Let me ask you a question.
Do you know EXACTLY what to say to a prospect to make them say: “We not only need to do this, we want to do this…here’s our money for the planning fee, when can we get started?”
Even if you said, “Of course I do!” you might be surprised after reading this.
We all know that gone are the days of one and done meetings, grabbing signed applications and making a sale.
A quick note, though: If your focus is first on AUM or generating sales, then this article probably isn’t for you.
I still see many advisors that want to get ACAT forms signed in the first or second meetings, typically prior to delivering any true value.I’m guilty of this – it’s how I started out.
But don’t get me wrong – I LOVE growing AUM and revenues (who wouldn’t) but those are not the metrics I find...
Here are 21 highly regarded conferences & events for financial advisors. Professional growth is something we highly encourage in the Network, and we hope each of our licensees attend as many as they see fit. We have included events within the US, Canada, UK & Australia.
T3 Technology Tools for Today
Jan 29-Feb 1, 2019
Cost: $699 for Financial Advisors (ends Dec 31)
Australia Finology Summit 2019
Feb 20-21, 2019
Exchange Traded Forum 2019 #1
Toronto, ON Canada
April/May 2019 TBD
NAPA 401k Summit
Las Vegas, NV
April 7-9, 2019
Envestnet Advisor Summit 2019
May 1-3, 2019
CWA Network’s 9th Annual Advisor Summit
May 20-22nd, 2019
URL coming soon
Non-member cost: $897
When it comes to your first client meeting with a prospect, it can feel a bit like a first date. You’re trying to elicit more information without scaring them off or overwhelming them. And at the same time, they’re feeling you out, too.
While some of your success can boil down to personal rapport with the person, there also are some key steps to take that can increase the likelihood of the first meeting leading to an advisor-client relationship. For starters, it’s important to not be in a rush to know everything about the would-be client the very first time you’re sitting across from each other. You don’t need to know every single one of their objectives, for instance. You just need to know the most important ones.
There are lots of ways to try finding out those objectives, but I think business coach Dan Sullivan uses one of the best ways: the R factor question.
To find out the R factor, you pose this...
John always says that the difference between six figure advisors and seven figure advisors are powerful words. A single word has the power to change the course of a discussion. It can change the mood of a conversation and influence the motivation of those you are engaging in dialogue.
Take the word because for example. Social psychologist Ellen Langer found that when the word because followed a request that over 90% of people would comply as opposed to just making a request. People would even comply with the request if the reason given didn’t really make sense.
For instance when an actor tried to cut in line to make copies and said, “Excuse me, I have 5 pages. May I use the Xerox machine, because I have to make copies?” was nearly as effective as when they said, “Excuse me, I have 5 pages. May I use the Xerox machine, because I’m in a rush?”
In other words, it was the...
Life insurance used to be one of those things that could be looked at fairly simply: It was either term life or whole life, and the premiums and death benefits were set for the duration of the policy. Even the cash value portion of a whole life policy was pretty straightforward.
Today, it’s not as simple. While the new twists on those traditional products have created more options for consumers and advisors alike when crafting a financial plan, they also need to be monitored more closely. In fact, some should be reviewed annually.
Life insurance should be viewed as part of a client’s financial assets. That is, it has a monetary value and can play an important role in helping people reach their objectives, which are as varied and numerous as people. Advisors probably already know that one of the benefits of newer life insurance policies is that they often aren’t as expensive as traditional whole life products.
I’m talking generally about universal life,...
The next generation of financial advisors are eager and ready. They want to learn, contribute and make a difference. Most importantly, they want to join your firm but they’d like to be mentored or enter as financial advisor apprentice, not as I have heard so many say, “Thrown to the Wolves”.
Times have changed, the days of the lone wolf gunslinger and cold calling cowboys is in the past. Today, there are over 100 colleges and universities across the country that offer undergraduate degrees and over 35 that offer post-graduate degrees in financial planning. That’s a far cry from the self- study certificate programs that were offered thirty years ago.
Alfred State’s financial planning program is less than 90 minutes away from my office and my team consists solely of graduates of their program. After talking with many of...
What if you had a pre-made list of over 9 cheat sheets that other advisors had already made and tested themselves?
You’d probably be really excited to get your hands on them! Well, great news. We’re all about helping other advisors at the CWA Network and we’re going to do exactly that – right now.
There are certain documents that we use from the eMoney Advisor system. We found our teams were going in and printing the documents individually to prep for the meetings, which took ten to fifteen minutes to print out every time.
This meant that at 8-10 meetings per week, our teams were spending 108 minutes per week printing these documents, or 5,400 minutes over the course of an entire year – 90 HOURS dedicated to print jobs. We don’t know about you, but there are some million-and-one other things we’d prefer (and need) to be doing with that time.
Thankfully, we were products of Dan Sullivan’s...
As a financial advisor, you put a lot of thought and stake into your value proposition. Your brand is reflected in your value prop. In fact, your entire career can be (or should be) summed up in the value proposition you present to your clients. An excellent financial advisor does the research and puts in the time to determine what their own personal strong suits are, what they do exceptionally well in their practice, what makes them different from their competition, how that serves consumers in their chosen niche and then determine how to explain that to a client (or potential clients) in their meetings.
So, what does that look like for you? How does that sound? Do you have a value proposition written down, or do you wing it every time?
Too often, we hear advisors tell their clients and referrals that their way to serve their clients will be “tailor-made” when the client asks what the advisor can do for them. The...
Financial advisors generally get into the industry because they want to help people. How did you go about choosing your career path? Our reasons from planner-to-planner may vary wildly, but the majority of us have a shared wish in common…and that is to ensure the prosperity of our fellow human beings.
Perhaps some of us came to the idea because it ran in the family & we saw first-hand effects of our dad or mom’s work in someone else’s life. Perhaps we came on hard times ourselves and wanted to never feel that way again & to help others never experience it either. Perhaps we just love finance & this was a natural fit for our personalities.
Regardless of the reason, we can all agree that it isn’t an easy career choice and it comes with a lot of struggle, especially if you’re a wide-eyed graduate. The industry can make it hard to keep the ideology alive, and the reputation our career path has developed in some parts of the world is...
When it comes to growing your practice, you probably have a few tactics up your sleeve — but it’s important to know that not all tactics are created equal, especially when it comes to referrals.
Getting clients through referrals can lead to better clients, faster growth, and lower investment than other approaches. With referral clients, you’ve already established a baseline level of trust and credibility, which helps you close deals and develop valuable and lasting relationships.
That means that referral ideas for financial advisors are a hot commodity. And, the numbers drive home how valuable referrals truly are.
Those who are referred by a friend are 400% more likely to make a purchase or become a client, and once they do become a client their lifetime value is 16% higher than that of a non-referred customer. This may be due to loyalty, as referred customers are 20% less likely to choose another brand if something shifts in...
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