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Summary: Over the past century in the U.S. and much of the western world we have witnessed the rise of the "Culture of Personality" where we focus on how others perceive us. The extroverted ideals of charisma, salesmanship and an outgoing nature are celebrated as key traits of leadership, and introverts are...well, encouraged to be more like extroverts. Yet a growing base of research suggests that the extroverted ideal may not be all it's cracked up to be.
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Summary: I am fascinated by the disconnect between what advisors say to persuade prospects to become clients and what data indicate would actually work. The truth is that most of us need to radically change our approach to prospect meetings.
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Summary: Financial advisors who transition from a commission-only business to a fee-based model are often stymied about how to explain their new fees without sending existing clients packing.
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Summary: The “key” to great client service is great client service people. I know this probably sounds obvious, but you’d be surprised at how many owner-advisors just don’t seem to get it. The reality is that no matter how great an advisor they are, the majority of every client’s contact with their firm will not be with them as the firm gets bigger: it will be with their employees. If those employees create a bad impression—are brash on the phone, are argumentative, don’t follow up, etc.—that’s how that client will see your firm.
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Summary: Financial advisers sometimes ask how they can serve clients with relatively little to invest and still make a profit. Scott Hanson has an answer. His wealth-management firm in Sacramento, Calif., decided to expand "downstream" in 2009, when it lowered its minimum account size to $50,000 from $250,000. In the years since, it has added around $100 million in assets under management from almost 800 clients who wouldn't have met the previous minimum.
