Knowledge and Insight
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Creative Advisors Turn Workshops Into Money Makers
Added on May 2014 in Manage Your Practice
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Summary: Financial advisor James Lange figures it costs him around $8,000 to hold a workshop for clients and prospects. The president of Lange Financial Group in Pittsburgh, which manages $306 million, also invests many hours in preparation and marketing. Even so, Lange is planning to host more than two dozen workshops in 2014, twice as many as last year. According to an Aite Group survey, nearly 40% of wealth-management practices in the U.S. that posted at least double-digit revenue growth last year conducted workshops and seminars regularly, compared with 13% of firms with single-digit growth.
Advisors: How to Handle Emotional Conversations
Added on May 2014 in Manage Your Practice
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Summary: Let’s say you’ve recruited, hired and trained a couple of Gen Y advisors, and now you’re ready to let your younger hires take meetings by themselves. They have the training and technical knowledge, and can explain complex theories with ease. But a client’s big financial needs often come alongside major life shifts — marriage and new children and grandchildren, but also death, divorce and medical needs. Are your advisors prepared to handle tough, emotional conversations? Have you trained them to do so?
Helping a Client Ask the Right Question
Added on May 2014 in Manage Your Practice
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Summary: A psychiatrist wanted to resign from his job at a state teaching hospital and start a small private practice. But he was having trouble making the endeavor pencil out once he factored in paying for his own health insurance. The adviser listened to his client's concerns, but then took a step back to ask a different question.
The Dynamics of Saying "I'm Sorry" to Clients
Added on April 2014 in Manage Your Practice
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Summary: People make mistakes. And when the mistake maker is a financial advisor, and the error affects a client, experts say a clear and unambiguous apology is called for. The rewards are easy: client loyalty and trust that goes on for years to come,” writes Xenos. “Also, it helps you as an advisor clear your conscience and feel truer with the relationship.
Advisors: Are You Confident in Your Value?
Added on April 2014 in Manage Your Practice
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Summary: One of the biggest hurdles advisors must overcome in our industry today is having confidence in the value they bring to the table. If you’re not completely comfortable with how you position yourself and the way you communicate your value, it’s time to rethink your approach. Clients and prospects alike sense uncertainty and recognize when you don’t believe in your own message. Establishing a strong opinion and exuding confidence require digging a little deeper. So what can we do to improve our effectiveness? Here are a few tips to help boost your confidence and improve how you communicate your value proposition:
