Wealth management is not a stagnant profession. Services evolve as the wants and needs of clients change. Client retention is dependent upon how well financial advisors adapt to those changes. At no point in recent history has this been more apparent than in 2020. In this article, we’ll discuss some essential financial advisor client retention strategies to help you hang on to more of your current clients and offer long-term value.
Managing your advisory practice in 2020 is very different from how you may have done it ten or even five years ago. New technology and advanced communication tools have altered the landscape of client services. Market conditions are volatile. Consumer confidence is low. These all need to be taken into account when developing a practice management plan. If you already have a plan in place, don’t completely scrap the old framework. Just be prepared to modify it. In this post, we’ll provide essential financial advisor practice management tips for the “new normal.”
Here’s 5 ways we lie to ourselves that kills our productivity and effectiveness…
Here’s the latest installment of our Monday 90 second video that addresses something we all need – a way to eliminate the noise and focus on the essentials….specifically, 2 steps to better manage your required reading.
In 1901, Charles R. Walgreen opened a drug store on the corner of Bowen Avenue and Cottage Grove in Chicago. Within 12 years he had four stores on Chicago’s South Side. Last week Mr. Walgreen’s chain of pharmacies replaced long running stalwart General Electric as the newest company to be listed on the Dow Jones Industrial Index. To borrow a reference to famed Chicago White Sox Shoeless Joe Jackson; “Say it ain’t so, Joe!” GE became a member of the Dow in November of 1907. In the last two years the Dow is up nearly 45% and shares of GE…
Today is the first day of the rest of your life!… a.k.a. day #1 of your New Year’s resolution. This is the time the majority of us will discard our bad habits, magically replacing them with good ones like broccoli, brussel sprouts, and tofu. At least that’s our plan. I hate to be the bearer of bad news, but the truth is as follows (source: www.StatisticBrain.com): 58% of us will make New Year’s resolutions 73% of us will stick to them for one week 68% will make it two weeks Only 9% will report success on their resolutions twelve months later…
Why hire a coach? This Harvard trained surgeon, Dr. Atul Gawande, has studied this question with a surgeon’s precision. He shares what he’s found to be the key. Having a good coach to: He says having a good coach… Provides a more accurate picture of our reality Instills positive habits of thinking Breaks our actions down and then helps us build them back up again “It’s not how good you are now; it’s how good you’re going to be that really matters,” Gawande says. Join the 370,000+ people who have viewed this TEDTalk to hear Gawande tell WHY he did it and HOW…
Want to help your clients retire with a great ROL (return on life)? Then help them with something other than their money. Help them with the things money can’t buy; purpose. An article from Inc., states that 91% of happy retirees are either “very” or “extremely” comfortable with their sense of purpose. On the other hand, 89% of unhappy retirees are either “slightly” or “not” comfortable with their sense of purpose. The Advisor of the future will help people attain their financial goals and their life goals. If Stephen Covey was right when he said, “Start with the end in mind”,…
“The coach doesn’t have to play the sport as well as you do. They have to watch you and get you to be your best. A coach is somebody who looks at something with another set of eyes, describes it to you in his or her words, and discusses how to approach the problem.” –Eric Schmidt, former CEO of Google What’s the best business decision you’ve ever made? That’s an easy one for me. It was hiring a personal coach seven years ago. I was at a point in my career where I needed an “outside-insider”, someone I could pay…
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