Almost 60 years ago, an article appeared in the Harvard Business Review that posed the most important question for any business – and a question that is essential for advisors to address today.
Over time, I’ve come up with one strategy that has been a positive way to begin the meeting with couples. Ask this question…
Advisors can learn from Vanguard, whose advice platform is adding $5 billion in assets a month, in part by making videoconferencing a core part of how it communicates with clients.
Recently, I’ve noted a new trend. Some advisors are extending their services to being “life coaches” to their clients. Advisors who embrace this concept need to be acutely aware of their limitations.
You routinely engage in some practices that on the surface make sense. But you would gather more assets if you discarded them. Here are three examples.
Every advisor wants clients to be 100% satisfied, especially those top clients who drive profitability. It takes three things to ensure that your very best clients feel well served. Regrettably, most advisors do a mediocre job on the first two and an abysmal job on the third.
Once I learned how to avoid cornering prospects into a “right versus wrong” choice, it became easy to persuade them to use passive management. Indeed, the approach I learned can be applied to any situation when you confront a stubborn prospect.
Historically, the key to attracting clients was telling your story in a compelling fashion. Going forward, being articulate and persuasive will still be important – but not as much as having a differentiated and compelling story to tell in the first place. In fact, only those advisors who offer truly differentiated value to clients will be successful.
The perfect meeting maximizes the possibility of converting a prospect into a client. Here’s the ideal way to structure that meeting.
When I talk to advisors whose businesses are growing, I am struck by the extent to which they’ve changed and adapted the way they work. It’s not just that the things that made you successful in the past won’t lead to success in future. More alarming for many advisors, continuing to do the things that you’ve done to this point is a guaranteed prescription for failure.