Video: Event Marketing with Alane Siem

Alane Siem, a Principal at Altius Learning offers insights into Event Marketing which is a very effective client acquisition strategy.  This tool will help you expand your overall client base, build brand recognition, and increase rapport with existing clients.

Hosting events for clients and potential clients is a great way to provide insight into who you are in business and in your personal life.  Event attendance should be 50% clients and 50% non-clients.  Follow up with perspective clients as soon as possible after the event.  Stay connected on a monthly basis to maximize your probability of converting these prospects turn into clients.

In this video Alane reviews types of events, who you should invite to events, the key to a successful event, and following a specific process to help grow your practice.

 

The Elite Female Advisor

A common misconception among financial advisors is that robo-advisor technology is the most disruptive force impacting the wealth management profession.  While it’s true that automated, algorithmic-based services have altered the course of investment management, it pales in comparison to a more dynamic change that’s quickly picking up momentum: the rise of the elite female advisor.

The Evolution of Women and Wealth

The world of finance has traditionally been a male dominated industry.  Women as both investors and advisors often took a backseat in the wealth management process, subjugated to secondary roles with men viewed as the primary decision-makers.  Now, that’s all changing.  Women are no longer just silent spouses or novice investment assistants.  They have risen to prominent positions as professionals, business owners and entrepreneurs. Their numbers are vast and they have accumulated levels of significant wealth that not only rivals the assets of their male counterparts, but in many instances, exceeds it.  The years ahead bode even more favorably for females as they become the primary beneficiaries of the next generational wealth transfer.

The Right Time For Female Advisors

The reasons why women were marginalized in the past by the wealth management profession have become the exact reasons why they are now being courted by investment firms and advisory teams.  The stereotype that women do not possess the hard skills necessary to succeed in finance was never valid because there is zero difference in X and Y chromosomes specific to analytical aptitude.  Where women gain the advantage is with softer skill sets.  Women by nature embrace a more holistic view of life which is why it is no surprise that female advisors more easily covey the benefits of a holistic wealth management process.  Their ability to empathize with the full spectrum of their client’s lives and not just their finances is the catalyst that helps them build, nurture and maintain long-term, mutually profitable client relationships.

Investment firms and advisory teams are taking notice of the female advisor phenomenon.Gender diversity is no longer an option.  It is mandatory for success in the new financial world and a woman’s point of view is no longer a novelty idea.  It is a necessity.

Robust Opportunities For Female Advisors

The law of supply and demand has tilted the odds strongly in favor of female advisors.  The financial industry is still dominated by older males and a succession crisis is imminent with impending retirements creating large numbers of openings in the industry.  Women currently in the profession and those seeking to gain entry will finds doors once closed now wide open with management applauding their arrival. 


The new environment will present an abundance of challenges and opportunities for females in the wealth management profession.  How they respond to each will be watched and evaluated closely by the new generations of investors and especially women of wealth.  The path forward for elite female advisors will be as successful as they are willing to prepare for it.

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Like this tip?  We have developed a coaching program specifically tailored for highly-motivated female advisors seeking to advance and their performance and careers in the wealth management industry.  Contact us today about our coaching programs.

Altius Learning

888-569-0586, info@AltiusLearning.com

www.AltiusLearning.com

Video: The Quickest Way to Grow Your Practice – Lever of Size

How can you become more productive with the work you’re already doing? It’s fairly straightforward – Utilize the Lever of Size and work with higher-net-worth clients!

Increasing the affluency of your clients is the fastest way to grow your portfolio but often it comes with a catch. The higher a client’s affluency, the higher their expectations for will be. Consider how much time you will need to dedicate to meet these requirements.

Click here to watch Dave Mullen’s video as he discusses the balance between affluent clients and their higher expectations.

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Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar plus financial advisor and beyond. Contact us today and find out how we can help you grow your practice and achieve your goals.

Altius Learning
888-569-0586, info@AltiusLearning.com
www.AltiusLearning.com

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Video: Before Lunch/After Lunch: An Easy Solution to Manage Your Time Effectively and Grow Your Practice

Effective time management is one of the biggest challenges advisors face daily. Altius Learning has developed a simple but effective system that you can easily implement into your routine: “Before Lunch, After Lunch”.  Learn when to focus on doing proactive activities and when to focus on reactive activities which will help you grow your practice.

Click here to watch Dave Mullen’s video as he shares how you can implement a Before Lunch, After Lunch system into your practice and start managing your time more effectively today.

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Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar plus financial advisor and beyond. Contact us today and find out how we can help you grow your practice and achieve your goals.

Altius Learning
888-569-0586, info@AltiusLearning.com
www.AltiusLearning.com

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Adapting to and Managing Change

The rate at which the financial world is changing has never been faster and it will accelerate even more in the coming months and years.  For many financial advisors, the scale and pace of change has been a career altering event.  Some wasted their time and energy resisting it.  Others evolved in cadence with change and exploited the opportunities blowing in its tailwinds.

Change Happens

Change is inevitable in any profession.  Adapting to and managing it is optional.  The wealth management profession has been particularly impacted by the ramifications of rapid change.  Advancements in technology have altered the ways advisors think and evolving investor expectations have forced advisors to recalibrate the value they offer.

Change is a double-edged sword for financial advisors.  Those who are unprepared, unwilling or unable to adapt invite career extinction.  Advisors who embrace change and evolve with it will not only survive but thrive in the new environment.

Dare to Be Different

High performance advisors are rarely found in the crowded space of the status quo.  They know that to grow as professionals, they must continually acquire new knowledge and skills that harmonize with the needs of the clients they serve.

Top advisors are more tech savvy.  They manage time better, are more service oriented, and exceptionally organized.  They listen more, talk less and connect with clients and prospects on a deeper personal level.  They keep up with the future rather than chase it because they complement their conventional hard skills capabilities with newer, softer skills that favorably differentiate them from their peers.  They are as focused on the purpose of their clients’ wealth as they on the performance of their portfolios.

Great advisors think differently.  To them, change is a catalyst that broadens their perspective, spurs innovation and triggers progress.  As old financial models become obsolete, top advisors are busy imagining new ones that will keep them relevant.  They see the benefits of gravitating away from the traditional logic, rules and rationality of linear thinking to the lateral mode that allows them to see the world and the people in it from unique and multiple perspectives.

Use Technology to Humanize Your Approach

What will not change is the importance of the human connection in the wealth management process.  Technology is altering the ways advisors utilize their cognitive skills, but it will never replace the most valuable asset of all – the emotional connection that is the heartbeat of every successful advisor-client relationship.  Digital processors cannot express the feelings of compassion and empathy that show how much an advisor cares.  Technology cannot smile, laugh, be kind or express gratitude.  It is unable to engage in a meaningful conversation that uncovers how a client defines the concept of true wealth.  Technology may digitize the mechanics of asset management but only advisors will continue to have the ability to humanize the purpose of wealth.

Become the Game Changer

For many advisors and their organizations, change is an existential threat that is upending the old-world order.  Their tunnel vision perceives it as a disruptive force that threatens their corporate culture and rattles their familiar routines.  Proactive advisors see change through a different lens.   They refocus their time and energy from trying to preserve the old to building upon what’s new.

Companies that fail to strategically react to change lose their competitive edge.  Former GE Chairman and CEO Jack Welch said, “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.”  The axiom of “Be the disrupter, not the disrupted.” has never been more valid and applicable.

The reality is that companies can’t change.  Only people can change.  It is a movement that begins at the grass roots level, one financial advisor at a time.  The world of finance has plenty of players.  What it needs now more than ever are game changers.

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Like this tip?  Are you satisfied with how your team is adapting to change?  We have many powerful lessons and proven strategies to help you build a better practice and become even more successful as a financial advisor.  Contact us today about our coaching programs.

Altius Learning

888-569-0586, info@AltiusLearning.com

www.AltiusLearning.com 

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Video: Why Women, Why Now? with Alane Siem

The proven development strategies taught by Altius Learning are aligned with the changing landscape of the wealth management industry. Our Women in Wealth Management coaching program is an innovative approach that combines a two day conference with six-months of follow up coaching, including two one-on-one coaching sessions. This unique offering is designed to provide female financial advisors with practical and tactical information to lead a more successful practice. We show advisors how to expand the expertise they already have and acquire new skills.

Video Service Commitment Part 3: The Importance of Establishing a Deep Level of Trust to Develop Loyal Clients

Trust is something we all believe in and know is important, but do you think about trust as deeply as you should?  In our research there are 3 levels of trust you must have to develop loyal clients:

  • Ethical Behavior
  • Professional Competency
  • Stakeholder Relationships

Click here to watch Dave Mullen’s video, you will find out more about each level of trust and what our recommendations are for developing loyal clients.

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Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar plus financial advisor and beyond. Contact us today and find out how we can help you grow your practice and achieve your goals.

Altius Learning
888-569-0586, info@AltiusLearning.com
www.AltiusLearning.com

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Female Financial Advisors: Their Unique Advantage

The Acquisition Transition

New client acquisition is the bane of almost every financial advisor.  Finding new business is the lifeline of every financial practice but most advisors complain that acquisition tasks are tedious, time-consuming and often costly.  Many argue that the rise of robo-technology and growing numbers of do-it-yourself investors make acquisition efforts an increasingly difficult endeavor.

Under The Radar Prospect Pool

While there are varying degrees of truth to these observations, a bountiful pool of affluent prospects remains largely untapped if for no other reason than they are hiding in plain sight.  They are professionals, business owners and entrepreneurs who have achieved significant levels of success and wealth.   Their numbers are vast and they are ideal prospects by any definition of the word. Yet, they generally remain sight unseen.  They fail to show up on the acquisition radar of most advisors because of one inexcusable factor:  they are women.

Times have changed.  In the traditionally male-dominated world of finance, the perception that men rule is no longer the rule of thumb that determines acquisition success.  Women have quietly risen to roles of prominence in the wealth management arena both as advisors and clients and their ascendance on both sides of the equation is a trend that is expected to continue for generations to come.

The Realities of Women and Wealth

Research into the female financial phenomenon tells a compelling story:

  • Women currently control about 60% of the wealth in America
  • Almost half of the millionaires in the United States are female
  • 70% of assets transferred over the next two generations will be controlled by women
  • Women are becoming wealthy at twice the rate of men
  • Women currently earn almost half of all law and medical degrees

The rise of women as investors will have a profound impact on advisor acquisition and retention performance.  Industry research reveals that within one year of the death of their spouse, about 70% of females will switch financial advisors.  While this is bad news for advisors who lose these accounts, it’s good news for those who position themselves to capture the vast amounts of female-controlled assets that will be in motion.

Alter Your Perceptions

Value propositions must similarly transition to reflect the unique values of female investors.  Advisors who advocate holistic approaches that focus less on product performance and more on the purpose of money will thrive in the new environment. Females tend to be more emotionally attached to their money than men.  It’s why they will gravitate towards advisors who build relationships with them on a deeper, more personal level.  They are seeking relationships with advisors who understand not only what they say, but moreover, how they feel.  Value propositions that connect the dots linking head and heart will resonate with female investors.

The hard skills of a financial advisor will always be important to both genders.  What will change is how soft skills are applied.  Women are more willing than men to be educated in the nuances of wealth management.  They want to learn about how their money is managed and advisors who can engage in a financial dialogue with women in a tone and style they are comfortable with find a receptive audience.  Satisfied female investors will also reward you for the extra effort by making more than twice the number of referrals as male clients.

Make Your Advisory Team Co-Ed

Advisory teams that don’t have a female member or members to color their perspective will struggle in the years ahead.  For this reason, achieving a better gender balance should be a primary goal for most teams.   The demand for female advisors is already exceeding supply, so opportunities for women in wealth management will rise exponentially in the coming years.  In next month’s article, we’ll explore what female advisors can do to prepare themselves for the challenges ahead.

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Like this tip?  Are you expanding your next generation of clients?  We have many powerful lessons and proven strategies to help you build a better practice and become even more successful as a financial advisor.  Contact us today about our coaching programs.

Altius Learning

888-569-0586, info@AltiusLearning.com

www.AltiusLearning.com 

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Position Your Advisory Team For Next-Gen Investors

It doesn’t take a crystal ball to predict what’s going to happen in the financial services industry during the coming years.  A generational wealth transfer of historic proportions is about to occur that will transform the very nature of the financial advisory profession.

Survival Of The Fittest

Depending on how your advisory team is positioned, this epic transfer of wealth will be either the best of times or the worst of times.  Vast numbers of Baby Boomers are approaching retirement age and it’s estimated that more than $30 trillion dollars of their accumulated wealth will begin flowing to their heirs.  Where it goes and how it’s managed are unanswered questions that are causing many financial professionals to toss-and-turn in their sleep.

This seismic shift in generational wealth transfer is cause for advisory teams to rethink how their business models are structured and for many, it couldn’t happen at a worse time.  With the average age of financial advisors now 50 years of age, the likelihood of a serious disconnect between today’s advisors and tomorrow’s investors is not only possible but probable.

It’s true that people like to do business with people they know and trust.  What’s even truer is that people like doing business with people who are similar to them, people that they connect with on a more personal level because of shared interests, preferences, traits and especially – values. According to research by Legacy Capital, 80% of millennials are not receiving guidance from their parent’s advisors. It’s logical to conclude that graying advisors will encounter a difficult if not impossible task of identifying with the new generations of investors because of the profound age and cultural gaps that exist.

Re-engineer Your Advisory Team

The upcoming transformational shift in wealth will find many advisory teams struggling to adapt while others evolve in ways that mirror the diverse demographic makeup of nextgen investors.  Teams that recruit, train and retain young advisors who see the world through the same lens as the new generations of investors will be proactively positioned for change as it happens.

While significant numbers of the nextgen population will inherit sizeable wealth, the majority of them will still earn it the old-fashioned way –  over time, through hard work and achievement.  This is more good news for advisory teams that have proactively assimilated younger advisors into their fold.  They’ll have the opportunity to establish relationships early-on with this new breed of investors before they reach their peak earning years.  Young advisors will enjoy the luxury of time to earn the trust necessary to guide their peers through subsequent phases of their financial lives.

Think Different

Infusing your advisory team with young blood is smart planning, but it’s just one step along a longer path your team must travel.  The mindset of your team must similarly evolve. As the advisory profession continues to gravitate towards digital asset management mechanisms, value propositions that rely heavily on product or project performance rather than outcomes will diminish in importance.  Conversely, value propositions with messaging that speak to the new generations on a deeper, more emotional level will touch them where it matters most – in their hearts. Acquiring the ability to connect with young investors factually and emotionally is the spark that can ignite the growth of your advisory team.

Learn More

Like this tip?  Are you expanding your next generation of clients?  We have many powerful lessons and proven strategies to help you build a better practice and become even more successful as a financial advisor.  Contact us today about our coaching programs.

Altius Learning

888-569-0586, info@AltiusLearning.com

www.AltiusLearning.com 

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Video Service Commitment Part 2: Proactive Monthly Contacts are Critical in Developing Loyal Clients

Research shows most millionaires prefer to be contacted once a month by their Financial Advisor.  However, most advisors don’t spend that amount of time contacting their clients.  Regardless of your client size, you should be working to build loyal clients and to build a loyal client you need to contact them once a month.

To learn how many clients you can effectively manage using our 8-3-1 rule click here to watch Dave Mullens video.

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Like this tip?  We have many powerful lessons and proven strategies to help you become a million-dollar-plus financial advisor and beyond. Contact us today and find out how we can help you grow your practice and achieve your goals.

Altius Learning
888-569-0586, info@AltiusLearning.com
www.AltiusLearning.com

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