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Summary: Critical to building a highly successful financial advisory practice is being able to source successful and wealthy clients. While there are a number of ways to accomplish this goal (presenting at events, for instance), the most unfailingly effective approach is to get a steady stream of high-quality client referrals from other professionals also working with the types of clients you are focusing on.
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Summary: Financial advisers over the past 12 months have been giving text messaging a fresh look as a method for communicating with clients, in part because email has become a much less effective way to connect.
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Summary: Let’s say you’re speaking with a client who is a member of a niche that you’d like to penetrate. They know you can work in that niche. After all, you’re working with them. The idea here is to shift their thinking over time to see you as the go-to specialist for that niche, increasing the likelihood they tell others about you and improving the story they tell, i.e., "My advisor really knows [XYZ niche]."
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Summary: Rothenberg notes that new technologies, especially robo advisors, are changing the wealth management business. But as they work to further grow the practice, Rothenberg's focus remains on tried and true methods: "Keep doing what we're doing, keep it simple and don't stray into areas that we don't necessarily understand."
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Summary: You became an advisor to help make a difference in your clients’ lives — not to manage people. And yet, here you are with a team. Many advisors struggle to get their teams to generate high-performance results. In our coaching programs, we estimate that more than 80% of advisor teams aren’t getting the results they want.
