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Summary: Financial advisors, independents particularly, are often reluctant to even talk about sales, feeling the subject undermines their professional ethos as investment experts.Business development consultant Beverly Flaxington says an improved mindset and techniques can fundamentally boost revenue. The principal of The Collaborative, a consulting firm focused exclusively on financial advisors, frames the sensitive topic of sales.
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Summary: It’s no surprise that prospecting is the No. 1 challenge advisors face, year after year. When, as part of National Underwriter’s recent Independent Producer Study, we asked about the most challenging aspects of selling insurance products, 55 percent of respondents named prospecting as their top trial.
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Summary: Niche financial-advice firms focus on clients they like, build skills that they can use across entire client bases and, through success with a particular constituency of clients, forge lasting client relationships and a steady flow of reliable referrals, according to RIA Central. Nicheless advisors should look at their books of business to identify clients they like best.
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Summary: As financial advisers, we often get so wrapped up in constructing and implementing structures to pass money on to the next generation that we forget about family dynamics and the generational patterns that exist. If we don't understand some of those dynamics, however, our best-crafted plans could fail.Using a genogram to map a client's family history helps identify financial patterns and values over generations. A genogram looks like a family tree, but it also provides detailed information on family relationships.
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Summary: Wealth, widowhood, retirement strategies and practice management tips were all in focus in at the Women Advisors Forum in Chicago in October. The event drew about 150 female advisors from around the country for a day of education and schmoozing. ,
Here are a few of the smartest things we heard in Chicago.
