The role of a financial advisor is simple. Our primary responsibility is to help clients identify where they are now and where they need to go. Along the way we also help clients separate their emotions and make decisions using a sound intellectual framework. So why does our community continue to worry about client reactions to short-term underperformance?
The RSP season has ended and much of the rush has subsided. Looking at March and beyond, it is time to start deciding what’s next. There is no doubt the past six months have been difficult. Gyrating markets and client worry take an emotional toll. With a client base leaning on you for direction and […]
I am starting to feel reluctant about using the words “trust” and “confidence” because our industry bandies these words around often and carelessly. We realize that these two words represent the essence of our business, yet we seldom step back and examine their true meaning. I’d like to take this opportunity to revisit the fundamentals […]
The purpose of marketing to clients and prospects is to get their immediate attention. So many financial advisors, though, keep telling me how difficult it is to market these days. Why is that? I suggest that most are benchmarking their current results against the result of marketing efforts they made back in the early- to […]
Is your confidence currently being tested? Of course it is. You wouldn’t be human if it wasn’t. But is the belief in what you do still intact? Would you invest with you? I know that is a tough question to ask. Let’s face it — no investor has escaped the troubles caused by recent market […]
There is a new trend developing in this topsy-turvy financial marketplace. Many of your clients are suffering from call reluctance. Despite deep-rooted concern for the welfare of their nest eggs, it seems they’re afraid to call their financial advisors. Last week while I was conducting a coaching meeting with a veteran advisor, he exclaimed, “I […]
(August 2008) Honestly, why is it easier to administer advice than adhere to it? I must admit this is true for me when it comes to thinking strategically about my business. I am always telling people to stop getting constantly stuck in the day-to-day details and look at the business from a higher, more objective […]
(June 2008) A client service standard is a powerful and underutilized tool. In earlier columns, I talked about creating a strong brand for your business — one created by consistently meeting your client’s expectations. One way to make those expectations reasonable, and the goal of meeting them attainable, is to create and implement the use […]
(May 2008) The most common question I get from financial advisors is “how should I grow my business?” This is a vital consideration since businesses that aren’t growing are likely losing ground. Future growth is a challenge because many of the traditional techniques advisors know about are less effective today. Before we determine the best […]
(March 2008) My grandmother was born in St. John’s, Newfoundland. It is a province known for its rich culture, charity and propensity for fun. If you frequent Canada’s most eastern province, you will come to realize that Newfoundlanders have wonderful expressions for just about anything. One such expression is “why buy a cow when you […]