I meet hundreds of advisors every year. The extremes fall into two categories: supremely self-confident and supremely reticent. Self-confident advisors are typically extroverts. Reticent ones are often introverts. Which personality type is more likely to be a successful advisor?
I don’t know how I missed this referral opportunity for so long.
When dealing with problematic clients, there is no cookie-cutter formula that works all the time. But by getting clarity on and being proactive in dealing with what is causing the issue, you will manage the damage from problematic clients for you, your team and your practice.
Advisors should focus on establishing trust with potential clients, but what happens when all that person wants to do is talk about risk?
Despite the anxiety and cost they inflict, dentists have mastered the skills that allow them to persuade patients they will have pleasant and positive outcomes. Advisors can learn from them.
If you lapse into a lecture about the overwhelming evidence supporting passive investments, remember you might as well be showing the prospect an article about bird feeding.
While the trend is toward passive investing, it’s still common to face resistance from prospects who believe they can “beat the market,” often with the guidance of their broker. The use of “labeling” may overcome this objection.
Everyone has clients who take up more than their share of time. A recent email from an advisor raised the question of how to manage this when it becomes more than a minor irritant.
The straw that nearly broke my holiday spirit for me was a card from my postman. It wished me a very happy holiday and best wishes for the New Year. He signed his first name.
Helping someone in ways other than reaching their financial goals is a powerful, yet seldom-used way to convert prospects to clients.