Your fee should be about more than just investment performance.
The Advisors' Coach
Bottom line: clients (and advisors) need to expect down periods. And, you need to be prepared to manage more emotions than money during your career as an advisor.
Communicating what you can do for prospective clients is much more effective if you talk about what changes they want to see rather than what activities you will do for them.
Physicians, lawyers and accountants all have a comprehensive, detailed set of rules or best practices that govern their actions in providing services to their clients. Unfortunately, Steve Atkinson writes, not all financial advisors have a consistent, universal code.
Many financial advisors struggle with the issue of efficiency and complain they simply donít have enough time to execute new ideas in their practice because they are so busy managing clients. Ken Haman says advisors spend too much time responding to incoming telephone calls from clientsóin fact, prioritizing the demands of various clients above their own business priorities. Its time for all of that to change.
When it comes to passive investing, thereís a better way than indexing, according to blogger Steve Atkinson.
CPAs and attorneys are great sources of referrals, but every advisor already knows this. According to Ken Haman, what your competition doesn't know (and what you are about to learn) is how to hone your message, stand out from the pack and generate more referrals from key influencers.
sometime today or tomorrow you will be meeting with a client to present or review an Investment Policy Statement. Over the course of this year, you will do the same with many clients because you know that the IPS is an essential tool. But are your firmís goals and plans as well documented?
Understanding why you do what you do really makes a difference.
There are lots of ways to talk about what you do. Unfortunately, most of them arenít terribly effective, and many actually turn people off. Ken Haman says there are some ways prospect effectively in social situations and make the biggest impact in a short period of time.