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Summary: A few years ago, my firm invited some of our “A” clients to participate in a focus group. The objective was to determine whether we were delivering the proper solutions for them and their families. There was one aspect that these clients thought was unique, and we received rave reviews for it.
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Summary: Mr. Hill wanted to know how this potential purchase fit in with their larger financial plan, so he met the couple at their home. He began the meeting by explaining that he typically takes an inventory of all of his clients' assets and liabilities to get a better sense of their whole financial picture--even if they're just inquiring about insurance.
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Summary: Empathy--the capacity to recognize and share another person's experiences and emotions--is a crucial trait for advisers to have if they want to succeed in an industry that is about effectively handling client emotions as well as their money. If a client feels listened to and validated, the adviser can win over that client for life, and more, therapists and advisers say.
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Summary: Would you like to have a steady source of referral business without ever asking for a referral? Then you need to build a strategic alliance. Before I get into the “how-tos,” let me review the philosophy. In order to build and lead an alliance, you need to have a full-service mindset, which is different than a transactional or product-driven mentality. I'm not judging, just pointing out that a strategic alliance led by an adviser must be from a full-service orientation.
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Summary: My vision for the months and years to come tells me that a number of well-funded, low-cost online portfolio management services - what many in our industry dismissively call "robo advisors" - are going to disrupt the lives of planners who have the grave disadvantage of being made out of flesh and blood. Before long, online asset management firms like Wealthfront and Betterment are going to pour their venture capital dollars into widespread advertising campaigns. Smart advisors will compete head-to-head by anchoring their value to clients on their advice, rather than their portfolio management.
