cycle times because tasks aren’t reopened; rework under five percent because repeatables live on one page, not in your head. Most importantly, three to four hours a week reclaimed for growth—calls made, COIs deepened, prospects advanced. The subjective experience changes too: fewer fire drills, clearer handoffs, quieter days.

Quick reality check—answer yes/no :

Two 90-minute growth blocks on this week’s calendar?
Client meetings confined to set windows?
Fewer than four context switches per hour on average?
Repeat tasks have one-page checklists?
Team uses one task system/one calendar with a named file convention?
You know last week’s rework rate—and it was under ten percent?
Admin truly owns the “this week” inbox with clear escalation rules?

Six or seven “yes” answers suggest real capacity. Three to five means you’re leaking hours. Two or fewer is the Capacity Trap—don’t scale chaos.

Here’s a 30-day Capacity Plan- plan as a practical guide you can implement:

Week 1 – Audit & Design: track the three metrics; lock anchor blocks and meeting windows; choose the task system and file structure you’ll actually use.
Week 2 – Noise Removal: kill nonessential notifications; stand up the two-tier inbox; start using the four-line delegation brief.
Week 3 – SOP the Repeatables: convert your top five repeat tasks into one-page checklists; begin tracking rework in the open.
Week 4 – Optimize & Commit: review metrics; prune what doesn’t help; publish a single page titled “This Is How We Work.”

Stop asking, “How many more clients can I take?” Start asking, “How much real capacity do I have?” Manage attention like capital, and the disappearing fifteen hours come back—as growth. If you want this installed in your practice, I’ll guide the audit, the calendar redesign, and the once-and-done flow so your next quarter runs quieter and performs better. Now is the time to trade motion for momentum.

Thank you for reading! This is what we help advisors do every day! Jeff Thorsteinson

To book a no-obligation appointment with Jeff to discuss practice management or coaching, click https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice. Let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com or Grant Hicks, CIM at grant@ghicks.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching, click the following link

Jeff https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant https://my.timetrade.com/book/JMTNJ , Let’s have a conversation

Jeff Thorsteinson, Grant Hicks CIM and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

How to stop running on empty: 10 Boundaries every Financial Advisor must set now

Mon, 17 Nov 2025 12:16:09 GMT

How to stop running on empty:

10 Boundaries every Financial Advisor must set now

Advisors are wired to show up for their clients. But without limits, showing up can slowly drain you dry. The midnight emails. The Saturday morning “quick calls.” The endless extras that creep from service into sacrifice. Boundaries aren’t barriers—they’re the framework that earns respect, strengthens trust, and frees you to deliver your best work. The most successful advisors don’t just provide advice; they teach clients how to work with them.

How elite advisors set (and keep) client boundaries—by segment—so everyone wins.

This isn’t just a title for the article. It’s the reality for far too many advisors. The late-night texts. The weekend calls. The endless “quick questions” that drain your energy and blur the line between service and servitude. Without boundaries, you’re not building a business—you’re burning yourself out.

The advisors who rise to the top do something different: they establish clear, professional boundaries that clients understand and respect. They segment their service, define their availability, and protect their most valuable resource—their judgment. Boundaries don’t limit client relationships; they strengthen them by replacing chaos with clarity and by ensuring every client gets the right experience at the right level.

What follows are the 10 boundaries you must set ASAP —why they matter, how to implement them, and how to move forward—so you can stop running on empty and start running a practice that grows in impact, freedom, and enterprise value.

Quick orientation (read this before moving on)

Boundaries aren’t barriers; they’re guardrails that protect your most valuable assets—focus, trust, and judgment. The result: more thoughtful advice, steadier growth, higher margins, and a business that’s actually sellable. Below is a coaching-style playbook you can implement as you read. Each boundary includes why it matters , how to set it , tiered standards , a sample script , pushback handling , a metric , and a short move-forward action.

The following article is simply a set of ideas to consider within your practice to look for opportunities to save time, be more efficient, and create better service experiences with your top clients. Work with your branch manager and operations departments before proceeding with any changes to your current operations.

Your service tiers (example—customize later)

Tier 1 (T1): Private Client ($5M+ or highest complexity)
Tier 2 (T2): Signature ($1–5M)
Tier 3 (T3): Core ($250k–$1M)

APM PRO TIP: define tiers by complexity + profitability + fit , not just assets.

BOUNDARY 1 — Availability & Response Times (SLA)

Clients judge advisors not just on what they deliver, but on how accessible and reliable they feel. If you’re “always on,” you teach clients to expect immediate reaction instead of thoughtful response. That sets you up to be reactive, frazzled, and error-prone. Worse, it devalues your time—why would a client pay premium fees if you behave like an on-call help desk? By contrast, a well-structured response standard creates confidence. Clients know when to expect answers, and you protect the quality of your work by giving yourself space to think. This shifts perception: you’re not “available at all times”—you’re dependable, professional, and precise.

How to set it (5 steps)

Draft SLAs for email, phone, and portal messages (e.g., “same business day by 4 pm”).
Bake SLAs into Welcome Kit , Engagement Letter , and email signature .
Set shared inbox rules and assign coverage.
Use priority tags (“Action Today,” “This Week,” “FYI”).
Train the team to confirm receipt and set expectations (“We’ll revert by 3 pm tomorrow with options.”).

Tiered standard (example)

T1: same-day by 2 pm; direct text line; executive assistant triage.
T2: same-day by 4 pm; secure portal or email.
T3: within 1 business day; portal preferred.

Say it

“To give you thoughtful answers, we work inside clear response windows. That way, you never wonder where things stand—and we never give rushed advice.”

Pushback

“I need you instantly.” → “When something is truly time-sensitive, here’s how you flag it. Otherwise, our SLA ensures the best thinking, not rushed answers.”

Measurable Performance Metric : % of messages answered within SLA. Target ≥ 95%.
Move-Forward : Write your SLAs now. Add them to your email signature by the end of the day.

BOUNDARY 2 — Approved Communication Channels

Why it matters

Every extra channel (text, WhatsApp, Messenger, personal email) increases the risk of missing something important. It also destroys efficiency because you and your team end up chasing conversations across platforms. Beyond that, untracked communications create compliance landmines —no record, no defense. Clients may think texting you feels personal and quick, but when money is at stake, informality creates risk. By narrowing to defined channels, you send a subtle message: we treat your financial life with the seriousness it deserves. And clients, when educated properly, actually prefer knowing the one place where their requests won’t get lost.

How to set it

Pick two primaries (e.g., portal + phone).
Make text “acknowledge only”: “Thanks—please drop this in the portal so we don’t miss it.”
Turn on auto-responses with the correct channel.
Document what goes where (money movement → portal form; scheduling → link; strategy → email/portal).
Audit weekly for leaks.

Tiers

T1: portal + direct text (triaged by EA).
T2: portal + email.
T3: portal only for requests; email for updates.

Say it

“We use the portal for requests, so nothing slips through. Texts are great for ‘heads-ups,’ but we’ll move the work into the portal to track it.”

Pushback : “Text is faster.” → “Totally—so we’ll text ‘seen,’ then log it properly so it gets done.”
Measurable Performance Metric : % of requests originating in approved channels. Target ≥ 85% in 30 days.
Move-Forward : Update your voicemail/email to say where requests belong.

BOUNDARY 3 — Meeting Cadence & Format

Why it matters

Over-servicing by meeting too often doesn’t create more value—it makes noise and fatigue. Underservicing leaves clients wondering if they’ve been forgotten. Either one leads to churn.

Meeting cadence is about rhythm. Proactive enough to pre-empt issues, but not so frequent that clients feel smothered or your calendar collapses. When you control the cadence, you free up capacity to focus on strategic conversations , not endless tactical check-ins. Think of it like a health plan: annual physical, semi-annual dental, quarterly fitness benchmarks. A structure that clients can count on ensures balance between proactive care and efficient use of time.

How to set it

Define cadence by tier + complexity .
Pre-publish annual meeting calendar with topics (Q1 taxes, Q2 risk, etc.).
Require agenda 48 hours before ; reschedule if not provided.
Lock start/stop times ; close with decisions/action owners.
Send a 1-page recap within 48 hours.

Tiers

T1: Quarterly, 60–75 min; ad-hoc project meetings permitted.
T2: Semi-annual, 60 min.
T3: Annual, 45–60 min, virtual default.

Say it

“We run a proactive calendar so your plan gets tuned before markets or taxes force it.”

Pushback : “Can we meet monthly?” → “If we enter project mode, yes; otherwise the quarterly rhythm preserves depth and keeps fees fair.”
Measurable Performance Metric : Meeting adherence (% held as scheduled) ≥ 90%.
Move-Forward : Publish the next 12 months’ meeting themes today.

BOUNDARY 4 — Scope of Advice (and Scope Creep)

Why it matters

Without guardrails, your role can balloon into “life concierge”—fielding lease reviews, vacation property valuations, or cousin’s start-up ideas. The risk? You water down your expertise and burn hours on tasks you can’t bill for. Even worse, you may unintentionally advise on your licensing or skill set, exposing yourself to liability. Boundaries here protect you from being stretched too thin, while also elevating your authority. Clients will respect you more when you confidently say: “That’s outside my lane, but I’ll bring in the right person.” This positions you as the orchestrator of a trusted network—not the one-stop shop who says yes to everything.

How to set it

Define in-scope (planning pillars + investment policy).
List adjacent items that trigger specialist referrals.
Build menu pricing for add-ons (hourly/project).
Teach the team to hold the line and offer the right next step.
Track out-of-scope asks and outcomes.

Tiers

T1: Family office light (curated referrals + coordinator).
T2: Comprehensive planning; referrals for legal/tax prep.
T3: Core planning only; referral list provided.

Say it

“My lane is X. For Y, I’ll quarterback with a specialist so you get expert answers without paying for trial-and-error.”

Pushback : “Can’t you just look?” → “I can, as a paid add-on, but you’ll get a better result with the specialist.”
Measurable Performance Metric : % of out-of-scope items routed correctly. Target ≥ 90%.
Move-Forward : Draft your “What’s in scope” page and add it to your welcome kit.

BOUNDARY 5 — Turnaround Times for Deliverables

Why it matters

Ambiguity breeds anxiety. If clients don’t know when they’ll receive something, they default to constant check-ins—“Just following up…” emails that waste your time and their patience. Without deadlines, your credibility erodes. Delivering consistently within promised timeframes creates predictability —and predictability is one of the deepest forms of trust. When clients know that “proposal = 48 hours” or “plan update = 10 business days,” they stop chasing you. This also empowers your team to plan workflow, reduces bottlenecks, and ensures you never rush something as critical as financial planning. Reliable turnaround times demonstrate discipline—and discipline is one of the signals of a firm that can scale.

How to set it

Publish standard timelines (plan updates 10 business days; transfers 3–5; proposals 2).
Use intake forms to start the clock.
Acknowledge receipt with due date .
If waiting on client docs, pause the clock .
If a deadline moves, notify early with a new ETA .

Tiers

T1: Priority queue + rush option within reason.
T2: Standard queue.
T3: Standard queue; batching permitted.

Say it

“We’ll confirm the due date as soon as we have your documents. If anything changes, you’ll hear from us before you have to ask.”

Pushback : “I need it tomorrow.” → “We can rush at a project fee, or deliver the standard way by Friday. Which works?”
Measurable Performance Metric : On-time deliverables ≥ 95%.
Move-Forward : Write your timeline list; post it in your portal.

BOUNDARY 6 — Money Movement & Trading Windows

Why it matters

Nothing damages trust faster than a mishandled transfer or a misunderstood trade. Money movement is high-stakes. A missed cutoff can mean a missed opportunity, or even financial harm to the client.

Establishing windows and protocols ensures safety, consistency, and your branch manager. It also puts responsibility back on the client to respect the system. If they want something same-day, they must submit it properly and before the cutoff. Boundaries here protect not just you, but the client’s wealth. Communicating this firmly reinforces your role as a fiduciary.

How to set it (in cooperation with your dealer)

Define cutoffs (e.g., requests by 12:00 pm process same day).
Only accept requests via approved forms/portal .
Require voice confirmation for high-risk items.
Publish trade execution policy (block trading, best-ex).
Communicate settlement timing clearly.

Tiers

T1: Same-day cutoffs; expedited wires where available.
T2: Standard cutoffs.
T3: Standard cutoffs; ACH preferred.

Say it

“To keep you safe and accurate, we process cash and trades inside clear windows. Here’s how we move fast and get it right.”

Pushback : “But markets are moving now.” → “We’ll act within policy—the discipline protects outcomes you hired us to achieve.”
Measurable Performance Metric : % of requests received by cutoff; % error-free.
Move-Forward : Add cutoffs to your email footer and client portal today.

BOUNDARY 7 — Emergency vs. Urgent Protocol

Why it matters

If every email marked “urgent” gets immediate attention, you’ll never finish the high-value work. Advisors and teams who don’t or can’t triage become reactive, exhausted, and distracted.

The truth is that not every “urgent” request is life-threatening. By teaching clients the difference between urgent and emergency, you protect your ability to focus without compromising genuine crises. Emergencies do deserve a fast response, but only if everyone understands what qualifies. This requires client education and training. This boundary teaches clients that your process isn’t about minimizing their concerns—it’s about maximizing accuracy, focus, and fairness. Ultimately, it preserves your mental bandwidth, allowing you and the team to have capacity when real emergencies arise.

How to set it

Publish what qualifies (death, fraud, looming tax/RSU deadlines).
Create an “Emergency” subject line keyword.
Route emergencies to a priority phone .
Define non-emergency handling (SLA applies).
Debrief emergencies to strengthen the process.

Tiers

T1: 60-minute triage guarantee.
T2: Same-day triage.
T3: SLA-based triage.

Say it

“If it’s urgent-urgent, use ‘EMERGENCY’ in the subject or this number. Everything else follows our normal SLA, so nothing gets missed.”

Pushback : “Everything is urgent to me.” → “We’ll treat everything seriously; emergencies just jump the line to keep you protected.”
Measurable Performance Metric : Emergency resolution time; # of false emergencies ↓ over 60 days.
Move-Forward : Create the emergency keyword and test your routing.

BOUNDARY 8 — Data Requests & Client Responsibilities

Why it matters

A financial plan is only as good as the data behind it. If documents are missing, assumptions creep in, and assumptions create bad decisions. Too many advisors allow meetings to proceed with incomplete data, which leads to speculative advice that can backfire later. Even worse, your team ends up wasting hours chasing documents—time that adds no value. Setting firm boundaries here reinforces that planning is a partnership: the client has responsibilities, too. It positions you as serious, disciplined, and unwilling to cut corners with their financial future. When you hold clients accountable for their part, they respect both you and the process more.

How to set it

Send checklists with due dates.
Use secure upload links .
Pause work until items arrive; automate reminders.
If the docs are late, reschedule the meeting.
Celebrate fast clients with a thank-you note or small perk.

Tiers

T1: White-glove data concierge (EA helps collect).
T2: Standard reminders.
T3: Self-service portal.

Say it

“Our best plans come from complete data. If something’s missing, we’ll pause so we don’t guess with your future.”

Pushback : “Can’t we meet anyway?” → “We could—but it becomes speculation. Let’s lock a new date after we have the documents.”
Measurable Performance Metric : % of meetings held with complete data ≥ 90%.
Move-Forward : Build your data checklist and auto-reminders.

BOUNDARY 9 — Third-Party Coordination & Referrals

Why it matters

You are the financial quarterback, but not the whole team. Without boundaries, clients assume you’ll handle everything, including reviewing legal documents, preparing taxes, or negotiating insurance. That’s often not the case, but if it is, this is unsustainable and ruinous.

By structuring how you coordinate with lawyers, accountants, and specialists, you elevate your positioning. You’re no longer “the helper”—you’re the conductor of the orchestra. Boundaries here allow you to provide holistic service without doing other professionals’ jobs. They also protect profitability: structured coordination is billable or tiered, rather than a silent drain on time. This boundary ultimately signals professionalism: the best advisors don’t do everything; they ensure everything gets done.

How to set it

Maintain a curated referral bench with SLAs.
Define coordination packages (light, standard, complex) with pricing.
Use intro templates and coordinate via email triads.
Capture notes back into your CRM.
Review partner performance quarterly.

Tiers

T1: Advisor attends specialist calls; meeting notes provided.
T2: Warm introductions + recap.
T3: Referral list only.

Say it

“I’ll coordinate the right pro, then we’ll fold their advice into your plan so it all sings from the same sheet.”

Pushback : “I already have a lawyer.” → “Perfect. We’ll coordinate—here’s our process so everyone moves quickly.”
Measurable Performance Metric : Time from intro → engagement; client satisfaction on partner calls.
Move-Forward : Write your three coordination packages with fees.

BOUNDARY 10 — Household Access & Decision Rights

Why it matters

Money is an emotional subject, and when multiple family members are involved, unclear permissions can create confusion. An adult child might expect full access to Mom’s accounts, while Mom may assume otherwise. A spouse may want to be informed, but not responsible for decisions. If you don’t set explicit access boundaries, you’ll be caught in the middle of family politics. Worse, you expose yourself to your branch manager and risk. By documenting who sees what, who decides what, and when those rights change, you protect everyone. It also creates peace of mind for clients: they know their wishes will be respected, not guessed at. This clarity strengthens trust and positions you as a faithful steward of the family’s financial legacy.

How to set it

Document authorized contacts , view vs. transact vs. decide.
Separate adult children's education from account control .
Require written permissions for information sharing.
Use family meetings with a standing agenda.
Reconfirm access annually.

Tiers

T1: Annual family summit; heirs education series.
T2: Optional family briefing.
T3: Primary owner only unless written access granted.

Say it

“We’ll protect your privacy and your plan with clear access rules. Here’s who can see, who can decide, and how that changes over time.”

Pushback : “Just tell my son everything.” → “Happy to—with written authorization so we keep you protected.”
Measurable Performance Metric : % of households with documented access rules ≥ 100%.
Move-Forward : Add an “Access & Permissions” form to your onboarding.

Rolling It Out (30/60/90)

Day 0–30 : Draft SLAs, scope page, cutoffs, meeting calendar, channel rules. Update welcome kit, signatures, and portal pages. Train team; pilot with 10 friendly clients (one per segment).

Day 31–60 : Roll to T1/T2; audit exceptions weekly; refine scripts; publish a client-facing FAQ.

Day 61–90 : Roll to T3; implement metrics dashboard; add add-on pricing for scope creep; publish “How we work” page on your site.

Owner assignments :

Ops: channels, cutoffs, SLAs.
Lead advisor: scripts, meetings calendar, scope.
CSA/EA: portal policing, data concierge, emergency routing.

Final Word

When you operate without boundaries, you sell time. When you operate with boundaries, you sell judgment . Judgment scales. Judgment compounds. Judgment is what clients actually buy.

Implementing these boundaries will:

Recapture 6–12 focused hours per week —enough to deepen top-tier relationships or meet 5–10 ideal prospects monthly.
Lift revenue per advisor hour and gross margin , because work happens in the right channel, at the right cadence, by the proper role.
Reduce error rates and rework , improving trust and referrals.
Increase enterprise value : documented service tiers, SLAs, and processes lower key-person risk and raise your multiples when it’s time to sell.

Draw the line. Guard your craft. Lead your calendar. Your clients won’t love you for answering at midnight—they’ll love you for answers that stand up in the daylight.

Thank you for reading! This is what we help advisors do every day! Author- Jeff Thorsteinson

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice. Let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com or Grant Hicks, CIM at grant@ghicks.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching, click the following link

Jeff https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant https://my.timetrade.com/book/JMTNJ , Let’s have a conversation

Jeff Thorsteinson, Grant Hicks CIM and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Why Every Financial Advisor Must Step Into the CEO Role

Wed, 05 Nov 2025 21:06:43 GMT

Why Every Financial Advisor Must Step Into the CEO Role

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Practice management trendsetters

Mon, 03 Nov 2025 15:00:08 GMT

How to shift from wealth management to comprehensive wealth advice like a family office?

How to shift from wealth management to comprehensive wealth advice like a family office?

What is the difference between wealth management and a family office? When we think of wealth management we think of someone who is taking care of our wealth, managing our money, and doing a little bit of goal planning and financial planning. When we think of a family office it's only reserved for the wealthy. why is that? Is it because they do a better job of wealth management? Or is it because they do a better job of planning and advice?

Are you running a mini-family office?

Wealthy people who have a high net worth of two to $20 million usually have two or more financial advisors. This is because they need one to manage their wealth and another financial advisor to do comprehensive planning in all seven areas of their financial life. This includes taxes state investment risk insurance debt and cash flow. This level of planning takes time knowledge and expertise. This type of planning needs major coordination with other professionals. This coordination may include accountants attorneys mortgage brokers real estate including commercial real estate commercial lenders general insurance including commercial lines and more. That sounds like a lot of coordination. Is it worth the time and effort for financial advisors?

What do your best clients pay you every year?

Write down on paper what your best families pay you each year. Let's use an example. a financial advisor managers $2.5 million for a client and another $1,000,000 for other family members. the total family assets are $3.5 million and the gross revenue at 1% is $35,000 per year. This client is paying almost $3000 per month for what? Is it just for wealth management and a bit of advice? Or is it for comprehensive wealth advice and coordination? After all most wealthy clients don't know the difference until they met you. You deliver comprehensive wealth advice in all seven areas and you coordinate it with your professional network for your ideal families. This is the start of a definition of a mini-family office.

How do you market yourself?

Ask family offices you know, what are the criteria to become a family office? They position themselves differently. They focus on comprehensive wealth advice, not just wealth management. Start researching family office websites and family office organizations and you will start to see the difference. The financial industry has been focused on planning and wealth management. but the financial industry gets paid usually for wealth management or products, not advice. This is something you and I can have a conversation about changing because the future is about advice. We have heard over and over that wealth management is a commodity. if we change our behavior and our language each advisor has the ability to shift the financial services industry towards advice. now go and deliver comprehensive wealth advice to your ideal families.

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com to book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

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How to shift from wealth management to comprehensive wealth advice like a family office?

Mon, 03 Nov 2025 15:00:08 GMT

How to shift from wealth management to comprehensive wealth advice like a family office?

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The 17 Undeniable Rules of Financial Advisor Success

Mon, 13 Oct 2025 11:00:48 GMT

The 17 Undeniable Rules of Financial Advisor Success

Ever wonder what the top 1% of advisors know that the rest don’t? In one quiet coaching moment, the noise fades—and a single page reveals 17 unshakable rules that separate top advisors from the mediocre. Read them once, and you'll never see your business the same way again. Read on…

You’re in a coaching session. The kind where real clarity shows up. You’ve been grinding, showing up, but deep down, you’re wondering: “What do the best advisors know that I don’t?”

Your coach smiles, pauses to look through his briefcase, picks out and slides a sheet across the table. On it are 17 simple, powerful truths. Not opinions. Not theories. Just the rules that never change—no matter your country, city, firm, or market cycle.

“These are the 17 rules,” he says. “Ignore them and you’ll stay stuck. Live by them, and you won’t look back, except fondly at this moment.” You pick up the sheet and begin reading. And this is what it says:

Show Up Like It’s a Performance. Because it is.
Every call, every meeting, every message—your energy sets the tone. You’re not selling investments; you’re transferring conviction.

Coach leans in: “Your presence either builds trust or drains it.” Every interaction shapes how your clients perceive you. Top advisors treat every meeting like showtime. Prepare mentally and physically to project clarity, conviction, and presence.

How to: Schedule 15-minute prep blocks before key meetings to prepare, breathe, and reset your presence. Use the time to rehearse your message and clear distractions. Walk in with confidence, not chaos.

2 Be Known for One Thing
Generalists survive. Specialists scale. Top advisors aren’t known for doing everything—they’re known for doing something exceptionally well.

Coach asks: “What would clients say you’re the best at in town?” Generalists fade into the background. Specialists rise to the top. The most successful advisors are associated with a single, memorable area of focus.

How to: Finish this sentence: “I’m the go-to advisor for __________.” Update your bio, pitch, and online profiles to reflect that positioning. Repeat it consistently.

3. Obsess Over Client Experience, not client service.
Service is reactive. Experience is intentional. Every touchpoint should feel like design, not default.

Coach nods: “Service is a checklist. Experience is an emotion.” Client service is reactive; client experience is proactive. The best advisors craft intentional journeys, not just solutions. Clients remember how you made them feel, not just what you did.

How to: Build a client experience map that includes reviews, personal touches, and proactive outreach. Highlight moments that create surprise, trust, or a sense of relief. Automate reminders to deliver them consistently.

4. Play Long-Term Games with long-term people
Great clients take time. Great teams take patience. If you’re only chasing short-term wins, you’ll never build long-term trust.

Coach says: “Flashy is temporary. Depth lasts. How you do anything is how you do everything. Make it about relationships, not transactions.”

How to: Evaluate every new strategy by its 3-year potential. Spend 80% of your time deepening existing relationships. Track referrals, not just revenue.

5. Ask Better Questions Than Everyone Else.
Products don’t differentiate you. Your questions do. Mastering discovery is your superpower.

Coach smiles: “If you ask better questions, you get better clients.” Product knowledge won't differentiate you, but your questions will. Great advisors unlock insights, not just account data.

How to: Replace "What are your goals?" with "What do you want your money to do for your life?" Use “Tell me more…” as your default coaching phrase. Capture exact phrasing in your CRM. Practice curiosity, not interrogation.

6. Follow Up Like Your Future Depends On It—Because It Does.

80% of opportunities are lost to silence. The best advisors don’t wait for the client to come back—they lead them there.

Coach raises an eyebrow: “If they don’t hear from you, they hear from someone else.” Prospects rarely commit after one meeting. Follow-up is where trust is reinforced and decisions are made. It’s not pushy; it’s professional.

How to: Create a 30-day follow-up sequence: Day 1, Day 3, Day 7, Day 14, Day 30. Use value-driven messages at each touchpoint. Track outreach in your CRM.

7. Don’t Wait for Referrals. Engineer Them.
Referrals come from clarity, confidence, and visibility—not from hope.

Coach says: “Great advisors don’t wait for introductions—they inspire them.” Waiting for referrals is not a strategy. Top advisors plant referral seeds intentionally. They make it easy and natural for clients to introduce them.

How to: Ask, "What part of our work together has been most valuable?" Then say, "If someone you care about needs the same clarity, I’d be honored to help."

8. Treat Time Like It’s the Only Currency You Can’t Re-Earn.

Advisors don’t run out of opportunity—they run out of hours. Protect your calendar like your career depends on it.

Coach flips to your calendar: “Show me how you spend your time, and I’ll show you your trajectory.” Your calendar is your business model. If you don’t own your time, you don’t own your growth. World-class advisors schedule like a CEO, not a service rep.

How to: Run a Weekly Strategic Review. What drained you? What moved the needle? Eliminate or delegate high-volume, low-value tasks.

9. If It’s Not in Your CRM, It Didn’t Happen
Memory is fallible. Systems scale. Your future self will thank you for the notes you took today.

Coach reminds you: “Your brain forgets. Your CRM doesn’t.” Memory is fallible; documentation is scalable. Top advisors track everything so they can follow up flawlessly. Your CRM is your second brain.

How to: Enter notes immediately after meetings. Tag key life events and personal preferences. Use past data to personalize future outreach.

10. Sell the Plan, Not the Product
Top advisors don’t pitch—they prescribe. They anchor everything in a strategy the client believes in.

Coach pushes the whiteboard toward you: “Clients don’t want features—they want freedom.” Clients don’t buy funds—they buy outcomes. Your value lies in the strategy, not the solution. Anchor every recommendation in their goals.

How to: Begin every recommendation with, “Based on your goals and what we’ve discussed, the next best step is…”

11. Build a Business, Not a Job
Jobs are exhausting. Businesses are empowering. If your practice can’t run without you, you’ve built a cage, not a company.

Coach points to your org chart: “If your business can’t run without you, it owns you.” If your practice can't run without you, you've built a job. Advisors with leverage have time, options, and exit potential. Build systems that outlast you.

How to: Identify tasks only you can do. Delegate the rest. Document your top 10 repeatable processes this quarter. Begin the process of delegating each process, beginning with one.

12. Pick Your Lane and Stay In It
Don’t be the advisor who pivots every 90 days. Pick your positioning. Plant your flag. Let consistency compound.

Coach asks: “What do your clients count on you for—every single time?” Shiny objects are silent killers. Focus beats variety every time. The best advisor brands are built on repetition.

How to: Reaffirm your niche monthly. Audit your marketing and messaging for consistency and coherence. Ignore distractions disguised as "opportunities."

13. Create Content That Compounds
Content doesn’t just educate—it builds trust at scale. And trust is the only thing people buy in this business.

Coach asks: “What value are you delivering when you’re not in the room?” Every post, article, or video is a trust deposit. Content scales your influence beyond your calendar. And people buy from those they learn from.

How to: Choose one platform. Commit to one post per week. Speak directly to your ideal client’s biggest decision.

14. Build a Personal Brand, Not Just a Company Name
People follow people, not logos. Your voice, your values, your presence—that’s what creates loyalty.

Coach leans back: “Your brand isn’t your logo—it’s your presence.” Logos don’t create loyalty. Share your values, voice, stories, and victories.

How to: Show your face. Share lessons, not just wins. Let your stories build a connection.

15. Think Like a CEO, Lead Like a Coach
Top advisors don’t just manage clients, they lead teams, design culture, and cast vision.

Coach smiles: “You lead people the same way you lead clients—by casting vision and creating clarity.” Your clients follow your confidence. Your team follows your clarity. Your job is to cast vision and elevate performance.

How to: Hold monthly leadership meetings. Schedule a monthly “strategy day” away from the office to be strategic and work on the business.

16. Track the Metrics That Matter
Focus on what drives results: meetings held, referrals received, introductions made.

Coach holds up your tracking sheet: “What you measure improves. What you ignore atrophies.” Vanity metrics feel good. Real metrics drive business growth and enhance practice value. What gets measured improves.

How to: Track meetings booked, kept, referrals received, follow-ups made, and value touches delivered. Review weekly. Celebrate progress.

17. Protect Your Energy Like It’s Your Greatest Asset
You are the instrument. If you’re drained, your impact is dull. Protect your health, your focus, and your mindset.

Coach closes the notebook: “You are the energy behind everything. Protect it.” Energy is your delivery system. Without it, even genius goes unnoticed. Protect your health, schedule, and environment.

How to: Set boundaries. Prioritize sleep, wellness, movement, and recovery. Create a daily startup and shutdown routine.

Final Thoughts:

Success isn’t random. It’s built, and these 17 rules are your blueprint. You don’t have to master all 17 today; simply commit to incorporating them over time.

Your Next 3 Moves:

Circle 3 rules that speak to where you are right now.
Block time this week to take one specific action on each.
Share this list with your team. Demonstrate outstanding leadership and transparency by sharing your operational approach.

If you would like to receive our 17 Success Rules Workbook, just ask Jeff at jeff@jeffthorsteinson.com

Thank you for reading! This is what we help advisors do every day!

To book a no-obligation appointment with Jeff to discuss practice management or coaching, click https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Jeff Thorsteinson is a partner in Advisor Practice Management, an organization that helps financial advisors build world-class practices through innovative concepts, tools, and systems. Jeff works with individual advisors, investment dealers, insurance firms, and fund companies. For more information about Advisor Practice Management, contact jeff@jeffthorsteinson.com or 1-800-223-9332, or visit the website at www.apm.coach

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com or Grant at grant@ghicks.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks CIM and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

How Top Financial Advisors Use AI Every Day

Thu, 09 Oct 2025 22:55:39 GMT

How Top Financial Advisors Use AI Every Day

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Practice management trendsetters

Mon, 06 Oct 2025 14:00:05 GMT

The referral myth and how to avoid it

The referral myth and how to avoid it

Successful financial advisors do not want to share the secrets of how they are growing their businesses. They have spent a lot of time money and energy on finding how they can grow their practice. They have made a lot of mistakes tried a lot of different things and discovered ways that work for them and more importantly ways that don't work for them. So the next time you ask a successful advisor about how they grow the business and they say by referrals, they just don't want to tell you how they built their growth machine for their practice.

What is the referral myth?

Let's face it, referrals are fantastic and a great way to grow your business, but it does not get you to the next level. Does someone with $1,000,000 refer someone with $5 million? Typically not. Does someone with five million refer someone with 10 or $20 million? Your referrals get the same type of clients over and over, so don't expect different results. So if you want to move upmarket here are three things to think about.

Define your ideal client on paper

It starts with getting out of your comfort zone and clearly defining ideal clients and ideal families. it is known in practice management that 75% of financial advisors don't have a clear definition of who an ideal client is. ( The Future of Practice Management, an inaugural study by the FPA Research and Practice Institute a program of the Financial Planning Association® (FPA®) -December 2013)

You need to have an ideal client definition on paper and be able to share it with clients' prospects and centers of influence. If they don't know your ideal client and you don't know either, how will you ever find them?

2. Deliver more value

It is the time of year when hockey is starting up again. Imagine you're trying out for a new hockey team. You know you have to be better than the players that were on the team last year. You need to study and watch them, but more importantly, be better than them. Think differently. Instead of prospecting, be prospected. Show up where your competition is, and show them how much better you are than them. Look at all their marketing, website, and communications and be better than them. Spying on your competition is not a new phenomenon, it is a way for you to understand how to deliver more value. Pick one to three competitors and start spying on them. Only then will you understand the value they deliver and how you will deliver more.

3. Your marketing mix elements

Elite financial advisors don't do one thing in their marketing to make them successful. Being a judge on the wealth professional awards and working with elite advisors and their teams, I see what goes into their marketing and how they build their marketing mix. Here are the four elements.

Digital marketing including inbound marketing
COI network of professionals and network of influencers
Events in person and online to meet people Including all types of events
Current ideal clients and their families focus on siblings and parents

Here are four questions to ask yourself in competing with another elite financial advisor. Do they have digital marketing, or inbound marketing, and are they using video? How big and how long have they had their network of professionals, and what do they do on a monthly basis with their network of professionals? How often do they do events and meet people? How many ideal families do they manage? This year has been a difficult year for financial advisors wanting to grow their practice. Markets are down, revenue is down and staff expenses are up. Time to turn on your growth engine to balance the scales. What can you turn on today to get growing? Check out some successful firms here https://www.financial-planning.com/list/ria-leaders-2022-top-20-firms-by-aum

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

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The referral myth and how to avoid it

Mon, 06 Oct 2025 14:00:05 GMT

The referral myth and how to avoid it

The referral myth and how to avoid it

What is the referral myth?

Define your ideal client on paper

2. Deliver more value

3. Your marketing mix elements

Digital marketing including inbound marketing
COI network of professionals and network of influencers
Events in person and online to meet people Including all types of events
Current ideal clients and their families focus on siblings and parents

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Schedule Appointment

Visit www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact us below.

7 Core Values of Top Advisors that Others Need to Learn

Mon, 22 Sep 2025 11:30:00 GMT

7 Core Values of Top Advisors that Others Need to Learn

Top advisors don’t just survive market cycles—they dominate them.

It’s not luck or pedigree. It’s a mindset powered by seven core values that fuel relentless growth, upmarket success, and next-level leadership. Want to know what the top live by? It starts here…

There’s a reason some advisors consistently attract up-market clients, build world-class teams, and run businesses that thrive—even in turbulent or scary times.

It’s not luck. It’s not access. It’s not even intelligence. It’s ambition and hard work. First and foremost, top advisors work 10x harder than anyone else you know. Their relentless dedication and ambition are what set them apart. What drives these top advisors?

Top advisors appreciate that they follow seven core values that others urgently need to learn and adopt. These values are not just principles, but the keys to unlocking your potential and achieving success.

Top advisors think differently, act intentionally, and structure their business like the CEO of a high-performing enterprise, not just as a solo advisor managing accounts. Here’s what separates the Top from the mediocre, and how you can start implementing their secrets now.

Top Advisors Don’t Sell Products—They Sell Certainty

While average advisors talk product and performance, Top advisors deliver peace of mind. They know their true value isn’t in picking the right fund—it’s in creating clarity, reducing stress, and giving clients a confident path forward.

How to:

Replace “Here’s your performance” with “Here’s what your money is doing to support the life you want.”
Use visual tools (mind maps, one-page plans) to help clients feel more in control.
Speak in outcomes, not inputs. Say, “We’re on track for your dream home in two years,” not “Your portfolio is up 5.7%.”

Top Advisors Obsess Over Ideal Clients

They don’t serve “anyone with money.” They build a business for someone, not for everyone. The best know who they serve best: their ideal client, and then double down on it.

How to:

Define Your Ideal Client : Income, profession, personality, complexity level, mindset, and referability.
Write a ‘Client Fit Filter’ : A one-pager that outlines who you serve and who you won’t.
Refuse to Compromise : Politely refer those who don’t align to another advisor. You’ll gain time, confidence, energy, and referrals from ideal clients.
Top Advisors Are CEOs, Not Technicians

When not doing “client-facing” work with ideal clients, top advisors spend their time on growth, leadership, and strategy. They don’t get bogged down in administrative work or picking investments—they build systems and hire exceptional people to run them.

How to:

Audit your week. Circle anything that someone else could do 80% as well as you.
Delegate or outsource every circled task within 30 days.
Set one to two 90-minute blocks every week at the same times/same days for strategic CEO time: strategy, vision, people, cash flow, growth, and practice value.

Top Advisors Systematize Client Experience

Every touchpoint is planned, delivered with intention, and designed to feel high-value. While average advisors react, Top ones create a repeatable, luxurious experience.

How to:

Map Your Client Journey : From onboarding to annual review.
Assign an Emotion to Every Stage : “Relief” at onboarding, “Excitement” at the first plan delivery, “Trust” at the annual meeting. Then describe to yourself and your team how to encourage these emotions when meeting with clients.
Script the Touchpoints : What do they receive, hear, or feel at each stage? Automate where appropriate. Use meeting agendas for every meeting you hold.
Top Advisors Focus on Multiplying, Not Just Adding

They ask: “How can this scale?” They build leverage through people, processes, technology, and partnerships.

How to:

Identify your top 3 revenue-generating activities.
Spend 80% of your time there.
For everything else, build a system, train someone, train a backup, or drop it.

Top Advisors Don’t Wait for Referrals—They Engineer Them

They don’t hope to be referred. They earn it by delivering a distinctive experience that clients naturally talk about, and they follow up with thoughtful, intentional prompts.

How to:

During review meetings, ask: “What part of our work together has been most valuable to you?
Follow up: “If you ever know someone who could benefit from that kind of clarity, please know I’d be honoured to help.”
Create shareable tools: guides, checklists, or frameworks that clients can easily pass on.

Top Advisors Know Success Is Built Inside-Out

It’s not just about growing AUM—it’s about becoming the kind of person who attracts growth. They invest in mindset, leadership, and energy.

How to:

Begin each week with clarity: What matters most? What’s my biggest priority?
Track your energy, not just your time. Guard your calendar like a high-performance athlete.
Join a mastermind or coaching program to stay sharp, inspired, and accountable.

Final Word: Success isn’t a mystery. It’s a decision.

Top advisors don’t hope to get better—they build it. Brick by brick. Habit by habit. Decision by decision. Start where you are. Take one step. Then take another.

How to Get Started:

Choose one principle from this article to focus on for 30 days.
Block off 2 hours next week to design or upgrade a key system.
Schedule a strategy call with your coach, your COO, or yourself to re-align with your ideal client and long-term vision.

What is the difference between a Top and a mediocre advisor? It begins with understanding what matters—and incorporating these seven values into both your daily business and personal life.

Thank you for reading! This is what we help advisors do every day!

To book a no-obligation appointment with Jeff to discuss practice management or coaching, click https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

When Is It Time to Hire and Grow Your Team as a Financial Advisor?

Wed, 17 Sep 2025 15:52:25 GMT

What does your playbook look like as a financial advisor for 202?

When Is It Time to Hire and Grow Your Team as a Financial Advisor?

If you’re asking whether it’s time to hire, you’re already behind. The most successful advisors don’t wait for overwhelm—they hire to unlock scale, elevate service, and build something bigger than themselves. Discover the five signs it’s time, and exactly how to launch the hiring process.

If you’re wondering whether it’s time to hire, it probably is.

Advisors often wait too long, juggling too much, and justifying the chaos. They tell themselves they’ll hire “once things slow down.” But here’s the truth: growth doesn’t create capacity—capacity creates growth. Delaying hiring can lead to missed opportunities, client dissatisfaction, and a stagnant practice.

Top advisors don’t hire because they’re overwhelmed. They hire because they’re building a business that’s too valuable to stay small. Here are the five clear signals we see every day, indicating our clients are ready to hire, and how to hire the right person:

You're Saying "Yes" to Everything and Everyone

You’re onboarding clients who aren’t ideal, responding to every email yourself, and spending more time on admin than advice.

The undeniable reality: If you’re doing $25/hour tasks while aiming for a $100-200M AUM practice, your business is misaligned.

Your Client Experience Is Slipping

When you find yourself unable to call clients as often as you want, missing birthdays, delaying follow-ups, and scrambling before reviews, it's a clear sign that your client experience is slipping. Maintaining a high-quality client experience is crucial for your reputation and referrals.

The undeniable reality: Capacity isn’t about your time—it’s about protecting the client experience that fuels your reputation and referrals.

You’ve Capped Your Growth

When you started in this business, you spent 90% of your time connecting with people and doing what you loved. You know you need to hire when that flips to doing only 10% of what you love and are excellent at, and 90% of your time doing things you don’t. You know how to grow, but you don’t have the time to pursue it. You’re stuck in the business instead of working on it.

The undeniable reality: The ceiling you’re hitting isn’t revenue—it’s capacity. Hiring breaks that ceiling

You’re the Bottleneck to Everything

Nothing moves without you. Every decision, every deliverable, and every document routes through your inbox. This indicates several traits in advisors that hinder growth: an excessive need for control, a lack of trust, micromanagement, and a deficiency in leadership and mentorship. These behaviors lead to the underutilization of the talent you have in place, which is neither motivating nor inspiring for them, and this can lead to other issues, such as increased staff turnover.

The undeniable reality: If you need to approve every step, you’re not building a business—you’re babysitting one and, unnecessarily, your team.

You’re Losing Energy

You love advising and connecting with people, but the business is draining you. It’s not fun anymore. Tasks that once excited you now feel like a burden. Your energy is your ultimate asset. Protect it by building the right team around you.

The undeniable reality: Your energy is your ultimate asset. Protect it by building the right team around you.

So… Who Do You Hire First?

At APM, we recommend starting this brainstorming by listing the problems you need to solve.

“I need more time” isn’t clear enough. Be as specific as possible. “What would you do with that time if it were freed?” This type of thinking will lead to the title and the job description for the position, empowering you to shape your team and your business.

How to Decide:

Audit Your Week: Track what you do for 7 days. Circle anything someone else could do 80% as well.
Group the Tasks: Are they admin, service, or sales-related?
Match to a Role:

Admin tasks = Executive Assistant or Client Service Associate
Planning or prep = Paraplanner or Associate Advisor
Lead generation = Marketing Assistant
Business development = Business Development Rep

· Write a 1-page role outcome statement : “Success in this role looks like…”

How to Hire the Right Way (Not the Fast Way)

Hiring isn’t about speed. It’s about fit, clarity, and expectations .

Step-by-Step:

Step 1: Write the outcome, not just the job description.

“You will free me up to meet more ideal clients by handling all client prep and paperwork.”

Step 2: Conduct an interview to assess cultural fit, habits, and skills.

Ask: “Walk me through how you stay organized when juggling multiple tasks.”
Look for initiative, reliability, and alignment with your pace.

This is a big step. If you would like a list of great interview questions to supplement the ones you intend to ask, please reach out to us at APM. We’ll be happy to send some materials to you for a 20-minute session

Step 3: Create a 30-day, 60-day, and 90-day onboarding plan. This structured approach will ensure a smooth transition and set clear expectations, making you feel more organized and prepared.

Define what great looks like at each milestone. Don’t just hope they “figure it out.”

Step 4: Meet weekly for the first 90 days.

Use a simple agenda: What’s working, what’s stuck, what’s next?

Final Thought:

Hiring isn’t about adding hands—it’s about adding horsepower. Done right, the right hire gives you back time, energy, and confidence. They free you to focus on what you do best: leading, connecting, growing, advising. We have several successful resources as well as headhunters for financial advisors that can get you on track.

Don’t wait for the perfect moment. Create the moment by building the team that gets you there.

Your Next 3 Moves to do Now:

Track your time for one week and circle the tasks you should never do again.
Write a “Success Looks Like” statement for the role that would help most.
Schedule a 30-minute block to draft the first version of your job posting.or ask us about our resources and hiring experts.

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

· Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

· Fee Audit Checklist for Ideal Prospects: click here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog
https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

From Solo to Scalable: How Financial Advisors Evolve from a One-Person Practice to a World-Class Enterprise

Tue, 16 Sep 2025 18:06:27 GMT

From Solo to Scalable: How Financial Advisors Evolve from a

One-Person Practice to a World-Class Enterprise

From Solo to Scalable: How Financial Advisors Evolve from a One-Person Practice to a World-Class Enterprise

Most advisors don’t build their business. They merely survive it. Growth happens by grit, not by design, and careers unfold more by chance than by strategy. But what if, in just one hour, you could step off random growth mode and start shaping the future of your career with clarity, purpose, and intention? That’s the inspiration for this article. Read on...

In our industry, I’ve had the privilege of shadowing advisors in their offices, studying how they conduct business, serve clients, and lead their teams. How they do business, for the most part, is through sheer hard work and working in the industry.

One of the biggest blind spots I’ve noticed among most advisors is that their growth and evolution have been almost random. When I ask how they got to this point today, I hear lots of comments about trying this or that. I hear “we took a number of wrong turns here and there.” I rarely ever hear an advisor who has been purposeful and intentional about their plans and career trajectory.

Just imagine how much more fun and meaningful it would be to predetermine the balance of your career with just an hour of strategic thinking? This strategic thinking is what inspired the following:

Phase 1: The Solo Advisor | “I am the business.”

This is where most advisors start: one laptop, one phone, one dream. You wear every hat—advisor, admin, marketer, compliance officer, coffee runner.

You’re lean, hungry, and proud to be independent. But you’re also one vacation away from a service breakdown—and a terrifying month away from burnout.

Pros:

Full control over every decision
Direct client relationships
Low overhead
Pure speed and flexibility

Cons:

Time becomes your ceiling
Zero scale
Clients rely on you, not a process
Every fire lands on your desk

Sound familiar? Then it’s time to ask yourself: “If I had twice the clients tomorrow, what would break first?” That’s your signal, it’s time to level up.

Phase 2: The Team-Based Practice | “I am no longer the only advisor here.”

You begin to hire. First, an assistant; then a paraplanner; then maybe a junior associate advisor. At this phase, you may decide to form a partnership with a like-minded colleague. You go from doing everything to learning to delegate, train, and trust. This is where leadership begins—not in title, but in mindset. You’re no longer just building a book. You’re building a business.

Pros:

Increased capacity for growth
Better service and responsiveness
Space to focus on clients and strategy
More time to think ahead, not just respond

Cons:

People problems become business problems
You must become a manager and communicator
Processes are required (winging it won’t scale)
Profit dips temporarily as you reinvest in infrastructure

Step-by-Step: How to Build a Team-Based Practice

Identify your bottlenecks. Start with what’s consuming your energy, not generating a return on investment (ROI).
Hire to free your time. Your first hire should eliminate 80% of your non-client work.
Systematize your client experience. Build repeatable workflows for onboarding, reviews, and follow-ups.
Train weekly. Don’t just tell your team what to do. Model the behaviors you want everyone to exhibit. Praise behaviours in others when they align with your vision. Show your team how to “think” and live your vision.

Here’s the test:
If you take two weeks off, will your clients still feel taken care of? If not, you’re still in Phase 1.5.

Phase 3: The Enterprise Firm | “I lead a company that runs without me.”

This is where everything changes. You shift from advisor to CEO. You build a firm with departments, structure, culture, and strategy. Your value is no longer measured by the number of meetings you take, but by the quality of leaders you develop and the scalability of what you’ve built.

You move from being the engine of the business to being its architect.

Pros:

Scalable revenue with leveraged capacity
Exit and succession options become real
Multi-advisor, multi-service business model
Brand equity beyond your name

Cons:

Leadership complexity increases
Vision must be crystal clear, or team alignment suffers
You may lose “control” in exchange for actual growth
Your role becomes less about clients, more about people and strategy

Step-by-Step: How to Evolve into an Enterprise

Develop your leadership bench. Start mentoring your top advisors and managers to lead effectively without your direct supervision.
Build your org chart 3 years ahead. Design roles and structure before you need them.
Define your culture intentionally. Values, rituals, service standards—codify them.
Create CEO space. Block weekly time for strategic planning, innovation, and succession design.

Here’s the question that separates a practice from an enterprise: “If I sold the firm tomorrow, would the clients stay because of the people and process, or only because of me?” When the answer is “the team and experience,” you’ve built something enduring.

The Transformation Isn't Just Tactical—It's Identity

At each level, your skill set must evolve. So must your mindset:

From doer to delegator
From advisor to leader
From indispensable to scalable
From service provider to visionary builder

Final Thoughts:

Your clients need you to grow. Your team needs you to lead. And your future self is begging you to stop clinging to what’s comfortable—and commit to what’s possible.

This journey—from solo to team to enterprise—isn’t a linear progression. It’s layered. It’s challenging. It’s worth it. And the best part? You don’t have to go it alone anymore.

Your Next 4 Moves:

Draw your current org chart. Then sketch your dream organizational chart 1,3,5 and 10 years from now. What’s missing?
Block 2 hours next week to work on the business: people, process, strategy—not just clients.
Have a 1:1 with your top team member. Ask: “Where do you want to grow? What support do you need from me?”
Ask “How will I evolve over the next 10 years?” Then list the milestones you need to achieve to get there.

Thank you for reading! This is what we help advisors do every day!

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

· Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

· Fee Audit Checklist for Ideal Prospects: click here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog
https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

How to Purchase a Financial Advisory Practice

Tue, 16 Sep 2025 17:53:52 GMT

How to Purchase a Financial Advisory Practice

Acquiring a financial advisory practice isn’t just a deal—it’s a defining move that can launch your growth or quietly sink your momentum.

Done right, it enhances your credibility, expands your client base, and fosters your future. But miss the critical steps, and the cost isn’t just financial—it’s your reputation. Discover what advisors don’t want to overlook when making their first big acquisition.

Buying a financial advisory practice isn’t just a transaction. It's a strategic move that can be a career-defining moment, leading to significant growth and success.

What I mean by this is the purchase can instantly accelerate your growth, elevate your credibility, and position you as a serious player in your market. But it can also derail you—if you don’t do your homework and rely on professionals to help you.

The following has been written as an introduction to purchasing an advisory practice. There are many more elements to consider. I recommend consulting professionals to assist you in this process, at least for your first acquisition. Review the following steps to purchasing a financial advisory practice:

Step 1: Start With the End in Mind

Before you look at numbers, ask, “What kind of business do I want to own three years from now?”

Buying a practice is about more than just finances and additional assets under management (AUM); it's about finding a good fit. It must align with your goals, values, and client service model.

How to Begin:

Write a one-pager answering:
Who is my ideal client?
What lifestyle do I want as an advisor-owner?
How involved do I want to be in operations, team management, and client service?
Define your “must-haves” and “non-negotiables” in any potential deal. For instance, a 'must-have' could be a certain level of client retention, while a 'non-negotiable' could be a clear transition plan.

Step 2: Find the Right Practice to Buy

Top advisors don’t chase any deal—they curate the right one. Look for a business that enhances your value, not one that adds work.

How to Begin:

Activate your network: dealers, wholesalers, custodians, consultants, brokers, succession platforms.
Use filters: location, AUM, revenue mix, team structure, client demographics.
Be patient. The best deals often come quietly through relationships, rather than through listings.

Step 3: Perform Ruthless Due Diligence

Don’t fall in love with the numbers too soon. What looks good on a spreadsheet can become a disaster in real life if you skip the deep dive.

How to Begin:

Assess Four Key Areas:

Clients – Age, asset size, retention risk, revenue concentration.
Team – Who’s staying? Who’s essential? What’s morale like?
Financials – Normalize the numbers (remove owner perks) and compare recurring vs. transactional revenue.
Technology & Operations – Are their systems scalable or duct-taped?

Ask to see (among many other items):

3 years of financials
Dealer remuneration report
CRM data and client segmentation
Fee schedules and contracts
HR policies, staff comp, employment agreements, and tenure
Tech stack and compliance protocols
Ask the selling advisor what they last did for the client and when they last contacted the client
In Canada, pull an NRD report

These reports provide information on securities-regulated individuals, including their registration history, employment history, and any disciplinary actions taken against them.

Step 4: Structure a Smart Deal

The best deals reward performance and protect both parties. Avoid all-cash, all-upfront deals—they’re a red flag. Tie part of the payout to retention. From the seller’s perspective, a sale over the years improves tax efficiency.

How to Begin:

Structure with two or three elements:

Upfront Payment – Based on book quality and transition risk.
Earnout – A percentage tied to client retention (12–60 months).
Seller Involvement – A clear role (if any), duration, and responsibilities.

· Use a qualified practice management consultant, legal professional, or M&A advisor to model the deal.

Step 5: Master the Transition Plan

Clients don’t stay just because you bought the practice. They stay because they feel a sense of continuity, care, and confidence, and they have been well taken care of.

How to Begin:

Co-create a communication and transition plan with the seller:

Personal letters
Joint client meetings
Gradual handoff schedule

· Retain the staff that clients trust. Invest in their loyalty early.

· Overdeliver in the first 90 days in the areas of calls, reviews, and responsiveness. First impressions now matter more than ever.

Step 6: Integrate and Optimize the Business

You’ve now made the purchase. Now the real work begins. The best advisors don’t just absorb a book—they elevate it and build additional practice value. This is your moment to modernize, streamline, and make the business your own.

How to Begin:

Conduct a complete operational audit within 60 days.
Systematize the investment consulting, client experience, and client acquisition processes—service calendar, onboarding, reviews.
Align tech and CRM with your workflows.
Identify the top 20% of clients—book meetings fast and begin building trust.

Step 7: Measure, Adjust, Grow

Track key metrics:
Retention rate (clients and staff)
Revenue realization vs. forecast
Number of introductions from acquired clients
Operational efficiency gains
Schedule 30-, 90-, and 180-day post-acquisition reviews with your team and outside advisors.

Final Word:

Buying a practice is not a shortcut to success. It’s a high-stakes opportunity to level up if you approach it like a leader, not a hunter.

Your Next 3 Moves:

Build your “acquisition vision” one-pager.
Begin seeking and speaking with advisors who are looking for an imminent exit.
Schedule a call with a practice management consultant, a legal professional, or an M&A coach.
Start conversations today. Relationships create the best deals.

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

· Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

· Fee Audit Checklist for Ideal Prospects: click here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

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Segmentation mistakes financial advisors make and how to avoid them

Tue, 16 Sep 2025 15:00:03 GMT

Segmentation mistakes financial advisors make and how to avoid them

After I sold my financial advisor practice I went into practice management consulting. In other words, I learned all the things that I should have known when I was running a practice. I wish I knew more about segmentation And completed segmenting my clients on an annual basis. this does not mean getting rid of the bottom 20% of your clients every year. It does mean defining who your ideal clients are.

Key practice management process annually

Financial advisors who segment their clients earn 33% more than advisors who do not segment. A key practice management metric is segmented clients. However, segmenting the right way will show you where your revenue is coming from. We know your top 20% represent 70-80% of your revenue. Don't make the mistake of building more than 2 segments. Ideal clients and non-ideal clients.

The first and most common mistake financial advisors make with segmentation

Did you know that 75% of financial advisors do not have a clear ideal client definition? Start by scoring your ideal clients out of 10 in the following categories

Client name Eg Smythe

___1. Comprehensive advice
___2. Brings all documents
___3. Consolidates business and delegates to you and your team
___4. Wants planning and advice
___5. Listens to you and wants to learn more
___6. Understands your fees
___7. Generates ideal revenue of $____________
___8. Has future potential revenue for themselves or their family $__________
___9. Introduces you to the family / family members with potential
___ 10. Introduces you to other people (referrals) and wants additional planning
coordinated with professionals (your _____ network of professionals)

Clients with a score of 10 out of 10 are ideal clients and potential ideal family clients

Define who your ideal clients are and what the ideal revenue is from an ideal client and an ideal family. these people are financial delegators which means they delegate everything to you to take care of and value time more than money. having a clear set of criteria will help you segment better

Segmenting mistake number 2

For the last 33 years, I have focused on practice management I have seen read, and heard everything there is about segmentation. most of it is a make-work project. experts tell you to identify abcd clients and I have three and four different types of categories of clients. none of that is necessary you have ideal clients and families Anne nonideal clients and families. your goal should be to increase the ideal clients and families and decrease the non-ideal clients and families so that you end up with 100% ideal families you want to work with. stop the nonsense of categories gold silver platinum. How many ideal client families do you work with now and how many ideal client families would you like to work with in the future.

Segmenting mistake number 3

Not having a process or a program to take care of non-ideal clients. Some financial firms have programs to pass along non-ideal clients. if you do not have a program make one by finding an “overflow financial advisor”. Someone who has the capacity to take on additional clients and service your non-ideal clients and families. Everyone deserves a comprehensive financial plan you just can't deliver it to everyone. The overflow advisor can be a partner and associate another advisor in your firm or someone down the hall or someone locally who you know the angle to be part of your practice or team or not part of your practice or team. Ask your firm how joint codes can work for you when you segment clients. The key in working with an overflow advisor is the introduction. introducing clients properly and positioning the new advisor has more time to deliver more value and what that value will look like for them is critical. clients deserve more than just an email.

Segmenting mistake number 4

Financial advisors often make one of two big mistakes in segmenting and time management. They either pay too little attention at the risk of losing clients or they work too hard at trying to keep the wrong ones. Where do you spend your time? Once you segment, you will spend more time with your best clients, and less time with non-ideal clients. You will feel confident that you will keep the right clients, and the non-ideal clients who have too big expectations will be addressed. For example, on Friday you are going on holiday with your family for two weeks. You get two phone calls, one from an ideal client and one from a non-ideal client. The ideal client says” have a great holiday let’s connect when you are back. Your non-ideal client says” wow must be nice to take two weeks' holidays” Simple segmentation that will also increase the value of your overall practice and peace of mind!

The next step? So how can you start segmenting your clients? Start with 2 segments. Ideal and non-ideal. It can be quite simple, start by creating an excel spreadsheet and add in the following categories listed in this blog, or create your own. Create a scoring method and determine if they are ideal clients or non-ideal. Now the hard part comes in. Creating two plans, one plan for ideal clients, processes, and systems, and one plan for non-ideal clients processes and systems. You have to have a plan for each. Once you create those plans, it will become clear how you are going to grow your business at 15% or more on an annual basis and tackle capacity. Good luck in growing your practice! If you have questions, email them to grant@ghicks.com

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Schedule Appointment

Visit www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact us below.

Practice management trendsetters

Mon, 01 Sep 2025 14:00:24 GMT

The five-touch client acquisition process for financial advisors wanting to grow in 2024!

In sports, if you have ever tried to learn something new, you know it can be a frustrating process. For example, if you have ever learned to play golf, you know it can be challenging to learn how to drive a golf ball off the tee. There you are, hitting ball after ball on the driving range. Along comes a golf pro who gives you a few pointers and you try them. You decide that no matter what you are going to learn how to hit a tee shot. Remember that you have that company golf tournament next week and you don’t want to be embarrassed. But you only have a few days to learn it. Ball after ball, trying to change your grip, change your stance, change your swing. Testing and trying and slowly it is starting to take shape. Then, to your amazement, all of a sudden, you drive one effortlessly like never before. Wow, you say to yourself, was that easy? I wish I knew how easy it is. You lean over and reach for another ball and put it on a tee. Stance ready, grip ready, head down, and then whack. Wow, another beautiful shot. Now your excitement comes over your body and a grin from ear to ear automatically appears. You discovered the secret. You hit another, then another, smashing them straight down the driving range. You look around to see who's watching. You notice a young man struggling to hit the ball as he turns to watch you whack yet another ball straight down the fairway. You decide to go over and offer a few simple tips, and then resume your booming drives. You have mastered it.

Learn marketing by doing marketing

Learning how to hit the ball like a master is learned by doing. You cannot pick up a book and then hit a golf ball like a golf pro. You cannot go to a golf seminar and then join the pro golf tour. You learn by doing. So true is marketing. I learned by trying this, trying that, testing this, and implementing that. Then all of a sudden, I discovered my booming drive in marketing. It is called the five-touch philosophy. The only way to learn how it works is by doing. I will explain the philosophy first, and then show you step-by-step how to implement it and learn by doing. Once you see yourself actually implementing and” doing “ your five-touch philosophy, you will discover the secrets of marketing and why the five-touch philosophy works so well, compared to most marketing methods I have learned and tested while reading hundreds of books on marketing. I learned to attract people to our business (total strangers who called me), tell us everything about themselves, and work with our firm. I discovered the “Five Touch” philosophy while testing and implementing different marketing ideas into my business while I was co-writing and researching information for my marketing books “ Guerrilla Marketing For Financial Advisors “ series 1 and 2 with Jay Conrad Levinson, Trafford Publishing, and Morgan James Publishing

So what is the five-touch system anyway?

If I asked you for the name of a great marketing idea, you could probably name a few. However, if I asked you for the name of a great marketing system for small businesses, could you name any? The five-touch system is exactly what the name implies, a system to develop five touches or contacts with new customers or prospects. For example, if I asked you the name of a great financial advisor and you said a name I have never heard of, I might not feel comfortable going to see them. But If I had heard of them before, seen their ads or marketing, and received possibly a mailing, seminar invitation, and a phone call, I would feel more comfortable seeing them. Use the law of familiarity in your favor. Successful marketers know that through their constant marketing programs, people want to know about your business before they do business with you. How do they get to know your business?

I discovered that I was 80% more successful after the fifth contact. People knew us and were comfortable choosing us. For example, I developed a system that I will share with you to develop five touches or contacts. The reason why is in the numbers:

5-10% chance of having a person become a client after one contact
10-20% chance of having a person become a client after two contacts
20-30% chance of having a person become a client after three contacts
I also discovered that most marketing programs stop or marketers give up after three tries

30-40% chance of having a person become a client after four contacts
50-70% chance of having a person become a client after five touches or contacts
It amazingly jumps up after five touches
70-80% chance of having a person become a client after six or seven contacts
50-80% of all new business developed after the fifth, sixth, and seventh touch or contact

I also spoke to several financial advisors who were doing different marketing strategies and discovered some interesting information.

40-50% of advisors will call once and never call again
25-40% will contact a prospect the second time and follow up
10-20% will contact them three times
5-10% will contact or touch people five times or more before doing business with them and become very successful in opening

new accounts 70-80% of the time and earning in the top 5-10% of advisors.

Why stop marketing two, three, or four times when you are halfway there? Your chances of success can be greatly increased if you continue or developed a strategy to do five touches or contacts. When was the last time a prospect gave you a big account or bought a big ticket item on the first meeting? The system is to have as many touches as possible. Here is an example. First, you need to get the prospect's attention. Whether you do a targeted mail drop, social media post, blog, email, or ad to your target audience, you are trying to generate a response to having them take another step in getting to know you or
your business that has a strong call to action in it The call to action was to give FREE information that solved a problem for my prospects in an emotional way.

What are your emotionally compelling offers?

In this example, it was how to avoid costly retirement planning mistakes. In the ad, there is my website address and my business address. I ask them to call for the free information, and we would send it out by email autoresponder. If anyone read the ad and is interested, then they could also learn more at my website. The same ad is on the website, so if they are interested, now they have the option of emailing me to receive the free information. They are now online reading and learning more about us. The natural tendency of people doing business with you is they want to learn more about you. Give them that opportunity. That is one of the main reasons why every business on the planet should have a website with video. It allows people to connect with you and your business in a comfortable way. At this point, they have not contacted you. I would always back up an ad with an article or advertorial, which is a paid article. The article would talk about all of the mistakes retirees make with their finances and the problems it can cause. I see people making simple mistakes with their retirement plans every day, so I developed a few articles to address and identify problems I have seen with my experience, making it realistic and setting true-life examples of what people may relate to. At this point, hopefully, they have seen one of my ads, seen articles or my blog, and gone to the website to learn more. Then they possibly may ask a few people if they have heard of us or our firm. At this point, they have not contacted us, and I do not know who they are. However, they know who we are, what we do, and how we specialize in our business with retirees. They have three or four touches. An ad, an article, possibly the website, and possibly asking a friend or colleague about us. The program is repeated every few weeks. In the financial business, I know that people have major money or tax issue at least two times per year. I know that they may have a money issue coming up in a few months, so they choose to ignore the ads for now, but I have planted a seed.

Get our guide or offer

Eventually, the money issue comes up, they have a financial problem and my booklet or guide of information that they can get for free may help solve their problem. They decide to pick up the phone or email us for free information. They can call or email us anytime, even set up an online appointment. (every advisor and firm should have an online calendar set up, it is 2024) We gather their contact information and send it out to them. We now have permission to contact them. We know they are interested, motivated, and somewhat qualified because the information is targeted at people who are retired with wealth.
At this point, you can see that the system is designed for more than five touches, but it takes a combination of five touches to get the system going.

What are your five touches?

Once you have people contact you with their contact information, you can develop a drip system to capture these people over time. What we did was to send them a monthly email, if they have an email to keep in touch. They would also receive future seminar or webinar invitations that were designed to be exclusive invitations, not just a mass seminar mailing since we wanted more personal contact at the workshops, not just a big seminar. We would restrict attendance to 20 people. It is the touches that give familiarity, comfort, and trust to your business. Once you develop your system, you will find as I did they will call you, and want to meet you.

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view onlineGrant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

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Advisor Practice Management

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The five-touch client acquisition process for financial advisors wanting to grow in 2026!

Mon, 01 Sep 2025 14:00:24 GMT

The five-touch client acquisition process for financial advisors wanting to grow in 2026!

Learn marketing by doing marketing

So what is the five-touch system anyway?

I also spoke to several financial advisors who were doing different marketing strategies and discovered some interesting information.

What are your emotionally compelling offers?

I would always back up an ad with an article or advertorial, which is a paid article. The article would talk about all of the mistakes retirees make with their finances and the problems it can cause. I see people making simple mistakes with their retirement plans every day, so I developed a few articles to address and identify problems I have seen with my experience, making it realistic and setting true-life examples of what people may relate to. At this point, hopefully, they have seen one of my ads, seen articles or my blog, and gone to the website to learn more. Then they possibly may ask a few people if they have heard of us or our firm. At this point, they have not contacted us, and I do not know who they are. However, they know who we are, what we do, and how we specialize in our business with retirees. They have three or four touches. An ad, an article, possibly the website, and possibly asking a friend or colleague about us. The program is repeated every few weeks. In the financial business, I know that people have major money or tax issue at least two times per year. I know that they may have a money issue coming up in a few months, so they choose to ignore the ads for now, but I have planted a seed.

Get our guide or offer

What are your five touches?

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Schedule Appointment

Visit www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact us below.

Practice management trendsetters

Mon, 04 Aug 2025 14:00:15 GMT

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

The number one reason why clients and prospects don't want a financial plan from their financial advisor

Working with financial advisors as a coach and practice management expert I always get asked the question what do I do when the client or prospect does not want a plan? Financial advisors are baffled about why someone would not want a financial plan. There are several reasons why people would not want a financial plan, The number one reason is they had a crappy experience with another financial advisor and felt like it was a sales tactic and sales process to sell their products and services.

Why else people don't want a financial plan?

Lack of Awareness: Some people might not be fully aware of the benefits of having a comprehensive financial plan. They might not understand how it can help them achieve their financial goals and provide them with a sense of security. They don’t know what they don’t know.

Overconfidence : Wealthy individuals might feel that their financial success means they have a good handle on their finances and investments. This overconfidence can lead them to believe they don't need a formal plan, even though a well-structured plan can help optimize their financial strategies.

Short-Term Focus: Many individuals tend to focus on immediate gratification rather than long-term goals. Creating and following a financial plan often involves making sacrifices in the short term for greater financial security and stability in the future, which some people might not be willing to do.

Complexity: Financial planning can sometimes be overwhelming, especially for those who are not well-versed in financial matters. The complexity of financial jargon, investment options, and tax implications can discourage people from creating a plan.

Procrastination: Some people may intend to create a financial plan but keep putting it off for various reasons. Procrastination can be a significant barrier to taking the necessary steps to secure one's financial future.

Existing Advisors: High-net-worth individuals often have financial advisors, accountants, and other professionals managing their wealth. They might assume that these experts are effectively handling their financial matters and, therefore, don't see the need for a separate formal financial plan.

Complex Financial Situations: Some wealthy individuals have complex financial situations involving multiple income streams, investments, and business ventures. They might believe that a standardized financial plan template wouldn't adequately address their unique circumstances.

Perceived Time Investment: Creating a comprehensive financial plan can be time-consuming, and some wealthy individuals might feel that their time is better spent on their business endeavors or personal pursuits.

Negative Associations: Some people might associate financial planning with stress, complexity, or the notion that it's only for wealthy individuals. These negative associations can discourage them from engaging in the process.

All the reasons listed are behavior management issues for financial advisors. A sales process does not solve behavior management, you may need to change your process.

Do you have a proven scripted process?

Investors who have had a bad experience Do not know the value of a financial plan. How do you change your process so that it is all about planning and advice and not a sales process? Let me ask you a few questions. Do you get clarity around all of the client's goals mapped out on paper, all four five, or six-plus goals? Do you have a process to help them gather data and get them organized in all seven areas of their financial life? Do you have a process to show the value and type of work you do by sharing sample comprehensive financial plans that cover all seven areas? Does your sample plan have pictures of their goals? Does your sample plan have an implementation schedule action or To Do List that maps out the next 12 months 36 months and a list of advice to help them reach their goals? What is your process to engage people and develop not only a financial plan but a comprehensive financial plan that covers all seven areas? This includes tax estate investment risk insurance debt and cash flow. Do you have a process like this or are you winging it?

Does your software help you or hinder your process?

Your best clients challenge you to come up with solutions for problems and opportunities they have. This is where you do your best work. But it's not just about your software and putting together a plan to acquire a client. You have demonstrated to your best clients a list of advice to help them achieve their goals, you're no stone-unturned checklist of 50 to 100 items to review annually and a PowerPoint illustration that is emotionally engaging with all of their goals probability of success of reaching all of their goals in an implementation schedule to help them get there. Financial advisors and firms relying on one piece of software Is not helping financial advisors and their ideal clients and prospects. Financial advisors need to share samples of their work, details of their process, and the software they used to help them in their work. This may include:

Client data gathering and organization software including document management

Comprehensive Financial planning software, Covering all 7 areas

Cash flow and retirement distribution software

Tax planning software

Estate planning software

Portfolio analysis and management software

What are you going to do differently to help ideal clients and prospects put together a comprehensive goals-based plan for their future?

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view onlineGrant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management

Facebook
Twitter
LinkedIn
http://advisorpracticemanagement.com

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

Mon, 04 Aug 2025 14:00:15 GMT

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

The number one reason why clients and prospects don't want a financial plan from their financial advisor

Why else people don't want a financial plan?

All the reasons listed are behavior management issues for financial advisors. A sales process does not solve behavior management, you may need to change your process.

Do you have a proven scripted process?

Does your software help you or hinder your process?

Client data gathering and organization software including document management

Comprehensive Financial planning software, Covering all 7 areas

Cash flow and retirement distribution software

Tax planning software

Estate planning software

Portfolio analysis and management software

What are you going to do differently to help ideal clients and prospects put together a comprehensive goals-based plan for their future?

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Schedule Appointment

Visit www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact us below.

How Top Financial Advisors Select and Succeed in a Niche Market

Wed, 23 Jul 2025 22:34:51 GMT

How Top Financial Advisors Select and Succeed in a Niche Market

You’re sitting across from your coach. It’s mid-morning, just before lunch, and your calendar is finally quiet enough for real thinking.

You lean back and say it out loud: “I feel like I’m invisible in this city. Too many advisors. Too many voices. How do I stand out when the market’s this saturated?”

The Truth: Large Populations Don’t Reward Generalists

Let’s get something clear: trying to build a brand across an entire urban market is like whispering into a stadium during a rock concert . No one hears you. No one sees you. And even if they do, you’re forgotten by the morning.

Big cities require relentless marketing budgets, endless content creation, and omnipresence; yet, most companies, let alone advisors, still blend into the noise.

Instead of trying to become known everywhere, what if you became the go-to advisor in one powerful circle of 10,000 people who congregate regularly, already talk to each other, and celebrate together? Let’s explore this notion:

A Niche Is Not Small. It’s Focused.

Think less mass market. Think more micro-celebrity. You don’t need to be a household name in the city. Instead, you need to be a legend in the right “room”. By 'micro-celebrity', I mean being a significant figure within a specific community or group, where your influence and reputation are highly concentrated and impactful.

That “room” might be:

A medical association with 8,000 doctors
A regional commercial real estate group with 6,000 agents
A cultural or faith-based organization with deep multi-generational ties
A consulting engineer association of 80 companies that throws an annual charity golf tournament and a lifetime achievement gala every April

Why Niches Work

They talk to each other.
You don’t need 100,000 prospects—you need 15 raving clients who each know 10 more.

A niche exhibits similar patterns and commonalities among its members.
The same fears, the same decisions, the same life events. You don’t just know them—you understand them.

They host frequent meetings, events, awards, and celebrations that you can afford to participate in.
This is how authority and community are built: by being seen, not just selling.

How to Select the Right Niche (Coaching Dialogue)

Coach: “Let’s figure out your niche. Quickfire: Who do you already love working with?”
You: “Entrepreneurs.”

Coach: “Too broad. Narrow it. Tech founders? Franchise owners? Wedding planners?”
You: “Actually, I work with a few consulting engineers, who some advisors find difficult to work with because they want details to the fourth decimal place. But, I speak their language and understand them well.”

Coach: “OK, this might work as your niche.”

You: “And guess what? They hang out together. They share war stories. They have a group benefits plan through the association. They have monthly meetings, a golf tournament, and a lifetime achievement award.”

Coach: “The association looks like it has a category that you qualify for. They refer each other to ‘the person who gets it.’ That could be you.”

How to Dominate a Niche in 5 Steps

Step 1: Pick a Circle, Not an Urban Center

Choose a group that:

Host 5,000–15,000 people
Gathers regularly (study clubs, meetings, AGMs, conferences, charity events, retreats, LinkedIn groups, newsletters)
Celebrates success (awards, leaderboards, traditions)

Step 2: Learn Their Language

Become fluent in their frustrations and pain points. Learn the career trajectories, milestones, and life cycles of this niche. Build content around their specific milestones and career:

“What gym owners get wrong about buy-sell agreements”
“How to exit a dental practice without starting from scratch at 55”
“Commercial Lawyers need help navigating the 7 milestones in their career”

Step 3: Be Where They Are

Few advisors, if any, can afford billboard advertising in Times Square —but you don’t need to.

To be successful within your niche, you need to show up at:

Their golf tournament as a longest drive and hole-in-one sponsor
Their monthly meetings, fundraiser gatherings for the charity of choice, and AGMs
Their annual lifetime achievement award gala
Their Facebook and LinkedIn groups
Their trade association newsletter

At Advisor Practice Management, we have a simple yet effective saying for achieving niche marketing success: Visibility + Proximity = Authority.

Step 4: Win Their Inner Circle

Identify three connectors:

The Executive Director of the group or association
The organizer of the events or membership coordinator
The “loudest voices” in the niche

Add value. Interview them. Refer to them. Partner with them. The fastest way to win a niche is to serve the people they already trust.”

Step 5: Build Signature Content That Feels Like Them

Create a:

“State of the Niche” annual report
Podcast or video series: “Money Moves for [Niche] Leaders”
Sponsorship or award tied to their values: “Financial Fitness Award for Studio Owners”

You’re not a financial advisor. You’re the unofficial CFO of their world.

Real Talk: You Can’t Be Their Advisor If They Don’t Know You Exist

Coach leans in.
“Let’s get practical. Pick the group. Build the list. Book the flight. This quarter, you’re showing up in person. You’re not watching from the internet anymore.”

That’s when it clicks. You don’t need to dominate a city. You need to own a room .

And once you do? Your business becomes magnetic. You’re not “trying to get clients” anymore.
You’re simply the one everyone in that room knows, trusts, and introduces. So now they come to you.

Your Next 3 Moves:

List three niche communities where you already have a few clients or connections.
Identify their gathering points —events, awards, influencers, groups.
Commit to attending in-person events for the next 90 days.

Thank you for reading! This is what we help advisors do every day!

To book a no-obligation appointment with Jeff to discuss practice management or coaching, click https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

The Top 7 Questions your Financial Advisor Coach should ask you!

Wed, 23 Jul 2025 18:57:58 GMT

The Top 7 Questions your Financial Advisor Coach should ask you! 

(And why they change everything)

The Top 7 Questions Advisor Coaches Use to Help You (And Why They Change Everything)

You’re in the room. Door closed. Notebook open. You’ve finally carved out time to work on the business instead of being buried in it.

Your coach looks across the table—calm, focused, holding a silence that’s long enough to make you think and short enough to make you lean in.

“Let’s start here,” she says. “What’s the real opportunity in front of you right now that you’re not fully capitalizing on?”

Welcome to a coaching session with purpose. No sales talk. No filler. It’s just a space where your vision meets real strategy—and real accountability.

Here are the 7 questions top advisor coaches use to unlock momentum, clarity, and results —and how to create takeaways for you to implement.

Question 1: "What’s working better than you expected?"

Success leaves clues. Too often, advisors focus on what’s broken instead of what’s working.

Coach Insight: "We’re not just here to fix problems. We’re here to amplify and replicate what’s worked."

Homework:

Think of the last 30–90 days.
Identify what surprised you—in client wins, referrals, team energy, or business flow.
Ask: “How can I do more of this, faster, or with greater impact?”

Question 2: "What’s taking up your time—but not driving your growth?"
The biggest threat to your next level isn’t failure. It’s friction disguised as productivity.

Coach Insight: "Your calendar is either your compass or your cage."

Homework:

List every recurring task or responsibility.
Highlight anything that doesn’t directly impact growth, clients, or strategy.
Decide: Delegate it, delete it, or systematize it.

Question 3: "What would be possible if you stopped playing small?"
Most advisors don’t need more tactics. They need permission to think bigger.

Coach Insight: "You’re not capped by your capacity. You’re capped by your comfort zone."

Homework:

Imagine it’s 3 years from now and everything worked. What changed?
What are you no longer tolerating (in your team, clients, or mindset)?
What’s the one bold move you’ve been avoiding?

Question 4: "What’s one bottleneck you’ve normalized?
What you tolerate today becomes your standard tomorrow.

Coach Insight: "You cannot grow into excellence if you’re managing around dysfunction."

Homework:

Identify where things feel consistently slow, messy, or unclear.
Name it. Don’t soften it. Say it out loud.
Ask: “What system, person, or boundary needs to change?”

Question 5: "Where are you overdelivering and undervaluing?"
The biggest leaks in your profitability are often hiding in your generosity.

Coach Insight: "Just because you can do it, doesn’t mean you should include it."

Homework:

List what you do for clients outside your standard scope.
Ask: Is it systematized? Valued? Communicated clearly?
Decide: Is this an upgrade, a new service tier, or a conversation about boundaries?

Question 6: "If your future self ran your business today—what would you do differently?"
This collapses time. It forces you to stop reacting and start leading.

Coach Insight: "Run your business like it’s already where you want to be."

Homework:

Think of your best version of yourself—3 years more focused, confident, and in control.
Ask: What would they eliminate? What would they automate? Who would they hire?
Pick one of those moves. Commit to starting it this quarter.

Question 7: "Who do you need to become to reach the next level?"
Growth isn’t just tactical. It’s personal. Who you are determines what you create.

Coach Insight: "Your business is a mirror of your habits, beliefs, and standards."

Homework:

Describe the traits of the advisor you want to become.
Identify the gap: What habit, mindset, or relationship needs to evolve?
Pick one commitment: What will you start doing this week to close that gap?

Final Thought: You Don’t Need More Time. You Need Better Questions

The right question, asked at the right moment, can shatter a plateau. It can spark clarity, ignite action, and reconnect you to the reason you started this business in the first place.

Top coaches aren’t just accountability partners. They’re clarity creators—reminding you that your next level isn’t about being more. It’s about being more you, more intentionally, more often.

Your Next 3 Moves:

Print these questions OR ask us to email our APM 7 Questions Workbook. Bring either to your next strategy session or journal through one each morning.
Run a 45-minute solo coaching session. No distractions. Just you, a pen, and the truth.
Pick one insight and take one action. Today. The magic is in the follow-through.

Thank you for reading! This is what we help advisors do every day!

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

· Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

· Fee Audit Checklist for Ideal Prospects: click here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog
https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

Practice management trendsetters

Mon, 07 Jul 2025 14:00:03 GMT

Financial Advisors Need More Clarity Around Their Future

The number one thing advisors are looking for is clarity about 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.

How Do You Get More Clarity?

Let’s start by examining a simple list of your business goals. Just for fun, take this simple checklist below, and check off the goals you want to accomplish in your financial advisory practice this year.

Goals-Based Business Planning

____ Lifestyle - work-life balance more time off in the next 12 months

____ Growth -Ideal client acquisition acquire more HNW clients

____ Value- Ideal service processes – Deliver more value

What is your main driver for the next quarter? is it growth, value or lifestyle? It would be great to have all three in balance, but prioritize which one is first?

Next, look at the list below and check off what you would like to accomplish in the next quarter, and prioritize it to the top 3 -4 items on the list.

Clarity

___ Business plan on paper – your vision and values

___ Business model – ideal focus – Big goal

___ Data- KPI’s and or benchmarking – key practice data

___ 4 DX 4 disciplines of execution

___ Long-term goals

___ Transition plan

____ Segment – More time with ideal clients

____ Time management – work on business more

____ Valuation know the value and how to increase

Growth

____ Marketing and branding – Creating a clear value promise

____ Delegate – Team to do more / outsourcing

____ Ideal client path now and future

____ Marketing plan and marketing calendar

____ Value promise

____ Strategic partners COI network

____Target marketing fusion marketing

____ Conversations – Practice critical conversations with ideal clients and master

____ Career – education / courses

____ Leadership – Firm or industry leadership roles

___ Less transactional clients

___ More revenue per client

___ Build a deeper Client acquisition process

Value added processes

___ Build a stronger Ideal client experience process

___ Implement Better technology

___ Delegate more and hire more staff support

___ Get better support from strategic partners

___ finally complete a Succession plan in writing and file it away

___ Build better processes

___ Segment clients and prospects

___ Travel for business – attend conferences

Team processes

____ Hiring – Expanding team / associates partners

____ Communications Become a thought leader

____ Team processes

____ Team path -

____ Organizational chart today and future

____ Staff value promise - mission vision values and goals

____ Career path for each team member

____ Team training path

____ Leadership and culture

How many goals do you have for you and your advisory practice? Most advisors I speak to, their goals have changed in the last 3 years. Have your goals changed? Maybe it’s time to update your business goals.

Practice Management Can Help Your Financial Advisory Practice

The average advisor has 6 or more business goals. That is where practice management comes in. Speak to a practice management expert, branch manager, mentor, or coach to help you benchmark your practice so you know where you stand. Then prioritize your business goals, and help you implement strategies to accomplish your business goals. Take this simple checklist, print it out, and the next time you have time to work on your business, use this list as a guide. Share it with your team, your spouse, and other advisors, to help you. Go for it and remember what Albert Einstein said “ The only source of knowledge is experience”. Find someone to help you who has the experience to help you achieve your goals in this great industry.

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view onlineGrant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management

Facebook
Twitter
LinkedIn
http://advisorpracticemanagement.com

Financial Advisors Need More Clarity Around Their Future

Mon, 07 Jul 2025 14:00:03 GMT

This is a subtitle for your new post

How Do You Get More Clarity?

Goals-Based Business Planning

____ Lifestyle - work-life balance more time off in the next 12 months

____ Growth -Ideal client acquisition acquire more HNW clients

____ Value- Ideal service processes – Deliver more value

What is your main driver for the next quarter? is it growth, value or lifestyle? It would be great to have all three in balance, but prioritize which one is first?

Next, look at the list below and check off what you would like to accomplish in the next quarter, and prioritize it to the top 3 -4 items on the list.

Financial Advisor Practice Management Program (c)

Clarity

___ Business plan on paper – your vision and values

___ Business model – ideal focus – Big goal

___ Data- KPI’s and or benchmarking – key practice data

___ 4 DX 4 disciplines of execution

___ Long-term goals

___ Transition plan

____ Segment – More time with ideal clients

____ Time management – work on business more

____ Valuation know the value and how to increase

Growth

____ Marketing and branding – Creating a clear value promise

____ Delegate – Team to do more / outsourcing

____ Ideal client path now and future

____ Marketing plan and marketing calendar

____ Value promise

____ Strategic partners COI network

____Target marketing fusion marketing

____ Conversations – Practice critical conversations with ideal clients and master

____ Career – education / courses

____ Leadership – Firm or industry leadership roles

___ Less transactional clients

___ More revenue per client

___ Build a deeper Client acquisition process

Value added processes

___ Build a stronger Ideal client experience process

___ Implement Better technology

___ Delegate more and hire more staff support

___ Get better support from strategic partners

___ finally complete a Succession plan in writing and file it away

___ Build better processes

___ Segment clients and prospects

___ Travel for business – attend conferences

Team processes

____ Hiring – Expanding team / associates partners

____ Communications Become a thought leader

____ Team processes

____ Team path -

____ Organizational chart today and future

____ Staff value promise - mission vision values and goals

____ Career path for each team member

____ Team training path

____ Leadership and culture

Practice Management Can Help Your Financial Advisory Practice

Secondary meetings for financial advisors to grow their business

Mon, 02 Jun 2025 14:00:21 GMT

Secondary meetings for financial advisors to grow their business

Secondary meetings for financial advisors to grow their business

How many times have you heard that the best time to ask for a referral or an introduction is at the end of a meeting? These are people that head office or so-called marketers that have never been financial advisors. You and I know that the demands in a meeting from planning advice paperwork and follow-up are escalating rapidly making the meetings longer and more complex. So you probably do as most financial advisors do. Which is you put it on the agenda and have an intention to do it, but it never gets done.

Secondary meetings

A secondary meeting is a meeting after a meeting. Plan to have two meetings with your ideal clients. For example, meet at 11:00 AM and have your business meeting and then plan on going for lunch and having a secondary meeting. Once all the business is done and complete then you pivot to the secondary meeting and have casual conversations over lunch. You can also consider having a morning meeting and then going for breakfast. You can have an afternoon meeting and then go for appetizers and a drink before dinner. You can also plant the seed to call and follow up with them in a phone call or Zoom meeting in the next week. The best secondary meetings are usually right after a business meeting.

The purpose of the secondary meeting

At the secondary meeting, this is when you can bring up 4 different questions to grow your business. You don't need to ask or discuss all four but this will give you a guide or a template of four conversations to have over lunch. Here are the four questions to consider asking your ideal clients.

Introductions –” Before we begin, I would like to ask you a question . If, I were to meet a group of successful people ( specific occupation) ________ like you, where would I go to meet them? How would I find them and meet them?

Network - Do you know about our _____( your last name) Network of Professionals ? Build out your process to build out your network ( email us if you need help)
Family -Do you know about our Family plan? Do you offer a family plan? ( remember to check with your firm or compliance officer or branch manager)
Events / community “ What events or activities ( sports / clubs / volunteer / charity) are you involved with in the community? ( get out of your office to meet people this summer)

The four questions

Congratulations if you're successful in getting referrals. This means you're delivering exceptional value to your ideal clients. If you have a referral process that is working don't change it. Here is an idea to get introductions which are easier than referrals. Your clients will introduce you to everyone but they might not refer you to everyone. So ask a marketing question. How would I find and meet more people like you? Any ideas on where I would meet or connect with people like you? You will be shocked by the answers because this is some of the best marketing ideas that you will ever get and it doesn't come from a course or a book a conference or seminar or top advisors it comes directly from your clients. For example, what are my financial advisor clients asked this question to a surgeon and the answer he got was why don't you come to my study group to meet other surgeons and I'll introduce you. Another financial adviser asked the question where would I meet more wealthy farmers and he said come to the coffee shop and I'll introduce you to a group of them that we meet with on Friday morning. Marketing strategies and ideas that you and I would never think of in a million years can come from this question. Just try it a few times and see what the answers are. I would love to hear your stories and perhaps talk about them on future blogs e-mail me at grant@ghicks.com

Network of professionals question

Find your network professionals through your best clients. It is a process of giving and getting names and then connecting with these people to eventually build out a larger network of professionals for yourself to help your ideal clients.

The family plan

do you want to work with ideal clients or ideal families? Your family plan is simply letting people know that you work with the whole family. Imagine if you had a client who is wealthy at age 55 and had three other siblings their parents and their children do you think if you got introduced to other family members would there be opportunities? Let's find out in a secondary meeting.

Events

Events are back in full swing and people this summer are out and active. Going to your client's events this year Valuable use of your time to get introduced to other people like that. In a future blog, I will talk about different events that elite advisors are doing right now. Imagine if attended ten of your client's events this year do you think you'll get introduced to like-minded people?

Time management

I understand the challenges of managing your time as a financial advisor. However, if you planned 10 secondary meetings or 10 lunches and attended 10 events This is interesting 20 hours of your time to potentially grow your business by 10 ideal clients in the next six months. It always shocks me that financial advisors struggle with time management and yet they want to spend more time with their ideal clients. Plan secondary meetings you will be happy you did this year.

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

· Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

· Fee Audit Checklist for Ideal Prospects: click here: https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog
https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

Practice management trendsetters

Mon, 05 May 2025 14:06:14 GMT

What marketing strategies are working right now for financial advisors

it's Monday morning and you're looking at another busy week. The week is full of client service activities and client service meetings. There is so much follow-up that you don't even have time to think about your business or even have time to grow it. Sound familiar? But you know you have to do something to grow the business. Here are some ideas that are working right now for financial advisors.

Ideal client and prospect conversations of value

As a former financial advisor, one of the satisfactions I got was delivering a world-class service process with an amazing team. Delivering deeper value to our best clients by having deep meaningful conversations. The more value you deliver, the easier it is to get referrals and introductions. Instead of having review meetings, schedule conversations of value. Here are some of the conversations to consider delivering more value.

The clarity conversation. Helping people get a deeper sense of clarity is the number one thing they are looking for. Tell your best clients about your clarity conversation and then go and have one.

The goals conversation. People who value time more than money are usually the wealthy. They have enough money So what else can they do? Help them accomplish more than they ever thought possible by having a comprehensive goals conversation.

The Fee audit conversation for ideal prospects. It helps your ideal prospects understand the value you deliver and what they are currently paying in dollars from their financial advisor and what they're getting and not getting, it's just a conversation.

There are so many other types of conversations of value you can have with your ideal clients and prospects. Remember to call them not to set up meetings but to schedule conversations.

Podcasts

I see so many financial advisors starting and developing podcasts. Starting a podcast is the hard part. Reach out to fellow financial advisors add ask them how they got started. I can give you lots of stories and insight on how financial advisors do podcasts successfully in a future blog but for now, ask or research other financial advisors who are using their podcasts successfully. check out my latest podcast with Jason Pereira on mastermind groups here

https://jasonpereira.ca/all-content-jason-pereira-toronto/mastermind-groups-with-grant-hicks-e99

Events

Your job is to find meet and acquire new ideal people as clients. You cannot do that sitting behind your desk. Sure a lot of advisors are doing webinars successfully, but those financial advisors are now combining the power of webinars and events together, to speed up the prospects' journey and take them from, I don't know what I don't know, to now I know what I don't know and scheduling a conversation. What events are you currently doing on a monthly basis? Here are some ideas to consider.

Your passions

If you love golf, then consider doing a golf event. One example is hiring a golf pro ( who is also an influencer of wealthy people at a Golf Club) And every two weeks inviting clients prospects and centers of influence to work on their golf game for one hour and have drinks. The first event could be practicing putting the second short game third irons etc. If you're planning to go golfing anyways why not turn it into an event that you love to do? What are your passions and what do you love to do? Could this be your next event?

Passions can also be volunteering or community service. While the goal is to give back people can't help but have a great conversation with you to learn about you and what you do. They get to see you in action and see what makes you tick and this is a sure path for people who want to do business with people they know and trust.

COI event

Plan a luncheon and bring together your centers of influence and introduce them to each other as part of your network. They get to network and meet other professionals and see how you coordinate with other professionals for your ideal clients. Tell them about the coordination conversation you have with clients that tells them about your network. This is an example of a conversation you should have with every ideal client. I have facilitated several sea lion luncheon meetings for financial advisors And watched the results come in over the next few months which amazed the financial adviser on spending a couple of hours to get ideal client introductions from COIs.

Ideal client feedback forum

If you are like me and want to create an ideal client experience start with your ideal clients. Bring 5 to 10 of your best clients into a luncheon and ask them for feedback on what you're currently doing but more importantly feedback on how you're going to expand your ideal client experience. Let them help you build it and give you tremendous feedback. Tell them you're trying to acquire a few more ideal clients. The results for me happened when I followed up after the meeting with each person and I got an introduction to the exact ideal prospects I was looking for. My clients knew I was working hard on delivering more value so they were comfortable referring friends and family who were going to get an ideal client experience they've never seen before. Again another two hours to clone your best clients.

The prospects journey

For example. You just finished reading this blog and below yet are some links to some offers to engage you. Some people click on the link go to a landing page & up and get next week's blog. Some people are invited to a webinar, and some to a live event. Along the way, the law of familiarity says that you need at least five to seven touches for people to understand who you are what you do what you offer before they will engage. That you can acquire more ideal clients and deliver more value to people you've never met before. As the co-author of "Guerrilla Marketing for Financial Advisors Series 1 and Series 2, this is what gets me really excited. Go for it and good luck.

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view onlineGrant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management

Facebook
Twitter
LinkedIn
http://advisorpracticemanagement.com

What marketing strategies are working right now for financial advisors

Mon, 05 May 2025 14:06:14 GMT

What marketing strategies are working right now for financial advisors

What marketing strategies are working right now for financial advisors

Ideal client and prospect conversations of value

The clarity conversation. Helping people get a deeper sense of clarity is the number one thing they are looking for. Tell your best clients about your clarity conversation and then go and have one.

There are so many other types of conversations of value you can have with your ideal clients and prospects. Remember to call them not to set up meetings but to schedule conversations.

Podcasts

https://jasonpereira.ca/all-content-jason-pereira-toronto/mastermind-groups-with-grant-hicks-e99

Events

Your passions

COI event

Ideal client feedback forum

The prospects journey

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

· Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

· Fee Audit Checklist for Ideal Prospects: click here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog
https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

Practice management trendsetters

Mon, 07 Apr 2025 14:00:11 GMT

As a financial advisor, are you investing in your best client opportunities?

Elite financial advisors looking to grow their business need to spend more time with their ideal clients and clients with opportunities. Your existing clients are the catalyst to growing your practice. Imagine this scenario. tried to fly first class to Hawaii. you're looking forward to all the perks that come with flying first class. you pay $5000 for your ticket. I sit down next to you and ask you how much did you pay for your ticket. Your answer $5000. Wow, I only paid $500. Now, how do you feel? Ripped off, frustrated, angry cheated, how are you feeling that the airline decided to subsidize first class with your money? You cannot treat everyone the same. Your high-paying clients cannot get the same service as other clients. Yet we see this mistake over and over by financial advisors. Today is the day you stop making that mistake.

Make the opportunities list

Elite financial advisors go through their client base and make a list of existing clients to convert to ideal clients and ideal families. This list for most practices represents a massive growth opportunity of 15% or more per year. Imagine if you could grow your business by 15% or more this year and not add one client? However, you're converting potential clients into ideal families. This is what I call the top 50 list. Your top 25 ideal clients to spend time with and you're next 25 ideal client families to grow into. On this list, write down the ideal revenue from ideal clients. Then write down the potential revenue if you convert the next 25 into ideal clients or ideal families.

Map out the time to invest in your top 50

What happens when you spend time with your best clients. You generate more business more opportunities come your way with more family introductions and referrals. What happens when we go to our next 25 clients and re-engage them and deliver more value to them. Plan on introducing the new you, the new value, and the new process, which I will elaborate on.

Most advisors spend one hour with their best clients and never reintroduce their value promise, their process, the name of their plan, and additional value that they have created in their practice. Now imagine if you spent two hours with your client, and received an introduction to a friend or family member like them? Imagine if you had a conversation about all of the professionals they work with, and who you work with? Imagine if you found out how to market to them, and at what events they are involved?. Would it be worth spending an extra hour with an ideal client and having these conversations? Imagine if you can clone your top 10 to 25 clients this year, what that would do for your business?

Here is the process

The purpose of this article is to build a stronger relationship, a deeper level of trust, and deeper more comprehensive planning and advice to your best clients and best client opportunities. Imagine if you get to know your clients better, deliver more clarity in their goals and values and help them get organized in all seven areas of their financial life? Here are the steps. Step one is to build a solid value promise process to reintroduce your best clients. Build a PowerPoint value promise to support your valuable conversations. Step two is to call the top 50 list and book an appointment to reintroduce your process. Step 3 is plan out your one hour for a meeting, and an additional 60 minutes for additional conversations over coffee or lunch. The additional 30 to 60 minutes is how elite advisors clone their best clients.

Here are the conversations in the first hour

Do you have a conversation to help people get clarity around all of their goals? The advisors i work wih get 6 or more goals on paper from their best clients. Do you have a conversation to help them get organized in all seven areas of their financial life? This includes tax estate investment risk insurance debt and cash flow. 90 percent or more of financial advisors never see tax returns or wills. Do you have a conversation about your comprehensive plan and you have the name (with compliance approval of course) of your process and your plan? For example our wealth management process and our blueprint plan for your financial life? What other value added conversations can you offer to your best clients and clients with opportunities to deliver more value ? This is all on your PowerPoint value promise process. If you don't have one consider building your value promise this year.

Here are the conversations in the second hour

After you spent time with your clients, invest one hour, and take them out for coffee or lunch and ask them these questions. Do you know about our network of professionals? Most clients will say no and that is when you explain your network and find out who is on their network. Collect the data and you will grow your COI database. Do you know about our family plan? Most clients will say no. Your family plan is a notional plan ( with compliance approval of course) whereby you let them know you work with their family. Elite advisors find out about siblings and parents not just children. The wealth is in other familiy members older than your clients. Financial advisor tend to look at it as a family office and get the whole family. How many ideal families do you have? Are you offering your family plan and having those family conversations? These conversations take a lot of time. That is why we add a second hour to the meeting. Do you ask your clients what events they are involved in? This includes charities fundraisings sports clubs organisations. how are they involved in the community? Most wealthy people are involved in their community. Imagine if i gave you the data on what your top clients do in their community and you were invited to those events?

This will give you tremendous clues at how to find more wealthy people. The final question is simple. It is a marketing question. If I were to meet a group of people like you how would I find them where would I go to meet with them and how would I connect with them? When you ask it from a marketing perspective they will give you some fantastic ideas and how to find more people like them, or realize that they would like an introduction or two from you. The second hour is where elite advisors grow their financial advisor practice.

I can't afford 25 hours to double my prospect list

I get it. Most advisors are past capacity and that is the typical response I get. Sounds ridiculous doesn't it. If I said to any business, invest 25 hours to potentially double your revenue or ideal prospect database, they would find the time to do it. How would you find the time this year to spend more time with ideal clients, clients with opportunities and grow your business? Your intention is to deliver more value to your best clients, upgrade clients with opportunities to higher level of service an increase your annual revenue. iI this is you, start today, build the list and start booking two hour appointments.

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view onlineGrant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

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As a financial advisor, are you investing in your best client opportunities?

Mon, 07 Apr 2025 14:00:11 GMT

As a financial advisor, are you investing in your best client opportunities?

As a financial advisor, are you investing in your best client opportunities?

Make the opportunities list

Map out the time to invest in your top 50

Here is the process

Here are the conversations in the first hour

Here are the conversations in the second hour

Most wealthy people are involved in their community. Imagine if i gave you the data on what your top clients do in their community and you were invited to those events? This will give you tremendous clues at how to find more wealthy people. The final question is simple. It is a marketing question. If I were to meet a group of people like you how would I find them where would I go to meet with them and how would I connect with them? When you ask it from a marketing perspective they will give you some fantastic ideas and how to find more people like them, or realize that they would like an introduction or two from you. The second hour is where elite advisors grow their financial advisor practice.

I can't afford 25 hours to double my prospect list

Would you like a copy of our Comprehensive Practice Management Checklist for financial advisors?

How About Your Goals for Your Practice in 2025?

Free Resources:

21 Page Technology Checklist to Become a Future-Ready Advisor

Fee Audit Checklist for Ideal Prospects

Updated Comprehensive PracticeManagement Guides

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk.

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Schedule Appointment

Visit www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact us below.

How Financial Advisors can crush it and build scale in the next decade!

Wed, 26 Mar 2025 22:18:58 GMT

How Financial Advisors can crush it and build scale in the next decade!

How to Crush It Before the Next Decade

This decade has proven that our industry is changing faster than ever. But remember, to thrive, we all need to stay ahead. Here’s how you can not just survive but crush it between now and the next decade:

Embrace technology like a pro

Tech is the lifeline of an advisor's success and likely will always be.

AI is your new best friend: Imagine tools that can analyze client behavior, predict market trends, and make portfolio recommendations—all while you focus on the human side of advising.
Automate: Free yourself from high-volume, low-value tasks. Automation lets you focus on what truly matters: connecting with your clients meaningfully.
Cybersecurity: Protecting client data is table stakes today. Encourage your dealer to invest in solid systems to safeguard trust.
Go virtual: From video calls to online portals, make it ridiculously easy for clients to engage with you. Virtual communication doesn't mean losing the personal touch. It's about making your services more accessible and convenient all hours of the day while maintaining the personal connection crucial in financial advising.

Make it personal

Clients don’t just want advisors—they want partners for life.

Becoming this close means talking about dreams, goals, and concerns. Things to ask:
What are your clients’ life goals?
What are their concerns?
What is the bigger picture, whether it’s retiring in style, funding a child’s education, or leaving a legacy?
Understand how they think: Behavioral finance can be a game-changer. Help clients overcome biases and make smarter financial choices.
Full-Service: Be the one-stop shop they can’t live without—integrating tax planning, estate advice, and even insurance into your offerings.

Level up your expertise

The more you know, the more indispensable you’ll be.

Ride the trends: Crypto? ESG investing? Alternative assets? If it’s new and buzz-worthy, you should at least know about it.
Certify yourself: Advanced designations like CFP or CFA boost your credibility and open doors to niche markets.
Never stop learning: Get a coach and attend webinars, workshops, and conferences to soak it all in and stay ahead of the curve.

Put clients at the center of your universe

The old-school “quarterly check-in” approach isn’t cutting it anymore.

Be transparent: Clear, fee-based models build trust and eliminate the guesswork.
Stay in touch: Whether it’s a quick call, a thoughtful email, or a personalized update, keep showing up for your clients.
Know the next generation: Wealth is shifting, and younger clients care about tech, impact investing, and learning how to manage it all. Meet them where they are.

Build a brand people can’t ignore

You’re more than just an advisor—you’re a brand.

Own the internet: Blogs, webinars, social media—share your expertise and make it easy for people to find you.
Leverage referrals: Happy clients are your best marketing tool. Create referral programs that encourage them to spread the word.
Partnership: Work with attorneys, accountants, and other professionals to give clients an all-in-one experience.

Stay ahead of regulations

Compliance might not be fun, but it’s crucial. Staying ahead of regulations is not just about avoiding penalties. It's about maintaining trust and credibility with your clients. It's about showing them that you prioritize best practices and always seek their best interests.

Know the rules: Regulatory changes can sneak up on you. Stay sharp and informed
Look to the USA, the UK, and Australia for what’s happening with regulatory changes
Become ESG savvy: Environmental, social, and governance factors are becoming prominent. Show clients you’re ahead of the game.

Adapt to Changing Demographics

Your clients aren’t one-size-fits-all.

Be inclusive: Different clients have different needs. Embrace diversity to expand your reach.
Living longer (Longevity): An aging population means more focus on healthcare and long-term planning.
Educate the young: Help younger clients master the basics of financial literacy. It’s an investment in your future, too.

Master Emotional Intelligence

Our business is all about solid, long-term relationships.

Show that you care: Be there for clients during market downturns, life changes, money-in-motion events, or tough family conversations.
Handle tough situations: When navigating family conflicts or managing expectations, show empathy and tact.

The Bottom Line:

The wealth management industry is full of opportunities for those advisors willing to adapt, innovate, and lead with the heart. Through the combination of technology and a personal approach, you’ll meet your clients’ needs and exceed their wildest expectations. So buckle up and get ready to crush it!

The best way to start is by benchmarking your practice today. Know where you stand in comparison to elite financial advisors. Isn't it time you benchmarked your practice?

https://www.advisorpracticemanagement.com/benchmark

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

· Get a copy of our Updated 42-page Comprehensive Practice Management Strategies

Checklist by clicking here: https://practicemanagement.getresponsepages.com/

· Fee Audit Checklist for Ideal Prospects: click here https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog
https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

A tale of two financial advisors: The Power of Benchmarking

Wed, 12 Mar 2025 17:38:14 GMT

A tale of two financial advisors: The Power of Benchmarking

A Tale of Two Financial Advisors: The Power of Benchmarking

Once upon a time in the bustling world of financial advising, there were two advisors, Sarah and Mark. Both had started their practices around the same time, had similar client bases, and shared a passion for helping people achieve financial freedom. Yet, a few years down the road, their journeys diverged significantly.

The Plateau

Mark was skilled and hard-working. His early success had brought him a steady stream of clients, but over time, his practice seemed to hit a plateau. The growth he had once enjoyed began to stagnate, and he found himself stuck in the weeds of day-to-day operations—too busy to step back and analyze his business performance. While he still provided good service, he had no clear plan for improvement or innovation.

The Turning Point

Sarah, on the other hand, decided early on to approach her practice like an investor analyzes a portfolio. She knew that understanding her own performance was just as important as understanding her clients’ investments. She came across the concept of benchmarking and decided to take action. She now had real numbers comparing her performance to 14,000 other advisors across the country.

When Sarah first opened the benchmarking report, she was startled. Her growth rates were lower than the industry average, and her operating costs were higher than her peers. For a moment, self-doubt crept in. Maybe I’m not as good at this as I thought, she wondered. But as she delved further, she realized the report wasn’t a critique—it was a roadmap.

The Strategy

Armed with this newfound insight, Sarah created a clear action plan with her coach. She introduced a client appreciation program and a client feedback process to enhance relationships and build loyalty. She streamlined her operations by adopting key practice management processes and started delegating more routine tasks. She also sets scalable and measurable goals for herself and her team, tracking progress every step of the way.

She didn’t stop there. Benchmarking also introduced Sarah to industry trends she hadn’t considered before. She learned what many top-performing firms were successfully engaging in for their practice. Inspired, she revamped her marketing strategy and client satisfaction, and her growth of ideal clients started to soar through introductions. Her expenses dropped, and her revenue climbed steadily. Even her team noticed the difference—processes were smoother, and the office felt energized by a renewed sense of purpose.

The Transformation

Over the next few years, Sarah’s practice thrived. Her client base grew, her revenue increased, and her operations became more efficient. However, perhaps the most rewarding outcome was the trust and confidence her clients had in her. They saw her continuous efforts to improve and were reassured knowing they were working with someone who was always striving for excellence.

Meanwhile, Mark’s practice remained steady but unremarkable. While his experience and dedication kept him afloat, he often wondered what more he could do to reignite growth and innovation. He never realized the untapped potential that benchmarking could have unlocked.

The Lesson

Financial advisors, have you ever wondered how your practice measures up? Like Sarah, you might be one benchmarking report away from uncovering transformative insights. Take the leap, analyze your performance, and embrace the journey toward continuous improvement. After all, the most successful advisors aren’t just helping their clients grow—they’re growing their practices too.

To learn more about how you can benchmark your practice, click here https://www.advisorpracticemanagement.com/benchmark

Get a sample comprehensive benchmark to see what Sarah used for her practice click here

https://benchmark.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get your benchmark and marketing strategy today by contacting Jeff at jeff@jeffthorsteinson.com or Grant Hicks, CIM at grant@ghicks.com regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Visit www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact us below

Ideal clients want 10 touches per year, how are you doing?

Mon, 03 Mar 2025 15:00:03 GMT

Ideal clients want 10 touches per year, how are you doing?

How often do elite financial advisors communicate with their best clients?

How often do elite financial advisors communicate with their best clients? This is a question I get often because financial advisors are either feeling guilty about not talking to their ideal clients enough or a client has decided to leave them because of a lack of communication. Having a communication plan in writing can eliminate your guilt and client departures.

How many communications do my best clients want?

According to comprehensive research done by Business Health in Australia https://www.businesshealth.com.au (key-value drivers 2018 USA ), Ideal clients want 10 or more contacts per year. Those advisors who deliver 10 + communications per year, earn 68% more than advisors who do less than 10 contacts per year. Yet only 38% of advisors deliver 10 or more contacts per year, despite all of the technology and tools available to them. How many contacts per year do you have with your best clients? What happens when you communicate more with your best clients? A better understanding of clients, better relationships, referrals, and more revenue. Do you have a list of your ideal clients segmented? Is it your top 25 or top 100? The rule is to know where 80% of your revenue comes from!

Improving your communications for financial advisors

First off take a look at the list below and determine the type of communication you want to do with your best clients and frequency.

Contacting ideal clients checklist ( remember always check with your branch manager or compliance officer before proceeding with any communication activity and get approval in writing)

___ Meetings per year – frequency per year ____ (coaching tip- 2-4 meetings per year, can be done online or face to face and name the types of meetings eg planning and goals, tax and investment risk and estate)

___ Non-investment communication -frequency per year ____ ( coaching tip- calling your best clients 2 times per year to touch base and ask one question, how was your summer? Building regular rapport)

___ Personalized emails -frequency per year ____ ( coaching tip- this can be a mass email sharing what is new with you, your team, and your firm, in a casual less formatted way, which builds tremendous loyalty)

___ Ideal client appreciation ___ frequency per year ( coaching tip- in the current environment, large events may be difficult, so small intimate client events produce rave reviews)

___ Ideal client feedback and events ____ frequency per year ( Coaching tip according to Business Health Pty Ltd only 15% of advisors have a formal feedback process, not just an online survey, and the financial professionals that do earn 52% more than advisors who don’t do feedback)

___ Newsletters with engaging calls to action __ frequency per year ( coaching tip – this is where you can deliver more communication to clients who want more communication, not all clients want it, but appreciate hearing from you. This is where the message is to join your webinar on updating your go-forward plan and ideas to think about in the coming year as a webinar. Most ideal clients will NOT join your webinar but appreciate hearing from you and knowing you are on top of the latest information, giving them more confidence in your and your team. It is what I call “delivering more confidence”)

___ Personalized communications and special events ___ frequency per year (Coaching tip- elite advisors are on top of birthdays anniversaries and special occasions such as Thanksgiving)

___ Special events ___ frequency per year ( Financial professionals are struggling to connect with people- Take the same events you did in the past and repeat. Be creative- also consider activities such as fishing, hiking biking, golf, picnics, depending on your area, and check with your compliance office)

___ Regular newsletters ___ frequency per year ( coaching tip- regular newsletters are not usually recommended for your best clients, since they are full of things to worry about. Unless it is personally written, and you get great feedback, don’t send to your best clients. These are usually reserved for prospects)

Now add up your communications to your best clients

The number of communication per year total _____ Is it 10-15 touches per year? If not, book time to work on your communication plans in writing. What technology do you need to enhance your communications? Now you know how to become an elite communicator from your ideal client's perspective. Now you can say to your best clients, prospects, and COI’s,” we have a process to deliver 10 or more contacts per year to our best clients”.

How About Your Goals for Your Practice in 2026?

Download our updated Comprehensive Practice Management Checklist

Get a copy of our Updated 42-page Comprehensive Practice Management Strategies Checklist by clicking here: https://practicemanagement.getresponsepages.com/

Fee Audit Checklist for Ideal Prospects: click here: https://feeaudit.getresponsepages.com

We are here to serve your practice,

To book a NO obligation appointment with us to discuss practice management or coaching click

Jeff Thorsteinson https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm

Grant Hicks CIM https://my.timetrade.com/book/JMTNJ and let’s talk

Join our weekly Practice management Equity Builder Blog
https://www.advisorpracticemanagement.com/blog

Take our Marketing course

https://advisorpracticemanagement.thinkific.com/courses/marketing

What does your playbook look like a s a financial advisor for 2025?

Sat, 22 Feb 2025 18:29:37 GMT

What does your playbook look like as a financial advisor for 2025?

Have you outlined your goals for 2025? Now is the perfect time to craft your strategy. A well-designed playbook isn’t just a tool—it’s a roadmap to success by setting key objectives, aligning your team, and keeping everyone accountable. Imagine the possibilities this could unlock for your practice!

What is an Advisor Playbook?

The Advisor Playbook captures insights from the past year and guides you in setting priorities for the year ahead. It includes practical worksheets to:

Refine your mission and vision.
Analyze key performance metrics.
Assess your client base and services.
Set clear goals and execution plans.

Key Components of the Playbook

Vision Statement
Your vision defines what you aspire to become and the broader impact you aim to make. It’s your guiding light, inspiring your team and clients.

Questions to consider:

What are our hopes and dreams for the practice?
What problem are we solving?
Who or what are we inspiring to change?

Example: "Our vision is to be the leading financial practice supporting our clients’ long-term success."

Mission Statement
Your mission explains your practice’s core purpose and how you serve your clients. A clear mission motivates your team and sets the foundation for achieving your goals.

Questions to consider:

What do we do?
Whom do we serve?
How do we help them?

Example: "We provide tailored, objective advice to give clients financial peace of mind and the confidence to pursue their passions."

Reflecting on the Past to Plan the Future

Snapshot of the Year
Review your progress in assets, revenue, and profitability. Understanding where you stand will help you chart your course for the next 3–5 years.

Ratios for Success
Tracking metrics like meeting bookings, sales, and referrals can reveal areas for improvement. Adjusting your processes based on these insights can make your practice more efficient and scalable.

Segmentation
Segmenting clients is vital, yet only 37% of advisory teams do it effectively. Proper segmentation improves client experience, optimizes resource allocation, and highlights growth opportunities.

Example: By identifying time-intensive C and D clients, you can reduce administrative tasks and focus on high-value relationships, freeing time to improve service delivery.

Execution Plan

Set four professional and personal goals for the year—no more. Simplicity ensures focus and achievability.

Start 2025 with Confidence

Your Playbook is not just a plan; it’s your strategic advantage. Dedicate time to refining your vision, analyzing your performance, and setting actionable goals. With a clear path forward, you’re set to make 2025 your most successful year yet! If you want to access practice management tools or discuss your 2025 Playbook, call Jeff Thorsteinson for a free, no-obligation discussion. You never know where your next best idea will come from!

If you want an e-version or our 2025 Advisor playbook, send us an email at :

jeff@jeffthorsteinson.com

Get a copy of our Updated 21-page Comprehensive Practice Management Strategies Checklist

https://practicemanagement.getresponsepages.com/

Our Practice Management resources

https://www.advisorpracticemanagement.com/PracticeManagementGuides

Take our Ideal Client Acquisition course for Financial Advisors

https://advisorpracticemanagement.thinkific.com/courses/marketing

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeff@jeffthorsteinson.com

regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

To book a NO obligation conversation with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Jeff Thorsteinson, Grant Hicks and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

www.advisorpracticemanagement.com

Practice Management Trendsetters

Mon, 10 Feb 2025 15:00:02 GMT

Collecting and managing data for financial advisors, there has to be a better process?

Collecting and managing data for financial advisors, there has to be a better way

It's Tuesday morning and you have an ideal prospect meeting where you collect some data to potentially onboard a new ideal client. The new prospect is excited to see what you can come up with to help them and their financial future and you're excited to start developing plans and strategies to help them achieve their goals. What is holding both of you back from proceeding and having a seamless prospect experience that transforms into an ideal client experience? The relevant data is to be imported and exported into potentially six different technology systems.

Organizing the client and data capture

Every financial advisor has a process such as a fact finder, data gathering worksheets, online portals, or uploaded information to capture the information and data to become a client. The first problem is did you collect all of the data that you need to onboard the client or did you get just enough to open accounts? Now you have to take that data and put it into your CRM system. From the CRM system, you know how to enter that data or transfer it to your financial planning software. Some financial advisors use more than one software system, so does the data transfer to all financial planning software and portfolio management systems? This is where financial advisors discover they need more information, while they're preparing comprehensive planning and advice to deliver. Information in all seven areas including taxes estate investment risk insurance debt and cash flow. Getting copies of tax returns uncovers a lot of data, and yet some firms do not allow the collection of tax returns. Always check with branch management and compliance before proceeding with any marketing activity.

What are the six technologies?

You might collect the data electronically through a secure e-mail system or an online portal or software. Then you transfer the data to your CRM system. Next, it's your financial planning software. Then the data has to be populated in your back office system. Next, it has to be organized in an e-mail in a digital signature system. Finally, information goes to a client portal system that is set up.

Data gathering system
CRM
Financial planning and portfolio management software
back office systems
digital signature systems
client portal systems

Does the data flow seamlessly and confidentially between all six systems? I am no technology expert nor do I work for or represent any technology companies. I'm simply trying to help financial advisors in their clients look at how the onboarding process can be potentially improved making it a better experience for the clients and building efficiency for financial advisor teams. I'm fortunate to work with elite advisors and elite financial teams with solid software and systems in place, and we work on improving data collection and helping people get organized in all seven areas of their financial lives.

What is your process for data collection?

As a financial advisor do you have a proven scripted process to collect the information and give it to your team to input into your systems? Do you have a pair planner or someone who can put the data and draft financial and wealth management plans? Data collection and input take a tremendous amount of time and organization. Your job as a financial advisor is to understand the client and help organize their financial life in all 7 areas. It engages people to do more comprehensive planning and more comprehensive advice. This is where you do your best work as a financial advisor. What part of the process do you need to improve on for ideal client acquisition?

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Email jeffthorsteinson@hotmail.com To book a NO obligation appointment with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk

Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

view online Grant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

To book a NO obligation appointment with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk. Get a copy of our “ 21 page comprehensive practice management checklist”

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at jeffthorsteinson@hotmail.com regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

Practice Management Trendsetters

Mon, 03 Feb 2025 15:00:03 GMT

How do Accountants Speak About You as a financial advisor?

Helping advisors build stronger, more profitable practices

By Jeff Thorsteinson

Like most advisors, you already have a relationship with an accountant – an excellent COI. But is the relationship as active as it could be? Probably not. If you're like most advisors, you probably assume your COI instinctively knows when to refer business to you. This is not always the case. You may also assume that you are their exclusive referral source. Also, not always the case.

In speaking with advisors recently, I've had several requests about conducting a meeting when a client brings an accountant or other professional to "help" with certain decisions. I almost always introduce the Johari Window.

Introducing the Johari Window

Named after its inventors, Joseph Luft and Harry Ingham, in 1955, the Johari Window describes the relationships of known and unknown information between two people. The four-paned "window" as shown below, divides personal awareness into four types: open, unknown, blind, and hidden. The Johari Window is primarily used to maximize the outcome of a meeting, a negotiation, a relationship, or other

interpersonal scenarios.

Open (quadrant 1)

The open quadrant represents information. mutually known between yourself and the COI.

Blind (quadrant 2)

The blind quadrant represents the information you do not know, but the COI does. It would be best if you discovered what this is.

Hidden (quadrant 3)

This quadrant represents the information you know that the COI doesn't. Sometimes, it's essential to disclose this information slowly, if at all.

Unknown (quadrant 4)

The unknown quadrant represents mutually unknown information. This area of the Johari window naturally gets smaller as the relationship between you and the COI progresses.

Disclosure

The more you disclose about
yourself and your client service
approach, the better chance you’ll
win the trust and confidence of
the COI and client.

Learning
The more you discover and
uncover from the client and COI
the better the chance of a
successful outcome.Preparation
More preparation from you sets
the foundation for a successful
client and COI relationship.

Maximizing outcomes with clients and COIs using the Johari Window

The Johari window is essential for improving the outcome of an investment proposal presented to your HNW client and their COI, such as an accountant. Since most COI activity is client-initiated, you probably know little about the client's accountant and vice-versa.

The more you uncover about the client, discover about the CPA, and prepare, the higher the probability of success in both the outcome and your combined relationships with them.

This improved relationship, along with additional trust-building activities, will lead to you closing the investment proposal with the client. More importantly, you'll work more effectively with Centres of Influence, leading to additional future introductions.

Preparation

The open quadrant (1) represents information mutually known between yourself, the client, and COI.

Two critical activities should happen here:

1. Incorporate all you know about the COI and the client's situation into the Investment proposal or plan.

2. Ensure that the COI knows as much about you and the unique way you do business.

For example, if you explore the COI's website and other public venues, you may discover information that can help improve your relationship and the meeting results.

When you first meet a new COI, the Open quadrant is small because there is little time to exchange information, such as your Investment Consulting and Client Service Process. As you get to know one

another and the situation, the dividing line moves down, placing more information into the open window.

Learn

The blind quadrant (2) represents the information you do not know, but the COI does. You need to uncover this information before the meeting to understand the motivations and intentions of the COI and accomplish your objective.

Suppose you are meeting to discuss your mutual client, Dr. Henry. The COI, an accountant, discloses new

information about Dr. Henry that will affect the investment strategy you're about to unveil. Previously,

this information was in your blind quadrant, but it is now openly available knowledge. When this happens, the dividing line moves to the right, enlarging the open quadrant and decreasing the blind quadrant. If presenting an Investment Proposal before the COI and client, you want to ensure that you have complete information to win the COI's acceptance, which may tip the scales of the decision to accept you as their advisor or the proposal. Otherwise, you may be blind-sided by a detail you could have planned around if you knew about it at the presentation.

Disclosure

The hidden quadrant (3) represents the information you know, but the COI doesn't. Sometimes, it's

essential to disclose this information slowly, if at all.

The goal is to identify the business's value and articulate it so that it matters to the client and COI.

Uncovering the hidden information—what a business knows but does not articulate—is the heart of the

discovery process.

CPAs are excellent at reducing taxes and picking apart investment proposals. They are not sales-centric,

in general. Therefore, you must share what you do, who you are, and how you operate professionally. As you disclose more about your service and investment process in a structured manner, you'll build confidence in the COI to recommend your program.

By actively managing relationships with your COIs, you will receive more referrals and turn missed

opportunities into routine success.

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

view online Grant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

Practice management trendsetters

Mon, 03 Feb 2025 15:00:03 GMT

Segmentation mistakes financial advisors make and how to avoid them

who your ideal clients are.

Key practice management process annually

The first and most common mistake financial advisors make with segmentation

Did you know that 75% of financial advisors do not have a clear ideal client definition? Start by scoring your ideal clients out of 10 in the following categories

Client name Eg Smythe
___1. Comprehensive advice
___2. Brings all documents
___3. Consolidates business and delegates to you and your team
___4. Wants planning and advice
___5. Listens to you and wants to learn more
___6. Understands your fees
___7. Generates ideal revenue of $____________
___8. Has future potential revenue for themselves or their family $__________
___9. Introduces you to the family / family members with potential
___ 10. Introduces you to other people (referrals) and wants additional planning coordinated with professionals (your _____ network of professionals)

Clients with a score of 10 out of 10 are ideal clients and potential ideal family clients

Segmenting mistake number 2

Segmenting mistake number 3

Segmenting mistake number 4

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view onlineGrant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management

Facebook
Twitter
LinkedIn
http://advisorpracticemanagement.com

Practice Management Trendsetters

Mon, 27 Jan 2025 15:00:04 GMT

THE SIX ROLES OF AN ADVISOR

By Jeff Thorsteinson

I didn’t know what I signed up for when I launched into a career as a financial advisor. Well, that’s not entirely fair. I obviously knew I would be speaking to clients about things with “dollar signs” in front of them. I knew we’d discuss insurance, cash flow, and retirement planning. As I progressed in my career, I realized that I was more than just a financial advisor. In fact, when analyzing this notion, I realized that I wore, we wear, many hats.

As advisors, we carry out many roles in the lives of our clients, and these roles significantly impact their long-term financial success:

Listener: Market volatility can create significant emotional swings in client moods. Top advisors listen. They identify client fears and anxiety, try to understand the issues driving those feelings, and then provide a plan that will work for them.

Calibrate: Active listening helps to avoid misunderstanding and improve your long-term client relationships. Start by asking an open-ended question, then carefully listen to their answer. Paraphrase and summarize what you heard. When we show we’re listening, it’s much more rewarding for clients.

Educator: Top advisors educate clients about the relationship between risk and return, asset allocation, rebalancing, diversification, and investor discipline.

Calibrate: Source or create financial concepts for those meetings so you have a story to tell about the benefits and pitfalls of a strategy. These concept pieces help you explain why you thought of the strategy for the client and empower them to decide either way.

Caretaker: Advisors are likely among the few professionals who take a long-term view of a client's financial health and welfare. In this role, advisors look long into the future for things that may impact the client’s wealth and keep them abreast of such news.

Calibrate: Reflect on your client’s short-term, medium-term, and long-term goals. Map it out on a continuum, demonstrate what you do with this information, and reiterate why you take this "caretaker" custodian position.

Wealth Coach: It’s human nature to doubt a plan when circumstances begin to attack it. This is when the mentor role kicks in. In this instance, the advisor puts on the “wealth coach” hat and reinforces why staying the course is essential and what is needed to do so.

Calibrate: Your clients hired you to be their overall wealth manager. You have short-term, medium-term, and long-term focus. When clients call with irrational decisions during volatile times, you put the “Coach” hat on and help them get back to rational, fact-based decision-making. Much like an athletic coach, you help educate clients about the discipline of investing.

Architect: Once the advisor has everything needed to create a plan for the client, plan construction commences. Working with the client, a long-term strategy emerges that matches the client's specific goals and risk profile.

Calibrate: Once you’ve gathered all your discovery information and materials, it’s time to design the overall plan for clients. This is when the Architect hat is worn: Your task is to ensure the plan delivers on the client’s needs and is functionally sound and well-articulated.

Expert: In a world of free and easily accessible information, clients need the wisdom and experience of their advisor. They need an expert to help them understand what’s happening in their country and worldwide and develop strategies to meet goals. They need someone to filter the “news” and stay the course.

Calibrate: In your practice, clients rely on your expertise to assist them in getting where they want to go. Your expertise is put to work to help them. Feel confident that you have a perspective based on facts and past history despite market volatility and uncertain times. Experts also reveal your process for filtering the “news” to ensure your clients get accurate, unbiased information.

These roles, which we play in the service of our clients, combine our technical knowledge and experience of how dollar signs relate to our client's lives.

How we carry ourselves when wearing these various hats creates our unique advisor brand. We uniquely guide clients through their specific financial journey. And it’s this that will have clients speaking about you, your process, and your accomplishments.

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

view online Grant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

Practice Management Trendsetters

Mon, 20 Jan 2025 15:00:01 GMT

What happens when a financial advisor loses one of their ideal clients?

What happens when a financial advisor loses one of their ideal clients?

I received a call last week from a financial advisor who just lost one of their ideal clients. When I asked the advisor why they left their financial advisor, he came up with numerous reasons such as performance, communication but they had a great relationship. Instead I figure out why they left start figuring out what they were getting or more importantly not getting from you as a financial advisor. The advisor started to worry about other clients leaving and wanted to come up with plans for preventing that to happen.

What are your ideal clients not getting from you?

To help financial advisors acquire more ideal clients, I always discuss And take a prospect from I don't know what I don't know to, now I know what I don't know. Are your ideal clients getting comprehensive goals-based planning and advice in writing? Not just one or two goals but six or eight goals. These are your wealthiest clients and therefore can accomplish more they usually have more goals and aspirations. Can you prepare a comprehensive plan without understanding their values? What questions do you ask to really understand them and their values? Are your best clients organized in all seven areas of their financial life? Taxes state investment risk insurance debt and cash flow. It is OK to laugh and ask that question because it takes a lot of time and effort to get your best clients organized. Now imagine if your ideal clients met another financial advisor who is delivering more value, would they be compelled to at least have a conversation with them?

How much communication do your ideal clients want?

When I asked financial advisors how many communications their ideal clients want the user responded by saying each person I asked is different. That is like my dentist asking me how often would like to come in. How do I know how often I should come in? The research says your best clients want a minimum of 10-12 or more communications a year. ( Business Healthy PTY The Value of Practice Management USA advisors 2021) only 38% of financial advisors communicate more than 10 times per year and they earn 68% more than advisors who don't. A monthly newsletter is one touch or communication, not 12. What is your ten touches or communications in a year? Elite advisors working with high net worth clients 2 million and above do 20 + communications per year! How much is lack of communication costing you're practice? Communication is one thing that we control in our practice and use technology and systems to implement yeah only 1/3 of financial advisors are doing it.

Can you ramp up communications so that ideal clients don't leave?

The first thing this advisor wanted to do was dramatically increase communications because they felt they could always communicate more. They looked at newsletters and different e-mail systems to increase their communications with clients. But if we asked him what their ideal clients want in terms of communications not one of them said a newsletter. The first thing we did is set up a feedback lunch in which we brought the advisor's top clients in and discussed different strategies we were thinking of putting in place to deliver more value increase communication and enhance the ideal client experience. The feedback that the financial advisor got throughout the meeting was incredible and he took 5 pages of notes while I asked questions. We went over various ideas and came up with a plan to deliver more value increase communications and enhance the ideal client experience from the client's point of view. I don't have the answers your clients do. Start by building a feedback board and do it in a group forum with six or ten people.

Results from the feedback meeting

To deliver more value we are now focusing on getting the financial advisors ideal clients completely organized in all seven areas. The clients of the meeting loved it so I'm asking for value and are now more engaged in planning and advice because they're involved in getting organized as well. To deliver more communications the financial advisor now has a monthly video that he is sending to clients only( of course with compliance approval) so that it is not a marketing message it's a direct message because every time clients hear his voice they have more confidence. The financial advisor also decided to touch base with an additional phone call twice a year. Once in the fall in September And once in the spring. These are called his check-in calls or on-track calls to see if the clients are planning to make any significant changes in their life Including goals and aspirations for their future. The final strategy we implemented is to enhance the ideal client experience the group decided they would meet once a year and go over different strategies that the financial advisor is thinking about enhancing the ideal client experience. Before any of these ideas are implemented advisor now knows he's got solid feedback before wasting time energy and dollars into his practice. What are you doing to deliver more value, deliver more valuable communications, and enhancing your ideal client experience?

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

view online Grant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

Practice Management Trendsetters

Mon, 06 Jan 2025 15:00:05 GMT

Top 5 Reasons to Create a Client Advisory
Board this Year

The insights you'll gain from a client advisory board will improve your practice, increase client satisfaction, uncover new opportunities, and drive referral business.

How will you improve your practice and strengthen business opportunities this year? How are you planning to "up your game"? As we enter 2025, creating a Client Advisory Board is the perfect way to engage clients, discover new needs, uncover gaps, and improve existing services. Organizing a Client Advisory Board is a powerful strategy for client engagement and strategic planning. While these meetings may validate things you already know, they will often also bring unexpected insights. Sometimes, the information can be important essential, and jarring. While this article will discuss why you should create a Client Advisory Board, we'll follow up with more tactile articles to help you get the most from these meetings and provide guidance to help implement change.

Consider these top 5 reasons for creating an advisory board now:

1. Learn what makes you different from the competition

When I helped advisors assemble their advisory boards, I always suggested including some clients who had previous advisor relationships. Then you can ask, "Why did you switch from your previous advisor to me?" or "What did I offer that the others didn't?". Learning about your competitive environment will improve your business development and client service efforts.

2. Learn about how to talk to clients

In some instances, I found myself using jargon only to observe glassy eyes in the recipients of my babble. Oops. Other times, I noticed I was very casual with friends and family, hoping I might be able to help. Use your advisory board to help you balance out your professional expertise with your great relationship attributes. Ask your advisory board, "How would you describe me and what I do to your friends?" Use this information to learn how to relate and talk with your clients and prospects.

3. Accumulate testimonials and stories to tell others

The path to deep, trusted professional relationships is through stories. When talking about your favorite professionals and advisors, you probably don't even know you're sharing a story. Encourage your advisory board to share positive stories about how you have helped them. Listen carefully and use these powerful stories to tell others how you made a significant difference in your client's lives.

4. Develop ambassadors for your practice

As you accumulate your testimonials and stories, you can incorporate these into your business development efforts. In addition, you can share them with your advisory board, who will now be armed with how to talk about you with their friends.

5. You will learn if you need to calibrate your practice

The biggest lesson I learned from my advisory board was that I was delivering way more than my clients wanted. I would provide and go through reports at a higher frequency than most clients desired. The advisory board is critical to help you learn how to calibrate your practice to deliver the appropriate services to each defined segment of your practice. Sometimes, over-servicing can work against you. Stopping the delivery of undesired services can free you to focus on growth or accomplish other desired goals.

Many advisors make the mistake of writing their strategic plans based solely on what they think should be improved. Please take the opportunity in the new year to pull together some of your best clients and ask them what improvements they would most value. Having that conversation is one of the most effective ways to help you get more clients like them.

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

view online Grant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

How to find more ideal clients in 2025?

Mon, 06 Jan 2025 15:00:05 GMT

How to find more ideal clients in 2025?

How to turn client meetings into favourable introductions

Financial advisors get extremely busy working with clients at the start of the year. In the first quarter, financial professionals try and see everyone, review their investments and plans and do a whole bunch of service work. Is this how elite advisors run their practice? Absolutely not. They have all of their ideal clients mapped out in their progress update schedule for the year. They typically see their best clients in the spring, do goals and planning meetings ( naming the types of meetings they are having) and see them again in the fall and deliver their tax investment and estate planning meeting. In between the two meetings, they contact their best clients three to six times by phone a year. This is the massive difference between an average advisor-client meeting and an elite advisor-client meeting.

Most advisors try to do a quick meeting, so they can see as many people as possible. A massive mistake. Elite advisors plan a primary meeting ( approximately one hour) and a secondary meeting ( a second hour) when meeting with their best clients. For example the primary meeting is from 11:00 AM to noon to go over investments planning and portfolio. The secondary meeting is to take them out for lunch from noon to 1 PM and curate deeper conversations. They turn client meetings into favourable introduction meetings, family meetings, and Centres of influence introductions. . These conversations take time and elite advisers have planned the time out with their best clients to have these conversations. This is the fastest way to clone your best clients.

Secondary meeting conversations

What are the conversations that the elite advisor is having with their clients at the lunch meeting? The first conversation is to talk about their family and introduce the client to their "Family plan" and offer the family plan to the rest of their extended family, including siblings brothers parents, etc. Here are three questions you can ask. "What was money like growing up in your household? Who in your family did you get your money values from? Who in your family do you talk with about money?" Your personal money values are constant and rarely change, so understanding their money values is critical to understanding them, regardless of whether they refer you to their siblings or parents. It's an important conversation to have. Always talk about your "Family plan offer and turn ideal clients into ideal families. The second conversation is to talk about events. What events and organizations you're involved in?

What events and organizations your clients are involved in? For example, I remember talking to my clients about lawn bowling. they invited me to the Lawn Bowling Club and asked me to sponsor their championship trophy. I ended up becoming a sponsor and meeting good friends of theirs who also became clients. I also sponsored the golf handicap computer at the Golf Club and met several people through sponsorship at the Golf Club. Instead of planning your own events, go to their events and ask for introductions to people they know. I truly believe your clients will introduce you to everyone, but they might not refer you to everyone.

Your network of professionals

Back at the lunch meeting, talk about your network of professionals and how you coordinate with their professionals, or they can tap into your network of professionals such as accountants, lawyers, mortgage experts, realtors, commercial real estate etc. Tell them how you will coordinate the planning and advice with these additional professionals. In a matter of three minutes, you can give and get three to six names at every single meeting. If this is not part of your process now but you would like more centers of influence, contact me at grant@ghicks.com to show you the process on how to build your network of professionals through your best clients.

How to find more ideal clients in 2024

The title of the article suggests how you can find more ideal clients this year. It starts by having two meetings with your best clients. One meeting to deliver your value and help them with their planning and a secondary meeting to introduce you to family friends or colleagues at events and centers of influence. The second meeting takes time, but this is where the value is. Position the secondary meeting by having a lunch or a coffee meeting or a follow-up coffee meeting or conversation. if you were doing virtual meetings plan to have a 15-minute virtual coffee and position it." I want to get to know you better and understand you and your values, your family, and your network of professionals,” 10 extra hours could mean 10 new ideal clients.

Where do you want to be in three years (2028) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

-Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2025 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view onlineGrant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

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Advisor Practice Management

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Practice Management Trendsetters

Mon, 30 Dec 2024 15:00:01 GMT

ASKING ASPIRATIONAL QUESTIONS

By Jeff Thorsteinson

Wealth management advice involves more than managing investments. When advisors meet new prospects or clients, they must ask the right questions to better understand their clients finances, goals, and values.

Good questions are authentic and sincere. There are no rules other than asking questions that engage clients and prospects in conversation and encourage them to open up and reveal their honest and authentic selves. Only with this information can we do great work and guide great transformations.

What do you think about adding a few of these questions to your discovery process? Or your regular

client meeting agenda? Have a look:

Personal

 Tell us a story about how you started.

 What inspires you?

 What do you hate about what you’re doing?

 What could you spend less time at work or your office?

 Let’s say, today, you have permission to remove something from your daily life. What is it?

 What would you say is the most outstanding achievement in your life?

 What are the keys to making our professional relationship work for you?

 What keeps you up at night?

 Why do you think you need help?

 How do you make important financial decisions?

 How will you support those closest to you/family if you get sick or change employment?

 What are your most critical non-financial goals right now?

 What changes in your financial or personal situation do you foresee?

 Are you optimistic or pessimistic about your finances/the economy/the future in general?

 How far away do your goals feel right now?

Business

 Future growth. Where will it come from?

 Do you have a concern or potential change in the future?

 From now on, what new or improved capabilities are needed to reach your goals?

 What organizational or operational capabilities are needed to support your future strategy?

 Where do you go from here in terms of future improvements in performance?

 What has made you successful so far? Do you have plans to change what you’re doing?

 What capabilities and/or resources would you invest in if you had additional resources?

 What do you need to stop doing?

 Do you think your organizational culture needs to evolve?

 What does the future hold for your business

 What causes you worry/What causes you excitement about your business?

For prospects, consider using the above list as a reference to source a few questions in addition to your normal discovery process. The list wasn’t intended for you to add all these questions—just a few when it makes sense.

For existing clients, consider sprinkling a few questions into your next client or annual meeting to strengthen your knowledge and client relationship through information sharing.

The Bottom Line

Asking the right questions and listening to the answers is essential to building relationships with your clients and clients. This is especially true when developing a comprehensive understanding of their finances, goals, and values.

Guiding your clients through identifying their goals, assessing their finances, and developing a plan to achieve them requires active listening as they describe their concerns and aspirations.

Ultimately, the key to being an influential financial advisor often lies in asking the right questions. By incorporating these ten questions and their variants into your initial client meetings, you can lay the groundwork for a rewarding partnership.

Act Today!

Pick a question or two from the above list and add it to your client and prospecting meeting agendas this week. Either way, email me how it went! I would be very interested to hear your results.

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

view online Grant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

Practice Management Trendsetters

Mon, 23 Dec 2024 15:00:03 GMT

Merry Christmas and a Happy New Year!

By Grant Hicks and Jeff Thorsteinson, CIM

Every year, we search through hundreds of articles and blog posts looking for the idea or strategy of the year that works best. At this time of year, we come across a time-tested option proven to help you grow your own personal prosperity, by donating. This is the year’s best idea and could be the best investment you will make this year. You see you don’t even need money to make this investment or strategy work. It can be an investment of donating your time to a charity, coaching a team, or helping out in a worthwhile cause. It's the one investment some of the wealthiest people on the planet usually make each year but is not reserved for the wealthy. It's the one thing written about in various ancient cultures and still promoted today.

Book “Giving”

The book titled “Giving” published by Alfred A. Knopf, in 2007,“ is a call to action. Giving is an inspiring look at how each of us can change the world. First, it reveals the extraordinary and innovative efforts now being made by companies and organizations—and by individuals—to solve problems and save lives both “down the street and around the world.” Then it urges us to seek out what each of us, “regardless of income, available time, age, and skills,” can do to help, to give people a chance to live out their dreams.

Andre Agassi has created a college preparatory academy in the Las Vegas neighborhood with the city’s highest percentage of at-risk kids. “Tennis was a stepping-stone for me,” says Agassi. “Changing a child’s life is what I always wanted to do”.

Reach out

This is the time of year to say thanks. We want to thank you for following us along this journey. We probably connected by Zoom. Even though we did not see each other this year, we connected. I encourage you to do the same with family and friends from around the world. Who are you going to connect with over the holidays?

Capacity to do great things

Donating. It's the one thing that will bring money to anyone who does it but at the same time, most people fear doing it. Donating does not have to be money, but look at all of the wonderful volunteers in the community and around the world donating their time. After all, time is money. This is one of the greatest money-making secrets in history. Give money or time away. That's right. Give it away. Give it to people who help you, inspire you, heal you or move you. Give it to people without expecting them to return it, but give it knowing it will come back to you multiplied from some source. In 1924 John D. Rockefeller wrote to his son and explained his practice of giving away money. He wrote, "...in the beginning of getting money, away back in my childhood, I began giving it away, and continued increasing the gifts as the income increased..." He gave away more money as he received more income. He gave away $550 million dollars in his lifetime. We see it every day in our community of wonderful businesses to give money to worthy causes. But what I'm talking about here is individual giving. I'm talking about you giving money and time so you will receive more in your lifetime. Give something from your heart. Don't be stingy. Come from abundance, not scarcity. Give without expecting a return, but do expect a return. As you do, you will see your own prosperity grow this holiday season.

Happy holidays!

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2026? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

Practice Management Trendsetters

Mon, 16 Dec 2024 15:00:02 GMT

How can you move up-market faster as a financial advisor?

How can you move up market faster as a financial advisor?

Elite financial advisors discover that the next market up from them presents tremendous opportunities for growth for their practice. For example, I was working with and advisory team who dealt with a one million-dollar minimum. Once they discovered how to move up-market, they changed their focus. What is the next level for you as a financial advisor?

How do I move up market?

First define who your current market is and who your ideal clients are by writing down one number. What is the ideal revenue you wanted to generate on an annual basis from an ideal client? Let's say it's $10,000 per year. How do you go from a $10,000 client to a $20,000 or $30,000 client? This is what I mean by moving upmarket. While there are numerous strategies I'm going to give you three ways that you can move up the market.

Number one is you have to deliver more value. Does someone with $2 million expect twice as much as someone with $1 million? No, but they do expect more. Your job is to figure out how much more value you can deliver. Answer this question. What is the value add that you are going to deliver to your best clients in the next 12 months? To become more valuable, you have to deliver more.

Number two to move up market is to change your language. Turn ideal clients into ideal families. I'm not talking about getting more kids as clients. I'm talking about your best clients siblings and parents. Let's say you have a client in their mid-50saying you $10,000 per year. They may have one or two siblings who can also pay you $10,000 per year. Also, their parents may still be around and can pay $10,000 to $20,000 per year. You went from a $10,000 ideal client into a $40,000 ideal family. See the opportunity to move up-market? How many ideal clients can you turn into ideal families?

Number three strategy to move up-market is to change your marketing strategies. Your job is to find out what are the best strategies to acquire ideal wealthy families and how you can implement them successfully to move up-market. But here is the problem. You don't have enough time to implement any of these strategies because you're at full capacity now. How can you create more capacity in your practice to move up-market?

Where do I start when I want to move up-market?

I start with financial advisors by figuring out what their top 5 clients currently pay them. For example, if you have a top client paying you $36000 per year or approximately $3000 per month , what are you providing in a tangible and intangible way for $36000 per year of value?

Tangibles

Comprehensive planning and advice

A comprehensive plan in Writing

Comprehensive wealth management

Comprehensive legacy and estate planning

Feedback on what they value the most for you and your team?

What else? Create a list of services or check out my fee audit to guide you https://feeaudit.getresponsepages.com/

Intangibles

Peace of mind

Confidence

Clarity

Less stress

Simplification

Compete financial life organized

What are your “Conversations of value?”

How does this move me up-market?

Moving up market is not just marketing, but represents massive value to the people and firms who work in this space. I can tell you I see a lot of financial advisors who have a few clients in this space who treat these best clients differently but do NOT spend all of their time there because these clients seem harder to find, demand more customization and take more time. Until the financial advisor frees up their time ( through different capacity strategies such as segmentation, teaming and more )and decides to commit to this market, they never move up market. They stay in their comfort zone. Are you in your comfort zone or do you want to move up market?

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

Practice Management Trendsetters

Fri, 13 Dec 2024 15:00:01 GMT

Top 5 Reasons to Create a Client Advisory
Board this Year

By jeff Thorsteinson

When on a call or at a networking function, how often have you heard, "I already have an advisor."? It's bad enough to hear it from an ego perspective. It's worse when you believe this is a qualified prospect. It's tempting to drop prospects cold when things don't work out, but I encourage you to stay on their radar. It can pay dividends. We often assume it's a polite way to say, "Get lost. I am not a prospect." It makes sense: Everyone with money already has an advisor unless they are a DIY investor. Nevertheless, staying on a person's radar when you hear this is a good idea. Let's look at how you can tactfully keep your name top of mind with those who already have another advisor.

The most important reason to stay on a qualified prospect's radar is that life happens. Circumstances change. Let's take a look at a few examples:

1. The advisor may retire earlier than expected

2. The advisor may change firms, like a bank firm

3. You've become concerned about succession planning

4. The advisor may change their fee structure

5. The advisor may change their service process or ideal client profile. You don't fit anymore.

6. The prospect's new spouse may not like the advisor

7. The prospect's new, more complicated situation requires a step up in certification or experience.

8. They may be unhappy with performance or the attention paid to their account

9. Their advisor might be increasingly asking for referrals, and that bugs them

10. The prospect may have been re-assigned to a junior team member

11. There may have been a falling out recently

12. Advisor has become too busy or difficult to reach or book a meeting

For any of the above reasons, you want to be the prospect's next call. So, in the early days of building a relationship with prospects, it's essential to show respect for their current relationship yet plant the seeds for the "better way" you know you have to offer.

The art of effective praise can produce stunning results if executed skillfully. Comment on the prospect's decision to work with an advisor rather than go alone, particularly in challenging markets. With that out of the way, your next comment can begin with "Our approach is somewhat different however...", then launch into one of the following:

1 ASSESS SATISFACTION

"What would you change about your present advisory relationship?"

"Are you completely satisfied with how your advisor handles your investments, debt, insurance, and retirement plan?"

2 PROPOSE "FREE" SECOND OPINION

Offer complimentary, no-obligation second opinion or review. Ask if the prospect "knows what s/he owns" and "why." That will either jog their memory or prompt them to realize how clueless they are about their situation.

3 ADDRESS KEY GOALS & CONCERNS

Retirement, funding kids education, and providing for loved ones. What are their goals? Are they being addressed by their current advisor? Ask, "How are they doing with respect to achieving these goals?"

4 INTRODUCE THE ROLE OF THE FINANCIAL "CFO" OR HEAD COACH TO HANDLE MORE COMPLEX SITUATIONS

If you discover the prospect has multiple advisors, inform them that your team looks at the ENTIRE financial picture. Emphasize your expertise in coordinating and integrating diverse strategies into a comprehensive plan.

5 PROMOTE YOUR PROFESSIONALISM

Be forthright about any credentials. More importantly, demonstrate your disciplined approach and process.

6 BE AN AGENT OF CHANGE

Many prospects will stick to an unsatisfactory, status-quo advisory relationship rather than deal with moving accounts, making changes and adjustments. You may want to discuss that "Many think they will suffer a setback when dissolving an advisory relationship due to liquidating some of their current positions. It would be best if you reassured prospects that "it doesn't have to be that way."

7 SUGGEST ACCOUNT SHARING

If the client is large enough, you may be willing to introduce the idea of sharing. Propose a "test" by transferring a small portion of their account to your practice to determine if working together exclusively has a long-term benefit.

8 YOU ARE WORTHY

If you are convinced that the prospect is pleased with her current advisor, then sometimes the best you can do is to graciously "bow out" with an invitation to call should she ever feel the need for a no-obligation review. As the above list suggests, there are a large number of circumstances leading to dissatisfaction. You never know!

So why shouldn’t you be the person prospects turn to first?

Ask her to put her name on your newsletter list. Express how welcome she is into your practice when she's ready. Or you may want to suggest a fresh set of eyes on her current financial plan and portfolio by offering a second opinion – no cost and no obligation.

9 FOLLOW-UP REGULARLY

Get your "name" in your prospect's mind with regular emails, direct mail, event invitations, and phone calls. Get permission to do so and manage that relationship. Every qualified prospect you meet should be considered "on the continuum of becoming your client." While some prospects are more ready than others, they all represent an opportunity!

Would you like to discuss your prospecting process or prospect communications process? Call Jeff Thorsteinson for a free, no-obligation discussion on how to optimize and build the value of your practice.

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

For elite practice management resources to manage and grow your business
Tel 778-628-3165

Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually.

view online Grant Hicks , you have received this message because you requested resources associated with Grant at Advisor Practice Management .

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

How to be the most referred advisor in your network as a financial advisor.

Mon, 09 Dec 2024 15:00:02 GMT

How to be the most referred advisor in your network as a financial advisor.

Some advisors have turned referrals into a strategic advantage. These seasoned veterans use referrals to

filter market opportunities—if a center of influence does not refer you, you can't be a client. Other advisors have implemented a referral strategy to help them endure bear markets.

Become a referable advisor instead of an everyday advisor. Compare two types of advisors, referrable and “everyday”, to visualize a growth-by-referral business model. Referrable advisors clearly understand how to articulate the value they deliver.

How to become a referrable advisor:

Focus on a niche market of high-quality referral sources.

Relationship building is more important now than ever. Knowing your client personally builds an environment of trust, integrity, and a connection that makes it comfortable for a client to refer you to their friends and family. Commit to a higher degree of familiarity with your ideal client. That way, you'll be able to better articulate to others the type of client you're looking to work with.

Develop a process to distinguish yourself from the competition and operate in a proactive environment.

Investment practices rely so heavily on referrals, so you'll want to recognize the need to systemize your business much like a franchise.

Consider the experience existing clients have gone through to help lead this creative process of articulating the transformational work you undertake for clients. Think about your client service process, investment consulting process, or other boutique examples of how you help clients through philanthropic endeavors, concierge home services, and cash flow management. What do you do that other advisors won’t?

Continually "wow" your clients, their prospects, and their professional centers of influence.

A consistent "wow" factor allows you to deliver on a promise and demonstrate a high-quality client experience with relevant and meaningful insights, reports, and results.

Take control of the quality of your referrals.

By associating your referral pool with your current top clients, you will likely get new clients, much like your referring clients. Clients of referrable advisors have a higher degree of trust and loyalty, typically have higher response rates, and don't "price shop" because they rank the opportunity to do business with someone they respect and trust far greater.

Offer what suits your client rather than only the products you represent.

Today, clients can purchase investment products anywhere and from anyone. Clients look to you for advice on

overall wealth management and planning solutions.

Keep focused on achieving top client referrals.

While you may think the world of the referrable advisor seems too good to be true, it's very achievable.

You probably have many of the building blocks in place, but you need to package yourself to be referable. How do you do that? Use the above as a framework. If that's not enough, call your Advisor Practice Management, and we'll help you.

The best part about being a referrable advisor is that the activities you engage in to make yourself even more referrable will automatically enhance the value of your practice while helping you stay ahead of your competition. Once you can articulate value, systemize your business, and coordinate your team, there will be no reason for your prospects to look any further and no reason for clients to leave.

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

view online

Grant Hicks,

you have received this message because you requested resources associated with Grant at Advisor Practice Management.

You can manage your subscriptions or unsubscribe by clicking here: unsubscribe

Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com

What does your playbook look like as a financial advisor for 2025?

Wed, 27 Nov 2024 23:47:30 GMT

What does your playbook look like as a financial advisor for 2025?

By Jeff Thorsteinson

As 2025 approaches, have you outlined your goals for the year? Now is the perfect time to craft your strategy. A well-designed playbook isn’t just a tool—it’s a roadmap to success by setting key objectives, aligning your team, and keeping everyone accountable. Imagine the possibilities this could unlock for your practice!

What is an Advisor Playbook?

The Advisor Playbook captures insights from the past year and guides you in setting priorities for the year ahead. It includes practical worksheets to:

Refine your mission and vision.

Analyze key performance metrics.

Assess your client base and services.

Set clear goals and execution plans.

Key Components of the Playbook

Vision Statement - Your vision defines what you aspire to become and the broader impact you aim to make. It’s your guiding light, inspiring your team and clients.

Questions to consider:

What are our hopes and dreams for the practice?

What problem are we solving?

Who or what are we inspiring to change?

Example: "Our vision is to be the leading financial practice supporting our clients’ long-term success."

Mission Statement - Your mission explains your practice’s core purpose and how you serve your clients. A clear mission motivates your team and sets the foundation for achieving your goals.

Questions to consider:

What do we do?

Whom do we serve?

How do we help them?

Example: "We provide tailored, objective advice to give clients financial peace of mind and the confidence to pursue their passions."

Reflecting on the Past to Plan the Future

Snapshot of the Year Review your progress in assets, revenue, and profitability. Understanding where you stand will help you chart your course for the next 3–5 years.

Ratios for Success Tracking metrics like meeting bookings, sales, and referrals can reveal areas for improvement. Adjusting your processes based on these insights can make your practice more efficient and scalable.

Segmentation Segmenting clients is vital, yet only 37% of advisory teams do it effectively. Proper segmentation improves client experience, optimizes resource allocation, and highlights growth opportunities.

Example: By identifying time-intensive C and D clients, you can reduce administrative tasks and focus on high-value relationships, freeing time to improve service delivery.

Execution Plan

Set four professional and personal goals for the year—no more. Simplicity ensures focus and achievability.

Start 2025 with Confidence

If you want an e-version or our 2025 Advisor playbook, send us an email at jeffthorsteinson@hotmail.com

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

To book a NO obligation appointment with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm , and let’s talk

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours, Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Practice Management Trendsetters

Thu, 21 Nov 2024 02:07:03 GMT

ADDRESSING HOW YOU DRESS

By Jeff Thorsteinson

In 1994, I began my career in this industry. When it came to becoming successful, the “Experts” of the day pronounced that we needed to dress like the advisors we wanted to be. Dress now as your future self. Well, given my goals, this was a very expensive proposition at the time! This notion extended to the pen I wrote contracts with and the car I “should be” driving if I wanted to be perceived now as the successful person I would be in the future. I watched colleagues buy cuff links and all sorts of haberdashery. Fancy pens were purchased, and luxury cars were leased. In other words, we were being trained to live the status lifestyle. So here we are about 30 years later. The industry has evolved, thankfully. Since 1994, we’ve experienced many ups and downs and very interesting and scary times. The matter of dress and perception of success has changed. The good news is that the notion of dress code has significantly become more flexible. Let’s briefly explore some ideas:

KNOW YOUR NICHE

If you work in the movie production or tech industry, you’re generally not going to be in a suit when meeting clients. A polo shirt and khakis won't cut it if you’re focused on HNW medical professionals, engineers, or other professionals. Addressing your dress is a no-brainer if you’re laser-focused on attracting a niche market. Just follow what you see, experience, and know.

KEEP A FULL SUIT IN THE OFFICE CLOSET

You're covered if you show up at the office in what you want to wear and are faced with a surprise meeting with someone you know requires “full business attire.” Don’t be caught unprepared.

ALWAYS BE JUST 1 STEP UP FROM THE CLIENT

In many cases, dress can be challenging to gauge. So, if a client is wearing a dress shirt, the advisor may want to do the same and pair it with a tie or a full-pant suit. Keep some basics at the office.

BANKER/BROKER

There will always be advisors and clients who feel full business attire is the only acceptable dress form.

ADVICE FOR JUNIOR ADVISORS OR ASSOCIATES

Always dress well and formally such that if you are put in a position to work with the lead advisor, who may or may not be dressed up or down. This way, the advisor won’t appear unprepared for a meeting, nor would the “team” be caught unaware. The good news is that you’re not expected to buy Brioni suits, use Montblanc pens, or show up in a luxury car. Be professional in what you wear and how you conduct yourself.

Dressing for your target market helps build confidence, trust, and comfort to be your best in the meeting. Given what we’ve gone through over the last five years, more flexibility has been acceptable, but who knows when or if that will revert to past norms.

Many things have changed since I started in the business. But one thing hasn’t changed. Dress appropriately for your ideal market. It will enhance your brand and efforts to build trust and credibility and create a comfortable environment for your ideal target client.

Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

https://practicemanagement.getresponsepages.com/ or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

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Are You Optimally Efficient as an elite financial advisor?

Wed, 25 Sep 2024 17:50:12 GMT

Are You Optimally Efficient as an elite financial advisor?

By Jeff Thorsteinson Practice Management expert

A successful financial advisory practice depends on how several capabilities are employed. You, your team, knowledge, skills, systems, education, office space, and technology are all capabilities. When all of these capabilities are systemized and aligned, you operate well. This piece provides a few ideas on recalibrating your practice to win.

You probably also know what life is like when you are not operating in a systemized manner. When this happens, mistakes are made, and essential documents vanish. Delegation does not work because your team lacks the skills or you can’t find the time to teach them.

Systemize three capabilities

Systemizing the following three capabilities will make the most significant difference in being optimally efficient.

Segmentation—Categorize clients into service groups, then pair up an appropriate set of service “activities” to match (e.g., High-Net-Worth (HNW) and non-HNW clients).
Core Systems—There are three core systems to automate

Investment Consulting

Systemized process for clients & prospects This may involve creating multiple processes.

· HNW clients - Intense customization and personalization

· Non-HNW clients - Moore standardized version

Client Service

Supports and maintains your client base as a two-part process.

· Create your Investment process.

· Create a service “activities” customized for each client group, then create an automated and scheduled delivery system.

Marketing Strategy

The systemized process to acquire new clients & larger opportunities

3. Team Alignment—Assign responsibilities to the people most suited to deliver each service event. This will require aligning your team to meet your new service expectations.

Your team isn’t just the people on your payroll. Top advisors must always remind and update their team aware of all three core systems. Using CRM technology, project management websites, and communication services like advisorstream.com or getresponse.com can reduce your time and increase your efficiency while improving your value proposition and client experience.

Also, consider centers of influence—an insurance professional, a tax accounting professional, a lawyer, and a portfolio manager. These people are part of your team and should be kept aware of related client developments to help you wherever possible.

All three capabilities (Segmentation, Core Systems, & Team Alignment) work together to ensure that

you have the time to focus on new opportunities
your clients will be looked after as promised
your team members will be optimally efficient in the areas of their strengths

Systemizing puts your value proposition into action

Once you’ve determined how to create value for your clients, you must communicate it through service. Lead by example. To demonstrate excellence, you have to practice it.

Demonstrate how you deliver on your value proposition by thoroughly understanding their needs.
Demonstrate that you have the capabilities to support their needs through the promises made in your value proposition.
Remind clients how great it is to do business with a top professional with a well-articulated process.
Be consistent and accurately display your behavior, follow-up details, and trust-building activities.
Demonstrate how your client service employs “routine excellence”: high productivity, high quality, and value creation.

Systemizing also leads to your next most enormous opportunity

Top advisors achieve the most success when they practice routine excellence: Everything in its place: Everyone knows what to do—delivering what their service promises. Clients are getting more than they expect. Backup plans are in place for the unexpected. The back office supports your efforts working with clients.

As you raise your standards, so too will your opportunities rise. When everything works, better opportunities present themselves. When you can rely on your team and your systems, you’ll have the confidence, time, energy, and focus to acquire your largest opportunities.

Would you like to see the tools needed to become optimally efficient?

Need help assessing where you stand with the three capabilities to make you optimally efficient? Call Jeff Thorsteinson for a free, no-obligation discussion about how to become more efficient.

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Updated Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business

Tel 778-628-3165

Email jeffthorsteinson@hotmail.com

To book a NO obligation appointment with me to discuss practice management or coaching click the following link https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk

or join our blog https://www.advisorpracticemanagement.com/blog

Connect with me on LinkedIn: linkedin.com/in/jeffthorsteinson

Take our Marketing course https://advisorpracticemanagement.thinkific.com/courses/marketing

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined!

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Building Capacity as a Financial Advisor: Strategies for Success!

Wed, 28 Aug 2024 14:00:01 GMT

Welcome to Advisor Practice Management , where we empower financial advisors with cutting-edge insights and strategies for success. Join us as we equip advisors with tools for excellence in practice management, client relations, and marketing. Subscribe for industry updates, actionable tips, and resources to elevate your financial advisory career. Let's navigate the world of financial advising together and unlock new opportunities for growth and success!

Building Capacity as a Financial Advisor: Strategies for Success!

As a financial advisor, expanding your capacity is key to unlocking greater potential and achieving your professional goals. In this video, we unveil essential strategies and actionable tips to help you build capacity effectively.

2024 Financial Advisor Trends: Stay Ahead of the Curve!

Wed, 14 Aug 2024 14:00:01 GMT

2024 Financial Advisor Trends: Stay Ahead of the Curve!

Discover the latest trends shaping financial advisory in 2024. Explore how practice management tools like AI, outsourcing, and value-added processes are revolutionizing the industry. Learn actionable strategies to elevate your practice and stay ahead in today's dynamic landscape. Subscribe now for expert insights and stay ahead of the curve!

Mastering Client Board Meetings: Essential Guide for Financial Advisors!

Wed, 31 Jul 2024 14:00:07 GMT

Mastering Client Board Meetings: Essential Guide for Financial Advisors!

Client board meetings are pivotal moments for strengthening client relationships, aligning financial goals, and providing strategic guidance. Whether you're a seasoned advisor or just starting out, mastering the art of client board meetings is crucial for delivering exceptional service and driving meaningful outcomes.

In this comprehensive guide, we cover everything you need to know to conduct successful client board meetings, including agenda planning, client preparation, effective communication strategies, goal setting, performance reviews, and actionable follow-up steps.

Master Your Practice Management: Essential Checklist for Financial Advisors!

Wed, 17 Jul 2024 14:00:08 GMT

Master Your Practice Management: Essential Checklist for Financial Advisors!

Unlock the secrets to building a successful financial advisory business with our Comprehensive Practice Management Checklist! From defining clear business objectives to delivering exceptional client service, this checklist covers every essential aspect to help financial advisors elevate their practice and achieve sustainable growth.

Do you have sample plans and sample case studies as a financial advisor to share with your best prospects?

Mon, 15 Jul 2024 13:01:25 GMT

D o you have sample plans and sample case studies as a financial advisor to share with your best prospects?

Do you have sample plans and sample case studies as a financial advisor to share with your best prospects?

Working with elite financial advisors, I see the case studies they have for their best clients and the comprehensive plans they implement. I know the best advisors are proud to share their work with me, and always ask how we can make it better. It usually comes down to making it more emotional for the client so they have an emotional and logical experience. We know wealthy clients engage emotionally first and logically second. How does your body of work compare?

What is your experience with an accountant or lawyer? Is it about advice and counsel or is it about buying a product or service? Think about the last meeting you had with your accountant. Was your accountant going through an agenda to try to convince you to do something on their agenda, or were they listening to your story, and your situation, and giving you advice on what you should do? Or did they give you options and let you choose? They gave you advice, which is what you hired them to do. The process is completely different than what average financial advisors do when they meet a client. Only the elite financial advisors who focus on planning and advice deliver a process that is all-around planning, goals, and advice.

What needs to change in your process?

Think of the annual revenue you generate with your best clients. Your job is to deliver more and more value every year for that ever-increasing fee you charge. What value add did you deliver in the last three years for a higher fee? Yes higher fees, as most portfolios are up in value due to strong performance. Revenue is up and value delivered to clients is flat. Why do you think that most of the clients that you acquired over the last three years left their current financial advisor? Is it communication? Is it performance or is it that a new advisor articulated more value than you have delivered in the last ten years? This is what I call a fee audit. It is not about fees, it is about lack of value, and advice, including written advice. Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/

Advice in writing

I ask advisors to share with me their implementation or advice schedule for their best clients, hiding the names and confidentiality of course. Most of the advisors I work with share with me what the advice in writing looks like. Average Financial Advisors struggle to share their advice in writing. They ask me how they should do it? How do you deliver advice in writing, from a client's perspective, an accountant's or lawyer's perspective, and from your firm's compliance perspective? The less you provide, the less trust you are building with ideal clients. They trust you to give them advice. They are wondering why they stay with their current financial advisor until they meet someone who provides more advice, and more value in writing. How will you deliver more value in writing to your ideal clients and prospects?

Sample plans and advice

For every advisor and firm I work with, I ask for a few sample plans. I am not looking to pick the plan apart, or sell them some other software, I simply look at their process. What is your process, and as a result what is the output of your process? Is it emotionally engaging or logical? Most financial plans are dull and don’t have great graphics and design. But what if it did? What if your plan had great emotional appeal and was exciting to look at? What if it had pictures of people's goals in an emotionally appealing way? The best advisors use data-driven software that is all logical. Elite advisors create emotionally appealing plans and combine them with the logical data behind them. What if you were so excited to share your written advice, in a meaningful way that people were inspired by it, making it a positive experience, emotionally and logically? What is the outcome for me as a client? A very positive repeatable process that engages people in an emotional and logical way.

How can I do it better?

How can you engage more planning and more advice from ideal clients? You have their trust, and get a deeper understanding of their goals and values that drives them forward. Redo the goals conversations and their values discussions with your best clients and update their goals or priorities on paper for them. You are paid for advice, and they are looking for more advice to help them accomplish more. However, the problem for most financial advisors, is they do not have a process to consistently and repeatably go back to existing clients and deliver more advice unless the client brings it up. The conversation goes something like this” I just sold my (boat, business, home, etc) and now I need to figure out what to do with the money”. The client has money in motion and calls their advisor. The elite advisors already have had the discussion and once the item is sold, they call the advisor to activate the plan. This is the difference between an advisor who delivers advice and an advisor who doesn’t. That is why clients have money else where.

Practice management is about process, process, process

Do you have a proven scripted process for ideal clients? Do you have a proven scripted progress update process for ideal clients? Do you have a sample comprehensive financial and investment plan covering all 7 areas of your financial life? Share this sample with everyone you know. Then ask people to share their plans with you, which usually doesn’t exist. Your plan is better than no plan, no advice in writing. Deliver more value to your ideal clients, and double your revenue per client this fall, with fewer clients. This plan will give you more time and money as well as your clients!

How about your goals for your practice in 2024? Our Practice management checklist or fee audit checklist

While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and whether will they get the right help for the right part of their practice. What areas does your practice need help with? Get a copy of our updated 21-page “Comprehensive Practice Management Strategies checklist” by going to our website

https://www.advisorpracticemanagement.com/about-us or click here

https://practicemanagement.getresponsepages.com/

Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/

Become a “Future-ready Advisor” Get our 21-page technology checklist here https://technology-checklist.getresponsepages.com/

Let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

P S Where do you want to be in 3 years?

Segmenting your clients as a financial advisor

Wed, 03 Jul 2024 14:00:00 GMT

Segmenting your clients as a financial advisor

Dive deep into the world of client segmentation and unlock the keys to personalized financial advising. Learn how to categorize your clients effectively, tailor your services, and maximize satisfaction. Watch now to revolutionize your approach and boost client retention and referrals!

Exit Strategy Excellence: Financial Advisors Equity Exit Program

Wed, 19 Jun 2024 14:00:02 GMT

Exit Strategy Excellence: Financial Advisors Equity Exit Program

Discover the key to a successful equity exit program for financial advisors. Learn how to navigate transitions, secure your financial future, and leave a lasting legacy. Watch now to plan your exit strategy with confidence!

10-Point Connection Strategy: Financial Advisors' Communication Plan

Wed, 05 Jun 2024 14:00:04 GMT

10-Point Connection Strategy: Financial Advisors' Communication Plan

Revolutionize your client engagement with a comprehensive 10-point communication plan. Learn how to stay top-of-mind, nurture relationships, and deliver value consistently. Watch now to elevate your advisory practice!

Client Review Mastery: Best Practices for Financial Advisors

Wed, 22 May 2024 14:00:04 GMT

Client Review Mastery: Best Practices for Financial Advisors

Elevate your client meetings with expert tips and best practices for conducting impactful reviews. Learn how to strengthen relationships, deliver value, and drive satisfaction. Watch now to master the art of client reviews! supercharge your efficiency!

Master Your Time: Solutions for Financial Advisors

Wed, 08 May 2024 14:00:00 GMT

Master Your Time: Solutions for Financial Advisors

Struggling with capacity and time management? Discover actionable strategies to optimize your schedule and maximize productivity. Watch now to reclaim control of your time and supercharge your efficiency!

Financial advisors need to add more value every year to their ideal clients

Mon, 29 Apr 2024 13:00:14 GMT

Financial advisors need to add more value every year to their ideal clients

Fast forward one year

Imagine you are meeting with one of your top clients a year from now in 2025 for a progress update. Markets are always volatile and bumpy, and their portfolio continues to be up or down. What questions will they be asking you at this meeting? Am I going to be OK? How am I on or off track in reaching my goals? How is my performance giving me a high probability of success? Answering these questions clearly for ideal clients is critical to your success better each year. Deliver more value through more valuable and deeper more meaningful conversations. I truly believe that this will separate successful advisors of the past, from successful advisors of the future. This is where you can discuss the probability of success in reaching ALL of your goals with your comprehensive plans. You can show them on one page that they will be ok, and the plans and strategies you put in place have not only kept them on track, but your goals-based plan will continue to guide them to make better decisions for their future. Here’s the problem. Most advisors don’t have a goals-based plan to follow up on, which is why they wing the conversation. Deliver more value by uncovering more goals. Wealthy people have changed some of their major goals in life. You need to have deeper conversations to help them.

Think back ten years ago

What was the value you delivered 10 years ago as a financial advisor? Now, what value add have you delivered in the last few years? What about the future? Help ideal clients and prospects accomplish more in their life, and life planning as well as goal planning. How have your conversations changed to deliver more value? Do you have legacy planning conversations, family conversations, clarity and goals conversations, charitable conversations, and future family planning and goals conversations? What are the names and types of conversations you have with your ideal clients? Are you helping them get organized in all 7 areas of their financial life? Do you coordinate their other professionals in meetings and have powerful conversations with their accountant lawyer or other professionals? Are you holding family legacy conversations? What is your process to deliver more value this year and how will you articulate and deliver that value this year?

Your words are powerful

You know your words are powerful. You manage millions of dollars and have a deep level of trust. Your words and communications are powerful. I recently practiced with several advisors I coach on how to respond, what they were saying, and how clients were reacting. Several advisors had a choppy response, they winged it on the top of their heads, and when I asked them to repeat it they couldn’t. Your conversations must be perfected.

You cannot wing it on Shark Tank (ABC TV Show) or Dragon’s Den (CBC TV)

What happens to people who wing their answers on reality TV shows such as shark tank or dragons den? We laugh and they exit the building, with a terrible experience. You cannot wing it with your ideal clients and prospects. Have you communicated your value-added conversations with your best clients and prospects? By email, phone call, or both? Is it a proven script that shows confidence, leadership, and direction? Have you communicated with both spouses or partners? This was a big mistake I made in the past, and I don't want you to make it. Clients and prospects will repeat your words, or stories to family and friends, making you the most referable advisor. Think about it. The easiest time to grow your business is when your competition is assuming everything is fine. Your biggest benefit is managing human behavior, for it is one of the biggest factors in managing wealth.

Communication plans

After reading this article, fast forward to one year. You have delivered deeper conversations of value, with a proven scripted process. You practice your script so you can articulate it with belief and conviction. You can look back knowing you gave your clients confidence, leadership, and direction and you acted continuously on a comprehensive goals-based plan. You delivered valuable planning and lifestyle conversations, estate and legacy conversations, and deeper family conversations. Plan out who and when you are going to deliver more value. Without a plan, who knows where your business will be in one year? Who leads you as an advisor during these challenging times? Elite financial professionals always turn to their coach or mentor to manage their behavior.

How about your goals for your practice in 2024?

Comprehensive Practice Management Checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Stay Ahead: Latest Trends for Financial Advisors Revealed!

Wed, 24 Apr 2024 23:00:01 GMT

Stay Ahead: Latest Trends for Financial Advisors Revealed!

Get ahead of the curve with insights into the newest trends shaping the financial advisory landscape. From digital transformation to in person conversation, uncover what's driving success in 2024. Watch now to future-proof your practice!

Who is advising financial advisors?

Mon, 22 Apr 2024 13:00:06 GMT

W ho is advising financial advisors?

Who is advising financial advisors?

If you do not have a mentor, coach, or branch manager, who is advising your business? Brokers and dealers and MGA’s are constantly trying to help financial advisors. They do a great job with product, planning, and client service. Can they tell you how your business is running? Do they have diagnostics to tell you, and research to support it? Do they know how to help you in areas you want to improve? This is called benchmarking.

What is benchmarking?

We use a tool called the "Advisor Practice Management Benchmark Report". It covers both qualitative and quantitative aspects of your financial business. The report gives you an independent assessment of your strengths and weaknesses across 30 different areas. Nothing is stopping you from improving your business. That's the problem. A lack of data prevents many financial advisors from reaching their full potential. A benchmark is a unique and innovative assessment tool. Thousands of financial advisors have benchmarked their practice across Canada USA and the world. The report includes the data from those successful practices. What else is everyone doing?

Why would I benchmark my practice?

Financial advisors who benchmarked their practice are more profitable. Financial advisors who meet with an external adviser/business coach at least quarterly are 89% more profitable than those practices who aren’t. (Data extracted from Future Ready VIII, Insights into the Australian Advisory Profession, Jan 2020, Business Health Pty Ltd). It is the same reason why people don't want a comprehensive financial plan. They don't want to know how many gaps and opportunities there are for their future. You know the power of planning and advice and putting together a list of action steps to help people reach their goals on paper. Now you understand what benchmarking is and can be for your financial advisor practice.

What do you do with a benchmarking report?

Just like a financial plan, it will give you a checklist of action items or an implementation schedule, and now you know what to do. It will give you step by step on what to do in different categories of your business. Here are examples of the five categories benchmark examines in your financial advisor practice.

Ideal clients- how often do you segment, How do you deliver value-added service, and ensure consistent communication?

Clarity around your comprehensive business plan- Understanding your mission vision values and your exit strategy

Growth planning- acquiring new ideal clients and your onboarding process, reputation management, and time management

Capacity- managing your team, growing your team, managing technology, and growing your technology

Key performance indicators- critical data to making big decisions about your business going forward.

Here are some examples of decisions that financial advisors had made as a result of their benchmark.

-Finding, meeting, and acquiring more ideal clients

-Less is more, finding more ideal clients and having fewer clients in the future

-Developing a proven scripted process for all team members

-Building a robust onboarding process and deeper communication plans

-Delivering more value to ideal clients while delivering consistent communication to all clients

-Getting a deep sense of clarity of the direction of your practice's future in 1 year 3 years 5 years and 10 years on paper

-Developing a training program in a career path for team members including an organizational chart

-Finding ideal capacity and running the business not letting the business run you

At least, it‘s worth a discussion.

Given the extreme challenges of today’s marketplace, surely these financial advisors would benefit from some critical data and expert input and advice. A poll conducted by Risk Info adds further fuel to this discussion; 65% of business owners stated that they do not intend to utilize external input in the next 12 months to better manage and build their financial advisor practices.

As financial advisors are writing out their short and long-term goals, an ideal opportunity exists for financial advisors and their firms to help them run a better business. To get a sample copy of a benchmark click here https://benchmark.getresponsepages.com/ or e-mail me at grant@ghicks.com for a sample "Advisor Practice Management Comprehensive Benchmark Report". It's clear that achieving great results simply requires great business processes. Do you have good or great business processes? Which processes do you need to improve on? Benchmark your practice to see where you stand.

If you want to benchmark your practice, then download our Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

How about your goals for your practice in 2024?

Comprehensive Practice Management Checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ Regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 milli on dollars combined!

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Stop asking for referrals instead ask for introductions as a financial advisor

Mon, 15 Apr 2024 13:00:09 GMT

S top asking for referrals instead ask for introductions as a financial advisor

Stop asking for referrals instead ask for introductions as a financial advisor

I want to let you in on a little secret. years ago my mentor taught me the referral myth. Does someone with $1,000,000 introduce you to someone with $5 million dollars? Top advisors don't target the same clients over and over again. everyone is going to teach you how to get referrals which is important as a financial advisor. But referrals don't get you to the next level.

If you asked your clients and centers of influence for referrals, what would they say? but if you ask your clients and such was the influence for introductions I know they are comfortable introducing you to other people. Stop asking for referrals ask for introductions

The next level

How do you meet someone with $5 million to invest? Here is a story of how to get introductions. One day my friend Randy and I went to an event put on by a friend of mine. The event was at a private airplane hangar and was about promoting aviation and selling private aviation. At the event, I asked my friend if he could introduce me to a few people because I was new to the community. Besides private jets, there was also a private car collection. Being a car guy I was interested in whom owned certain vehicles. My friend introduced me to a gentleman who happened to own part of this private car collection. I was introduced to a friend who was in the financial industry and whom he played hockey with. We both excitedly talked about cars and after a while, I discovered that he recently sold his technology business for a substantial amount. Now if i was a financial advisor, this would be a great introduction to a potential person I may want to work with. This was a great introduction, not a referral.

Referral or introduction

When you get a referral it's fantastic. The person is on board with meeting you, and you come highly recommended. If you have a process to get referrals congratulations. You are getting referrals by doing great work. But the challenge for elite financial advisors is it doesn't move them to the next level. In the example above a referral to this person would be great. But I find that introductions are a lot easier to put into a process and structure them through events and meetings with clients and centers of influence. When I was introduced to the person at the event, it is now up to me to use my people skills and networking skills to turn the conversation into a longer conversation. Then it is also up to me to bridge the conversation to another conversation or to another meeting and potentially acquire an ideal high-net-worth family client.

How do you get introductions?

Are you comfortable going to events with someone you know and asking for introductions? I was working with a financial advisor who knew a prominent political person in their community. We worked on how you ask for introductions at events. It can be as simple as” Hey I don't know anyone here, would you mind introducing me to people you know”? Would it be OK to ask you to introduce me as your financial advisor?’ Now imagine you getting introduced by this prominent person as their financial advisor. Hello Bob I want you to meet my friend Grant who is also my financial advisor". There is no awkward elevator pitch or discussion about who are you and what you do. Introductions at events will help you find and meet next-level clients.

What events are on your calendar this year?

I will make it easy for you. Instead of planning your own events why don't you attend events that your clients and centers of influence are attending? Then at the event, you can ask for introductions. In meetings with your top clients, I recommend using agendas. Consider adding the word events to the agenda when you meet with top clients. The reason is, we know that wealthy people spend over 20% of their time engaged in activities events charities, and fundraising. Your job is to know this information about your top 50 clients. Imagine having a list of 25 to 50 potential events to attend with your top clients this year. Do you think you will find and meet more potential people to work with? Do you think you will get introductions? Are you great at networking? The first step is collecting the data by asking the question to your top client" What events or activities do you like to do in your spare time? Tell me about them. The reason you're asking is part of your budget is aligned with your client's best interests. This is how I got to sponsor golf tournaments and meet different people through golf as a financial advisor. This is how I got to meet people through lawn bowling and sponsor events and meet more people like my past clients. This is how I got on board's charities and fundraising activities. What events are on your client's calendar this year? Imagine what could happen in your practice if you went to one client event per month and got introductions. Instead of waiting for referrals, go to events, ask for introductions and meet more people like your best clients.

The next steps

First, add the word events to your ideal client's agenda. Second, ask questions and find out about your ideal client's events. Third, ask how you can participate or help out in any events charities, or fundraising. Hint, elite financial advisors invest 2-4% of revenue into growing their business. There is your events budget. Fourth, attend the event and ask for introductions. Fifth, meet people who you find interesting enough that you would like to have another conversation with. Remember you get paid very very well to go to interesting events, get introduced, meet people, and have great conversations with them. Is this not a great business? Add introductions and events to your marketing plans this year.

How about your goals for your practice in 2024?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice. https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

P O Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com to book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Mastering Client Meetings: Expert Tips for Financial Advisors!

Thu, 11 Apr 2024 14:00:02 GMT

Mastering Client Meetings: Expert Tips for Financial Advisors!

Client meetings are the cornerstone of success for financial advisors. In this video, we unveil the secrets to conducting better meetings that strengthen relationships and drive results.

From effective communication strategies to agenda planning and active listening techniques, we cover everything you need to know to make your client meetings more productive and impactful. Learn how to build rapport, address client needs, and provide tailored solutions that inspire confidence and trust.

2024's Ultimate Marketing Tip for Financial Advisors!

Mon, 08 Apr 2024 19:54:22 GMT

Time management versus capacity for financial advisors

Mon, 08 Apr 2024 13:00:03 GMT

Time management versus capacity for financial advisors

If you are a successful financial advisor you want to grow your business. but sometimes lack the resources and the data to make the best decision going forward. You tried to manage to service all your existing clients while having enough time with new ideal clients. Time management and managing capacity become a constant struggle. What is the logical path for your business and for your future?

Time management

Your Team. You know you need more time so you decide to grow your team. Do you need more administration office management project management additional advisors or all of the above? Expanding your team seems a logical step. Let me ask you one question before you add anybody else to your team. Will adding these people free up 400 or more hours of your time in a calendar year? The reason I use 400 hours is that is approximately 20% of your time ( 2000 hours per year x 20%) as the most successful financial advisors grow their business by 17-20% per year. If you add these people in 12 months and you cannot see an extra 400 hours, then look at other options.

Your Processes- Elite financial advisors have clearly mapped out processes in writing that are well documented. They have clearly segmented their clients and have two types of clients, ideal clients and everyone else. Do you have more than 2 segments? Elite financial advisors have mastered the use of technology in their practice, and use as much as possible to save them time. They also have fantastic time management habits, time management tools, and processes for managing their time. They are fantastic at delegating but are still struggling to manage capacity. Their processes help manage their capacity but don't help grow the practice.

Focus on capacity, not time management

What is the difference between time management and capacity? You could spend hours on Google and have debates, but I believe it comes down to interpreting cause and effect. You have to leave something behind to go forward. Time management doesn't tell you to leave anything behind it just tells you how to manage it and with whom. The brightest and smartest financial advisors took years to figure this out. They know that less is more. It's an easy question but difficult for most people to answer but I'm going to ask you today. What are you going to leave behind in your business to go forward? This is one of the hardest things for financial advisors to implement.

Growth strategy

More is not growth. More clients, more assets, and more revenue are just more. Growth comes in many forms. Growing your business sometimes means focusing on a specific group of ideal clients or families, Growing deeper relationships, and comprehensive advice that makes you innovate. Growth and innovation are part of learning. Innovation is growth because innovation makes you do something you've never done before. For example, I want to work with elite financial advisors so in order for me to grow I have to innovate my offering by advancing the advice in my practice management consulting business. I need to grow deeper relationships if I want to grow to the next level. But with innovation come mistakes and failure.

How do you manage failure?

Successful financial advisors aren't discouraged by failure. They see themselves trying to innovate their practice and they are students of the business means they are always learning. What if you weren't failing but you were learning would you proceed? For example, one Financial advisor recently asked me about buying another financial advisor practice. Before they went all in, they looked at what they will learn from this process and how that can help them manage their current business better. Along with proper due diligence, this approach seemed opposite to most advisors who are afraid of making a mistake. What have you learned from your past mistakes?

You have more capacity. Capacity management

Financial advisors have more capacity than they ever thought possible. How you view yourself and how you manage challenging times affects the way you run your practice. I also believe that a financial advisor's capacity is unknown and sometimes unknowable in the long run. Why is it that one advisor struggles to manage 50 million dollars of assets, when another financial advisor struggles at managing 1 billion dollars of assets? Do they have a growth mindset and are they better at managing capacity? This question still has me searching for answers and talking to financial advisors all over the world and trying to help you answer the same question. What's holding you back? What are you afraid of? If you look back five years ago did you think your practice would be this big today?

Managing your capacity

Focus on managing your capacity and not just your time. focus on growing your practice because that's how you're going to learn innovate and grow. You are going to learn from your mistakes, and the learning with help you grow. Focus on clearly defining ideal clients and families and helping them accomplish more than they thought possible. Focus on stretching yourself to learn something new and you will see your capacity start to grow. Remember, you have to leave something behind in order to go forward.

How about your goals for your practice in 2024?

Our Practice management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

P O Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com to book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Defining ideal clients as a financial advisor

Tue, 02 Apr 2024 15:45:03 GMT

Defining ideal clients as a financial advisor

Learn about my course click here

As a financial advisor, are you investing in your best client opportunities?

Mon, 01 Apr 2024 13:00:02 GMT

A s a financial advisor, are you investing in your best client opportunities?

As a financial advisor, are you investing in your best client opportunities?

Elite financial advisors looking to grow their business nee d to spend more time with their ideal clients and clients with opportunities. Your existing clients are the catalyst to growing your practice. Imagine this scenario. tried to fly first class to Hawaii. you're looking forward to all the perks that come with flying first class. you pay $5000 for your ticket. I sit down next to you and ask you how much did you pay for your ticket. Your answer $5000. Wow, I only paid $500. Now, how do you feel? Ripped off, frustrated, angry cheated, how are you feeling that the airline decided to subsidize first class with your money? You cannot treat everyone the same. Your high-paying clients cannot get the same service as other clients. Yet we see this mistake over and over by financial advisors. Today is the day you stop making that mistake.

Make the opportunities list

Map out the time to invest in your top 50

Here is the process

Here are the conversations in the first hour

Here are the conversations in the second hour

I can't afford 25 hours to double my prospect list

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

How elite financial advisors grow their practice by 15% or more every year!

Mon, 25 Mar 2024 13:00:03 GMT

How elite financial advisors grow their practice by 15% or more every year!

Do you grow your practice, then shrink, or do you shrink in order to grow?

If you want to grow your practice, think about the following question? Do you grow first and then shrink? Or do you shrink your practice first in order to grow? It took me ten years to learn this. To build your practice, you need capacity or time to grow. Most financial advisors continue to grow their business, so they get to a certain revenue. Once they get to a revenue mark, they plan to add staff, segment their clients and bring on other advisors. Year after year, the struggle to maintain growth continues. Sound familiar?

What if there was another way?

There is a logical path to growing revenue and your practice as a financial advisor. If you are at $500,000 revenue and want to grow to one million. If you are at $1,000,000 revenue and want to grow to $2,000,000 revenue. At $2 million to 3 million of revenue and growth. At $3 million to $5 million of revenue. There is a logical path. That is why elite financial advisors always shrink their practice in order to grow. At the same time, they also add highly competent and invest in skilled and expensive staff. It is completely counterintuitive to most financial advisors in growing their revenue. How do you shrink and then grow?

The logical path

The first step is planning to find 200 to 400 hours in a calendar year in order to grow your practice. This means you have to segment your clients and know how many hours you're going to spend with your existing practice. Segment and know where your time is spent with ideal clients. Segment into two segments, ideal clients or families, and everyone else. Now ask yourself these questions

Who do I want to spend my time with? ideal clients, ideal prospects, and ideal COI's

Who can take care of all of my other clients?

What will my revenue be?

What will my investment be?

What is the potential gain in 12-24 months?

Imagine if I told you to give up $50,000 of income in hopes of making $100,000 or more revenue. Would you be willing to take that risk? Now imagine if you gave up $100,000 of revenue and a year later gained $300,000 of new additional recurring revenue. Would you be willing to take that risk? What would be the cost or revenue loss if you shrink your practice today? Regardless of how you do it, growth comes at a cost. Some are more prepared than others to invest in growth. Elite advisors know they need to invest in people in their practice and at the same time, they shrink their revenue, absorb more costs, and ultimately see a payoff one to three years later from their investment. Entrepreneurs know investing in their business pays the highest returns.

Growth is the easier part

Shrinking your business by segmenting clients, bringing on new staff and financial advisors, and deciding who you're not going to work with, are the difficult decisions that elite advisors do on an annual basis when looking at how they're going to take the business to the next level. It is what I call the capacity crossroads. Imagine you are driving down a road and come to a T in the road. You can turn left or you can turn right, but you can't go straight and keep going down the same path. Some financial advisors turn left, by continuing to grow and adding on way too many clients. They are only deferring the problem in hopes that you can grow enough so you can absorb additional costs instead of turning right and shrinking their practice. Elite advisors turn right when they hit the capacity crossroads, segment their clients, bring on staff, add advisors and build teams. This is why I spend 30% of my time helping financial advisors find ideal team members.

The logical path

I had a call recently from a successful financial advisor who was stuck at a level ( the capacity crossroads) and could not see the logical path ahead. He wasn't sure if he should add administration staff, add associate advisors or partners, or buy a book of business in order to grow. Once I showed him the logical path he could then see the clarity of the future of his business. He was prepared to shrink his practice, invest in people, and find time for himself, in order to grow his financial practice. The simple answer was to clone himself, as another financial advisor on the team, and find another administrative staff member who was technology and marketing savvy.

The logical path in financial services is an advisor who is solo and then partners up and builds a team. Eventually, the team turns into a growing enterprise. You see that when financial advisors build a practice from 50 million to 100 million to 200 million to 300 million to 500 million to a billion and beyond. I am fortunate that I get to work with and see elite financial advisors growing their practice from 50 million to a billion dollars and everything in between. I highly encourage you to read the ensemble practice by Phillip Palaveev, a great read on the logical path to success. What is your logical path?

https://www.amazon.com/Ensemble-Practice-Team-Based-Approach-Management/dp/1118209540

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technologychecklist.getresponsepa ges.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

STATEMENT OF CONFIDENTIALITY The information contained in this email message and any attachments may be confidential

and is intended for the use of the addressee(s) only. If you are not an intended recipient, please: (1) notify me immediately by replying to this message; (2) do not use, disseminate, distribute or reproduce any part of the message or any attachment; and (3) destroy all
copies of this message and any attachments.

Managing ideal capacity is more than just numbers, Capacity is emotional for financial advisors

Mon, 18 Mar 2024 13:00:04 GMT

M anaging ideal capacity is more than just numbers, Capacity is emotional for financial advisors

Capacity is emotional for financial advisors

Why is it that all these marketing firms who approach us, think we need help in growing our business? Do they not understand that we have a successful business and things are going well? We are growing but the number one challenge is managing our capacity. We have too many clients and we're trying to figure out how we're going to manage it all, not how we're going to grow it. Capacity is a feeling as well as a number. If you hit your targets but feel overwhelmed, what good is the capacity number. That is why capacity is so hard to find. It requires feeling good and hitting goals. Capacity is emotional! Don’t measure it logically. When was the last time you felt great about your business? Find that feeling first! Finding your true capacity is one of the hardest things for elite financial advisors to find.

We don't want to grow anymore

If marketers took the approach that people were already successful and that we need help in other areas of our business I think they would get a lot more clients, don't you? The financial advisors I work with are often not trying to dramatically grow their businesses. They are not looking for a lot of new clients. Yes, they would like to acquire a few more ideal clients but only high net worth high revenue ideal clients usually less than 10 in a calendar year. What is the number one challenge elite financial advisors face? Capacity is the number one challenge most elite financial advisors face. Imagine if you can get another 2 to 400 hours in a calendar year, what that might do for your business or your lifestyle in 2024?

How do you build and manage capacity?

There are six areas to help you manage your capacity as a financial advisor. The first area is segmentation the second is technology the third is practice management processes the 4th is people the 5th is delegation and the sixth is time management processes. Let's examine how you can build capacity in your practice in 2024.

Segmentation

Most financial advisors segment their business every few years. Elite advisors segment on an annual basis and they usually have two segments not three or four. They segment based on ideal families and everyone else. They focus on finding not just ideal clients but ideal families which generate ideal revenue for them. They know where they want to spend their time and who they want to spend it with. Most importantly they know who they want to spend less time with. They want to spend time with people they just know there isn't enough time so they make sure clients are being well serviced by the people that have the time to do it. This is usually another financial advisor. Email me at grant@ghicks.com for a copy of our segmentation guide

Technology

Technology does a better job of doing repetitive tasks than people do. Check out our technology checklist to see where you can leverage your time by using technology. The categories seem to grow each and every year and practice management focuses on leveraging technology for financial advisor practices.PS did you know there are 5-20 pieces of technology just to do one client progress update meeting and proposal? How many technologies or apps do you use to prepare for a meeting? https://technology-checklist.getresponsepages.com/

Practice management processes

Practice management is about three things. Process, process, process. Financial advisors know they need three clearly defined and written processes that they can articulate. Process one is the ideal client acquisition process. The second is the ideal client service process. The third process is all the other processes that you need to manage your business and your practice effectively.

People

How many ideal clients or families can you manage in a calendar year? Now how many ideal clients and families can your team effectively manage in a calendar year? Most elite teams are working past capacity and they know they need more people on their team yet lack the time to add more people to their team because training these people takes time. The average advisor trains staff for less than 4 hours per year. Adding people to your team will give you an extra 200 to 400 hours each year. at $500 per hour of your time, this is a simple return on investment calculation. Do a current and future organizational chart, and see how you can manage capacity as a team.

Delegation

You can delegate everything in financial services except prospecting. The more you delegate to your team and the more process is you have the more you'll be able to spend time with your ideal clients, ideal families, and ideal prospects. You can also spend more time with your ideal centers of influence. With elite teams, we go through a delegation checklist and see where we can delegate and save elite financial advisors a tremendous amount of time by putting processes into place.

Time management strategies

Your goal next year in 2024 as a financial advisor is to find 100 to 200 hours of extra time. How you do it is up to you. It starts with your calendar and managing it on a daily weekly and monthly basis. We all have time management strategies that work well for us. We also have bad time management habits. In the never-ending struggle of important versus urgent. Urgent usually wins, unless you stick to your calendar. Remember elite advisors usually take 8 to 12 or more weeks off every year. They trust their team because they have processes in place. Instead of managing time, manage your capacity!

Take a sheet of paper and write these six strategies down so you can find more capacity in your business this year.

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Increasing revenue without increasing your number of clients for financial advisors

Mon, 11 Mar 2024 13:00:00 GMT

Increasing revenue without increasing your number of clients for financial advisors

Money is recoverable time isn’t

You know you can go and earn more money as a successful advisor, but you can’t go and earn more time? Capacity is the number one issue for successful advisors, so how are you managing your capacity? In the book on practice management, by Mark Tibergien and Rebecca Pomering, (Practice Made (More) Perfect: Transforming a Financial Advisory Practice Into a Business (Bloomberg Press) they show the difference in time management between average and elite financial advisors. What if you could find 200 more hours in a year, what would you do with the extra time? This is the difference between teams that do in-house portfolio management and teams that don’t. The average advisor spends 24% of the time on portfolio management and research versus 12% or less when they have either outsourced it or built it in-house, where they control the cost and revenue and build more equity. I see successful wealth managers generally increasing efficiency, capturing more ideal clients and assets, and improving client outcomes consistently. A Portfolio manager process or a TAMP process, turnkey asset management process, either way, how much time are you spending on your process? How can you get 200 more hours in the next 12 months, you know what to do, but how will you do it?

Ideal families

Replace costly inefficient staff with technology and tech-savvy staff

Acquire more ideal families

Take more time off

One final question?

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Ideal clients want 10 touches per year, how are you doing?

Mon, 04 Mar 2024 14:00:06 GMT

I deal clients want 10 touches per year, how are you doing?

How often do elite financial advisors communicate with their best clients?

How many communications do my best clients want?

Improving your communications for financial advisors

First off take a look at the list below and determine the type of communication you want to do with your best clients and frequency.

Contacting ideal clients checklist ( remembe r always check with your branch manager or compliance officer before proceeding with any communication activity and get approval in writing)

___ Non-investment communication -frequency per year ____ ( coaching tip- calling your best clients 2 times per year to touch base and ask one question, how was your summer? Building regular rapport)

___ Ideal client appreciation ___ frequency per year ( coaching tip- in the current environment, large events may be difficult, so small intimate client events produce rave reviews)

___ Personalized communications and special events ___ frequency per year (Coaching tip- elite advisors are on top of birthdays anniversaries and special occasions such as Thanksgiving)

___ Special events ___ frequency per year ( Financial professionals are struggling to connect with people- Take the same events you did in the past and deliver them online. Be creative- also consider social distancing activities such as fishing, hiking biking, golf, picnics, depending on your area, and check with your compliance office)

Now add up your communications to your best clients

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Building your own COI network as a financial advisor

Mon, 26 Feb 2024 14:00:01 GMT

B uilding your own COI network as a financial advisor

Building your own COI network as a financial advisor

Congratulations you finally received a referral from your COI center of influence network. You have given out tons of referrals to your network and rarely got anything back and finally, you get introduced to a non-ideal client. You meet with the prospect and find out that they are just shopping around and are a complete waste of time. Is this when you give up on building your network of professionals?

Change your mindset

If you want to be successful in building a world-class network of professionals then you have to start thinking differently. Instead of thinking about getting referrals, approach this as a strategic partner that will help you deliver the best possible experience for your clients. The problem is financial advisors never experience it. What I mean by that is financial advisors never do coordinated meetings with their clients and potential centers of influence together. Family offices deliver coordinated advice and are always in control of all aspects of the family advice. You need to think about taking the same approach and same mindset so that you understand the client experience from the legal, tax, lending, real estate, and insurance. Not just financial advice. Once you start to have coordinated meetings with your network of professionals and clients, you elevate your status in the eyes of your COIs as well as the clients. The problem is that most financial advisors don't have time to do this so they never do. Start with your top 10 clients. Start to coordinate meetings with their professionals and yourself. Your network professionals will see you in action in a meeting then we'll realize your value and experience it. instead of telling them about your value promise demonstrate it with clients. I challenge you to do 5 coordinated meetings this year!

How do you find the best people for your network?

While there are numerous articles written on this subject There are a couple of things missing. First, how do you find the best people for your network? The process I teach financial advisors is to give and get the names of COIs on a regular basis. Here is a simple summary. First, ask people do they know about our network of professionals? Most people will say no, and tell them that you will work with their professionals or you will coordinate with your own network of professionals to give the best-coordinated advice possible, sound fair? Then ask who they are currently working with for tax, legal, mortgage, or lending, real estate, and commercial services including insurance lending and real estate, banking, general insurance, and other professionals. Ask them if they're happy with their current professional and would they refer them. For each meeting, you should get between three and six names of professionals. If you do not have a network of 20 or more professionals you're missing a huge opportunity. If you want to meet more professionals then consider taking their industry courses. I took a tax course with my accountant to meet other tax professionals. I took a trust course to meet legal professionals. I took a real estate marketing workshop to meet commercial real estate professionals.

The two critical aspects of building a COI network

First, it is a relationship business and as always you're building a strong business and personal relationship with your COI network. Do you hang out with these people or do any activities such as golf or sporting events with your network of professionals? Besides lunch have you gone out to their house or your house and had a family BBQ to get to know them and their families? How deep is the relationship with your network of professionals? Second, is coordinated meetings. Unfortunately only half of your COI network will even want to do a coordinated meeting with you and one of your clients. You are looking for financial coordinators, and if they cannot be financial coordinators, then eliminate them from your network immediately. Some of your COI think they are in 100% control of the client and all their decisions. This makes sense at first, but if they do become a client you realize how dis- coordinated the advice actually is. This does not make an ideal client and an ideal COI. The best client and COI network are running a mini family office. Be the quarterback or the conductor of the Symphony. You have a strong internal team to help your best clients and a strong external team or COI network to help your best clients. One of your strengths is your ability to deliver comprehensive and coordinated advice. I'll bet your best clients came as a result of coordinated advice, didn't they? The lone wolf syndrome does not work for wealthy clients. You can't just talk about your team. Your best clients and prospects have to experience it.

What are my next steps?

Elite financial advisors have a process in place to discuss their network of professionals with top clients and prospects. Build Your network. Elite financial advisors set up coordinated meetings with their best clients and their network. Delivering truly coordinated advice is extremely valuable, become more valuable. Elite financial advisors focus on relationships with their COI network. Build better relationships.

Elite financial advisors deliver comprehensive and coordinated advice to their ideal clients and prospects. Have fewer non-ideal clients.

How about your goals for your practice in 2024?

Our Practice management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

P O Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com to book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Time management for financial advisors

Mon, 19 Feb 2024 14:00:02 GMT

T ime management for financial advisors

F inancial advisors struggle with massive interruptions. How can you minimize the distractions and focus on getting your work done when you have an inbox that keeps growing every single day with more and more emails more and more webinars more and more interruptions? Here are some strategies to help manage your time and inbox.

Templates

In your inbox, you can have certain folders. The one folder that I use every single day is my templates folder. Rewriting similar emails over and over is a complete waste of time. Why not build and use templates each and every day and build a collection of templates, so that you can respond to emails by using a templated response, cutting the hours of your time. For example, meeting email templates, prospect follow-up templates, and client service templates.

Scripts

The next folder you should always have is a script folder. When you call clients for appointments, open the script folder. When you call prospects for appointments or when you talk to centers of influence, having your scripts handy in your inbox makes it easier. It will get rid of call reluctance and get out of your own way. I'm either writing scripts or collecting scripts and editing scripts all the time for different functions for myself and for financial advisors. The most common script used is when I call prospects or when I am doing webinars.

Prospects

As a financial advisor, connecting and following up with prospects is part of your contact management system. I usually recommend a PRM and CRM prospect relationship marketing and client relationship marketing as two completely different tools https://www.advisorpracticemanagement.com/crm-and-prm Having them in your inbox folder makes it simpler and easier to do the follow-up. Having a folder where you can consistently look on a weekly basis at the prospects you're working on, and the prospects you're following up on will help you manage prospects better. Do you have a solid follow-up process for prospects or are you winging it and letting things slip through the cracks?

Other key folders

What other folders will help you to minimize your inbox better quicker or faster? Here are a few ideas. Have one for staff so you can prepare for staff issues. Have one for marketing, so you collect marketing ideas and open the folder when you time block to work on your business. Have one for practice management and business or practice planning. Consider one for planning ideas including the 7 areas, tax, estate, risk, insurance, investments, debts, and cash flow. It's like building a filing cabinet for all of the paper on your desk so eventually, you have more and more filing cabinets and you keep filing more information. PS do you time block 2 hours per week to work on your business? The advisors that do work 80-100 hours on their business and processes, and the advisors that have MORE processes are MORE successful.

Nothing urgent in financial services

My mentor Bill Bachrach taught me this years ago and I never forgot it. Bill said, "there is nothing urgent in financial services ever". Why do we feel like we have to look at our inbox all of the time and check on our phone all of the time and respond to people all of the time? I get it you want to give people a high level of service. You want to be available, and you want to be able to communicate. But it must be in a timely fashion that builds and manages their expectations. Your ideal clients you can get back to right away as they are paying you the most. Your non-ideal clients do not need to be communicated at the same speed. I used to fly a lot. I have priority status for priority calls at certain airlines because I was one of their best customers. Everyone else is on hold. That is a perk or a benefit that most people understand. Do you treat everyone the same? That is not fair for your high-paying clients, is it? Most advisors have a massive sense of urgency towards their inbox and they can't get off that email treadmill. It's time that financial advisors created new habits towards email responses and expectations. The secret bill gave me is having a mindset around email and that mindset is that there is nothing urgent in financial services. Stop acting like there is everything urgent in financial services. Once you change your mindset around "there is nothing urgent financial services" you will start to manage your inbox and your client's expectations for your team and staff better. Thanks, Bill Bachrach (www.billbachrach.com) for your sage advice on managing my inbox.

The perfect week

One of the best time management strategies I ever learned as a financial advisor, is the perfect week concept. What does the perfect week look like for you? Plan on paper or an excel spreadsheet when you would time block certain key meetings including ideal client prep and meetings, non-ideal client meetings, ideal prospects, and COI's. Also, time blocked is time to work on the practice each week, staff communications, exercise, and other key elements of a successful practice. Start with how many meetings you want to have with clients, then with prospects, and then add COI's. It should be a formula like 6 ideal clients, 1-2 ideal prospects, and one COI meeting each week. Then keep track of your weekly numbers on your spreadsheet. The activity tracking will help you know if you are planning the right time with the right people and tracking your weekly 6-1-1 cadence.

Where do I start with time management?

As Jim Rohn said " Learn to work harder on yourself than you do on your job. If you work hard on your job you can make a living, but if you work hard on yourself you'll make a fortune.” https://www.success.com/jim-rohn-on-working-harder-on-yourself-than-your-job/ Start by time blocking two hours per week to work on you and your practice!

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technologychecklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Financial advisors should target ideal families

Mon, 12 Feb 2024 14:00:02 GMT

F inancial advisors should target ideal families

M eeting strangers online during the pandemic is difficult to build trust. Working with existing family members who already work with you and trust you is easier than meeting cold prospects, or online marketing. Spend more time with your ideal clients and find out about their families.

When I ask financial advisors, how do you generate more introductions from ideal clients, there is a variety of answers, but no process. Here is a simple process to implement. First, meet with your ideal client and go over their wealth planning and advice. Second, plan a secondary meeting after the meeting. For example, meet at 11 am and take them out for lunch. Then you can bring up conversations about the family that takes time, which is difficult to do in a progress update meeting. These secondary meetings are where family introductions can happen, but it takes time. Imagine if you had 10 family meeting conversations, do you think you will get introduced to other family members? Family members have been the number one source of new business during the pandemic and last two years. (Source July 2021 Ensemble practice survey) Think of moving upmarket with siblings and parents of your wealthiest clients.

Change your language

The financial industry needs to change their language and how they grow their practice. What I mean is, financial advisors, talk about clients and households but we need to start talking about ideal families. For example, a client might pay you $5 to $10,000 per year a household might pay you 10 to $20,000 per year and if you get the whole family they might pay you $20 to $100,000 per year if you include all the family members parents aunts uncles relatives, cousins etc. Typically it is 3 times more revenue when you go from an ideal client to an ideal family.

So how do you have family conversations and what are the questions you need to ask here are a few questions to start engaging people in family conversations. Tell me Mr. and Mrs. client what was money like growing up in your household?

Client answers

Tell me more about what money was like growing up in your household?

Client answers

Who in your family did you get your money values from?

Client answers

Who in your current family do you talk about money with?

Tell me more about those people

client answers

When you look at the potential opportunity sitting in your existing database you need to figure out two things. First, asking the questions and having the conversation, and second, digging deeper into those people in the family where you should consider having a conversation with a potential family meeting or additional discussions this will eventually seem obvious to the family that you should be talking to these family members but if it is not obvious then you want
to be very subtle about bringing it up.

Now let's look at the potential opportunity in your current database. how many households do you currently manage and how many families do you currently manage?
_____ Clients
_____ households
_____ families

How many households do you have?

Now, how many households were clients do you think you could convert into additional family opportunities. Let's give an example let's say you have 200 clients or 100 households and currently you're only managing 10 families now in the next 12 months imagine if you expanded to 20-25 families

$5000 per client x200 = $1 million

$10,000 per household x 100 households = $ 1million revenue

Each family represents $20,000 + revenue

Add to existing or find 10 new ideal families in the next 12 months = $200,000+ revenue lift

Do your own math- figure Out how many potential family opportunities exist in your current database and build a database of 20 to 30 potential ideal families to have this discussion with. Now you have a potential opportunity of $20,000 per family times 20 to 30 families equals 4 to $600,000 of potential opportunities

your job is to get the data and turn that into an opportunity. The trust is already established with current family members so it's easier to establish trust with other family members instead of going after perfectly total strangers and trying to engage them this is called finding the money because it currently exists in your database we just don't know where to start in 12 months from now if we now have the data on our top 50 clients Anne had a family discussion then you will see how to flush out those 25 opportunities to acquire 10 more ideal clients and add at least $200,000 of potential revenue to your business this year with existing family members.

Build your database of family opportunities current families potential families and potential prospects. Now you have a database of $500,000 of potential opportunities just by having really valuable conversations with your ideal clients and their families and finding out their values.

Roy E. Disney of Walt Disney Co. said, "When your values are clear to you, making decisions becomes easier."

So, if you don't use your values to make decisions and guide your actions, then why have them? If you do not value your values, no one else will. Most financial advisors never get values so this is the opportunity. Go ahead, make a list of potential ideal families.

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technologychecklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

What is wrong with your client review meetings as a financial advisor?

Mon, 05 Feb 2024 14:00:05 GMT

W hat is wrong with your client review meetings as a financial advisor?

How can you enhance the value you deliver

I hate the word review meetings, I like to call them progress update meetings. Besides renaming your meetings, also consider selecting to name the type of meeting that you're going to have with a client. Think of your dentist's office and the type of appointments you have. Some appointments are for checkups, some are to do major dental work such as crown appointments, and some are for cleanings and maintenance. Your meetings can take on different types of names so the client knows what to expect at the meeting. In the spring you have the goals and investment update meeting and in the fall a tax, estate, and portfolio update.

Names of meetings

Advisors that I work with actually name the type of meeting they are having with clients. For example, some call them goals update and planning meetings. Other meetings focus on estate and legacy. Imagine having a legacy meeting with some of your best clients. Are there meetings that can focus on other issues such as a go-forward plan for your portfolio for the next 12 months, comprehensive tax planning meeting with your account, risk management meeting including an insurance audit beneficiary audit other value added services?

Emotional engagement

Your meetings are about conversations of value. The conversations are about their goals and dreams and can be emotional. then you flip to a slide or a chart or a graph that is unemotional and unengaging. I don't think anyone has looked at a chart or graph and said wow that looks fantastic that's what I would like to accomplish in my life. Start using Microsoft PowerPoint with emotionally engaging pictures to tie that vision together to get people excited about their goals and dreams. Imagine you wanted to build a new dream home Ann I pulled out a chart and a graph to show you how you're gonna accomplish your dream home. or I pulled pictures of dream homes that you've discussed with me and then I show you sample blueprints and say is this the vision you would like for your future. tell me what you are ideal dream home would look like walk me through it, then give them a picture of what their future looks like. the charts and graphs are the technical aspects to help people get there. they are important but become less important if the client is not emotionally engaged.

Progress update reports

in almost every country around the world, clients have said the review meeting is not that valuable. The relationship is rock solid but the review meeting adds no value. How can you add more value to your progress update meetings? Consider having a templated PowerPoint slide deck that can walk people through a visual are their goals their dreams updates the conversations in an emotionally compelling way. Once clients have an enhanced experience like that your progress update meetings got better more efficient for you and for them and can be done in and delivered in less time. Practice management is about three things process process process. Isn't it time you enhanced your process for progress update meetings for your clients? What value will you add to your best clients this year through your progress update meetings? How will you deliver it in an emotionally compelling way now how will you deliver it online in less time and deliver more value? This is what elite advisors are doing to deliver more value to their existing clients and gain more referrals. They have a process, an agenda, a PowerPoint a script and are not winging it. Start by naming your types of meetings, delivering more valuable conversations add naming those types of conversations, and adding PowerPoint with pictures to visually engage them. go for it and see the difference in your client's reaction and body language the next time you have a progress update meeting for them. Especially if you run a majority of your meetings virtual.

Preparation and follow up

What is your meeting preparation process? How long does it take you and your team to prepare for a client progress update meeting? Do you have a checklist of items that you go through before a meeting? How can you make the process better? Standard questions I ask every financial advisory team. In every instance, there is a process that can be improved. First, build your checklist of the key items and process that goes into an ideal client meeting. Second, having technology makes the process efficient. Have a templated process using technology. Your administration staff goes through the online preparation checklist, completes the work, and sends it over to you at least 2-5 days before the meeting. Then you have your scheduled 15-minute discussion with staff to go over your 50-100 point checklist to cover all administration and potential paperwork issues. You also go over the PowerPoint and lock it down as a pdf file. Then you record the meeting with the client's permission, of course, complete the file notes in the checklist and all administration and follow up and send the recording, notes, and tasks and have your administration manager complete and assign all tasks in your system to you and your team. The key is templates and technology. It is 2022 so a future-ready technology-driven practice has a detailed 100 point or more process from an administrative and planning side, and an emotionally engaging process from your ideal clients. This makes your process all about their complete financial life and comprehensive wealth management and financial planning. Do you need to work on your processes?

Checklist on your process

If you would like an 11-page detailed checklist “ How to Prepare for an ideal client progress update meeting in 2022” and a list of items to prepare for the meeting, delivering more value at the meeting and the follow-up process, email me at grant@ghicks.com subject line Progress update checklist”.

How about your goals for your practice in 2024?

Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Fee Audit checklist

https://feeaudit.getresponsepages.com/

88 Marketing strategies checklist

https://famarketingplan.getresponsepages.com/

Technology checklist including working remotely

https://technologychecklist.getresponsepages.com/

Listen to grant speak at MDRT

https://soundcloud.com/mdrtpresents/future-ready-practice-management-strategies

Download our "Exclusive prospecting checklist" to help acquire more ideal clients this year.

https://prospectingchecklist.getresponsepages.com/

Discover:

Key processes to finding and acquiring more ideal clients for financial advisors.
How to enhance your offers and your value promise.
Blog on the best practice management strategies to help you manage and build your financial advisor practice and team

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

PS Where do you want your financial practice to be at the end of 2022? AUM, Revenue, and time off?

view online Grant Hicks , you have receiv ed this communication because you are associated with Advisor Practice Management .

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Advisor Practice Management

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Ideal client acquisition course for Financial Advisors

Fri, 02 Feb 2024 00:47:08 GMT

Ideal client acquisition course for Financial Advisors

Discover your potential, starting today

Your proven marketing strategies course for financial advisors includes : One hour one on one coaching session with Grant Hicks, CIM, 8-sentence marketing plan template, 30-page Marketing workbook, Segmentation workbook, Fee audit checklist, Meeting email template, Ebook on Practice Management, proven marketing templates and more...

Course curriculum

Chapter 1 - Define-Defining ideal clients and ideal families
Chapter 2 - Segment- Segmenting ideal clients and everyone else
Chapter 3- Find - Building the ideal client database
Chapter 4 Journey- What do your prospects know and don't know?
Chapter 5- Meeting - Connecting and meeting your ideal clients and prospects
Chapter 6 - Acquire-Acquiring your ideal clients - Value promise- Delivering more value, communication, and coordination
Chapter 7- Onboard- Onboarding process for your new ideal clients

To learn more https://advisorpracticemanagement.thinkific.com/courses/marketing

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Segmentation mistakes financial advisors make and how to avoid them

Mon, 29 Jan 2024 14:00:01 GMT

S egmentation mistakes financial advisors make and how to avoid them

A fter I sold my financial advisor practice I went into practice management consulting. In other words, I learned all the things that I should have known when I was running a practice. I wish I knew more about segmentation And completed segmenting my clients on an annual basis. this does not mean getting rid of the bottom 20% of your clients every year. It does mean defining who your ideal clients are.

Key practice management process annually

The first and most common mistake financial advisors make with segmentation

Did you know that 75% of financial advisors do not have a clear ideal client definition? Start by scoring your ideal clients out of 10 in the following categories

Client name Eg Smythe
___1. Comprehensive advice
___2. Brings all documents
___3. Consolidates business and delegates to you and your team
___4. Wants planning and advice
___5. Listens to you and wants to learn more
___6. Understands your fees
___7. Generates ideal revenue of $____________
___8. Has future potential revenue for themselves or their family $__________
___9. Introduces you to the family / family members with potential
___ 10. Introduces you to other people (referrals) and wants additional planning
coordinated with professionals (your _____ network of professionals)

Clients with a score of 10 out of 10 are ideal clients and potential ideal family clients

Segmenting mistake number 2

Segmenting mistake number 3

Segmenting mistake number 4

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Fee Audit checklist

https://feeaudit.getresponsepages.com/

88 Marketing strategies checklist

https://famarketingplan.getresponsepages.com/

Technology checklist including working remotely

https://technologychecklist.getresponsepages.com/

Listen to grant speak at MDRT

https://soundcloud.com/mdrtpresents/future-ready-practice-management-strategies

Download our "Exclusive prospecting checklist" to help acquire more ideal clients this year.

https://prospectingchecklist.getresponsepages.com/

Discover:

Key processes to finding and acquiring more ideal clients for financial advisors.
How to enhance your offers and your value promise.
Blog on the best practice management strategies to help you manage and build your financial advisor practice and team

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 L a ntzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

PS Where do you want your financial practice to be at the end of 2024? AUM, Revenue, and time off?

The five-touch client acquisition process for financial advisors wanting to grow in 2024!

Mon, 22 Jan 2024 14:00:00 GMT

T he five-touch client acquisition process for financial advisors wanting to grow in 2024!

I n sports, if you have ever tried to learn something new, you know it can be a frustrating process. For example, if you have ever learned to play golf, you know it can be challenging to learn how to drive a golf ball off the tee. There you are, hitting ball after ball on the driving range. Along comes a golf pro who gives you a few pointers and you try them. You decide that no matter what you are going to learn how to hit a tee shot. Remembering that you have that company golf tournament next week and you don’t want to be embarrassed. But you only have a few days to learn it. Ball after ball, trying to change your grip, change your stance, change your swing. Testing and trying and slowly it is starting to take shape. Then, to your amazement, all of a sudden, you drive one effortlessly like never before. Wow, you say to yourself, was that easy? I wish I knew how easy it is. You lean over and reach for another ball and put it on a tee. Stance ready, grip ready, head down, and then whack. Wow, another beautiful shot. Now your excitement comes over your body and a grin from ear to ear automatically appears. You discovered the secret. You hit another, then another, smashing them straight down the driving range. You look around to see who's watching. You notice a young man struggling to hit the ball as he turns to watch you whack yet another ball straight down the fairway. You decide to go over and offer a few simple tips, and then resume your booming drives. You have mastered it.

Learn marketing by doing marketing

Learning how to hit the ball like a master is learned by doing. You cannot pick up a book and then hit a golf ball like a golf pro. You cannot go to a golf seminar and then join the pro golf tour. You learn by doing. So true is marketing. I learned by trying this, trying that, testing this, and implementing that. Then all of a sudden, I discovered my booming drive in marketing. It is called the five-touch philosophy. The only way to learn how it works is by doing. I will explain the philosophy first, and then show you step-by-step how to implement it and learn by doing. Once you see yourself actually implementing and” doing “ your five-touch philosophy, you will discover the secrets of marketing and why the five-touch philosophy works so well, compared to most marketing methods I have learned and tested while reading hundreds of books on marketing. I learned to attract people to our business (total strangers who called me), tell us everything about themselves, and worked with our firm. I discovered the “Five Touch” philosophy while testing and implementing different marketing ideas into my business while I was co-writing and researching information for my marketing books “ Guerrilla Marketing For Financial Advisors “ series 1 and 2 with Jay Conrad
Levinson, Trafford Publishing, and Morgan James Publishing

So what is the five-touch system anyway?

If I asked you for the name of a great marketing idea, you could probably name a few. However, if I asked you for the name of a great marketing system for small businesses, could you name any? The five-touch system is exactly what the name implies, a system to develop five touches or contacts with new customers or prospects. For example, if I asked you the name of a great financial advisor and you said a name I have never heard of, I might not feel comfortable going to see them. But If I had heard of them before, seen their ads or marketing, and received possibly a mailing, seminar invitation, and a phone call, I would feel more comfortable seeing them. Use the law of familiarity in your favor. Successful marketers know that through their constant marketing programs, people want to know about your business before they will do business with you. How do they get to know your business?

I also spoke to several financial advisors who were doing different marketing strategies and discovered some interesting information.

Why stop marketing two, three, or four times when you are halfway there? Your chances of success can be greatly increased if you continued or developed a strategy to do five touches or contacts. When was the last time a prospect gave you a big account or bought a big ticket item on the first meeting? The system is to have as many touches as possible. Here is an example. First, you need to get the prospect's attention. Whether you do a targeted mail drop, social media post, blog, email, or ad to your target audience, you are trying to generate a response to having them take another step in getting to know you or
your business that has a strong call to action in it The call to action was to give FREE information that solved a problem for my prospects in an emotional way.

What are your emotionally compelling offers?

Get our guide or offer

What are your five touches?

Once you have people contact you with their contact information, you can develop a drip system to capture these people over time. What we did was to send
them a monthly email, if they have an email to keep in touch. They would also receive future seminar or webinar invitations that were designed to be exclusive invitations, not just a mass seminar mailing since we wanted more personal contact at the workshops, not just a big seminar. We would restrict attendance to 20 people. It is the touches that give familiarity, comfort, and trust to your business. Once you develop your system, you will find as I did they will call you, and want to meet you.

How about your goals for your practice in 2024?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2024 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

7 questions to ask yourself about your financial advisor practice this year

Mon, 08 Jan 2024 14:00:06 GMT

7 questions to ask yourself about your financial advisor practice this year

E lite financial advisors know the value of deep questions. Here are some deeper practice management questions to ask you about your practice. Print this off and use it with your team in a meeting.

Clarity – Do you have clarity around goals and practice on paper?
Complete – Do you have an Ideal business plan and marketing plan in writing?
Acquire- Do you have an Ideal acquisition process to acquire and deliver more value every year?
Service -Does your team have an Ideal client service process in writing, to deliver more value every year and become more valuable to your best clients?
Team- Do you have the right amount of team members, and the right people to manage your capacity currently?
Capacity – Are you managing your capacity well or are you working past capacity, struggling to grow?
Lifestyle- How confident are you in living your Ideal lifestyle and managing your time?

Clarity

Do you have clarity around the future of your practice on paper? Would it be valuable to get your complete financial practice in order, in ALL seven areas listed above, in writing on an annual basis? What is the ideal revenue for you, your practice, and your team? How many ideal clients and ideal families would you like to work with? ____ Need to work on

The outcome for you: Clarity around your practice for you, your team, and your ideal clients and families, and confidence in your future

Complete

Do you have an ideal business plan in writing and reviewing weekly? Do you have an ideal client acquisition marketing plan in writing? Does your marketing plan have a marketing activity calendar for events, activities, and measurable targets, including lead and lag measures? How confident are you that your marketing plan will deliver the results you are looking for (above or below 80% confident)? _____ Need to work on

The outcome for you: Plans in writing and accountability process to follow weekly, so you can focus on the bigger picture

Acquire

Do you have an ideal client and ideal family acquisition process to deliver more value than any other financial advisor you know? How are you going to deliver more value this year to ideal prospects? Do you use a proven client acquisition process? Is it well documented with scripts, templates, and marketing materials? Do you have a straightforward, chronological list of simple action steps to implement your ideal client acquisition process, the conversations you deliver, along with a checklist of items to keep you on track? ___ Need to work on

The outcome for you: Confidence above 80% in acquiring the right clients

Service

How are you going to deliver more value? Deeper Conversations, more technology, enhanced communications? How will you exceed expectations? Do you have a formal feedback process for your ideal clients? Do you segment annually? After segmenting between ideal clients and families, and everyone else, do you have a written process for your ideal clients to deliver more value each year, in a manageable timeframe? Is it a process that your team can deliver on your promises, or does it rely on you? ____ Need to work on

The outcome for you: Become one of the best financial advisors by delivering more and more value every year. Attract the right people

Team

Do you have the right amount of team members, and the right people to manage your capacity currently? Do you know at what level of revenue you will need to add more team members? Do you have a written plan for every staff member with written position descriptions, training and development plans in writing, and a plan to help them achieve their goals and your practice goals? Do you have written processes, checklists, or workflows managed by your team, so you can take more time away from the practice? ____ Need to work on

The outcome for you: Confidence in your team, your processes in writing so you can take more time off

Capacity

Are you managing your capacity well or are you working past capacity? To be honest, capacity is the number one problem for elite financial advisors. Do you know what your ideal capacity is currently for your practice? Do you segment annually to grow and free up time? Do you grow, then shrink, or do you shrink, then grow? Did you know that only 13% of advisors feel in control of their time? Do you feel in control of your time? ____ Need to work on

The outcome for you: The time you are looking for, confidence, and measurable revenue

Lifestyle

What does your ultimate lifestyle look like? Do you take enough time off every year to do the things you want to do? Do you have or need a succession and transition plan for your practice? Do you value time more than money? ( remember money is recoverable, time is not) ___ Need to work on

The Quote M Uses in the Movie “No Time To Die” (Produced by Eon Productions, distributed by Universal Pictures)

He says: "The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time." The quote is by American author, journalist Jack London.

Go for it and good Luck in 2024! Grant Hicks, CIM Practice Management Expert

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Fee Audit checklist

https://feeaudit.getresponsepages.com/

88 Marketing strategies checklist

https://famarketingplan.getresponsepages.com/

Technology checklist including working remotely

https://technologychecklist.getresponsepages.com/

Listen to grant speak at MDRT

https://soundcloud.com/mdrtpresents/future-ready-practice-management-strategies

Download our "Exclusive prospecting checklist" to help acquire more ideal clients this year.

https://prospectingchecklist.getresponsepages.com/

Discover:

Key processes to finding and acquiring more ideal clients for financial advisors.
How to enhance your offers and your value promise.
Blog on the best practice management strategies to help you manage and build your financial advisor practice and team

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

P O Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

PS Where do you want your financial practice to be at the end of 2024? AUM, Revenue, and time off?

The Best Practice Management Idea of the year!

Mon, 01 Jan 2024 14:00:19 GMT

The Best Practice Management Idea of the year!

Y ou won't find this idea in a book, even though I wrote about it in my book "Guerrilla Marketing For Financial Advisors". You won't find this idea at a seminar, course, or workshop.

Not even online or any website. In fact, you won't get this information from top financial advisor performers, but you will find the idea where you work. It will change the way you think. It will change your business strategies. It will make you take a close look at what you are doing right and what you need to improve on. The idea will help you grow, develop and build your practice to heights you thought weren't possible. It will make you understand your business better, even more than hiring a consultant. It is a marketing idea that is investing time energy and imagination into your business. This one idea may change your business in 2024 and beyond. Once you start to apply the idea over and over, your clients will see tremendous value in you.

If I was asked to give only one idea to build and scale a financial advisory practice, this would be the idea.

Create a board of directors with your top clients and centers of influence. Ask them for feedback and ideas on every aspect of your business from advice to marketing, client appreciation, and client communication. Invite from six to ten of your top clients in one meeting for an hour and get valuable feedback on your image, identity, business, and marketing. Two things will happen at the meeting. First, your ideal clients will give you valuable feedback on the future direction of you and your practice. Valuable feedback on marketing, communications, and value-added processes that only they will see value in. Second, you will teach them how to refer and give you favorable introductions. Imagine doing follow-up calls and getting referrals. That is exactly what happened when I did this with my ideal clients. Not only did they refer names to me, they asked me to join events where I might meet more people like them.

Your Network of Professionals Luncheon

Hold a second meeting for your top centers of influence or referral sources. Hold these meetings three to four times a year and buy your "network of professionals" lunch for giving you valuable feedback on all areas of your business. It will cost you less than $200 and a few hours of your time. Each time you are creating formal feedback for your business. The most amazing thing happens when you tell people you are working on your business. When you do the follow-up phone call, your clients already have someone in mind you should talk to. Within 30 days you get referrals to more like-minded people and gain additional top clients. This is how you clone your best clients.

Case Study

It is gutsy to ask for feedback from your clients since they have given you all their trust. At the core of trust is your client’s desire to help you and your business. For example, if I have never experienced being one of your clients for a period of time, how can I give you long-term valuable feedback on what you are doing, how you communicate with people, and how your business is perceived? It is this valuable feedback from your top clients and centers of influence that is going to give you an edge over your competitors.

Create An Agenda

Plan to spend an hour discussing your business and the items you are working on. When I first did this, I asked my clients about a golf appreciation day I had planned. I wanted to hire a golf pro, offer lessons and hand out golf balls and prizes to say thanks to my top clients. At the feedback meeting, most of my clients liked the idea, especially the golfers. But one of my clients made an interesting comment. He said, “Not everybody golfs, so for the clients that don’t golf, why don’t you get a hanging basket of spring flowers, drop by to have a coffee, and say thanks.” My response was to thank him for the great idea. The following week, I picked up some hanging baskets of flowers and dropped by my top clients to say thanks. A week later a top prospect comes into our office to see us. We asked how they came across us. The client said, “We went to visit our friends down the street and asked where they got the nice hanging basket, and they raved about you and your firm, so here we are.” They became one of our ideal clients through our ideal clients.

Creating a formal feedback process with 4 questions in person

Here is a simple process that will help you collect feedback. At the end of a review meeting ( I like to call them progress updates instead of reviews, reviews sound boring) with these clients, ask them a question to get started. “I am building an updated unique value promise and could use your help. Can I take five minutes to ask you four questions? “

1. “What are the 3 things that you value the most about our services? (Ask both husband and wife and write them down as women and men vary in what they truly value) Note this is a double-conundrum question. Conundrum number one, your clients may not know how to answer this because they have never looked at your business that way, and conundrum number two is men and women will usually answer it completely differently.
2. How important are these 3 things to your family's financial future? Are they important, very important, or critically important? Is there anything else that is critically important? (this question may open up other discussions about planning or critical issues in their lives such as troubled children’s health problems or other concerns in their subconscious)
3. What is it worth to you? (Usually, they ask what do you mean, say the EXACT same question again, What is it worth to you?) You will be very surprised by the answers you get here. I will hold you in suspense because it is worth waiting for.
4. In our progress meetings, what is one thing that we can improve on to make our time more valuable and a better experience?

These questions take less than 3 minutes to uncover potential blind spots in your practice. They also help you change your language to your client's words to describe your value. Your head office never uses these types of words to help you grow your practice.

What you are asking is, how can we improve our progress meetings, since practice management research has told us that clients typically do not see a lot of value in reviews for the fees they pay. How can we get better? There will be small items, but there will also be big issues that will help you propel your business more than anything else. Doing this feedback exercise with hundreds of advisors has helped practices more than any other idea because it is from a client’s perspective.

Grow Your Practice, By Asking For Feedback

Try it once and you will get feedback on your business, as well as referrals. Once advisors discover how powerful this idea is, and how easy it is to do, they will want to create groups of client feedback forums. They will deliver more value to their clients and attend events with clients and get favorable introductions. They will get referrals from the Network of professionals and all they did was start with feedback.

How about your goals for your practice in 2024? Our Practice management checklist or fee audit checklist

https://practicemanagement.getresponsepages.com/

Looking to deliver more value to prospects in 2024? Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/

Let’s Talk

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

Suite 1625-2 4 6 Stewart Green, SW
Calgary, Alberta T3H 3C8
Cell 403 970 8895
Email grant@ghicks.com

PS Where do you want to be in 3 years?

Merry Christmas and a Happy New Year!

Fri, 22 Dec 2023 14:00:01 GMT

Merry Christmas and a Happy New Year!

B y Grant Hicks, CIM

Every year, I search through hundreds of articles and blog posts looking for the idea or strategy of the year that works best. At this time of year, I come across a time-tested option proven to help you grow your own personal prosperity, by donating. This is the year’s best idea and could be the best investment you will make this year. You see you don’t even need money to make this investment or strategy work. It can be an investment of donating your time to a charity, coaching a team, or helping out in a worthwhile cause. It's the one investment some of the wealthiest people on the planet usually make each year but is not reserved for the wealthy. It's the one thing written about in various ancient cultures and still promoted today.

Book “Giving”

Reach out

This is the time of year to say thanks. I would like to thank you for following me along this journey. We probably connected by zoom. Even though we did not see each other this year, we connected. I encourage you to do the same with family and friends from around the world. Who are you going to connect with over the holidays?

Capacity to do great things

Happy holidays from our house to yours!

Enthusiastically yours,

Grant Hicks, CIM, National Director Practice Management
Advisor Practice Management
www.advisorpracticemanagement.com

H ow about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

FREE Ebook: Guerrilla Marketing For Financial Advisors Innovating financial professionals through Practice management

This book is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideals clients, while running an efficient practice.

https://practicemanagementebook.getresponsepages.com/

Discover your potential blind spots:

Do you have a proven written process for finding and acquiring more ideal clients?
How satisfied are your ideal clients? What do your clients really think?
What are the most successful practice management strategies to help you manage and build your financial advisor practice and team?

We are here to serve your practice, let’s talk

As a financial advisor, do you have a segmentation program to manage your ideal capacity?

Mon, 18 Dec 2023 14:00:02 GMT

As a financial advisor, do you have a segmentation program to manage your ideal capacity?

Do you have a segmentation program to manage your ideal capacity?

One of the biggest practice management mistakes I see with financial advisors is when it comes to segmenting their clients. They segment their clients into three or four different groups different groups they create service levels for ABC and D clients. This is a make-work project and only leads to frustration.

How should you segment your clients?

There are only two types of clients. Ideal and everyone else. We know that 75% of financial advisors don't have a definition of an ideal client so that is where segmentation fails. Start by having a crystal clear definition of who your ideal client is. The top 25% of financial advisors have an ideal client profile.

Do you want to continue to service all your non-ideal clients for the next 10 years? It's like running a marathon only to realize halfway you're going in the wrong direction. What is the right direction? Acquiring more ideal clients is easier than getting rid of non-ideal clients. So what do you do to simplify your practice and your lifestyle?

Segmentation program

Some financial firms I work with have a built-in segmentation program. I truly believe that everyone deserves planning and advice but there are only 168 hours in a week and they're not changing it ( I have asked several times LOL) The structure is in place for these financial firms and the process is quite simple.

Structure

Find an advisor to transfer to

Find out your firm's options for transferring clients such as setting up a joint code

Set up an ongoing agreement

Start meetings with non-ideal clients and the new advisor and you

Build your own segmentation program

Let's imagine this year you brought on 10 new ideal clients. You have done some fantastic planning and advice work because this is what you signed up for to be a financial advisor. Doing your most challenging work motivates you and your team. Servicing clients that don't care about planning and advice takes time and energy out of your practice. You are thinking, maybe someday there is an opportunity with this non-ideal client so I will keep them. It is a waste of your valuable time with ideal clients. It is usually around one in 200 non-ideal clients turn into ideal clients. When I heard that as a financial advisor, it changed my focus and my practice. I held onto these clients as a security blanket. Which one out of the 200 should you spend time with? Where should you go and meet with potential ideal clients and spend your time?

Imagine you had a program where you brought on 10 new ideal clients and transfer 20 non-ideal clients to another financial advisor. A financial advisor that has the time that these clients deserve. It is a win-win-win all around. The client wins, the new advisor wins and you win. Build and implement your segmentation program this year if you are past capacity. Feel free to reach out to me if you would like a segmentation guide or a segmentation conversation at grant@ghicks.com

Meeting process and keys

When you and the other financial advisor meet with the client whether it's virtually or in person, build out a process and script. Below is an example of the process.

The transition process for financial advisors selling or transferring clients to another financial advisor

Keys to success

Keep it the existing financial advisors “ WAY “ and adapt to their way with existing clients. Clients hate change
Communications need to ALWAYS improve so client's confidence increases. Clients love communication
Transfer relationship capital by recording it for each client – use phone and record and name recordings Clients enjoy relationships
ALWAYS give the client an option to see the new person or come back to the existing advisor and then make a change if they are not happy. Given the choice, 99% go with the new advisor. Clients like options

Build a script – practice and master the process before meeting with clients

Understand the WAY how meetings are done, deliverables, process, and value – on paper and recorded by both financial advisors

Meeting process created and expectations for clients, old and new advisor mapped out

Email follow-up and deliverables process must be mapped out

Increase the Communications and have the new advisor have a communication plan

What is an ideal client for you?

My goal is to help you spend more time with ideal clients and ideal prospects and deliver an ideal world-class experience. If we can help your non- ideal clients and deliver more value to them, then isn't it time to build your segmentation process?

How about your goals for your practice in 2024?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

P O Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com to book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

As a financial advisor, what are you looking forward to in 2024?

Mon, 11 Dec 2023 14:00:00 GMT

A s a financial advisor, what are you looking forward to in 2024?

As a financial advisor, what are you looking forward to in 2024?

It is a question I ask financial advisors every single day. Some advisers struggle with the question and ask me " do you mean personal or business-wise?". Top advisors have no problem answering this question because they have clarity about their future, both personal and business-wise. Do you have clarity about your future?

How do I get clarity around my future on paper?

This is an exciting time of year for me because I get to help financial advisors plan and get clarity for 2024. They get to plan what they want, to get out of their business. The amount of revenue they want to generate, the amount of time off, the number of flex days off, holidays, and lifestyle. They clearly understand that the more time off you take, it makes you more money, it makes you healthier and happier. I never need to convince an elite financial advisor to take more time off. The second part is understanding data. Key data or KPIs, key performance indicators to help them manage the business on a go-forward basis. They understand profitability ratios, productivity ratios in client selection ratios to make major decisions on how to move the business in the future. For more information go to https://fabeassist.com/solution/customized-wealth-management-dashboards/ my friend Andy Grillo has the deepest understanding of financial advisors' key performance indicators I have ever seen.

What are your key numbers?

You have key numbers in your head on what you want to achieve. You know where your business is at today, but do you have a plan for where it's going to be 12, 24, and 36 months from now? If you are reading this article, please time block 1/2 to a full day in December to work on your business. Get everything out of your head and onto paper and get a solid plan that gives you confidence for 2024 in writing. Get your key numbers on paper and get clarity around your future.

What are your key work days and how many in 2024?

How many days do you plan on working in 2024? Elite advisors plan to work 220 days or less and have 200 ideal clients or less. This means on average 400 meetings ( 2 meetings per year and 2 phone calls per year for ideal clients, plus additional communications) in a year and 2 meetings per day for 200 days. The other 20 days are to acquire ideal prospects. A simple way to plan out your year. Work 44 weeks and 8 weeks off each year.

What do I need for business planning?

Over the last 10 years, I have developed a "Comprehensive Financial Advisors Practice Management Program" (c) and it has five main components.

Clarity - this is your business plan which contains the mission vision values and future direction.
Growth- this is your marketing plan and marketing calendar and how you're going to acquire more ideal clients
Processes- this is how you're going to service your clients and deliver more value in the future as well as building your process in writing to manage your business
Team- this is your investment plan on how you're going to develop your largest investment, which is people
Implement- these are the action steps that come from all of the key data that you collect on your business to help you make decisions going forward. It is your implementation schedule to help you reach your goals. just like a comprehensive financial plan helps your clients reach their goals, a comprehensive business plan helps you reach your goals

Project management process

This is where advisors get sidetracked. Have you been working on their business plan only to get sidetracked on projects that you want to get to? There are projects in each of the five categories. For example, in the clarity section, you might need to start planning a succession and transition plan. In the growth section, you might need to redefine who your ideal clients are and redefine a marketing niche. In the process section, you might need to do segmentation or implement new technology in 2024. You will definitely want to do feedback. In the team section, you may need to hire and train new staff because you're working past capacity. Just get everything on paper and then come down to a top-five list of major projects you would like to work on. Spending time on the sections will lead you to the major projects that you can map out on a quarterly basis to complete in the next one to two years.

Plan backward

“Good design must primarily serve people. You cannot stay in one place: you either go forward or you go backward. If you want to increase your success rate, double your failure rate. “ Quotes from Thomas J Watson SR. who was President of IBM for 38 years. You need to envision where you will be in the future put it on paper and plan backward. This is what we call the clarity exercise. For example, if you are managing 100 million dollars and you want to get to 500 million dollars, then find financial advisors with $500 million and understand their path and how they got there. Is this the logical path you want to take? Can you see the logical path forward? I'm fortunate I work with all different practices at all different levels. I get to see the logical path forward. One final question to help you plan a great 2024. What is holding you back?

How about your goals for your practice in 2024? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Fee Audit checklist

https://feeaudit.getresponsepages.com/

88 Marketing strategies checklist

https://famarketingplan.getresponsepages.com/

Listen to grant speak at MDRT

https://soundcloud.com/mdrtpresents/future-ready-practice-management-strategies

Download our "Exclusive prospecting checklist" to help acquire more ideal clients this year.

https://prospectingchecklist.getresponsepages.com/

Discover:

Key processes to finding and acquiring more ideal clients for financial advisors.
How to enhance your offers and your value promise.
Blog on the best practice management strategies to help you manage and build your financial advisor practice and team

We are here to serve your practice, let’s talk

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

P O Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

PS Where do you want your financial practice to be at the end of 2024? AUM, Revenue, and time off?

How do financial advisors talk about performance?

Mon, 04 Dec 2023 14:00:08 GMT

How do financial advisors talk about performance?

I get it I was an advisor for over 20 years. You have clients coming in and they want to know how their performance was in the last year. You start by giving them numbers, comparing what the markets did and because the last few years were strong, and the current one is not, you start to compare numbers. You are thinking you are well prepared for this conversation, until they ask you the critical question on their mind. Are we on track? What is their track? They have numbers and a plan in mind, but not on paper. They leave realizing their track is not the track the financial advisor is following.

Are we on track?

Except when they turn to you and ask the second question, this is where the conversation turns, the trust goes down and it all changes. They ask you " ar e we on track to reach our goals?" Without any written plans, goals, or empirical evidence, you say yes and you start to dig into numbers and bombard them with logic. You keep talking performance and numbers and talking and talking and they turn silent. S ound familiar? Do you put the words in the plan that tell them they are on track or they need to adjust their track? "You are "on track" !

What were they really asking you? Are we going to reach all of our goals with the money we have saved? What is the probability of reaching all of our goals with our current planning? Except there is a big problem. They don’t have clarity around all of their goals. They have an idea of one goal, retirement and are tracking one goal with one big total at the end so it is easy to calculate. Yet how about their other goals? How about traveling before and after retirement, which can be a big expense? How about their children’s education? Are they on track to achieve that goal? How about helping family members financially? How about their vacation homes or cottages, and second homes or cottage plans and goals? The list goes on, yet you say everything is going to be ok.

Accept that you have to change your conversation

I made this mistake. That is why I am writing to you as a #financialadvisor advisor to get a deeper sense of clarity around all of their goals. All 4 or 5 or 6 or more of their goals, ALL of them. I remember having a performance conversation with a client feeling confident before the meeting. Then they said they want to do more travel in retirement. No problem I said you have some surplus funds and you should be good. They said they are going on a cruise. I said fantastic where are you going and for how long. They said 6 months around the world. I turned white as my blood rushed from my face. My first thought was, I am not sure they can afford this. How will this impact their retirement? They could see the worry on my face as I knew I had to update their goals, their plan for their future and their estate. This was no simple goal. Yet they were thinking about doing this for a long time. They discussed they wanted to travel, but I never went deep enough. I assumed a trip here and there and they would be fine. But this trip was going to cost a substantial amount of time and money. I never went deep enough to ask them about ALL of their lifetime goals and dreams.

I started getting 6 goals from every client

This changes everything. Performance is important but must be in relation to their goals. I struggled as an advisor to get goals from my ideal clients. Then it hit me clear as day the conversation has to change. Now I coach financial advisors goals-based planning through practice management processes. Don’t get me wrong, performance is critically important, but it is only one dimension of the conversation. When a client goes to your competitor and has a deeper goals conversation that also taps into the client's values, usually no amount of performance is going to stop them from moving their accounts.

I started with the implementation schedule

I get it. You put together a plan, which some want and some do not. You spend hours trying to update it, and only in times like these do you update it. Try something different. Elite advisor start with a schedule of advice to reach your goals. Instead of "are we on track" try " we are on schedule". An implementation schedule which is a list of advice to help them reach their goals. What does the schedule say we need to do and approximately where are we on the schedule? Remember update their goals, not their plans.

Ask this in your next meeting with a client

If I help you get solid performance and reach all of your 6 goals mapped out with clarity and put it on paper and a plan, are you happy with me as an advisor? The client usually answers yes. Now if I help you hit all of the performance benchmarks, but we don’t quite reach all of your goals are you happy with me as your advisor? The client usually answers no. So what is more important, performance or performance in relation to your goals?

Great questions to ask

Have your goals changed in the last three, or four or five years? Most clients would answer yes. Then open the conversation about their future. Use the attached list to spark the conversation. What else would you like to accomplish in your future from this list? Check off your own personal goals as you are reading this article. How many goals do you have? Do you have a plan to help you accomplish all of your goals? Emotionally engage your clients and prospects with pictures of their goals. Then watch their body language and see their confidence in you soar making it a great meeting beyond just performance.

Scripts- A great read

Do you have a script for these conversations? I work with elite financial advisors to help develop their scripts for their ideal clients. If you don't have a script for your "goals-based progress update meetings" then get one. Nick Murray in his book Scripts https://www.nickmurray.com/books/ outlines these conversations. Get the book and you will see why Nick Murray shows elite financial advisors "what to say, and exactly how to say it". As he says on page 18 " All successful investing is goals-focused and planning-driven. All failed investing is market-focused and current outlook-driven."

Goals-Based Planning Exercise

____ Lifestyle - Retire / slow down / part-time
____ Debts- Debt reduction-debt free
____ Education – Children / Self
____ Vehicles – Cars / Boat / RV / collector
____ Major purchase – Vacation property / Lifetime Trip
____ Travel -Vacation property / Trips / bucket list
____ Health care – Family members / personal health
____ Home – Reno’s / Upgrades / downsizing
____ Celebrations- Weddings / birthdays
____ Estate- legacy- family-wishes
____ Gifts- donations / charitable involvement
____ Volunteer – Philanthropic goals / legacy
____ Care for someone – elderly / family
____ Business – Investment / opportunity / sell business
____ Career – education / changes / courses
____ Memberships / Hobbies – golf or sports clubs / groups / collections
____ Wealth protection and wealth transfer -succession planning to family
____ Wealth enrichment – asset protection strategies

____ other goals that come to mind?

“Everyone needs and deserves a comprehensive financial and investment plan.”

How about your goals for your practice in 2024? Practice management checklist

While each financial advisor's practice may have a different approach, advisors need to understand where their practice needs help, and will they get the right help for the right part of their practice. What areas does your practice need help with? Get a copy of our updated 21-page “Comprehensive Practice Management Strategies checklist” by going to our website

https://www.advisorpracticemanagement.com/about-us or clicking here

https://practicemanagement.getresponsepages.com/

Fee audit checklis t for ideal prospects, click here https://feeaudit.getresponsepages.com/

Let’s talk

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

Suite 1625-246 Stewar t Green, SW
Calgary, Alberta T3H 3C8
Cell 403 970 8895
Email grant@ghicks.com

PS Where do you want to be in 3 years?

Top practice management mistakes financial advisors make and how to avoid them

Tue, 21 Nov 2023 20:08:38 GMT

Top practice management mistakes financial advisors make and how to avoid them

Top mistakes financial advisors make and how to avoid them

I have a question for you. Why don't financial advisors get a copy of the client's tax returns and review them for tax reduction strategies and opportunities? It is because the financial advisor does not create a habit or a process to review tax returns. What is your process for reviewing tax returns? Do you have a process for collecting the information and do you review it with other professionals such as accountants? This is a big mistake and it is an easy one to correct. Check with your firm, compliance, or branch manager, because not getting the tax return, what are you missing?

Ask great questions

Start by asking clients and prospects a couple of questions. “Do you know about our tax reduction review program? Would it be valuable if we reviewed your tax return to see if we could help save you tax this year and every year in the future? When was the last time your financial advisor or accountant reviewed a copy of your tax returns to uncover any future tax planning opportunities?” Every wealthy client was to minimize taxes because it is their largest expense. How much tax have they paid over the last 10 years and how can you help them pay less over the next 10 years?

Start by asking clients great questions in your meetings. Start by asking this question next meeting. " What are you looking forward to in the next 12-24 months? " Have your goals changed in the last few years? Is it time to update all of your goals and put them on paper? Then revisit all of their goals, short and long-term. Planning focus, not market or outlook focus.

Less is more

The second common mistake that financial advisors make is trying to help everyone. I get it. You feel good when you help people, but to the detriment of your team, your family, and your practice. There are only 168 hours in a week, and who you choose to help, changes over time. We all started out in the financial services industry by helping everyone, but eventually learn that that doesn't work. Then we segmented our practice and figured out groups of people and how we were going to spend our time, and with whom. But that didn't work well either. Finally, we decided to hire more people to solve this problem. It seemed to work in the beginning, but slowly advisors revert back to old habits. Finally, advisors decide whom they want to spend their time with, and only then do financial advisers start to feel in control of their practice. Who do you want to spend your time with and what does that look like every week, every month, every year? Financial advisors felt good to focus on clients with one million dollars. That number worked 10 years ago. Your number should be 2 million dollars, because of growth and inflation, one million was a big target, now a majority of your ideal clients and families have 2 million combined with you. Time to think bigger in 2024!

Ideal clients or ideal families?

The third mistake advisors make is talking about ideal clients. Let me ask you two questions. What is the revenue you want to generate each year from an ideal client? Write it down. Now, what is the revenue you want to generate from an ideal family including sisters brothers parents, etc? Typically when I ask financial advisors, this is three times more revenue in working with ideal families. Isn't this where you want to spend your time working with ideal families? You cannot service 500 ideal families. Think of the ideal families you have now, and the revenue you generate from them. Isn't this where you want to spend your time? Fewer clients and more ideal families? let's say you have an ideal client aged 55 with one million. Chances are their siblings have one million and if their parents are still around they have 2 million. Your ideal family has 4 million AUM and can generate $40,000 or more per year in revenue.

Are you going to correct your mistakes?

Build processes. Practice management is about three things. Process, process, process. Start by getting tax returns as a process. Then decide whom you want to spend time with. What does an ideal family look like to you and your practice? Get clarity on who you want to spend time with. Clarity is the number one thing financial advisors want. Get a deeper sense of clarity around ideal families? Is it ideal clients or ideal families? Imagine a practice of 50-75 ideal families generating revenue of $20,000 to $50,000 of ideal revenue each year. Finally, you can feel better delivering more value to fewer people. Find someone who can help you avoid these mistakes in your practice. I would be happy to help and have a conversation, but I am not taking on any more financial advisor clients until 2022. I only work with ideal advisors who want an ideal practice and clearly defined ideal families.

You are invited - Marketing stories from elite financial advisors

How about your goals for your practice in 2024? Our Practice manageme nt checklist or fee audit checklist

https://practicemanagement.getresponsepages.com/

or Click here to get your 31-page Marketing Plan Guidebook for Financial Professionals

https://famarketingplan.getresponsepages.com/

Let’s talk

Contact us to help get clarity around your goals on paper, and having the goals conversation by contacting grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,

Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

S u ite 1625-246 Stewart Green, SW
Calgary, Alberta T3H 3C8
Cell 403 970 8895
Email grant@ghicks.com

PS Where do you want to be in 3 years?

Stop sharing content, start delivering value as a financial advisor

Thu, 26 Oct 2023 23:33:24 GMT

Stop sharing content, start delivering value as a financial advisor

Grant Hicks, CIM

It’s Friday afternoon in November around 4 PM. I am following up with a financial advisor I coach about feedback on another terrific webinar he did today for clients and prospects. Attendance was great, the content was great and usually, I have something of value to add, but not today. Today was about acknowledging the actions he has taken. The response I got back shocked me.

Advisors getting glowing testimonials

The financial advisor sent his most recent testimonial from one of the clients who joined his weekly webinar. Yes, you heard me correctly a weekly webinar for his clients! The testimonial from a client singing his praise, but promoting their advisor to colleagues bragging about their advisor, and asking them if their advisor is doing a weekly webinar. The email said, ”Who else does that?” The colleagues responded by saying they have only gotten emails from their financial advisor usually, but this email said, that the client “ wasn’t even graced by an email”. Imagine how your clients feel if you have not spoken to them by now. Even worse their statement comes out this week and you have not even called them. Say goodbye to your advisor.

What are you delivering of value?

It got me thinking of what other advisors are doing. Sure you are sending out emails to clients, you may also be doing calls, but are you doing webinars to clients and prospects? As my favorite formula, one race car Lewis Hamilton said:” I don’t aspire to be like other drivers, I aspire to be unique in my own way”. Are you doing the same as every other advisor out there, or are you being unique in your own way?

Stop sharing content and start demonstrating value

We all can share content on social media, that’s easy. But showing your true value, putting yourself out there and doing webinars for clients and prospects creates tremendous activity, confidence, and initiative. I am encouraging you as a financial professional to be unique, be creative and consider webinars and other ideas to show your value. Tell clients and prospects about your go-forward plans for the next 12 months (that I help advisors build and communicate) Consider one webinar to get started, that may bridge into a monthly webinar and who knows, possibly a weekly one as well.

Cool ideas

Here are some other unique ideas. Do a webinar for your clients, and hire a comedian to entertain people and have some fun. Have lunch with a client and spend time with your best clients on non-investment conversations. This builds trust and loyalty. Send cool ideas to clients and prospects through delivery such as ebooks. One financial advisor sent an Amazon package to a prospect with a video camera, microphone, and headset, to get them online for a video call. Guess who has a new client now. Be creative in the current environment and try something out of the box.

Making content work

Sharing content is fine, but do you have calls to action in your content? At the bottom of your content, do you have 1-3 calls to action, such as an ebook, an appointment, join my webinar or share this article? Do you ask people to share or forward your content to family and friends? Does it have a link to an online calendar link to get appointments? Here is mine if you want to chat https://my.timetrade.com/book/JMTNJ

Is there an offer to join a webinar, or better yet, join my upcoming webinar with one of my Centers of Influence https://us02web.zoom.us/webinar/register/7516979512008/WN_Es37ICeYRWKgG7hNSp8fZQ

Please feel free to forward this email to other financial professionals

“We encourage all recipients of this newsletter to share with colleagues. We have also committed to providing extended consultations to any financial advisors who want to grow their business during this challenging time. This, of course, would be 100% complementary, as we strongly believe all financial advisors should have access to high-level practice management during these difficult and stressful times, even if they have a practice management coach, I think a 20 -30-minute conversation would be valuable, so they can go back to their current coach, manager or mentor and have a deeper, more meaningful conversation, would you not agree?

How about your goals for your practice in 2023? Our Practice management resources

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Fee Audit checklist

https://feeaudit.getresponsepages.com/

88 Marketing strategies checklist

https://famarketingplan.getresponsepages.com/

Technology checklist including working remotely

https://technologychecklist.getresponsepages.com/

Listen to Grant speak at MDRT

https://soundcloud.com/mdrtpresents/future-ready-practice-management-strategies

Discover:

Key processes to finding and acquiring more ideal clients for financial advisors.
How to enhance your offers and your value promise.
Blog on the best practice management strategies to help you manage and build your financial advisor practice and team

We are here to serve your practice, let’s talk

How can you move up-market faster as a financial advisor?

Thu, 26 Oct 2023 23:01:59 GMT

How can you move up-market faster as a financial advisor?

Elite financial advisors discover that the next market up from them presents tremendous opportunities for growth for their practice. For example, I was working with an advisory team who dealt with a one-million-dollar minimum. Once they discovered how to move up-market, they changed their focus. What is the next level for you as a financial advisor?

How do I move up-market?

First, define who your current market is and who your ideal clients are by writing down one number. What is the ideal revenue you wanted to generate on an annual basis from an ideal client? Let's say it's $10,000 per year. How do you go from a $10,000 client to a $20,000 or $30,000 client? This is what I mean by moving upmarket. While there are numerous strategies I'm going to give you three ways that you can move up the market.

Number two to move up-market is to change your language. Turn ideal clients into ideal families. I'm not talking about getting more kids as clients. I'm talking about your best clients siblings and parents. Let's say you have a client in their mid-50saying you $10,000 per year. They may have one or two siblings who can also pay you $10,000 per year. Also, their parents may still be around and can pay $10,000 to $20,000 per year. You went from a $10,000 ideal client into a $40,000 ideal family. See the opportunity to move up-market? How many ideal clients can you turn into ideal families?

Where do I start when I want to move up-market?

I start with financial advisors by figuring out what their top 5 clients currently pay them. For example, if you have a top client paying you $36000 per year or approximately $3000 per month, what are you providing in a tangible and intangible way for $36000 per year of value?

Tangibles

Comprehensive planning and advice

A Comprehensive Plan in Writing

Comprehensive wealth management

Comprehensive legacy and estate planning

Feedback on what they value the most for you and your team?

What else? Create a list of services or check out my fee audit to guide you https://feeaudit.getresponsepages.com/

Intangibles

Peace of mind

Confidence

Clarity

Less stress

Simplification

Compete financial life organized

What are your “Conversations of value?”

How does this move me up-market?

Moving up-market is not just marketing, but represents massive value to the people and firms who work in this space. I can tell you I see a lot of financial advisors who have a few clients in this space who treat these best clients differently but do NOT spend all of their time there because these clients seem harder to find, demand more customization, and take more time. Until the financial advisor frees up their time ( through different capacity strategies such as segmentation, teaming, and more )and decides to commit to this market, they never move up-market. They stay in their comfort zone. Are you in your comfort zone or do you want to move up-market?

Where do you want to be in three years (2026) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Collecting and managing data for financial advisors, there has to be a better process?

Thu, 12 Oct 2023 00:07:29 GMT

Collecting and managing data for financial advisors, there has to be a better process?

Collecting and managing data for financial advisors, there has to be a better way

It's Tuesday morning and you have an ideal prospect meeting where you collect some data to potentially onboard a new ideal client. The new prospect is excited to see what you can come up with to help them and their financial future and you're excited to start developing plans and strategies to help them achieve their goals. What is holding both of you back from proceeding and having a seamless prospect experience that transforms into an ideal client experience? The relevant data To imported and exported into potentially six different technology systems.

Organizing the client and data capture

What are the six technologies?

Data gathering system
CRM
Financial planning and portfolio management software
back office systems
digital signature systems
client portal systems

Does the data flow seamlessly and confidentially between all six systems? I am no technology expert nor do I work for or represent any technology companies. I'm simply trying to help financial advisors in their clients look at how the onboarding process can be potentially improved making it a better experience for the clients and building efficiency for financial advisor teams. I'm fortunate to work with elite advisors and elite financial teams with solid software and systems in place, and we work on improving the data collection and helping people get organized in all seven areas of their financial lives.

What is your process for data collection

Where do you want to be in three years (2026)?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

practice management concerns to help you get clarity around your future business.

7 questions to ask yourself about your financial advisor practice this year

Wed, 11 Oct 2023 22:58:39 GMT

7 questions to ask yourself about your financial advisor practice this year

Elite financial advisors know the value of deep questions. Here are some deeper practice management questions to ask you about your practice. Print this off and use it with your team in a meeting.

Clarity – Do you have clarity around goals and practice on paper?
Complete – Do you have an Ideal business plan and marketing plan in writing?
Acquire- Do you have an Ideal acquisition process to acquire and deliver more value every year?
Service -Does your team have an Ideal client service process in writing, to deliver more value every year and become more valuable to your best clients?
Team- Do you have the right amount of team members, and the right people to manage your capacity currently?
Capacity – Are you managing your capacity well or are you working past capacity, struggling to grow?
Lifestyle- How confident are you in living your Ideal lifestyle and managing your time?

Clarity

The outcome for you: Clarity around your practice for you, your team, and your ideal clients and families, and confidence in your future

Complete

Do you have an ideal business plan in writing and review weekly? Do you have an ideal client acquisition marketing plan in writing? Does your marketing plan have a marketing activity calendar for events, activities, and measurable targets, including lead and lag measures? How confident are you that your marketing plan will deliver the results you are looking for (above or below 80% confidence)? _____ Need to work on

The outcome for you: Plans in writing and accountability process to follow weekly, so you can focus on the bigger picture

Acquire

Do you have an ideal client and ideal family acquisition process to deliver more value than any other financial advisor you know? How are you going to deliver more value this year to ideal prospects? Do you use a proven client acquisition process? Is it well documented with scripts, templates, and marketing materials? Do you have a straightforward, chronological list of simple action steps to implement your ideal client acquisition process, the conversations you deliver, along a checklist of items to keep you on track? ___ Need to work on

The outcome for you: Confidence above 80% in acquiring the right clients

Service

The outcome for you: Become one of the best financial advisors by delivering more and more value every year. Attract the right people

Team

The outcome for you: Confidence in your team, and your processes in writing so you can take more time off

Capacity

The outcome for you: The time you are looking for, confidence, and measurable revenue

Lifestyle

The Quote M Uses in the Movie “No Time To Die” (Produced by Eon Productions, distributed by Universal Pictures)

He says: "The proper function of man is to live, not to exist. I shall not waste my days in trying to prolong them. I shall use my time." The quote is by American author, and journalist Jack London.

Go for it and good Luck Grant Hicks, CIM Practice Management Expert

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

How to invest in marketing as a financial advisor

Tue, 19 Sep 2023 23:22:02 GMT

How to invest in marketing as a financial advisor

Do you spend thousands of dollars on ads mail drops social media or other marketing? Elite financial advisors spend a ton of money on marketing activities and events but there is another way to invest in your marketing that might be a little bit easier on the pocketbook.

How to invest in your ideal clients

When I was a financial advisor, I used to have a conversation that sounded something like this. “ What activities and events do you love to do in your spare time?” One day my client said they love to do lawn bowling. I asked him to tell me more about it. They said,” Hey why don't you come by the club and try it out it'll be fun”. So I went to the club in the afternoon to go lawn bowling with my clients. We then decided to go into the clubhouse and have a drink. They introduced me to several members of the club including the president of the Lawn Bowling Club. The president asked me after a conversation if I would be interested in sponsoring their trophy for the upcoming championship. “Sure I said and gathered some details and off I went. Several weeks later. Here I was at the lawn bowling championship watching my clients, meeting and connecting with my clients' friends, and presenting the championship trophy sponsored by my firm. Did I make a lot of connections? Absolutely. Did it eventually turn into additional business? Absolutely, and even though I never joined the Lawn Bowling Club, my clients were happy to introduce me to everyone because I invested in them, I invested in the community, and their interests.

What were my marketing costs?

First off there was the hard dollars which was a few hundred dollars for the trophy as well as a sponsorship banner at the Lawn Bowling Club and a few door prizes. The second cost was soft marketing dollars. The amount of time it took to attend my clients' events. The amount of time to attend the championship event. This was two half days out of the office to spend time or invest time with my ideal clients and their friends. I know what you're thinking. Investing all that time in order to just meet people and potentially have new clients sometime in the future. I turn my clients into raving fans! Having raving fans is a lot better than having a bunch of people that you met and networked with. (Raving Fans: A Revolutionary Approach to Customer Service Hardcover – May 19 1993 William Morrow Publisher) https://www.blanchard.com/

The goal was to invest in my clients and have raving fans. Their enthusiasm spilled over when people at the club would ask about me. This led to people proactively talking to me at the club asking for my business card and reaching out to me directly. I didn't just attend another networking event in hopes of business.

What clients can you invest in?

Start by asking your ideal clients this question “ What events or activities (sports/clubs/volunteer/charity) are you involved with in the community? We know that high net-worth HNW clients- spend over 20% or more of their free time was spent, playing sports, pursuing hobbies, or doing volunteer work. Imagine in your CRM system if you had your top 25 ideal clients and what activities they are involved in. Imagine if you were sponsoring and investing your time in those activities. Imagine what that could do for your business as a financial advisor. Imagine you spend your time and money with your best clients to create 25 raving fans. Sure you have great meetings and conversations and great feedback with them. Sure you have an ideal client experience when they meet with you. Take this from the boardroom to the playing field and now you have built a pipeline of introductions from your best clients. You have also built an activity matrix of events that you'll attend and have fun hanging out with your raving fans. You're not there to network although that will happen and you're not there for introductions although that will happen the goal this would create an extraordinary experience for your clients outside of the boardroom. Isn't that easier than investing money into networking courses and time to network with people that you hope you might convince to do business with? Now go and add one question to your ideal clients' agenda. "What events or activities are you involved in within the community because we invest in our clients".

Where do you want to be in three years (2026)?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Driving technology and innovation into a financial advisor practice

Sun, 17 Sep 2023 22:43:29 GMT

Driving technology and innovation into a financial advisor practice

The pandemic forced people to adopt technology and implement it into their practice. The good news is business carried on in financial services. The bad news is people had to invest time and money into technology to catch up. Do you feel like you are running after the train that just left the station? It seems like you can never catch up.

Who should implement technology for financial advisors?

As firms work towards implementing technology it should be the other way around. Elite financial advisors are hungry for more technology to manage and run their practice. But the advisor does not implement technology processes, their team does. Firms that I work with know I do not call people administration assistants, I call them technology implementors. They are the drivers of innovation and technology in a financial advisor's practice. Who is your technology implementor in your firm?

What technology do they implement?

Great question, should you not ask them? Top administration assistants/technology implementors know the list of technologies to adapt and implement. This may include:

-Client data organization

-CRM and PRM Client relationship management software and prospect relationship management software

-Document management, Account management and aggregation

-Social media management and marketing

-Event management

-Client communications

-Meeting scheduling

-Cloud services, storage, and workflow management

-Compliance and meeting notes and processes

And the list goes on….

What can you get your assistant/ technology implementor to implement for your practice to improve your processes today?

As financial advisors grow, they invest in more technology. But they tend to be convinced, or not of technology based on current solutions available to them. This is partly a result of the firm they are associated with and partly because they are not exposed to high technology-run practices. I am fortunate as I get to see what is working for technology for financial advisors across the spectrum of different firms. Check out Jason Pereira for example https://jasonpereira.ca/ and https://jasonpereira.ca/canadian-fintech-landscape

How can you go from average to cutting-edge when it comes to technology?

Assign software research to your tech assistant and look into what elite practices are using for technology. Success leaves and shares clues. Don't go the path alone ask top practices who are cutting edge and you will find tech processes that you can adapt easily into your practice. I call it the technology blind spot. You cannot see it. Once you see it you will want to implement it. For example, I was working with a team on a Zoom call and they asked if they could use their recorder called Fathom.ai. https://fathom.video/ After the meeting, I saw how easily it puts together a great summary of the conversation so once I saw it I decided to adapt it and improve our meeting details. I thought the meeting notes were good, but now with the help of technology and AI, it is better.

What do I do next?

As a financial advisor, your job is to allow your technology implementor to find resources at your firm and all of the technology that is available to your practice as well as ask about your firm's best practices with your technology. Then look at other software (with firm and compliance approval of course) that can help your practice. The firms that are cutting edge and leading the industry when it comes to technology have a mindset to be cutting edge. It did not just happen. It takes a future-ready mindset. Are you ready?

Where do you want to be in three years (2026) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

How elite financial advisors systemize their practice

Tue, 05 Sep 2023 23:42:48 GMT

How elite financial advisors systemize their practice

Practice management for financial advisors is about three things, process, process and process. Working with elite advisors every day, I see a very clear distinction between the average advisor and successful advisors. Successful financial advisors have more systems in place than the average advisor. Here are some key strategies to consider when building your processes.

What areas need to be systematized?

I asked financial advisors all the time what are the top three areas you would like to improve your process and your systems. The most common areas are:

-Marketing and prospect tracking and communication

-on-boarding new ideal clients

-Client service tracking and follow-up

-Ideal client preparation

-Team management processes

-Time management and capacity management

What are your top 3 process challenges today in your financial advisor practice?

Now it is your turn to rank your top three areas to build better systems. Let's examine each one in more detail.

-marketing and prospect tracking and communication. Are you sending the same communication to prospects as well as clients? Elite advisors build two different systems to communicate with two different groups of people. For example, financial advisers who send video messages, send one type of message to clients and one type of message to prospects. In other words, things to not worry about for clients, and things to worry about for prospects.

-Onboarding new ideal clients. Top financial advisors I work with have a 30-point onboarding checklist or bigger, and a three to six-month onboarding process checklist for ideal clients. They have all the templates and communications mapped out toad to deliver an exceptional experience for a new ideal client. Do you have a detailed onboarding checklist, binder, and process? does it need work?

-Client service tracking and follow-up. The famous management guru Peter Drucker once said " what gets measured gets managed". I would like to add that what doesn't get measured does not get managed. How do you measure and improve your service delivery processes? Financial advisors I work with have a double-check and triple-check process that we help build for them. They also have a tracking process to set expectations for clients, financial advisors, and the team so that everyone is on the same page.

-Ideal client preparation. Do you have standards set for your team that have the files prepared a minimum of three days in advance with a checklist of all the work to be completed? Is the meeting with the financial advisor and associate time blocked for a practice session for your best and ideal clients and prospects? Is there room for improvement in enhancing your ideal client experience? How can you spend less time on file and meeting preparation and more time on practicing the meeting experience for ideal clients and ideal prospects, just like elite financial advisors do?

-Team management processes. In the past few years hiring new team members and associate financial advisors is a large process. Do you have all the tools and templates that you need to build an extraordinary experience for new hires or are you winging it? I work with headhunters whom have shared some exceptional tools and resources to help build policies procedures and processes for financial advisory practices. Does your practice have a training process for team members? Do you have well-documented processes for human capital?

-Time management and capacity management. Practice management is also about time management and capacity management. Implementing processes in your business not only will give you more time and capacity But also a greater sense of confidence and peace of mind when you think about managing and growing a larger financial advisor practice. I highly encourage you to read Gino Wickman's book “Traction” BenBella Books; Expanded ed. edition (April 3 2012) because he takes process to the next level. How entrepreneurs need systems and processes to achieve their vision. Check out https://www.eosworldwide.com/ I would also encourage you to read “ Process!: How Discipline and Consistency Will Set You and Your Business Free” by Mike Patton and Lisa González BenBella Books (Sept. 27 2022)

How will you systematize your practice more in the next year?

I would highly encourage you to print this out and discuss the top three processes you would like to work on in the next year with your team. Who can help you run better processes? There are financial advisors who have people who implement process technology to help them, and resources to guide them. Speak to your colleagues about how they built their processes and who helped them. Build out your team. Practice management people, HR people, marketing people, and technology people, all help in building processes. Having 33 plus years of experience and helping financial advisors build processes with practice management, reach out if you would like a quick chat at grant@ghicks.com or click the following link https://my.timetrade.com/book/JMTNJ and let’s talk. Check out my technology checklist at the link below. The process is the solution. Go for it and good luck.

https://technology-checklist.getresponsepages.com/

Where do you want to be in three years (2026) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

We are here to serve your practice, let’s talk

Do you agree that some wealthy prospects are paying their financial advisor too much and receiving too little?

grant@ghicks.com (Grant Hicks) — Tue, 05 Sep 2023 19:19:51 GMT

Do you agree that some wealthy prospects are paying their financial advisor too much and receiving too little?

Prospects don't know what they don't know

Let's face it, you have to deliver more value than ever before to compete with ideal prospects. You have to have a solid value promise, lower cost, and comprehensive advice and planning as part of your deliverables. You know that ideal prospects are not getting what you deliver, yet they stay with their advisor. Why? Is it because of relationship? is it because they don't know how to fire their advisor? or is it that they don't know what they don't know? They don't know what they have paid and got and not got from their advisor. In other words, they don't know what they don't know. They don't know how much it is costing them annually to stay with their current advisor in fees. they don't know the probability of success and how much more they could be enjoying, at the cost of their current advisor relationship. They don't know that with solid financial and tax planning they may be able to retire earlier, enjoy life more, and accomplish more. They don't know what they don't know. How do you let them know? How do you show them how to have a higher probability of success? How many ways do you stress test their planning or portfolio to show them, with the same money how much better they could be? How much have they paid their advisor in total over the last ten years? Do a fee audit that shows them how much they have paid over the last 10 years in fees and more importantly, what they have for those fees such as a comprehensive wealth management plan.

Do you offer fee audits?

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.

Ideal Clients Delegate

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 accept the fact people have two financial advisors. People want to find someone they ultimately trust, and if they cannot ultimately trust you, they never will be ideal. When they trust you, they want to know all your services. So, do you have a checklist of comprehensive services in the seven key areas of planning? The seven areas are tax, estate, risk management, insurance, investment, cash flow, and debt. Are you doing comprehensive planning and comprehensive advice in all seven areas, with an internal or external team or network? It is difficult to know all seven areas and stay on top of it, that is why you need to put a comprehensive team around your best clients to deliver. Once you have the process, then plan on articulating it with a checklist of all the services you deliver and what I get in each of the seven areas to achieve my goals as an ideal client of yours. I have several great samples of a comprehensive checklist of services. Check out what a family office does for comprehensive planning and advice services and consider creating a “mini- family office of services”.

Do a Fee Audit

Do investors understand the total cost of investing and advice? Consider completing a fee audit on a wealthy prospect's portfolio and financial plan. Over the last ten years, look at the total amount of fees they paid and look at the tangible (dollar gains, tax planning gains, estate planning gains, advice gains) benefits they received. Then list the intangible benefits they received, such as peace of mind, comfort, simplicity, and trust. This can be part of your detailed process to outline your measurable and immeasurable client benefits to prospects

Use a Checklist of Benefits to Compare What They are Currently Getting and Not Getting, to Help Your Wealthy prospects Understand What They Are Paying For

Make sure they understand the total cost, in dollar terms, and percentages by highlighting it at the bottom of the fee audit checklist page. One of the services can be a beneficiary audit. When was the last time a client or prospect walked into your office and asked for an estate plan? The reason why people don’t ask for one is that they need deeper clarity around their specific goals for their estate. Instead, ask this question. “Did you know about our beneficiary audit service? “The typical answer is no, what is that about? “Would it be valuable to do a beneficiary audit, to summarize on one page all your beneficiaries and the benefits they will receive, and make sure all beneficiaries are correct and coordinated with your will? If we could summarize this information on one page, would that be valuable to you? To get your 11-page report and create your fee audit checklist for ideal prospects click here to download a copy https://feeaudit.getresponsepages.com/

Show Prospects What They Are NOT Getting

When you sit down with wealthy prospects, consider this exercise and discussion. Ask “Can I do a fee audit for you to help you understand how fees impact your planning and the total cost in dollars and percentages? Would it be valuable for you to understand the total cost of what you are paying, what you get for those fees, and what you do not get? “Look at the estimated total fees over the last five years that they have paid and quantify them in a dollar-cost as well as a percentage. With a prospect, look at the starting investment amount five years ago and the ending investment amount today, including withdrawals. Then ask about the planning processes they have completed, including tax planning, estate planning, and financial planning, and ask to see the documents. This exercise will help you with your value discussion, but more importantly, show prospects the total cost, in dollars and percentages, and help them understand the total that they are paying. It will also show complete transparency with benefits and will show your prospect instant and tangible benefits of working with you, especially if their current advisor has no process for showing their planning processes, total fees, and total transparency if they show any fees for advice. It will also allow you to discuss the value of your planning processes and your progress update meetings to keep them on track.

Key Prospecting Discussion

Get in a habit of people you come across every day if they understand the fees they are paying. Ask them to explain the fees as they understand it. Then ask” would you be open for me to do a fee audit for the last five years to help you understand the cost (or fees) and benefits? I ask because we do this for our clients, so they understand the measurable benefits of our advice along with the immeasurable benefits that our planning offers such as peace of mind and simplicity of their financial life. Our clients appreciate more comprehensive planning advice through our comprehensive checklist of services. Would you like to see a copy of our checklist? Our clients have comfort knowing we have a comprehensive process that ensures you are taken care of, so they can go on and enjoy the things that are important to them”. Now you have the start of a process to discuss your differences with prospects.

Practice Makes Perfect

Do you have scripts that you use with prospects and practice them with someone to give you feedback? Do you have a clear detailed process for making your client’s fee ready? If not, who is helping you and who has a proven process to help you get there? Find someone who has a proven process and has the time to help you get there. It is not just about content, but it is about practice. Who is helping you practice your scripts? Do you record your practice sessions? Imagine if the “Rolling Stones” band never practiced and only recorded once? Do you record your meetings with your client’s permission? Find a coach, mentor, or manager who can help you build your process and help you practice your communication skills to articulate your value. Now go out and practice your fee audit conversation, build your process for converting prospects, and provide measurable and immeasurable value to your new clients.

How about your goals for your practice in 2023? Our Practice management checklist or fee audit checklist

https://practicemanagement.getresponsepages.com/

Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/

Let’s Talk

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

The five-touch client acquisition process for financial advisors wanting to grow in 2023!

grant@ghicks.com (Grant Hicks) — Tue, 05 Sep 2023 11:00:33 GMT

The five-touch client acquisition process for financial advisors wanting to grow in 2023!

In sports, if you have ever tried to learn something new, you know it can be a frustrating process. For example, if you have ever learned to play golf, you know it can be challenging to learn how to drive a golf ball off the tee. There you are, hitting ball after ball on the driving range. Along comes golf pro and gives you a few pointers and you try them. You decide that no matter what you are going to learn how to hit a tee shot. Remembering that you have that company golf tournament next week and you don’t want to be embarrassed. But you only have a few days to learn it. Ball after ball, trying to change your grip, change your stance, change your swing. Testing and trying and slowly it is starting to take shape. Then, to your amazement, all of a sudden, you drive one effortlessly like never before. Wow, you say to yourself, was that easy. I wish I knew how easy it is. You lean over and reach for another ball and put it on a tee. Stance ready, grip ready, head down, and then whack. Wow, another beautiful shot. Now your excitement comes over your body and a grin from ear to ear automatically appears. You discovered the secret. You hit another, then another, smashing them straight down the driving range. You look around to see who's watching. You notice a young man struggling to hit the ball as he turns to watch you whack yet another ball straight down the fairway. You decide to go over and offer a few simple tips, and then resume your booming drives. You have mastered it.

Learn marketing by doing marketing

Learning how to hit the ball like a master is learned by doing. You cannot pick up a book and then hit a golf ball like golf pro. You cannot go to a golf seminar then join the pro golf tour. You learn by doing. So true is marketing. I learned by trying this, trying that, testing this, implementing that. Then all of a sudden, I discovered my booming drive in marketing. It is called the five touch philosophy. The only way to learn how it works is by doing. I will explain the philosophy first, and then show you step by step how to implement it and learn by doing. Once you see yourself actually implementing and” doing “ your five touch philosophy, you will discover the secrets of marketing and why the five touch philosophy works so well, compared to most marketing methods I have learned and tested while reading hundreds of books on marketing. I learned to attract people to our business (total strangers who called me), tell us everything about themselves, and worked with our firm. I discovered the “Five Touch” philosophy while testing and implementing different marketing ideas into my business while I was co-writing and researching information for my marketing books “ Guerrilla Marketing For Financial Advisors “ series 1 and 2 with Jay Conrad
Levinson, Trafford Publishing and Morgan James Publishing

So what is the five touch system anyway?

If I asked you the name of a great marketing idea, you could probably name a few. However, if I asked you the name of a great marketing system for small businesses, could you name any? The five touch system is exactly what the name implies, a system to develop five touches or contacts with new customers or prospects. For example, if I asked you the name of a great financial advisor and you said a name I have never heard of, I might not feel comfortable going to see them. But If I had heard of them before, saw their ads or marketing, and received possibly a mailing, seminar invitation, and a phone call, I would feel more comfortable in seeing them. Use the law of familiarity in your favor. Successful marketers know that through their constant marketing programs, people want to know about your business before they will do business with you. How do they get to know your business?

I discovered that I was 80% more successful after the fifth contact. People knew us and were comfortable in choosing us. For example, I developed a system that I will share with you to develop five touches or contacts. The reason why is in the numbers:
5-10% chance of having a person become a client after one contact
10-20% chance of having a person become a client after two contacts
20-30% chance of having a person become a client after three contacts

I also discovered that most marketing programs stop or marketers give up after three tries

I also spoke to several financial advisors who were doing different marketing strategies and discovered some interesting information.
40-50% of advisors will call once and never call again
25-40% will contact a prospect the second time and follow up
10-20% will contact them three times
5-10% will contact or touch people five times or more before doing business with them and become very successful in opening new accounts 70-80% of the time and earning in the top 5-10% of advisors.

Why stop marketing after two, three or four times when you are halfway there. Your chances of success can be greatly increased if you continued or developed a strategy to do five touches or contacts. When was the last time a prospect gave you a big account or bought a big ticket item on the first meeting? The system is to have as many touches as possible. Here is an example. First, you need to get the prospect's attention. Whether you do a targeted mail drop, social media post, blog , email or ad to your target audience, you are trying to generate a response to having them take another step in getting to know you or
your business that has a strong call to action in it The call to action is was to give FREE information that solved a problem for my prospects in an emotional way.

What are your emotionally compelling offers?

In this example, it was how to avoid costly retirement planning mistakes. In the ad, there is my website address and my business address. I ask them to call for the free information , and we would send it out by email autorespoinder. If anyone read the ad and are interested, then they could also learn more at my website. The same ad is on the website, so if they are interested, now they have the option of emailing me to receive the free information. They are now online reading and learning more about us. The natural tendency of people doing business with you is they want to learn more about you. Give them that opportunity. That is one of the main reasons why every business on the planet should have a website with video. It allows people to connect with you and your business in a comfortable way. At this point, they have not contacted you. I would always back up an ad with an article or advertorial, which is a paid article. The article would talk about all of the mistakes retirees make with their finances and the problems it can cause. I see people making simple mistakes with their retirement plans every day, so I developed a few articles to address and identify problems I have seen with my experience, making it realistic and sitting true-life examples of what people may relate to. At this point, hopefully, they have seen one of my ads, see articles or my blog, go to the website to learn more. Then they possibly may ask a few people if they have heard of us or our firm. At this point they have not contacted us, and I do not know who they are. However, they know who we are, what we do, and how we specialize in our business with retirees. They have three or four touches. An ad, an article, possibly the website, and possibly ask a friend or colleague about us. The program is repeated every few weeks. In the financial business, I know that people have a major money or tax issue at least two times per year. I know that they may have a money issue coming up in a few months, so they choose to ignore the ads for now, but I have planted a seed.

Get our guide or offer

Eventually the money issue comes up, they have a financial problem and my booklet or guide of information that they can get for free may help solve their problem. They decide to pick up the phone or email us for the free information. They can call or email us anytime, even set up an online appointment. (every advisor and firm should have an online calendar set up, it is 2023) We gather their contact information and send it out to them. We now have permission to contact them. We know they are interested, motivated, and somewhat qualified because the information is targeted at people who are retired with wealth.
At this point you can see that the system is designed for more than five touches, but it takes a combination of five touches to get the system going.

What are your five touches?

Once you have people contact you with their contact information, you can develop a drip system to capture these people over time. What we did was to send
them a monthly email, if they have an email to keep in touch. They would also receive future seminar or webinar invitations that were designed
to be exclusive invitations, not just a mass seminar mailing since we wanted a more personal contact at the workshops, not just a big seminar. We would restrict attendance to 20 people. It is the touches that give familiarity, comfort and trust to your business. Once you develop your system, you will find as I did they will call you, and want to meet you.

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Stop fact-finding as a financial advisor

Fri, 18 Aug 2023 22:42:00 GMT

Stop fact-finding as a financial advisor

I was taught 30 years ago to do a fact Finder for a prospect. As I grew my practice as a financial advisor there had to be a better way to gather information and critical data. How do top financial advisors gather data for high-net-worth clients? They stopped the fact-finding process.

How do you gather critical information from an ideal prospect?

I work with top financial advisors as a practice management expert and coach and ask them to start asking this question. “ What would be valuable to get organized in all seven areas of your financial life? Or "Would it be valuable if we could show you how to get organized in all seven areas of your financial life? “ Top financial advisors take a comprehensive approach and the goal is to help them get organized in all seven areas of their financial life including taxes state investment risk insurance debt cash flow. A fact Finder benefits you as a financial advisor. An organizer benefits them as an ideal client or prospect. How many people do you know are completely organized in all seven areas of their financial life? It is OK to laugh when I ask that question. The goal is to help get them organized regardless if you work with them or not because they will find this valuable to getting their complete financial life organized.

What is the process?

We know that a very small percentage of financial advisors get a copy of a client or prospect's tax return. Yet the tax return gives you a lot of critical data about the client. The tax return is Part of your fact-finding process. An example of this for American financial advisors is https://www.holistiplan.com/ which can review a tax return in seconds and produce a report for financial advisors. Another firm uses similar technology for estate planning https://wealth.com/ Elite advisors get a copy of important estate planning documents including the will, power of attorney, and other critical data. There may be technology in your future to help you and your best prospects get organized. But don't start with technology, start with getting yourself organized in all seven areas and your top five clients.

How does the process help my clients?

Imagine if I showed you what it looks like to get organized in all seven areas of your financial life. Then I want you to imagine going home ( if you're not already there) and gathering up a list of documents including tax, estate, investments, risk, insurance, debts, cash flow, and any past financial plans. The prospect has worked with a financial advisor for 10 years and discovers they are not organized and there is no comprehensive plan and no process. At home they discover half their documents are online, they have to print some of them off they have some statements filed and some documents they can't find. They have online access they could tap into for banking, investments, insurance, the government for tax, legal and no one has ever put it all together for them. The value is in the exercise of getting them organized. It seems like a lot of work because it is. It may take them months or years to get organized, but now they're engaging your process not a fact Finder.

The organizer

What is the end result of a fact Finder? It is all for the financial advisor. The end result for a client is to have an organizer. It is a way to get organized and stay organized on a consistent basis. If you get organized on paper or online, the end result is clients that are engaged in planning and comprehensive advice. Now you can create fantastic dashboards with all the critical data and this is where you do your best planning and advice work as a financial advisor. Go and get people organized and do your best work. Coming soon is a really cool organizer tool. stay tuned.

Where do you want to be in three years (2026) ?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

How top financial advisors build their teams

Tue, 08 Aug 2023 16:28:59 GMT

How top financial advisors build their teams

Last week I had a call from a financial advisor who's adding two people to their team. They are a growing practice and want to discuss what they needed for the new staff. I asked them my 4 standard practice management staffing questions and this opened up some fundamental issues for them as well as most financial advisors and firms.

The four practice management questions for financial advisors on staffing

Do you have an employee value promise and what elements are in your value promise?
Do you have a plan for sourcing hiring, and a process for onboarding new staff just like you do for new clients? Is it well documented?
Do you have a career path mapped out for new hires which includes training and development in writing?
Do you have a compensation package that discusses the firm's goals as well as the employee's goals towards remote work, flexible work schedule, paid time off for volunteering, and other benefits top firms offer?

Why do I need all of this?

You don't need to do this unless you want to be in the top 20% of the financial industry. To be competitive in the staffing and talent space you need to have a solid offering and not just pay more. New talent requires new thinking. This includes your plan for remote work and a flexible work schedule. This means you are supporting the work-life balance and have a plan in writing to support it, not just paying lip service to a potential hire. You need to get this on paper and have a plan in writing so that it does not look like you're winging it on your next hire. What documents do you have on hiring, onboarding training, and development?

Where do I start?

Recruiting staff has become one of the top three benchmarking priorities for financial advisors in North America. Start by building out your employee value promise. Most financial advisors train their staff 4 hours or less in a calendar year. Yet the top 20% of firms have mapped out career paths and growth opportunities for their staff. Start by putting this on paper.

Describe your work setting in writing, which may include remote work and the technology you use to support it. Can you improve it?
Put in writing how you communicate to your current team, detail the meetings, the discussions the issues, and how you support their role
Clearly define your mission and go back to your business plan to map out the goals of the firm. This year is extremely challenging for financial advisors since the market is down, revenue is down and expenses are up. I get it. Why should I invest in the business when profitability is down? Because that's what the top 20% do and you know investing in people is a high ROI. Measure your staff ROI. For a simple example. If you free up 200-400 hours of your time, at $500 per hour is $100,000 to $200,000 potential growth, or potential for more time off for you and your family. What will you do with 200-400 more hours in a calendar year?
List out all the benefits beyond the base salary in writing. Is there anything that you could add for the whole team?
Go over staff training and all of the developmental opportunities that occur in a calendar year. Can you improve it?
What are the key performance indicators you need to measure your firm success staff success and overall success? Consider benchmarking your practice to see where you stand.

I don’t have time to do all of this

Start by writing everything down and getting your plan and thoughts on paper. Capacity is the number one issue for financial advisors. Your team is your most important asset. Just like acquiring ideal clients, you need to have a plan to develop and acquire ideal staff. having a high-performance team means creating the culture and values and goals for your people. It has been said that you can delegate everything except prospecting in a financial advisor's practice. I disagree, you can delegate everything except prospecting and building culture in your financial advisory practice. Start to build culture on paper for your team then it will become clear of your strengths weaknesses and where the opportunities lie for your firm to be in the top 20%.

Office management

Financial advisors are entrepreneurs. They build their own practice and carry many hats. But they run out of time when it comes to running the business. The business stalls because they go back to what they know, which is advising clients and prospects. The list of projects gets stalled such as building processes, implementing technology, and hiring new staff. The reason why is that some entrepreneurs enjoy business building and practice management, while others know they need to do it, but don't do it because they do not enjoy it. They find it frustrating since they cannot spend the time it takes to do it properly, so they quickly fix it and deal with it later. Sound familiar? Stop putting key processes on hold and assign or hire an office manager. Someone on your team who you trust to delegate important practice management processes to. Start with your hiring process. Assign this process to someone on your team. If you need help reach out. email grant@ghicks.com for a 20 minute chat on how to build your team and stop trying to do it all yourself as an entrepreneurial financial advisor. click the following link https://my.timetrade.com/book/JMTNJ and let’s talk

Need help?

If you would like to benchmark your practice contact me or simply click on the link below and download our practice management checklist to help you get your process in writing and on paper. If you need help with this in want to have a quick conversation feel free to have a 20-minute chat by clicking the link below go for it and good luck.

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Technology checklist including working remotely

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

Tue, 08 Aug 2023 04:33:11 GMT

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

The number one reason why clients and prospects don't want a financial plan from their financial advisor

Why else wealthy people don't want a financial plan?

Overconfidence: Wealthy individuals might feel that their financial success means they have a good handle on their finances and investments. This overconfidence can lead them to believe they don't need a formal plan, even though a well-structured plan can help optimize their financial strategies.

All the reasons listed are behavior management issues for financial advisors. A sales process does not solve behavior management, you may need to change your process.

Do you have a proven scripted process?

Does your software help you or hinder your process?

Client data gathering and organization software including document management

Comprehensive Financial planning software, Covering all 7 areas

Cash flow and retirement distribution software

Tax planning software

Estate planning software

Portfolio analysis and management software

What are you going to do differently to help ideal clients and prospects put together a comprehensive goals-based plan for their future?

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Buying versus build approach to strategic growth for financial advisors

Mon, 31 Jul 2023 19:25:33 GMT

Buying versus build approach to strategic growth for financial advisors

Depending on your firm, some financial advisors see opportunities for strategic growth through partnering and buying. Simply put more and more opportunities are opening up every day with the aging population of financial advisors. I get asked all the time to discuss opportunities when it comes to strategic growth. There are things to look out for and things to avoid. Here I will share a few success stories to think about.

Revenue lift

When buying another financial advisor's book of business, we look to see if there is a potential revenue lift, that is easy to implement. We all have the optimism that by buying another book of business there will be additional revenue opportunities for different products and services. In one recent case, the asset management fee was higher for the purchasing advisor because they were on a discretionary platform and had the opportunity to raise the revenue of the new book of business. This is because of sudden acceleration in digital transformation is a buying opportunity. Some financial advisors are being forced Into new technology with hundreds of clients costing them a lot of time. Not only did this transaction make sense, the time effort and energy gave the new advisor two things. First more revenue and 2nd once clients adopted the technology a win-win scenario. The key is clients adopting the technology which is usually more of a hurdle in the financial advisor's mind than it is in the client's mind.

Exit planning

Financial advisors who want to exit over the next five years need to plan. How many financial advisors do you know have the capacity to take on hundreds of millions of dollars of assets, and pay a big lump sum check, add staff, and acquire you all at once? Here are a couple of examples recently I've worked on. Financial Advisor A decides to buy financial advisor B over five years. A financial advisor takes on 20% of the clients each year over five years. In the latest case, it was approximately 100 clients so adding twenty clients a year was manageable. Advisor B sold their block of business, had a written exit plan, and became a rainmaker for Advisor A. We set up a second rainmaker code so new clients and prospects advisor B acquired over five years became a secondary sale or another block of business to sell for advisor B to advisor A. The bonus in all of this is that advisor A minimized high lending costs at higher interest rates because it was structured overtime and getting creative with cash flow. Creative exit planning can be a win-win for financial advisors and clients.

Mistakes in acquisition

Are you buying clients or revenue? So many times I see advisors look at clients and get excited about the future opportunities in the hope that the revenue will be there to create. Unfortunately, the revenue rarely meets expectations and the advisor is stuck with non-ideal clients.

I understand that some financial advisors hate marketing and would rather acquire to grow than market to grow. Or just buying the same type of clients over and over don't expect different results. I worked with a few financial advisors who acquired higher net-worth clients in niche markets that they didn't currently have. For example, they acquired more clients with professional corporations that needed more planning and advice. I always look to move upmarket or into niches with book-buying acquisitions. I also look at the lack of digital transformation and the time and opportunity cost. I look for ideal client families not just households. I look at the written financial plan of the top clients and see the type of advice in writing they have received. I rely on some of my trusted partners for valuation advice and I look at client satisfaction and experience process is or implement some of our tools to help really evaluate the book from the client's point of view not just the adviser's point of view.

Success stories

I have seen financial advisors go from 100 million AUM to over 300 million aum in one acquisition. I have seen Financial advisors' revenue go from 2 million to 5 million. I've seen financial advisors sell to institutions at a higher multiple. I have seen financial advisors acquire books of business and acquire amazing talent and built new teams. All kinds of opportunities out there to grow through acquisition. If you would like to grow dramatically now think about what that looks like on paper and sometimes what you think about, opportunities appear. What is your plan for acquisition in the next year?

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Do you have sample plans and sample case studies as a financial advisor to share with your best prospects?

Wed, 19 Jul 2023 04:22:00 GMT

Do you have sample plans and sample case studies as a financial advisor to share with your best prospects?

What needs to change in your process?

Advice in writing

Sample plans and advice

How can I do it better?

Practice management is about process, process, process

How about your goals for your practice in 2023? Our Practice management checklist or fee audit checklist

https://www.advisorpracticemanagement.com/about-us or click here

https://practicemanagement.getresponsepages.com/

Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/

Become a “Future-ready Advisor” Get our 21-page technology checklist here https://technology-checklist.getresponsepages.com/

Let’s talk

Financial advisors who have a successful COI network

Tue, 04 Jul 2023 20:25:36 GMT

Financial advisors who have a successful COI network

As a practice management coach and consultant for financial advisors, I read many articles on how to build a COI network. We know the most successful financial advisors have a process to build their network. That is not the problem. The problem for financial advisors is getting on a two-way street of giving and getting referrals and introductions from their network. I get asked the question all the time” Grant what is working right now for getting referrals from my COI network?” Do you have a process to build manage and communicate with your COI network? Do you have a core and niche network that you work with? Do you have at least 12 people on your network that you work with?

Experience

How does your COIs experience being an ideal client? Elite financial advisors, I work with share their ideal client experience with their network. They don't just go out for lunch they want to share the experience of being an ideal client. For example, They walk them through the values and goals experience And explain how deep the conversations get with their ideal clients and prospects. They show them the value of the conversations So the COI can experience them.

Surprise

The surprise comes when the COI asks if they qualify of becoming one of your ideal clients. They know you might have high minimums, but elite advisors have no minimums for COI’s as clients. They have a desire to become a client because they see the value of your process and conversations. I always ask top financial advisors how many COI’s they work with and how many of them are clients?

Communicate

Elite financial advisors have figured out they have to communicate more with their COI network than anybody else including clients and prospects. COI’s Know that financial advisors don't communicate enough with their clients because they hear it all the time from their clients. I never hear from my financial advisor. Several financial advisors, I work with do the following communication to their COI network.

Meetings and events as a group. I have spoken to hundreds of groups of COI's for financial advisors and facilitated several group conversations. Summertime is a great time to test one out.
Events - Many financial advisors socialize with their COI network And do community events together such as charities fundraising and community causes
Newsletters blogs videos and podcasts Does your network hear your voice all the time?
Special emails ( With compliance approval of course) sending e-mails specifically to their network on specific topics such as tax legal, estate, real estate insurance risk management lending etc. Do you have an e-mail or communication designed for your network?

One advisor I was recently speaking to communicates on a regular basis and has over 50 people on their network. This also includes staff and partners in their network. Their weekly goal is to meet with one COI every week, giving them over 40 meetings in a year with their network. Another financial advisory team I work with plans a COI meeting every month ( except summertime) where the group works on their business with a coach together. Ask top financial advisors you know how they have successfully cultivated their COI network by coordinating advice with their best clients.

Coordinate

Elite advisors know to raise their image for their network they need to have coordinated meetings with their clients and the COI network professional. They get to see how you run and manage the meeting and it gives them confidence knowing how you manage people, Manage meetings and manage conversations. If you had five coordinated meetings this year you will see the giving and getting from your network will accelerate.

Friends

How many people on your network can you say you're friends with and you like to spend time with and hang out with? They are professionals first but people as well find out what they like to do and consider socializing with them. If you do not have a process to build a CLI network e-mail me at grant@ghicks.com And I will send you a copy of a proven process to build a bigger COI network.

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

How to build more capacity in your practice this summer!

Sun, 11 Jun 2023 19:36:51 GMT

How to build more capacity in your practice this summer!

Capacity is the number one challenge for #financialadvisors and wealth management. There are only 168 hours in a week, and that is the one thing that is not changing. How can you build more capacity in 2023? Here are some strategies that I have helped financial advisors implement to save them time, and you can too.

Workflows

The easiest way a financial advisor or financial advisory team can increase capacity and improve efficiency is by building team processes. Less than 50% of advisors have adapted workflows, yet it is the quickest way to build capacity. Workflow technology starts with your CRM system. From there it grows into a plan which then turns into a checklist or a process. Finally, it grows into a workflow, which tracks and confirms completed tasks. The book "The Six Sigma way" McGraw-Hill Education; 1 edition (May 18 2000) is all about building successful processes. Cost reduction...productivity improvement...customer retention...these are the promises of the Six Sigma quality management system.

The Six Sigma Way reveals how GE, Motorola, and numerous other companies are successfully using Six Sigma to fine-tune products and processes, improve performance, and increase profits. Ask your firm, coach, or mentor about implementing workflows. One team we recently worked with found an 11% increase in time by adapting workflows while reducing errors and frustration, leading to more revenue-generating time and activities.

There are 9 areas to systemize your practice. For example onboarding, ideal client service, and client communications. Each area needs to have a process, and organized in your online filing system for you and your team. Remember years ago we were taught how to find a book in the library. They have a system to find a book. Does your team have a system for finding the processes to do certain tasks, or are they struggling with each task as there are no written processes? Elite financial advisors build checklists for complex repetitive tasks and have templates to use over and over again.

Segmentation

Summertime is the perfect time to segment or re-segment your client base. To build capacity you have to make room for more, not just squeeze more in. Which clients could you segment to another advisor to make room for growth? Your team should know your list of ideal clients and non-ideal clients. The most successful teams grow annually by as much as 17% simply by segmenting annually. If you want my segmentation guide for financial advisors email me at grant@ghicks.com subject segmentation.

Growth

Financial advisors who struggle with growth, turn marketing on and off on a regular basis. They market when they feel they need new ideal clients, and stop marketing when they get overwhelmed. Sound familiar? We all do it and it is human behavior that gets in the way of growth, not marketing. Finding consistent ways and timing is critical to your marketing plan and communication plan. We all use the excuse to spend time with non-ideal clients than going and finding ideal clients because it is easier. The hard part of this business is finding true ideal clients. Elite financial advisors know it takes time to acquire ideal clients, so their marketing is not designed to get clients this month it is built to take clients through their prospect journey and acquire them in the upcoming year. You need ideal clients next quarter and next year, so why would you stop marketing? If you need help with your prospect's journey, reach out to us.

U se more technology -Online meetings and client webinars

One advisor I worked with saved 75 to 100 hours of travel time by offering clients an online meeting. They also communicated on mass to clients through webinars, so clients feel up to date on a timely basis, by connecting online and joining a webinar, hearing a consistent message. You can call 50 clients and have 50 conversations taking 50 hours or do one webinar that takes one hour Your choice?

Who is in charge of technology research in your practice? We hear of great technology solutions from other successful financial advisors, but it takes time to research and implement. Have someone on your team do the research to figure out if it will work for you or not before you spend time on it. Of course, check with your firm or compliance office to see if it will work as well. Who is doing technology research for you? In this 26 page fully updated checklist for 2023, you will discover how elite Financial Advisors leverage technology to get ahead of the curve and become "Future Ready Financial Advisors". https://technology-checklist.getresponsepages.com/

Online calendar

Have you ever played phone or email tag with a client or prospect to find a mutual meeting time, only to get a follow-up email that they want to change it because the time doesn’t work? Then you start the process over again and it takes months to see ideal clients and prospects because they are busy people. Sound familiar. I work with some of the busiest and successful advisors and I can book appointments with them and their teams using an online calendar scheduler. It is a simple but effective tool for you and your staff to book appointments. Check out timetrade ( I Use ) or Calendly or others. Check with your CRM system as all CRM systems should have this feature built-in. This will save you and your staff hours per month on emails and the phone.

Paraplanning

Do you think your accountant puts the data into their software system and prepares your personal and corporate returns? Or do they have an assistant that is trained in the software to prepare everything for the accountant, so they can review and confirm it for their clients? You should be delegating as much as possible on your goals-based planning software to your admin or team members. This will free up 10 hours per new client and if you acquire 10 new clients this year there are another 100 hours saved. Paraplanning refers to the administrative duties of a financial planner carried out by junior members of a financial planning group. The function of a paraplanner was created to allow financial planners to focus on working closely with clients and identifying their investment needs. Paraplanning includes analyzing clients' needs and researching and recommending suitable advice aligned to those needs. ( according to invesopedia.com )

What is your time worth?

If your time is worth $500 per hour then saving 100 hours this year is worth $50,000. This article then can provide great value to your practice, only if you implement it. The challenge is investing time to implement software and train staff. You can also hire this out as well. That is one of the things we do in our Capacity program, help you implement. Implementing software not only saves you time, but staff costs as well. Remember software does better at repetitive tasks and processes than humans. Remember to check with your firm, branch manager or compliance officer before proceeding, as your firm may already software set up for their advisors.

Take more time off and unzoom

We know that the most successful financial advisors take 6-8 plus weeks off per year. The more time off you take the more productive you will be. Think of how much you get done before and after your holidays? Think of how long tasks take when you are tired or non-productive. Now how long does it take knowing you are taking time off to recharge. Being completely unplugged and unzoomed is critical in today's world to build capacity.

Questioning your ideal capacity?

Contact us to help implement these strategies and more, that can save you hours of time this year by contacting grant at grant@ghicks.com or click on the link to set up no-obligation 20-minute discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat to help you build your ideal capacity.

Advisor Practice Management’s goal

“ Helping Financial Advisors take action, to create 20,000 comprehensive financial and investment plans for their clients”. Ask your clients and prospects this question " What does a comprehensive financial and investment plan mean to you?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Elite financial advisors know less is more when scaling your financial advisor practice

Sun, 11 Jun 2023 19:32:27 GMT

Elite financial advisors know less is more when scaling your financial advisor practice

Increasing revenue without increasing your number of clients for financial advisors

How does a team of successful advisors scale their business, increase equity and value, to make it more efficient? In other words, how do you scale your practice from 75 million to 150 million to 300 million or more? Or a 300 million practice to 500 million+. No matter what the numbers are, or revenue is you know what to do but do you know how to do it?

Money is recoverable time isn’t

You know you can go and earn more money as a successful advisor, but you can’t go and earn more time? Capacity is the number one issue for successful advisors, so how are you managing your capacity? In the book on practice management, by Mark Tibergien and Rebecca Pomering, (Practice Made (More) Perfect: Transforming a Financial Advisory Practice Into a Business (Bloomberg Press) they show the difference in time management between average and elite financial advisors. What if you could find 200 more hours in a year, what would you do with the extra time? This is the difference between teams that do in-house portfolio management and teams that don’t. The average advisor spends 24% of the time on portfolio management and research versus 12% or less when they have either outsourced it or built it in-house, where they control the cost and revenue and build more equity. I see successful wealth managers generally increasing efficiency, capturing more ideal clients and assets, and improving client outcomes consistently. A Portfolio manager process or a TAMP process, turnkey asset management process, either way, how much time are you spending on your process? How can you get 200 more hours in the next 12 months, you know what to do, how will you do it?

Ideal families

The financial industry drives me crazy sometimes. Everyone talks about ideal clients. If the language in the industry changes from clients our households to ideal families, then the math changes dramatically and so does the revenue. An ideal client or household may have a million dollars so the revenue at a simple 1% is $10,000 plus additional services such as insurance planning banking etc. If you target ideal families, not just parents and grandparents, but other family members such as parents brothers and sisters, and other relatives, you go from $10,000 for an ideal client to $20 $30 , $40 or $50,000 or more revenue. 50 ideal families at $50,000 per ideal family is an ideal business that generates $2.5 million or more. You have a team of 4 of those types of advisors and you have a 10 million-plus revenue firm. What is the value of that firm if you transitioned to retirement or sold it? Start thinking differently. During the pandemic, people moved closer to family members, so referrals to other family members came easy to financial advisors. Why not capitalize and look at families linear as well as horizontal. Wealthy business owners always have family involved in their businesses. Make a list of your ideal families and how you will capture more!

Replace costly inefficient staff with technology and tech-savvy staff

The biggest thing on financial CEO’s minds these days is when staff comes back to work what will the model be, and how will the culture be? Let’s face it, the pandemic has forced the financial industry to adapt to technology. It is a tech-savvy business, do you have non-tech-savvy staff who resist change? The future-ready financial advisor no longer has an admin assistant, they have a technology assistant or I refer to as a Robo-assistant, handling everything in the digital world, implementing technology practice management processes with ease. They bring the practice forward and are always looking for fresh ideas on how to scale the practice. Some examples of Robo-assistants I have worked with have blown me away in their processes in running their practice. They have shown me technology that is super efficient and changed how I work with assistants in consulting to financial advisors and teams. Do you have a technology assistant or administration assistant?

Acquire more ideal families

Take more time off

One final question?

How about your goals for your practice in 2023? Our Practice management checklist or fee audit checklist

https://www.advisorpracticemanagement.com/about-us or clicking here

https://practicemanagement.getresponsepages.com/

Fee audit checklist for ideal prospects, click here https://feeaudit.getresponsepages.com/

Become a “Future ready Advisor” get our 21-page technology checklist here https://technology-checklist.getresponsepages.com/

Let’s talk

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd edition. www.advisorpracticemanagement.com for speaking, workshops or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Secondary meetings for financial advisors to grow their business

Sun, 11 Jun 2023 19:25:24 GMT

Secondary meetings for financial advisors to grow their business

Secondary meetings

The purpose of the secondary meeting

Introductions –” Before we begin, I would like to ask you a question. If, I were to meet a group of successful people ( specific occupation) ________ like you, where would I go to meet them? How would I find them and meet them?
Network- Do you know about our _____( your last name) Network of Professionals ? Build out your process to build out your network ( email us if you need help)
Family -Do you know about our Family plan? Do you offer a family plan? ( remember to check with your firm or compliance officer or branch manager)
Events / community “ What events or activities ( sports / clubs / volunteer / charity) are you involved with in the community? ( get out of your office to meet people this summer)

The four questions

Network of professionals question

The family plan

Events

Time management

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Segmentation mistakes financial advisors make and how to avoid them

Tue, 30 May 2023 15:09:01 GMT

Segmentation mistakes financial advisors make and how to avoid them

Key practice management process annually

The first and most common mistake financial advisors make with segmentation

Did you know that 75% of financial advisors do not have a clear ideal client definition? Start by scoring your ideal clients out of 10 in the following categories

Client name Eg Smythe
___1. Comprehensive advice
___2. Brings all documents
___3. Consolidates business and delegates to you and your team
___4. Wants planning and advice
___5. Listens to you and wants to learn more
___6. Understands your fees
___7. Generates ideal revenue of $____________
___8. Has future potential revenue for themselves or their family $__________
___9. Introduces you to the family / family members with potential
___ 10. Introduces you to other people (referrals) and wants additional planning
coordinated with professionals (your _____ network of professionals)

Clients with a score of 10 out of 10 are ideal clients and potential ideal family clients

Segmenting mistake number 2

Segmenting mistake number 3

Segmenting mistake number 4

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technologychecklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

The voice of the financial advisor

Wed, 24 May 2023 00:10:43 GMT

The voice of the financial advisor

The voice of the financial adviser

When clients hear your voice they usually feel more confident about the economy and their financial future. When prospects hear your voice how do they feel? Communicating takes a lot of time effort and energy. I have noticed a massive difference in communications between top financial advisors and all other financial advisors. Top financial advisors have a stronger voice and are gaining traction, growing, and delivering more value and more communication. They find it easier to communicate, not stress over it. Financial advisors who don't have a voice are struggling to acquire ideal clients and move upmarket. How can you get your voice out there more?

Multiple conversations

As a financial advisor when you meet with clients on a regular basis there seem to be similar questions similar conversations and similar patterns. How can you turn those conversations from 1 to 1 to 1 to many? I've noticed that working with top financial advisors they all seem to have a voice for clients prospects and centers of influence. Not only do they communicate on a regular basis but they use different forms of media to get their voice out and their message heard. Here are a few simple strategies to get your voice out. Remember always check with your branch manager and compliance officer before proceeding with any marketing activity.

Radio shows
Podcasts
video communications
webinars
live events

What is your voice combination?

If you are not doing any of these activities or possibly one of these activities and I would strongly encourage you to look at what top advisors are doing. I notice that the most successful advisors have at least two activities to get their voices out. Let me share a few ideas with you.

Radio shows

Certain niches of clients do well with radio shows such as farmers and retirees. People that listen to a radio show OK that instant connection when they have a phone conversation or a Zoom meeting with you. Small and large communities have radio shows sponsored by financial advisors and have them on a regular basis so that people can hear their voice.

Podcasts

you are either a fan of podcasts and listen and subscribe or you listen to an odd podcast once in a while. Imagine if you're looking for creative strategies to solve complex problems. Listening to prod cast won't solve their problems but you will be able to listen to someone who can hear your similar situation and solve a similar problem. For example, interviewing successful entrepreneurs and some of their challenges gets you in front of more business owners. Now imagine if your guest was a successful business owner do you think they would share it with friends family and who they are connected with? Get the idea?

to listen to a podcast I did with Jason Pereira on Mastermind groups click here

https://jasonpereira.ca/all-content-jason-pereira-toronto/mastermind-groups-with-grant-hicks-e99

Video communications

People who know me know where I stand with video. I highly encourage video but I don't like to use it because every time I do my business grows. An easy way to get your voice out is through video. Besides doing client videos on a regular basis there are five key videos that I call your signature videos to produce.

Intro video about who you serve and what you do for them
lead magnet video geared towards ideal client's problems and solutions
a video about who the advisor is and why they got into the industry
A FAQ video to answer any ideal prospect questions
your processes video And what are your processes to serve your clients and who your ideal clients are

A simple idea to get started is to do a 2-minute video on one idea that you would like to share. This gets the studio, the recording of all the details out, and gets you started. Now you have an excuse to get the communication out to clients, prospects, and centers of influence. The outcome is your voice and more communication. Recording a video is just an excuse for communication.

Webinars

When the pandemic hit people turned to webinars. When the pandemic ended a lot of advisors stopped doing webinars. But some firms and advisors had a proven formula and continue to do webinars today. For example, if you want to become a thought leader in a certain area or topic, certain financial advisors continue using this successful formula over and over again. They have a schedule usually every two months and contact clients' prospects and centers of influence to get them to the webinar. This drives engagement which drives appointments which drives revenue and growth. Again it is the voice of the advisor that people are listening to you on the webinar.

Live events

This is the most costly and time-consuming activity for a financial advisor. Yet it always produces the highest results. To achieve better-than-average results think about this. You listen to an advisor on a radio show or a podcast. You may have signed up for a blog and got a video communication message. You might have been invited to a webinar or listened to a recorded webinar. You watched a few other videos that tell him about who they are what they do and who they work with. Then you get an invite to an event. Even though you have a current financial advisor your communication is a crappy e-mail newsletter. And you have a significant amount of wealth and you have not heard from the advisor or their voice for some time now. All of the work has done the heavy lifting in the prospects' journey. Now you know some secrets about how top financial advisors are growing their practice. Your voice can be your brand. If you need help with this let's talk. There are a lot of creative ways to get your voice out. email me at grant@ghicks.com Isn't it time you had a voice?

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

World-class ideal client communication strategies for financial advisors

Wed, 10 May 2023 17:52:06 GMT

World-class ideal client communication strategies for financial advisors

When supply increases value drops. That is why communicating to the mass affluent looks all the same. Similar newsletters, Similar client review meetings, and similar experiences. If you want to deliver a world-class communication strategy for your top ten clients and your top ten prospects here are a few ideas.

It starts with feedback

Before you go spend any time and money on enhancing your ideal client communications, map it out on paper and share it with your best clients. Consider doing a luncheon as a client appreciation and feedback event to brainstorm with your best clients and your team on the following ideas and strategies. At the very least, your best clients will see how hard you're working on your business and will want to introduce you to people who they feel are not getting world-class communications.

Confidential feedback tools

You can do feedback by using an online tool or survey like MailChimp. But the problem is that you don't gain any valuable insights because people don't want to upset their financial advisor so you don't get what you're looking for which is how to improve your communication. Consider one-on-one feedback questions ( e-mail me if you'd like a copy grant@ghicks.com ) Or use a third party that sends it out and collects the information confidentially. I work with a firm that can help you and your firm with that.

Progress update meetings

One of the questions I get all the time is how often should I meet with my best clients. This is the subject of another blog but the question should be: how often should I communicate with my best clients? Have a communication protocol in writing. In meetings with ideal clients and ideal prospects, you should have a communication protocol. This is a one-page illustration that maps out all communications clients can expect in a calendar year. Hint: the best clients are looking for a minimum of 10 touches per year and only 33% of financial advisors are delivering it. The ones that do deliver more than 10 touches earn more than 68% more revenue than advisors that don't. ( Source business health Australia future ready 2022 www.businesshealth.com.au ) Do you have your communication protocol in writing?

Blog or newsletter?

Clients usually sign up for a newsletter and prospects usually sign up for a blog. Is it the same message or is it 2 messages? Most newsletters I read are generic and are aimed at everyone. Think of it this way. If I am one of your best clients, I don't want a newsletter that makes me worry about things such as tax markets the economy, etc. I want less worry. That is why I hired you. I would want it educational and inspirational. Send all the things to worry about to prospects. Your blog to prospects should let them know what they don't know. For example, your checklist of things that you do that most of your competing financial advisors doesn't offer. E-mail marketing still works. If you don't agree just check your inbox.

Clients want to hear your voice

Hearing your voice gives your clients confidence in times of volatility and concern. Some financial advisors I work with, do a regular client video so clients can hear their voices on a consistent basis. Other financial advisors do non-investment communication. Non-investment communication is calling your best clients and working on the relationship by asking a simple question “Hey what are your plans for the summer?’ It's the same conversation you have when you have a progress update meeting, by catching up. Only you're doing it more often. For example, you may have two meetings per year and two non-investment calls per year. Non-investment calls build more loyalty than anything else you are doing for communications. Adding two non-investment calls this year will enhance your communications. Remember to let clients bring up business first, as the call is not about business it's about building a deeper relationship.

Webinars to educate

The pandemic is over and most financial advisors stopped doing webinars. The best financial advisors are continuing to do webinars to educate their best clients and prospects. For example, managing wealth in the last little while has been challenging. Educating people on different alternative strategies or planning ideas that you would like to discuss with your best clients and prospects can be done quicker through webinars. How many webinars do you have planned this year?

Client appreciation events

When I sold my financial business, I highly recommend to the advisors to continue my two open house client appreciation events per year. In a future blog, I will discuss client appreciation events. How many client appreciation events do you do with your ideal clients and ideal prospects each year? Remember always check with compliance before proceeding with any marketing activity.

List of communication strategies

__Start with client feedback process

__Progress updates process to deliver more value

__Communication protocol process- yours, not theirs

__10 plus touches process

__Blogs and newsletter process

__Video as well as email process– hear your voice

__Webinars process to educate – eg alternative strategies

__Non-investment communication process

__ Client appreciation events process

"Practice management is about three things, process, process, process" Grant Hicks CIM

Remember this is ideal communication. It is your first-class cabin on your plane and is reserved for your top ten clients and your top ten prospects who pay you the most and deserve the most value. If you would like a conversation on how to build your world-class ideal client communication feel free to e-mail me at grant@ghicks.com or click on my calendar link below

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Do you have a segmentation program to manage your ideal capacity?

Mon, 08 May 2023 15:31:40 GMT

Do you have a segmentation program to manage your ideal capacity?

Do you have a segmentation program to manage your ideal capacity as a financial advisor?

How should you segment your clients?

Segmentation program

Structure

Find an advisor to transfer to

Find out your firm's options for transferring clients such as setting up a joint code

Set up an ongoing agreement

Start meetings with non-ideal clients and the new advisor and you

Build your own segmentation program

Meeting process and keys

When you and the other financial advisor meet with the client whether it's virtually or in person, build out a process and script. Below is an example of the process.

The transition process for financial advisors selling or transferring clients to another financial advisor

Keys to success

Keep it the existing financial advisors “ WAY “ and adapt to their way with existing clients. Clients hate change
Communications need to ALWAYS improve so client's confidence increases. Clients love communication
Transfer relationship capital by recording it for each client – use phone and record and name recordings Clients enjoy relationships
ALWAYS give the client an option to see the new person or come back to the existing advisor and then make a change if they are not happy. Given the choice, 99% go with the new advisor. Clients like options

Build a script – practice and master the process before meeting with clients

Understand the WAY how meetings are done, deliverables, process, and value – on paper and recorded by both financial advisors

Meeting process created and expectations for clients, old and new advisor mapped out

Email follow-up and deliverables process must be mapped out

Increase the Communications and have the new advisor have a communication plan

What is an ideal client for you?

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

What marketing strategies are working right now for financial advisors

Mon, 08 May 2023 04:02:15 GMT

What marketing strategies are working right now for financial advisors

Ideal client and prospect conversations of value

The clarity conversation. Helping people get a deeper sense of clarity is the number one thing they are looking for. Tell your best clients about your clarity conversation and then go and have one.

There are so many other types of conversations of value you can have with your ideal clients and prospects. Remember to call them not to set up meetings but to schedule conversations.

Podcasts

https://jasonpereira.ca/all-content-jason-pereira-toronto/mastermind-groups-with-grant-hicks-e99

Events

Your passions

COI event

Ideal client feedback forum

The prospects journey

I see tons of articles daily in financial advisor publications on how to market, how to grow, How to build a niche, inbound marketing, social media marketing, and the list goes on. To simplify it you need a prospect's journey. Become a prospect of your firm and see how they learn about you and your firm. See how they connect digitally to your firm through different social media channels. See how they might sign up for one of your offers and what is their experience once they sign up. Understanding your best prospects and their journey to becoming a client is your marketing process. How do they find, meet and engage with your firm? Do you find them or do they find you? Do you meet them or do they meet you? What are your offers to engage them? The financial advisors who are the most successful at marketing have a deeper process than the average advisor. How can you build a deeper marketing process to become more successful? Start with the prospects' journey. For example. You just finished reading this blog and below yet are some links to some offers to engage you. Some people click on the link go to a landing page & up and get next week's blog. Some people are invited to a webinar, and some to a live event. Along the way, the law of familiarity says that you need at least five to seven touches for people to understand who you are what you do what you offer before they will engage. That you can acquire more ideal clients and deliver more value to people you've never met before. As the co-author of "Guerrilla Marketing for Financial Advisors Series 1 and Series 2, this is what gets me really excited. Go for it and good luck.

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s have a conversation!

Who is advising financial advisors?

grant@ghicks.com (Grant Hicks) — Mon, 24 Apr 2023 11:00:24 GMT

Who is advising financial advisors?

What is benchmarking?

Why would I benchmark my practice?

What do you do with a benchmarking report?

Ideal clients- how often do you segment, How do you deliver value-added service, and ensure consistent communication?

Clarity around your comprehensive business plan- Understanding your mission vision values and your exit strategy

Growth planning- acquiring new ideal clients and your onboarding process, reputation management, and time management

Capacity- managing your team, growing your team, managing technology, and growing your technology

Key performance indicators- critical data to making big decisions about your business going forward.

Here are some examples of decisions that financial advisors had made as a result of their benchmark.

-Finding, meeting, and acquiring more ideal clients

-Less is more, finding more ideal clients and having fewer clients in the future

-Developing a proven scripted process for all team members

-Building a robust onboarding process and deeper communication plans

-Delivering more value to ideal clients while delivering consistent communication to all clients

-Getting a deep sense of clarity of the direction of your practice's future in 1 year 3 years 5 years and 10 years on paper

-Developing a training program in a career path for team members including an organizational chart

-Finding ideal capacity and running the business not letting the business run you

At least, it‘s worth a discussion.

If you don't want to benchmark your practice, then download our Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technologychecklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

Stop asking for referrals instead ask for introductions as a financial advisor

Thu, 13 Apr 2023 17:23:06 GMT

Stop asking for referrals instead ask for introductions as a financial advisor

The next level

Referral or introduction

How do you get introductions?

What events are on your calendar this year?

Are you great at networking? The first step is collecting the data by asking the question to your top client" What events or activities do you like to do in your spare time? Tell me about them. The reason you're asking is part of your budget is aligned with your client's best interests. This is how I got to sponsor golf tournaments and meet different people through golf as a financial advisor. This is how I got to meet people through lawn bowling and sponsor events and meet more people like my past clients. This is how I got on board's charities and fundraising activities. What events are on your client's calendar this year? Imagine what could happen in your practice if you went to one client event per month and got introductions. Instead of waiting for referrals, go to events, ask for introductions and meet more people like your best clients.

The next steps

How about your goals for your practice in 2023?

Our Practice Management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

We are here to serve your practice, let’s talk

Time management versus capacity for financial advisors

Mon, 03 Apr 2023 23:15:57 GMT

Time management versus capacity for financial advisors

Time management

Focus on capacity, not time management

Growth strategy

How do you manage failure?

You have more capacity. Capacity management

Managing your capacity

How about your goals for your practice in 2023?

Our Practice management resources - Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management benchmarking report

Key data and KPI's, over 30 Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

As a financial advisor, are you investing in your best client opportunities?

Mon, 03 Apr 2023 22:33:46 GMT

As a financial advisor, are you investing in your best client opportunities?

Make the opportunities list

Map out the time to invest in your top 50

Here is the process

Here are the conversations in the first hour

Here are the conversations in the second hour

I can't afford 25 hours to double my prospect list

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years' worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technology-checklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

How elite financial advisors grow their practice by 15% or more every year!

Wed, 29 Mar 2023 23:28:18 GMT

How elite financial advisors grow their practice by 15% or more every year!

Do you grow your practice, then shrink, or do you shrink in order to grow?

What if there was another way?

The logical path

Who do I want to spend my time with? ideal clients, ideal prospects, and ideal COI's

Who can take care of all of my other clients?

What will my revenue be?

What will my investment be?

What is the potential gain in 12-24 months?

Growth is the easier part

The logical path

https://www.amazon.com/Ensemble-Practice-Team-Based-Approach-Management/dp/1118209540

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technologychecklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Capacity is emotional for financial advisors

grant@ghicks.com (Grant Hicks) — Mon, 13 Mar 2023 11:00:50 GMT

Capacity is emotional for financial advisors

Why is it that all these marketing firms who approach us, think we need help in growing our business? Do they not understand that we have a successful business and things are going well. We are growing but the number one challenge is managing our capacity. We have too many clients and we're trying to figure out how we're going to manage it all, not how we're going to grow it. Capacity is a feeling as well as a number. If you hit your targets but feel overwhelmed, what good is the capacity number. That is why capacity is so hard to find. It requires feeling good and hitting the goals. Capacity is emotional! Don’t measure it logically. When was the last time you felt great about your business? Find that feeling first! Finding your true capacity is one of the hardest things for elite financial advisors to find.

We don't want to grow anymore

If marketers took the approach that people were already successful and that we need help in other areas of our business I think they would get a lot more clients don't you? The financial advisors I work with are often not trying to dramatically grow their business. They are not looking for a lot of new clients. Yes they would like to acquire a few more ideal clients but only high net worth high revenue ideal clients usually less than 10 in a calendar year. What is the number one challenge elite financial advisors face? Capacity is the number one challenge most elite financial advisors face. Imagine if you can get another 2 to 400 hours in a calendar year, what that might do for your business or your lifestyle in 2023?

How do you build and manage capacity?

Segmentation

Most financial advisors segment their business every few years. Elite advisors segment on an annual basis and they usually have two segments not three or four. They segment based on ideal families and everyone else. They focus on finding not just ideal clients but ideal families which generates ideal revenue for them. They know where they want to spend their time and who they want to spend it with. Most importantly they know who they want to spend less time with. They want to spend time with people they just know there isn't enough time so they make sure clients are being well serviced by the people that have the time to do it. This is usually another financial advisor. Email me at grant@ghicks.com for a copy of our segmentation guide

Technology

Technology does a better job in doing repetitive tasks than people do. Check out our technology checklist to see where you can leverage your time by using technology. The categories seem to grow each and every year and practice management focuses on leveraging technology for financial advisor practices.PS did you know there are 5-20 pieces of technology just to do one client progess update meeting and proposal? How many technologies or apps do you use to prepare for a meeting? https://technologychecklist.getresponsepages.com/

Practice management processes

Practice management is about three things. Process, process, process. Financial advisors know they need three clearly defined and written processes that they can articulate. Process one is the ideal client acquisition process. The second is the ideal client service process. The third process is all the other processes is that you need to manage your business and your practice effectively.

People

Delegation

Time management strategies

Your goal next year in 2023 as a financial advisor is to find 100 to 200 hours of extra time. How you do it is up to you. It starts with your calendar and managing it on a daily weekly and monthly basis. We all have time management strategies that work well for us. We also have bad time management habits. in the never-ending struggle of important versus urgent. Urgent usually wins, unless you stick to your calendar. Remember elite advisors usually take 8 to 12 or more weeks off every year. They trust their team because they have processes in place. Take a sheet of paper and write these six strategies down so you can find more capacity in your business this year.

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition?

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice.

https://technologychecklist.getresponsepages.com/

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined!

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com

To book a meeting click here https://my.timetrade.com/book/JMTNJ

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off?

practice management for financial advisors

Are You a Crossroads Advisor?

Are You a Crossroads Advisor?

The 10 “Sure Things” Top Financial Advisors Don’t Leave to Chance

The 10 “Sure Things” Top Financial Advisors

﻿ Don’t Leave to Chance

Your Five-Year Test

Your Five-Year Test

How Advisors Can Create Capacity for Growth

How Advisors Can Create Capacity for Growth

What Top Financial Advisors Are Doing This January

What Top Financial Advisors Are Doing This January

2026 Is Here. Do You Have Your Playbook?

2026 Is Here. Do You Have Your Playbook?

You don't need a Bigger Audience as a Financial Advisor- You need the Right One

The six roles every financial advisor must master

1. The Listener

2. The Educator

3. The Caretaker

4. The Wealth Coach

5. The Architect

6. The Expert

What does your 2026 Playbook look like as a Financial Advisor or Portfolio Manager?

Breakthrough Thinking for Financial Advisors: How changing the question changes everything

Why You’re Asking the Wrong Question

Real Problems Require Better Questions

1. Stuck Question: “Why can’t I get more high-net-worth clients?”

2. Stuck Question: “How do I get clients to respond faster?”

3. Stuck Question: “Why isn’t my team performing better?”

The Growth Skill Most Advisors Never Learn

This Is What the Best Advisors Do Differently

Ready to Try?

Final Thought:

Why Investment only Financial Advisors and Portfolio Managers must embrace Insurance and legacy Planning in 2026?

Increasing revenue without increasing your number of clients for financial advisors

Increasing revenue without increasing your number of clients for financial advisors

The Capacity Trap for Financial Advisors

How to stop running on empty: 10 Boundaries every Financial Advisor must set now

Why Every Financial Advisor Must Step Into the CEO Role

Why Every Financial Advisor Must Step Into the CEO Role

Practice management trendsetters

How to shift from wealth management to comprehensive wealth advice like a family office?

How to shift from wealth management to comprehensive wealth advice like a family office?

How to shift from wealth management to comprehensive wealth advice like a family office?

The 17 Undeniable Rules of Financial Advisor Success

How Top Financial Advisors Use AI Every Day

Practice management trendsetters

The referral myth and how to avoid it

The referral myth and how to avoid it

The referral myth and how to avoid it

7 Core Values of Top Advisors that Others Need to Learn

When Is It Time to Hire and Grow Your Team as a Financial Advisor?

What does your playbook look like as a financial advisor for 202?

From Solo to Scalable: How Financial Advisors Evolve from a One-Person Practice to a World-Class Enterprise

How to Purchase a Financial Advisory Practice

How to Purchase a Financial Advisory Practice

Segmentation mistakes financial advisors make and how to avoid them

Segmentation mistakes financial advisors make and how to avoid them

Practice management trendsetters

The five-touch client acquisition process for financial advisors wanting to grow in 2024!

The five-touch client acquisition process for financial advisors wanting to grow in 2026!

The five-touch client acquisition process for financial advisors wanting to grow in 2026!

Practice management trendsetters

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

The number one reason why ideal clients and prospects do not want a financial plan from their financial advisor

How Top Financial Advisors Select and Succeed in a Niche Market

The Top 7 Questions your Financial Advisor Coach should ask you!

Practice management trendsetters

Financial Advisors Need More Clarity Around Their Future

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Secondary meetings for financial advisors to grow their business

Secondary meetings for financial advisors to grow their business

Practice management trendsetters

What marketing strategies are working right now for financial advisors

What marketing strategies are working right now for financial advisors

Practice management trendsetters

As a financial advisor, are you investing in your best client opportunities?

As a financial advisor, are you investing in your best client opportunities?

How Financial Advisors can crush it and build scale in the next decade!

Don’t Leave to Chance

Top 5 Reasons to Create a Client Advisory
Board this Year

Top 5 Reasons to Create a Client Advisory
Board this Year

D o you have sample plans and sample case studies as a financial advisor to share with your best prospects?

W ho is advising financial advisors?

S top asking for referrals instead ask for introductions as a financial advisor

A s a financial advisor, are you investing in your best client opportunities?

How elite financial advisors grow their practice by 15% or more every year!

M anaging ideal capacity is more than just numbers, Capacity is emotional for financial advisors

I deal clients want 10 touches per year, how are you doing?