Among financial advisors, 57% havereported spending a significant portion of their time discussing non-financial topics with clients. To retain clients, advisors need to provide a more connected and emotional financial experience to help clients achieve and sustain financial freedom. The role of an advisor is changing, and advisors should use technology for the more technical aspects of the job, to focus on the emotional, human-to-human connections. As advisors’ roles evolve, they face ongoing challenges of capacity and scale. To respond, they must be intentional about how they use their time, where they invest, and the new skills they develop. My guests will delve into this topic, and why it requires the right infrastructure to maintain capacity, and how advisors can use specialization, partnership, technology, and operations to gain capacity and grow.
Client Testimonials: Unlocking the potential for rapid growth and referrals
In this webinar, you will learn how to enlist ideal clients to share their experiences with you and your business, and how to translate that feedback into consistent, sustainable business opportunities.
Stop Wasting Your Money On "Presence" Marketing
Merely advertising your presence in the marketplace is too vague and unspecific. It fails to project authority and generate trust.
Stop Calling it “Referrals”
Should we tell our clients we need their help to grow our business?
I’m Okay, You’re a Complete Mystery
Since you’re in the business of building and nurturing relationships, your social capital is one of your most valuable assets.
Women and Investing: What Is Your Brand?
Dealing With Unresponsive Vendors
I’m writing to ask why the advisory profession isn’t set up to provide more human-oriented support to advisors who are trying to transition.
How to Get Clients for Less Than $10 a Month
Yep, you read that right. I’m about to teach you how to get new clients for less than $10 a month.
What is a Fractional Marketer? Should You Hire One?
Forget ChatGPT, going independent or podcasts. The hottest trend growth-oriented advisors must know is the rise of the fractional marketer.
The Dos and Don’ts of Effective Training
I want to offer some tips if you are considering coaching or training for your important team members.
Crawling Towards CRM Cohesion: The Case for Patient Planning
If you’re a wealth manager looking to purchase CRM software, consider a few essential items to set yourself up for seamless integration and tech stack success.
Probabilities and Consequences of Further Declines
For the first time in decades, Wall Street strategists are collectively pessimistic about the stock market over the coming year.
What Makes Your Advisory Business Marketable?
As we begin 2023 and you think about how you want to market your financial advisory business, my number one tip is this…
When Failure Comes Unexpectedly to a Man
In the final analysis, Dan's confidence borne of providing good financial advice for 17 years proved meaningless.
Janus Henderson Bets Big on Hedge Funds, Alts After Outflows
Janus Henderson Group Plc’s new boss has a plan to revive the struggling money manager, whose clients have yanked about $130 billion since 2017.
What it Means to be Truly Independent
Going independent entails an immense amount of work that, depending on the size of the practice, can quickly become untenable. I’d like to offer an alternate vision for advisors to consider when pursuing the independent model.
Stop the Meeting Overload!
My company has meetings about absolutely everything.
The CFP Board and its Support for the Fiduciary Standard
Let’s explore whether the CFP Board, the most powerful and prominent organization supporting the advisory profession, can do more to support the adoption of a full fiduciary standard. We’ll also ask whether the CFP Board actually owns the trademark for “certified financial planner,” as it claims.
Harness the Power of “Social Death”
What is social death, and how can you harness it in your marketing?
From Socrates to Yogi Berra: Identifying Your Ideal Client
For RIAs, self-knowledge – which includes an understanding of the firm’s ideal client persona – is the first and most necessary step on the road to success and scalability.
How to Maintain and Grow Your Email Subscribers
I’ll share strategies you can use to grow your list, manage it, and connect with subscribers effectively – broken down into four steps you can easily accomplish over a month.
Relying on Referrals is a Mistake
Waiting for your phone to ring for a referral is no longer the safe zone it once was, unless you are happy depending on an unpredictable and passive model to grow your business.
An Uncommon Approach to Implementing Multiple Niches
Here are six steps to implement multiple niches, bring in new clients, and accelerate their growth goals.
The Secret to Making the Sale in 2023
In 2023, trust is only half of the equation, The other half is authority.
Four “Don’ts” That Will Improve Your Productivity
Here are four things you can stop doing to make a significant difference in your daily productivity.
Ask Brad: Do You Rent or Own Your Advisory Practice?
Do you fear looking back at your career one day and asking yourself “what if” you had made a move to independence?
Seven Mindset Shifts to Grow Your Practice
Here are seven mindset shifts to stretch your thinking to generate only ideal clients this year.
Are Millennials Lazy and Self-Entitled?
I have been in this profession for 25 years and I’ve never seen anything like the young people we are hiring today – lazy, unmotivated, but still thinking they deserve the trophy.
A Sale Can Enhance a High-Performing Growth Culture
For the past few years, regardless of price, there's been a buyer for every RIA seller. But that won’t continue.
Six Steps to Creating High-Quality Video on Your Phone
Here are my six best tips for creating high-quality video content using your smartphone.
To Deliver a Transformative Experience Think Like a Client
Advisors must redesign their entire approach, starting from the client's point of view.
A Sale Can Enhance a High-Performing Growth Culture
For the past few years, regardless of price, there's been a buyer for every RIA seller. But that won’t continue.
Ask Brad: How to Double the Value of Your Practice
Here are two lessons to double the value of your practice…
Aligning Data and Technology
A wealth management business’ tech journey should begin with answering this simple question…
How To Differentiate Your Business in 2023
Engage in activities that position you as a trusted authority.
Buffett’s Five Golden Rules for Advisor Marketing
Here are my five golden rules of marketing for advisors from Warren Buffett.
Beware the Dangers of Crypto Regulation
The collapse of FTX and the charges against Sam Bankman-Fried have brought many renewed calls for crypto regulation, from both commentators and legislators.
Do You See Independence in Your Future?
When it comes to going independent, the “why” is clear: nine out of ten breakaway advisors cited higher autonomy, higher payouts, and the ability to build enterprise value as their top factors in making their move.*
But beyond the “why” of independence, there are many questions to consider:
Are you trading your time for income, or building a legacy? We’ve put together a comprehensive guide to help you navigate your journey as an investment advisor, so you can weigh your options and make an informed decision.
The Trends That Will Shape the Advisory Profession in 2023
I’m looking over my previous “trends” article, published at this time a year ago, and some of my ”fearless predictions” were outlandish then but now seem ordinary. That means I did something right.
Three Situations When You Shouldn’t Advise Clients
Over the years, clients have told me what resonated when I spoke to them. But there have been three situations that go beyond my expertise and ability to be helpful.
Was Our Holiday Party Too Lavish?
During our holiday party, one of my longest tenured advisors came up to me to say how appalling he thought it was that we held such “an expensive party.”
How “Cool” Should Advisors Dress?
One of the most emotional topics I discuss with advisors – male or female – is about appropriate dress. This was evident in a recent conversation with an advisor who tried to look “cool.”
The Good Fit Meeting
Here is a structure for the first meeting to make prospects feel understood.
When You Run Out Of “Warm” Opportunities
Stop being reactionary, waiting to get inbound opportunities, rather than systematically and proactively putting in place a system to target specific ideal clients (i.e., higher net worth) that you want to engage.
Marketing Assumptions That Cost You Money
I’ve uncovered these false assumptions that may cause you to waste your marketing budget.
Ask Brad: The Absurdity of Annual Compensation Plan Changes
This nonsense is non-existent in the RIA model.
The Alternative Tech Stack
Let’s look at the powerful feature set an advisory firm could put together from a collection of the higher-rated, low-market-share programs and solutions that I’ve collected from past surveys, many of which you may not even be aware of.
The Highest ROI Activity for Advisors
Most advisors – from lifestyle advisors to the leaders of larger firms – have failed to create their desired level of success because they fail to invest in the asset with the greatest return.
Lack of Control is Driving Advisors Away from Wirehouses
The emotional component begins with the hunger to be a true entrepreneur coupled with the frustration that builds every time wirehouse management demonstrates just how little control their advisor employees have.
Find Your Patient Zero
To market to your niche, start with “patient zero.” Here is how to identify and work with someone who can help drive your firm’s viral growth.
How To Re-Connect and Book Appointments with Past Prospects
You will lose clients and fail to gain new ones unless you make dramatic changes right now.
Three Signals that a Prospect Feels “Pushed”
Here are three signals people use to let you know when they are feeling pushed.
Three Insurance Tips That Add Value
Here are three ways you can add value in the context of insurance issues.
Four Keys to Success in Unpredictable Economic Times
Let’s look at four keys to building trust through deeper relationships.
Five Tips to Convert Procrastinators
Rather than let procrastinators ruin your day and invoke unhealthy emotions, overcome your clients’ and prospects' reluctance to move ahead using the skills and techniques I mentioned to win over that last 10%.
How Vanguard’s Advisor's Alpha Helps Advisors and Their Clients
Over more than two decades, Vanguard Advisor's Alpha® has shown how advisors can add value, or alpha, through relationship-based services such as financial planning, discipline, and guidance, rather than by trying to outperform the market. Vanguard’s Investment Advisory Research Center, led by Fran Kinniry, is charged with exploring how advisors provide value to investors.
This year has served as a harsh reminder of why so many investors seek a trusted advisor to navigate their financial journeys. During market declines, investor emotions easily crowd out wisdom and long-term thinking. However, through financial planning and behavioral coaching, advisors can help investors improve their chances of reaching their long-term financial goals.
Is Independence Right for You?
No one can choose the right career path for you because it all comes down to personal motivators. But that doesn't mean AssetMark can't help you get moving in the right direction. This guide helps you:
While some IAs want to understand how to break away toward forming an Independent RIA, others prefer to stay in a wirehouse or hybrid model. What’s right for you?
In this guide, discover how modern tools are changing the way advisors work and why independent RIAs are growing in popularity. Plus, check out our tip list on finding the right support system for your professional journey.
Seven Signals that a Prospect Likes What You are Saying (Part 2)
Here are three more subtle cues that a prospect likes the solution you are presenting.
Get Serious About Marketing
I’ve learned from experience what it takes to mount a successful marketing campaign. Here are some observations.
Preparing for Networking’s Grand Finale
How will you leverage networking’s holiday season grand finale without being perceived as the friend who is desperate for business?
Seven Non-Verbal Signals that a Prospect Likes What You are Saying
Here are some of the cues that indicate a prospect has accepted what you have presented and want you to move on to the next step.
How I Got 30,000 LinkedIn Followers in Two Years
I am about to hit the 30,000-follower mark on Linkedin. I thought it would be helpful to share the four easy-to-do tactics that I employed each week for the last two years to help me grow.
The Fundamental Challenge of Leadership
How come the focus is always on the leader and never on the team members getting on board and playing their part?
Client Acquisition Techniques of Top Advisors
Are you just an educator or can you motivate prospects to implement your ideas?
Ask Brad: Will the Independent Broker-Dealer Model Survive?
I proclaim the pending demise of the independent broker-dealer model.
The Obstacles, and Solutions, to a Post-AUM Profession
Less than a month after I recommended that an organization – specifically NAPFA – set new membership standards regarding an RIA firm’s revenue model, one has risen to take up the challenge.
The Stay Interview: How to Retain Your Best Employees
Exit interviews don’t often yield enough information to answer why your people leave.
How Cash-Balance Plans Help Small Businesses
Small businesses have an alternative to 401(k) plans. A cash-balance plan has much higher contribution limits and is a powerful tool for those needing to accelerate retirement savings.
Breakaway Implications: The Impact Your Firm Partner Can Have on Efficiency
You may think that going independent means you’ll have less time for client interactions—after all, you’ll have an office to run. Well, that’s not true for breakaway advisors who partner with the right firm. A recent Cerulli Associates study breaks down how much time breakaway advisors save by partnering with Commonwealth. You’ll get stats such as:
Take control of how you spend your time. Are you ready to make an informed decision about your independence? Get started today.
Emerging Trends in the RIA Profession
Among financial advisors, 57% have reported spending a significant portion of their time discussing non-financial topics with clients. To retain clients, advisors need to provide a more connected and emotional financial experience to help clients achieve and sustain financial freedom. The role of an advisor is changing, and advisors should use technology for the more technical aspects of the job, to focus on the emotional, human-to-human connections. As advisors’ roles evolve, they face ongoing challenges of capacity and scale. To respond, they must be intentional about how they use their time, where they invest, and the new skills they develop. My guests will delve into this topic, and why it requires the right infrastructure to maintain capacity, and how advisors can use specialization, partnership, technology, and operations to gain capacity and grow.
The Five Competitive Forces Affecting RIA Profitability
The Harvard Business School’s Michael Porter is the leading authority on industry structure and competitiveness. His framework shows how RIAs should think strategically about the current state and future evolution of their industry.
Your First Marketing Campaign Under the New SEC Marketing Rule
It was 40 years in the making, but the deadline for the new SEC marketing rule is finally upon us. It introduces many exciting opportunities for financial advisors. It also brings tremendous uncertainty around how to best take advantage of the new regulations.
Is It Safe to Expand My Niche?
We are debating whether to expand our niche or whether to expand at all.
Advisor Perspectives Named Most Read E-Newsletter for Financial Advisors for Fourth Consecutive Year By Erdos & Morgan
This is Advisor Perspectives' fourth consecutive year of ranking ahead of The Wall Street Journal and Bloomberg among the e-newsletters listed, with 14% more readership across the 1,120 financial advisors surveyed. Advisor Perspectives also claimed the number one spot for e-newsletters among the independent registered investment advisor (RIA) segment.
Ask Brad: The Two Big Reasons Advisors Don’t Transition to the RIA Model
I’ll be the first to say that the RIA model is not for everyone.
Six Advisor Sites that Nailed Their Homepage Messaging
To ensure your homepage is set up for success, I’ve listed six advisor sites that nailed their homepage messaging through copy and design.
The Future for Alternative Investing
CAIS is a truly open marketplace for alternative investments, where financial advisors and asset managers can engage and transact directly on a massive scale. Advisors do not have the same access to alternative investments as large institutions. Without that access, advisors have fewer tools to capitalize on opportunities or withstand market downturns. This unlevel playing field puts financial advisors at a meaningful disadvantage when building and protecting wealth. CAIS is aiming to change that.
Three Reasons My Advice is Better than Yours
I know more about certain parts of your practice: How to align your goals with your money; how to live an “amazing” life; parenting advice and other “life coaching” tips.
Play to Your Strengths in Client Communications
If you’re an advisor for whom producing a detailed quarterly client letter is painful, step back and think about your own personal strengths – and what you enjoy doing.
Solving the Succession Planning Problem Through Partnership
What will happen to the clients of advisors who don’t have a formal succession plan in place?
Annuity Compensation for Independent Advisors
As more advisors break away from broker-dealers and drop their series 6 or 7 registrations, the annuity industry has evolved to support and compensate them through RIA-friendly solutions.
The Four Worst Marketing Tactics for Advisors
What are the worst ROI marketing tactics advisors are taking on today? Behold, the top four.
How to Fix Our Failed Approach to Fiduciary Lobbying
Instead of focusing on the advantages fiduciary standards would provide to the profession, lobbyists who represent advisors should point to the catastrophic failures of the perverse incentives embedded in the brokerage business model.
Ask Brad: How Can I Reduce My Office Expense? (Part 2)
I will provide several examples of how to reduce your real estate expenses, thus increasing your practice's profitability.
How to Fix a Niche that is Too Narrow or Too Broad
When you choose a client niche, you may find that the focus is too narrow or too broad. Here’s how you can remedy the situation.
Two Tactics That Will Build Your Business
A stall – having a client tell you they need to “think about it” – is your worst nightmare when trying to close business. Here are two ways to avoid that catastrophe.
Does Anyone Want a Government Job? Anyone?
Businesspeople in the US have been complaining for more than a year about how hard it is to hire anybody.
The Next Frontier in Advisor Marketing and Client Service
The big trends in advisor marketing and client service are differentiation, specialization, and digitalization. In this podcast, Stephanie explains how they sit at the intersection in terms of what’s possible and how advisors operate today.
The 10 Best Non-Fiction Books I Read This Year
Here are the 10 best books I read from September 2021 through August 2022.
The Epidemic of Poor Follow Up
Have you noticed the epidemic of poor follow up? Recently, I did a LinkedIn survey asking this question and 88% of respondents said ”yes.”
Find Your Keystone to Unlock Profits and Scale
How can you leverage the keystone concept to unlock the practice of your dreams?