Rank #1: The 4 Words That Describe the Value Financial Advisors Deliver With Doug Lennick
As technology automates much of the “mechanics” of money, advisors need to evolve to the more emotional aspects of money. After all, simply helping rich people get richer isn’t usually a driving motivator for advisors—or clients.
In my conversation with Doug Lennick, the co-founder of Think2Perform, an author, and former EVP of Advice and Retail Distribution for American Express Financial Advisors (now Ameriprise Financial), he shared four words that he believes underlie the real value financial advisors deliver.
Feb 12 2019
Rank #2: Key Insights From the 2018 Barron’s Top Independent Advisors Summit
Barron’s recently wrapped up the 2018 edition of the Barron's Top Independent Advisors Summit in Orlando. Whether you were in attendance or are looking to catch up on what you missed, today’s episode will give you an insightful snapshot of one of the most valuable get-togethers in our industry.
My guests today are Bill Keen and Matt Wilson of Keen Wealth Advisors, a fast-growing RIA with more than $400 million in AUM. Bill also has his own excellent podcast, Keen on Retirement.
Bill and Matt have attended the Barron’s Top Independent Advisors Summit and the wirehouse version for many years, so they have the perspective to connect the dots between the lessons from past conferences and where the 2018 summit is pointing. We talk about some of the key takeaways from this year’s event, the ongoing trend towards Life-Centered Planning, and how advisors can put these insights into action right now to grow their businesses.
Apr 23 2018
Rank #3: The Surprising Marketing Strategies That Are Crushing It For Financial Advisors
What's working right now in financial advisor marketing? Based on my conversation with marketing pro Abby Salameh, you'll be very surprised.
While attending the 2018 In|Vest Conference in New York, I had a chance to sit down with Abby Salameh for an in-depth conversation about the state of advisor marketing. We talked about which marketing strategies are working the best, branding, the client experience, referrals, making a good first impression with prospects, the proper role of technology in marketing, and much more.
Abby Salameh is the Chief Marketing Officer at Private Advisor Group, a RIA with 620 advisors overseeing $27 billion in AUM (See my earlier podcast with John Hyland, the co-founder of Private Advisor Group). Her sterling career as a RIA marketing expert has included stops at Sanford Bernstein, TD Waterhouse, and the Fusion Advisor Network. She was also a founding member of the team that launched Investment News.
One consistent thread among the most successful advisory firms is they know how to market. And they know how to strike the right balance between using technology to scale their marketing efforts and using the human touch to engage potential new clients. So if you're looking to improve your marketing efforts, generate more qualified leads, and position your firm for accelerated growth, you'll want to listen to today's conversation with Abby Salameh.
Jul 23 2018
Rank #4: How to close the 70bps gap in your value
Your business is under assault from Robo Advisors, technology disruption, Vanguard and Schwab’s low-cost call-center programs, the DOL rule, flat markets, and clients who are scrutinizing fees more closely than ever before. Ask yourself…
- How will you continue to add value in an industry that faces competitive threats and shrinking margins?
- How will you ensure clients don’t fire you if the financial markets experience years of flat to declining returns?
Business as usual will lead to a steady and predictable decline in the value of your business. But there is a way you can add predictable and measurable VALUE that doesn’t depend on the S&P 500 going up.
In today's show, learn how to:
- Add overwhelming client value.
- Protect your margins.
- Get more referrals.
- Never lose another client.
- Close the 70bps gap in your value.
Nov 08 2016
Rank #5: 15 non-obvious trends that will give you an unfair advantage
Nobody can accurately and consistently predict the future but by observing and curating ideas, you can uncover accelerating trends, see things other people miss, and position your business to profit from these upcoming opportunities.
In 1982, John Naisbitt wrote a book called Megatrends. It became a huge bestseller and he made the term "high tech high touch" a household phrase that we still use today.
Unfortunately, Naisbitt's trends were so big and unfolded over decades that they weren't immediately actionable.
In steps Rohit Bhargava. Rohit publishes a yearly book called Non-Obvious: How to Think Different, Curate Ideas and Predict the Future.
Rohit says, "A great trend is a unique curated observation about the accelerating present. Great trends are never predictions about the world 20 years from now. Those are most often guesses or wishful thinking."
Another trend forecaster, Chris Sanderson, describes trends as “profits waiting to happen.” That's clever but to turn trends into profits, you have to act on them.
In today's show, Rohit and I discuss some of the non-obvious accelerating trends he sees happening right now. We then talk about how to apply those trends to the work financial advisors do.
Jan 14 2017
Rank #6: Essential Success Tips for Young Advisors From "40 Under 40" Honoree Hannah Moore
Curiosity. The best advisors have it. Hannah Moore's curiosity has led her down many roads and in today's podcast, she shares what she's learned about structuring the client meeting process, creating client personas, blogging to "just one person," using three words to define your business, succession planning, and much more.
My guest today, Investment News "40 under 40" honoree Hannah Moore, is an expert on charting a course from young advisor to successful RIA. Hannah is a CFP® and owner of Guiding Wealth Management. She also hosts the podcast, "You're a Financial Planner, Now What?" where she tries to help young advisors with guidance on career paths, tips on research and client service, and explorations of the history of financial planning.
Sep 18 2017
Rank #7: The Advisor Who Gets the Most Client Stories…Wins
Historically, the financial advisory business has been about a story of numbers. Today, it’s about a number of stories, say Mitch Anthony.
Of course, good advisors always knew that viewing our industry as a matter of number-crunching was just a fairy tale. And today, revolutions in technology and an aggressive marketplace have made that fairy tale ancient history.
Instead, pioneers in life-centered financial planning, like noted author and speaker Mitch Anthony, want to refocus our industry on a different story: the client’s.
How? By having better conversations that take place where money and life intersect.
Mar 19 2018
Rank #8: Joe Duran on Raising Billions in Assets Under Management, Spotting Trends, and the Future of Financial Advice
Despite a dreadful childhood growing up in the Republic of Rhodesia, super entrepreneur Joe Duran has built not just one but two multi-billion dollar investment advisory firms. And along the way he had time to write three books including one that became a New York Times bestseller. Here’s an example of the type of advice you’ll hear from Joe, “The more important you are to the business, the less valuable the business is.” In this insightful conversation, Joe shares the principles he used to build his businesses, how he spots trends that he rides to millions in riches, and the story behind the Albert Einstein quote that has driven everything he has done in his life.
Mar 17 2015
Rank #9: SheCapital founder Tina Powell on the 'how' and 'why' of starting a Robo-Advisor
Should RIAs offer an automated investing Robo-Advisor service? What are the pros and cons? How should you price the service? Will it cannibalize your existing clients?
In today's show, Tina Powell and I discuss how she launched automated investing Robo-Advisor SheCapital and why they kept it separately branded from the large RIA that she was affiliated with. We also discuss the difficulties in gaining traction with a Robo-Advisor and how that led to her shutting down SheCapital after just about one year in business.
Oct 14 2016
Rank #10: Mitch Anthony on Retiring Well and Living a Meaningful Life
The concept of retirement has changed dramatically over the past couple decades. Has your retirement planning changed with the times? Effective planning starts with understanding a client’s story and what their money is for. Are you asking the right questions? Are you helping your clients find “meaning” and not just “money?” Are you aware of the 67 life transitions that your clients might go through? Do you have planning solutions for each of those 67? Are you familiar with the four deadly fears and how they relate to living a fulfilling life? Mitch Anthony and I discuss these ideas and a few more in this episode of Between Now and Success.
Mar 09 2015
Rank #11: How to Have "Better Conversations" With BMO's Ben Jones
Once upon a time, financial planners met with clients annually, showed them a printout of how all their investments were performing, shook hands, and moved on to the next annual appointment with the next client.
Smart advisors know those days are over. Many investors are already monitoring their portfolio online, often for free. Fees are compressing across the financial advisory industry. A younger, more connected, generation is starting to decide how much money, and how much spare time, they want to invest in planning for their futures.
On today's show, I talk with Ben Jones, Managing Director of Intermediary Distribution for BMO Global Asset Management and host of BMO's excellent Better Conversations Podcast. We discuss how financial advisors can engage in better conversations that lead to better outcomes for your clients.
Mar 03 2017
Rank #12: How to Ask Better Questions to Uncover Your Client’s Values and Motivations and Drive Desired Behavior
My guest today, Dr. Eliott Berkman, is a tenured Associate Professor of Psychology at the University of Oregon, where he directs the Social and Effective Neuroscience Laboratory and conducts field-leading, federally-funded research on goals, motivation, and behavior change. He's also the Associate Director of the Center for Translational Neuroscience, and an author who writes about psychology and neuroscience for lay audiences, including in Psychology Today. We talk about the concept of the will and the way of goal pursuing, where the way is the set of cognitive skills, capacities, and ability that we collectively call the executive function, and the will is the motivational factors that propel the behavior. We also talk about how to increase our motivation and influence other people's behavior, the idea of flow states, and how that applies to achieving goals.
Feb 12 2018
Rank #13: Here's How Multibillion-Dollar RIA Firm Advice Period is Reinventing Wealth Management
By rethinking every aspect of how to price and deliver wealth management, AdvicePeriod has gone from a startup just a few years ago, to more than $6 billion in assets under advisement. We go under the hood to learn exactly how they did it.
They're not shy about stating their take on the financial advisory business. "We're reinventing wealth management. The old model is totally outdated," says the bold headline at the top of their website.
My guest today, Larry Miles, is a Principal and shareholder at AdvicePeriod, and as the company's proclamation about reinventing wealth management suggests, he isn't one to set the bar low. Larry's primary focus at AdvicePeriod is to provide strategic leadership for growth and profitability while maintaining a high standard of excellence, something all financial advisors should be thinking about as our industry evolves into Life-Centered PlanningTM.
Aug 20 2017
Rank #14: Jon Stein of Betterment on how to go from $0 to $1 billion in assets under management in just 4 years
JON STEIN, CO-FOUNDER AND CEO OF BETTERMENT, TELLS HOW HE co-founded the company and built it into one of the fastest growing and most innovative investment firms in the country. It’s a great story about how a smart guy with a timely idea can marshall the resources and build a company that is reshaping how business is done in the investment world.
Jan 04 2015
Rank #15: The Marketing Strategies That Delivered $6 Billion in Organic AUM Growth in 3 Years with David Bach
David Bach is one of the most well-known names in personal finance and the RIA space. In 2018, AE Wealth Management ranked as the second-fastest-growing RIA in America according to Investment News and Financial Advisor Magazine.
David is also an 11-time best-selling author, including 9 New York Times best-selling books that have sold over 7 million copies and been translated into 19 languages. His latest, “The Latte Factor,” is also a huge hit.
And on top of all that, David’s massively popular “Smart Women, Smart Retirement” seminars are currently being taught coast to coast by his licensed advisors.
On today's show, we do a deep dive on marketing, with a focus on seminars and the kind of storytelling David uses to connect with prospects and grow great businesses.
Mar 11 2019
Rank #16: Former United Capital CMO Gail Graham on Today's Best Marketing Strategies
Gail Graham is one of those rare people who have worked in the top echelon of two major companies--Fidelity Investments and United Capital--and helped shaped their strategies that led to massive growth and industry accolades.
Today, Gail is the founder of Graham Strategy, and works with companies to figure out where the gaps are between their strategy and how they're running their company.
On today’s show, Gail and I discuss the evolution of advisor marketing and offer some advice on how to fill the gaps in your marketing, content, and advisory strategies to grow your business. It’s going to be more and more important that advisors build not just a practice, but a distinct brand that communicates who they are and what kind of services they offer (i.e., messaging). Gail’s tips will help you stand out in the crowd, generate more leads, and endear clients to your firm.
Jul 23 2017
Rank #17: Pricing Your Services to Line Up with the Value You Deliver with Matthew Jackson
The AUM pricing model is prevalent in our industry but in many cases, the pricing is significantly disconnected from the real value being delivered.
Depending on your expertise and your client base, you might add value through tax management or estate planning advice. You might add value by fostering a positive attitude in your clients about investing, talking clients down from the ledge and helping them avoid a bad decision when volatility shakes the market. If you're working in the life-centered planning space, you might create value by forging life-long relationships that make you indispensable to your clients.
And that's the rub for our industry: we're pricing based on investing, and less so on the real value we're adding. Clients and prospects think they're paying for portfolio performance, so it's almost like we're giving away the planning and advice piece of the pie for free!
So how do we change this backwards structure? How do we price our value?
Matthew Jackson is a director in the financial services division of the pricing consultancy firm Simon Kucher & Partners. He specializes in the area of the psychology of value communication and digital presentment. He also has a Master of Arts degree in classics from Oxford University and holds the Chartered Financial Analyst designation.
In this conversation, Matthew Jackson and I discuss eight different pricing models and how to determine which one is right for you and your clients.
Sep 10 2018
Rank #18: Steve Lockshin on what it takes to become the #1 Ranked Independent Financial Advisor in the country. He knows because he did it.
As the #1 Independent Financial Advisor in the U.S. in 2011 and a serial entrepreneur, Steve has some great lessons to share. I call him the "Uncola" of the financial industry because he is truly a maverick. We delve into how he built his businesses, how he serves clients, and what he does differently from everybody else that helped him reach the top. He even shares how he recently brought on two new clients with $100 million in assets without ever having met them in person! All done on the phone and online. A great lesson for how business is being conducted these days.
Jan 19 2015
Rank #19: My 3 words for 2017
Could 3 words be the difference between success and failure for you over the next 12 months?
The recent presidential election proved once again that words are powerful. The words that we use, the language that we use has the ability to move people to take action.
For several years now, I’ve taken this idea of “words are powerful’ and completed an exercise that I want to share with you. The exercise is this, “Identify 3 words that would set the course, give you direction, and totally excite you as you move through the year and look at them repeatedly for the next 12 months.”
I started doing this 3 words exercise several years ago after hearing about it from Chris Brogan.
The premise is simple. Pick 3 words that motivate you, remind you, and guide you on your road to making 2017 your best year ever.
I encourage all my coaching clients to do this same exercise as it helps them stay focused on the most important outcomes for the year.
In today’s episode, I discuss my 3 words for 2017 as well as review my 3 words for 2016 and discuss how well I executed on them.
Jan 01 2017
Rank #20: How to Identify the Wealth-Building Habits of the New "Millionaires Next Door"
The science of wealth is in Sarah Fallaw’s DNA. Her father, the late Dr. Thomas Stanley, literally wrote THE book on how and why affluent people accumulate wealth, "The Millionaire Next Door" (1996). Today, Sarah is using her doctorate in applied psychology to create analytics and metrics that carry on Dr. Stanley’s study of wealth-building habits at the company she founded, DataPoints. The proprietary assessment technology Sarah has developed can analyze individual wealth behaviors and reveal the activities that are scientifically proven to impact people's ability to generate wealth over time.
On today’s show, Sarah discusses the psychology behind wealth, and how her assessment technology can help financial advisors identify and work well with prospective clients who have strong wealth-building habits.
Jul 09 2017